Company Overview

National Storage Affiliates Trust (NSA) is a publicly traded real estate investment trust (REIT) focused on the ownership, operation, and acquisition of self storage properties across the United States. The company operates within the commercial real estate and self storage industries, generating revenue primarily through rental income from self storage units leased to individual consumers and small businesses. NSA is listed on the New York Stock Exchange and structured to combine institutional-scale capital access with localized operating expertise.

NSA’s primary revenue driver is its diversified portfolio of self storage facilities, which are operated under both national and regional brands. A distinguishing strategic feature of the company is its Participating Regional Operator (PRO) structure, which aligns NSA with established regional self storage operators who contribute properties and continue to manage them. Founded in 2015, NSA was formed to consolidate high-quality, regionally operated self storage assets into a scalable public platform while preserving local market knowledge.

Business Operations

NSA conducts its business through a single reportable operating segment focused on self storage property ownership and management, with revenue generated predominantly from monthly rental fees and ancillary services such as tenant insurance and late fees. The company owns hundreds of self storage properties across multiple U.S. markets and operates them under brands including SecurCare Self Storage, iStorage, Northwest Self Storage, Optivest Properties, and Move It Storage, each managed by affiliated PROs.

Operations are entirely U.S.-based, with no international properties. NSA controls the real estate assets while leveraging its PROs for day-to-day property management, marketing, and customer service. The company also maintains centralized functions for capital markets, acquisitions, asset management, and technology platforms to drive operating efficiency and portfolio-level performance.

Strategic Position & Investments

NSA’s strategy centers on disciplined acquisitions, organic revenue growth, and balance sheet management within the fragmented self storage industry. The company actively acquires stabilized self storage properties as well as portfolios contributed by its PROs, using a combination of equity, operating partnership units, and debt financing. This approach allows NSA to expand while aligning operator incentives with shareholder returns.

The company continues to invest in revenue management systems, digital marketing platforms, and operational technology to improve occupancy and pricing. NSA’s portfolio is concentrated in secondary and tertiary markets with favorable supply-demand dynamics, which management views as a competitive advantage relative to peers more heavily weighted toward major urban centers.

Geographic Footprint

NSA’s operations are geographically diversified across the United States, with a presence in more than 30 states. The company’s properties are concentrated in the Sun Belt, Midwest, Pacific Northwest, and Mountain West regions, reflecting a strategic emphasis on population growth markets and areas with resilient demand for self storage.

The company is headquartered in Greenwood Village, Colorado, which serves as its corporate and administrative center. While NSA does not operate internationally, its broad U.S. footprint provides exposure to a wide range of regional economic conditions and customer demographics.

Leadership & Governance

NSA was founded by industry veterans with deep experience in self storage operations and consolidation. The company’s leadership emphasizes decentralized operations supported by centralized capital allocation, risk management, and technology infrastructure, consistent with its PRO-based operating model.

Key executives include:

• Arlen Nordhagen – Executive Chairman and Co-Founder
• Dave Cramer – President and Chief Executive Officer
• Adam Netzer – Chief Financial Officer

The leadership team’s strategic vision focuses on long-term value creation through disciplined growth, alignment with regional operators, and maintaining a conservative financial profile appropriate for a publicly traded REIT.