National Storage Affiliates Trust Overview
Pro stress-test →National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. As of March 31, 2026, the Company held ownership interests in and operated 1,061 self storage properties, located in 37 states and Puerto Rico with approximately 69.3 million rentable square feet.
Strategic Profile
Pro stress-test →In light of the Company's proposed merger with Public Storage announced on March 16, 2026, the Company will no longer provide guidance nor is it affirming past guidance. National Storage Affiliates Trust reported stronger first quarter 2026 results while progressing toward its planned sale to Public Storage in an all-stock merger valued at approximately $10.5 billion in enterprise value. The merger is expected to close in the third quarter of 2026, subject to equity holder approval and other customary conditions.
Competitive Landscape
Pro stress-test →NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. The self-storage REIT sector includes other major operators like Public Storage (acquiring NSA), CubeSmart, Extra Space Storage, and Life Storage. NSA's competitive advantage historically derived from its diversified portfolio across 37 states and its hybrid model combining national scale with local affiliate operator expertise, though this is now being consolidated under Public Storage's platform.
Industry Context
National Storage Affiliates Trust operates in REITs - Self-Storage.
Key facts
Founded: 2013 · Headquarters: Greenwood Village, Colorado · Revenue: $185.4M (Q1 2026) · Market cap: $2.71B