Private company
National Storage Affiliates Trust
National Storage Affiliates Trust is an American real estate investment trust based in Greenwood Village.2
Last updated Oct 20, 2026.
Overview
- IndustryReal Estate Investment Trusts2
- HeadquartersGreenwood Village, United States2
- Incorporated inMD3
- Business address8400 E. Prentice Avenue, 9Th Floor, Greenwood Village, Co 801113
- Filer categoryLarge accelerated filer3
- Legal formOther2
- Kind of organizationReal estate investment trust2
- LEI529900FS06O8GOYNR1082
- StatusInactive2
- LEI statusRetired2
- Registered addressc/o The Corporation Trust Incorporated, 2405 York Road, Suite 201, 21093-2264 Lutherville Timonium, United States2
- Registered withBusiness Services (Maryland Department of Assessments and Taxation), D152585852
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Our vice chairperson of the board of trustees and former chairperson of the board of trustees and chief executive officer, Arlen D. Nordhagen, co-founded SecurCare Self Storage, Inc. in 1988 to invest in and manage self storage properties. While growing SecurCare to over 150 self storage properties, Mr. Nordhagen recognized a market opportunity for a differentiated public self storage REIT that would leverage the benefits of national scale by integrating multiple experienced regional self storage operators with local operational focus and expertise, which we refer to as our former PRO structure. Although the PRO structure contributed significantly to our growth over the last decade, the internalization of the PRO structure, which occurred on July 1, 2024, was always a part of our long term vision. Over time, largely through our unconsolidated real estate ventures, retirement of PROs and …5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue29¢$217.5M
- Other costs61¢$458.5M
- Income tax0¢$3.1M
- Profit10¢$73.8M
Out of $752.9M in revenue.6
Where each dollar of operating cash went, fiscal 2025
- Dividends paid52¢$174.9M
- Kept or used elsewhere48¢$163.6M
Out of $338.5M of cash from operations.6
Financial statements
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $387.9M7 | $432.2M8 | $585.7M9 | $801.6M10 | $858.1M6 | $770.3M6 | $752.9M6 |
| Cost of revenue | $110.3M7 | $123.5M8 | $155.3M9 | $211.0M10 | $229.0M6 | $211.9M6 | $217.5M6 |
| Operating expenses | $367.4M9 | $512.0M10 | $521.4M6 | $473.2M6 | $474.3M6 | ||
| Operating income | |||||||
| Interest | $56.5M7 | $62.6M8 | $72.1M9 | $110.6M9 | $166.1M9 | ||
| Income before tax | $148.6M9 | $188.5M10 | $238.6M6 | $187.0M6 | $119.4M6 | ||
| Income tax | $1.4M7 | $1.7M8 | $1.7M9 | $4.7M10 | $1.6M6 | $3.8M6 | $3.1M6 |
| Net income | $4.0M7 | $48.6M8 | $105.3M9 | $103.7M10 | $156.7M6 | $111.5M6 | $73.8M6 |
| Earnings per share | -$0.157 | $0.538 | $1.139 | $0.9910 | $1.586 | $1.186 | $0.696 |
| Earnings per share (diluted) | -$0.157 | $0.538 | $0.989 | $0.9910 | $1.486 | $1.186 | $0.696 |
| Shares (weighted, basic) | 81.2M shares9 | 91.2M shares10 | 86.8M shares6 | 76.8M shares6 | 76.6M shares6 | ||
| Shares (weighted, diluted) | 134.5M shares9 | 91.2M shares10 | 146.0M shares6 | 76.8M shares6 | 76.6M shares6 |
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash | $20.6M14 | $18.7M7 | $25.0M8 | $35.3M9 | $65.0M10 | $50.4M6 | $23.3M6 |
| Property, plant and equipment | $1.4M8 | $1.5M9 | $2.7M10 | $2.9M6 | $2.4M6 | ||
| Goodwill | $8.2M8 | $8.2M9 | $8.2M10 | $8.2M6 | $8.2M6 | ||
| Intangible assets | $62.9M7 | $38.8M8 | $47.9M9 | $134.0M10 | $126.0M6 | ||
| Total assets | $3.1B14 | $3.5B7 | $5.6B8 | $6.1B9 | $5.9B10 | $5.4B6 | $5.1B6 |
| Total liabilities | $1.6B14 | $2.1B7 | $3.1B8 | $3.7B9 | $3.8B10 | $3.6B6 | $3.5B6 |
| Retained earnings | -$291.3M8 | -$396.6M9 | -$449.9M10 | -$530.7M6 | -$652.2M6 | ||
| Shareholders’ equity | $919.6M14 | $969.0M7 | $1.8B8 | $1.6B9 | $1.4B10 | $1.1B6 | $946.0M6 |
| Shares outstanding | 59.7M shares14 | 71.3M shares7 | 91.2M shares8 | 89.8M shares9 | 82.3M shares10 | 76.3M shares6 | 77.1M shares6 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash from operations | $196.7M7 | $220.7M8 | $331.3M9 | $443.8M10 | $441.6M6 | $363.1M6 | $338.5M6 |
| Depreciation and amortization | $158.3M9 | $233.2M10 | $222.0M6 | $189.9M6 | $189.3M6 | ||
| Stock-based compensation | $5.5M9 | $6.3M10 | $6.7M6 | $8.3M6 | $12.2M6 | ||
| Cash from investing | -$2.0B9 | -$584.2M10 | $161.1M6 | $425.4M6 | $19.9M6 | ||
| Dividends paid | $74.5M7 | $90.1M8 | $131.7M9 | $195.7M10 | $190.9M6 | $171.8M6 | $174.9M6 |
| Share buybacks | $08 | $09 | $90.1M10 | $310.2M6 | $275.2M6 | $06 | |
| Cash from financing | $1.7B9 | $154.6M10 | -$557.2M6 | -$825.4M6 | -$385.5M6 | ||
| Dividend per share | $1.277 | $1.358 | $1.599 | $2.1510 | $2.236 | $2.256 | $2.286 |
Compare National Storage Affiliates Trust with another company
Corporate structure
National Storage Affiliates Trust sits at the top of its group. 302 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of National Storage Affiliates Trust
- Long Pond Capital, LP Filed SCHEDULE 13G/A on National Storage Affiliates Trust, latest Aug 13, 2026 (2 filings since Nov 14, 2025)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on National Storage Affiliates Trust, latest Jul 31, 2026
- Cohen & Steers Filed SCHEDULE 13G on National Storage Affiliates Trust, latest May 15, 2026
- Prudential Financial Filed SCHEDULE 13G/A on National Storage Affiliates Trust, latest May 8, 2026 (2 filings since Nov 7, 2025)
- VANGUARD PORTFOLIO MANAGEMENT LLC Filed SCHEDULE 13G on National Storage Affiliates Trust, latest Apr 29, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on National Storage Affiliates Trust, latest Mar 27, 2026 (4 filings since Feb 10, 2022)
- Arlen Dale Nordhagen Filed SCHEDULE 13D/A on National Storage Affiliates Trust, latest Mar 18, 2026
- WASATCH ADVISORS LP Filed SCHEDULE 13G/A on National Storage Affiliates Trust, latest Nov 12, 2025 (5 filings since Feb 10, 2022)
- State Street Corporation Filed SC 13G/A on National Storage Affiliates Trust, latest Oct 18, 2024 (3 filings since Feb 10, 2023)
- Kevin Maxen Howard Filed SC 13G/A on National Storage Affiliates Trust, latest Feb 8, 2024 (3 filings since Feb 11, 2022)
- National Storage Affiliates Trust Greenwood Village, Colorado, United States
- 2016 JV MHC, LLC Subsidiary · Delaware, United States
- 2016 JV Property Holdings, LLC Subsidiary · Delaware, United States
- All Stor Asheville, LLC Subsidiary · Delaware, United States
- All Stor Carolina Beach, LLC Subsidiary · Delaware, United States
- All Stor Durham, LLC Subsidiary · Delaware, United States
- All Stor Indian Trail, LLC Subsidiary · Delaware, United States
- All Stor MH Subsidiary · Delaware, United States
- All Stor NC, LLC Subsidiary · Delaware, United States
- All Stor Prospect, LLC Subsidiary · Delaware, United States
- All Stor Swansboro II, LLC Subsidiary · Delaware, United States
- All Stor Swansboro, LLC Subsidiary · Delaware, United States
- American Mini Storage-San Antonio, LLC Subsidiary · Delaware, United States
- Banning Storage, LLC Subsidiary · Nevada, United States
- Bend-Eugene Storage, LLC Subsidiary · Oregon, United States
- Big Bend Xpress Holdings, LLC Subsidiary · Florida, United States
- Big Bend Xpress Storage, LLC Subsidiary · Florida, United States
- Bishop Road Mini Storage, LLC Subsidiary · Washington, United States
- Broadway Storage Solutions, L.L.C. Subsidiary · Arizona, United States
- Buck Investors, LP Subsidiary · Pennsylvania, United States
- Bullhead Freedom Storage, L.L.C. Subsidiary · Arizona, United States
- Carlsbad Airport Self Storage, LP Subsidiary · California, United States
- Chelmsford, LLC Subsidiary · Delaware, United States
- Colton Campus Pt., L.P. Subsidiary · California, United States
- Colton CV L.P. Subsidiary · California, United States
- Colton Duarte, L.P. Subsidiary · California, United States
- and 276 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What National Storage Affiliates Trust reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $1.0B6 Dec 31, 2025 | $1.0B6 Dec 31, 2024 | −1.5% |
| Property and equipment, net | $2.4M6 Dec 31, 2025 | $2.9M6 Dec 31, 2024 | −17.8% |
| Operating-lease assets (leased space) | $20.6M6 Dec 31, 2025 | $20.9M6 Dec 31, 2024 | −1.6% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $4.6B6 Dec 31, 2025 | $4.8B6 Dec 31, 2024 | −4.4% |
| Real estate investments, at cost | $5.8B6 Dec 31, 2025 | $5.9B6 Dec 31, 2024 | −0.8% |
| Real estate accumulated depreciation | $1.2B6 Dec 31, 2025 | $1.1B6 Dec 31, 2024 | +15.4% |
| Real estate properties | 1,0636 Dec 31, 2025 | 1,07410 Dec 31, 2024 | −1.0% |
| Units in real estate properties | 548,0006 Dec 31, 2025 | 552,00010 Dec 31, 2024 | −0.7% |
| Stores | 8016 Dec 31, 2025 | 81510 Dec 31, 2024 | −1.7% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $23.3M6 Dec 31, 2025 | $50.4M6 Dec 31, 2024 | −53.7% |
| Stakes in other companies (equity method) | $231.8M6 Dec 31, 2025 | $246.2M6 Dec 31, 2024 | −5.9% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $8.2M6 Dec 31, 2025 | $8.2M6 Dec 31, 2024 | 0% |
| Finite-lived intangibles, net | $126.0M6 Dec 31, 2025 | $134.0M10 Dec 31, 2024 | −6.0% |
Properties, in its own words
As of December 31, 2025, we held ownership interests in and operated a geographically diversified portfolio of 1,063 self storage properties located in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet, configured in approximately 548,000 storage units, excluding three properties classified as held for sale that were sold to a third party in January 2026. Of these properties, we reported 801 wholly-owned self storage properties on a consolidated basis that contain approximately 51.1 million rentable square feet and we held a 25% ownership interest in 262 unconsolidated real estate venture properties that contain approximately 18.2 million rentable square feet.
The following table sets forth summary information regarding our consolidated properties by state as of December 31, 2025.
The rest of Item 2
Number of · Number of · Rentable · % of Rentable · Period-end
State/Territory · Properties · Units · Square Feet · Square Feet · Occupancy
Texas · 174 · 79,585 · 11,092,803 · 21.7 · 83.8
California(1) · 86 · 51,669 · 6,498,498 · 12.7 · 83.5
Florida · 78 · 45,392 · 5,099,801 · 10.0 · 81.4
Oregon · 70 · 29,262 · 3,661,566 · 7.2 · 88.2
Georgia · 47 · 20,487 · 2,818,960 · 5.5 · 80.7
North Carolina · 34 · 16,793 · 2,072,412 · 4.1 · 85.9
Arizona · 34 · 18,882 · 2,174,575 · 4.3 · 79.1
Oklahoma · 33 · 15,300 · 2,140,426 · 4.2 · 83.7
Louisiana(1) · 25 · 11,459 · 1,388,365 · 2.7 · 78.6
Pennsylvania · 22 · 10,442 · 1,296,220 · 2.5 · 87.5
Colorado · 21 · 9,115 · 1,145,187 · 2.2 · 86.3
Washington · 19 · 6,643 · 871,889 · 1.7 · 86.2
Puerto Rico · 15 · 12,857 · 1,379,381 · 2.7 · 89.1
Nevada · 15 · 7,564 · 963,252 · 1.9 · 85.2
New Hampshire · 15 · 7,160 · 890,320 · 1.7 · 86.8
Kansas · 15 · 5,577 · 721,923 · 1.4 · 87.7
Indiana · 12 · 6,530 · 827,524 · 1.6 · 78.7
New Mexico · 12 · 5,773 · 750,098 · 1.5 · 78.2
Alabama · 11 · 6,035 · 909,605 · 1.8 · 73.4
Maryland · 8 · 4,564 · 492,994 · 1.0 · 88.9
Massachusetts · 7 · 5,015 · 537,665 · 1.1 · 85.5
Illinois · 6 · 4,233 · 424,271 · 0.8 · 80.7
Kentucky · 5 · 2,782 · 410,251 · 0.8 · 76.1
New Jersey · 5 · 2,765 · 353,418 · 0.7 · 86.6
Tennessee · 5 · 2,538 · 346,823 · 0.7 · 84.9
Idaho · 5 · 1,436 · 262,331 · 0.5 · 89.2
South Carolina · 4 · 2,061 · 255,553 · 0.5 · 87.4
Iowa · 3 · 3,088 · 414,647 · 0.8 · 75.7
Virginia · 3 · 1,382 · 174,865 · 0.3 · 90.5
Missouri · 3 · 1,243 · 153,429 · 0.3 · 89.7
Connecticut · 3 · 1,181 · 141,229 · 0.3 · 89.7
Minnesota · 3 · 1,031 · 170,270 · 0.3 · 90.8
New York · 2 · 1,717 · 174,262 · 0.3 · 88.5
Ohio · 1 · 950 · 112,255 · 0.2 · 79.3
Total/Weighted Average · 801 · 402,511 · 51,127,068 · 100.0 · 83.6
(1) Six of the California properties and one of the Louisiana properties are subject to non-cancelable leasehold interest agreements that are classified as operating leases. See "Note 13. Leases" in Item 8. "Financial Statements and Supplementary Data."
The following table sets forth summary information regarding our unconsolidated real estate venture properties by state as of December 31, 2025.
Number of · Number of · Rentable · % of Rentable · Period-end
State · Properties · Units · Square Feet · Square Feet · Occupancy
Texas · 27 · 17,095 · 2,111,043 · 11.6 · 86.7
Florida · 27 · 15,025 · 1,715,530 · 9.4 · 83.9
Ohio · 26 · 13,948 · 1,742,437 · 9.6 · 85.4
Michigan · 25 · 15,972 · 2,023,848 · 11.1 · 87.6
Georgia · 22 · 11,568 · 1,580,675 · 8.7 · 83.1
Oklahoma · 19 · 7,108 · 1,129,604 · 6.2 · 80.4
Tennessee · 16 · 8,368 · 1,052,129 · 5.8 · 85.8
New Jersey · 15 · 10,747 · 1,249,889 · 6.9 · 85.5
Alabama · 14 · 5,791 · 850,431 · 4.7 · 83.7
California · 13 · 6,998 · 846,554 · 4.6 · 86.3
Other(1) · 58 · 32,413 · 3,920,877 · 21.4 · 85.3
Total · 262 · 145,033 · 18,223,017 · 100.0 · 85.1
(1) · Other states in the unconsolidated real estate ventures include Arizona, Delaware, Illinois, Indiana, Kansas, Massachusetts, Minnesota, Mississippi, Missouri, Nevada, New York, Pennsylvania, Rhode Island and Virginia.
Our portfolio consists of self storage properties that are designed to offer customers convenient, affordable, and secure storage units. Generally, our properties are in highly visible locations clustered in states or markets with strong population and job growth and are specifically designed to accommodate residential and commercial tenants with features such as security systems, electronic gate entry, easy access, climate control, and pest control. Our units typically range from 25 square feet to 300 square feet, and some of our properties also offer outside storage for vehicles, boats, and equipment. We provide 24-hour access to many storage units through computer controlled access systems. Many of our properties are equipped with security cameras, and many individual storage units feature sprinkler systems. Almost all of the storage units in our portfolio are leased on a month-to-month basis providing us the flexibility to increase rental rates over time as market conditions permit. Additional information on our consolidated self storage properties is contained in "Schedule III - Real Estate and Accumulated Depreciation" in this Annual Report on Form 10-K.
Item 2 of the 10-K filed Feb 26, 2026.5
Leadership
Who has led National Storage Affiliates Trust, and when. Pick a name to see everywhere that person has worked.
President
Chief financial officer
Chief operating officer
- Chief executive officerDavid Cramer Sep 5, 2023 to now15
- Chief executive officerTamara D. Fischer Mar 2, 2020 to Mar 1, 202316
- Chief executive officerArlen Dale Nordhagen Apr 22, 2015 to Feb 13, 202017
- ChairTamara D. Fischer Nov 14, 2023 to now18
- ChairArlen Dale Nordhagen Mar 2, 2020 to Mar 1, 202319
- PresidentDavid Cramer Aug 30, 2022 to now20
- Chief financial officerBrandon Togashi Mar 2, 2020 to now21
- Chief financial officerTamara D. Fischer Apr 22, 2015 to Nov 7, 201922
- Chief operating officerDerek Bergeon Apr 10, 2023 to Mar 4, 202423
- Chief operating officerDavid Cramer Apr 10, 2020 to Mar 1, 202324
- Chief operating officerSteven B. Treadwell Mar 1, 2019 to Mar 16, 202025
Board members and other officers (20)
- Chief Accounting OfficerJohn Esbenshade Jan 13, 2025 to now26
- Vice chairArlen Dale Nordhagen May 31, 2023 to now27
- Chief Strategy OfficerWilliam S. Cowan Jr. Jun 7, 2023 to now28
- Chief Accounting OfficerBrandon Togashi Jan 11, 2017 to Mar 1, 201929
- Senior Vice PresidentSteven B. Treadwell Oct 14, 2016 to Mar 2, 201830
- Board memberLisa R. Cohn Feb 20, 2024 to now31
- Board memberMichael J. Schall May 15, 2024 to now32
- Board memberWarren Allan Aug 19, 2024 to now33
- Board memberDavid Cramer Sep 5, 2023 to now15
- Board memberCharles F. Wu Mar 1, 2021 to now34
- Board memberTamara D. Fischer Mar 2, 2020 to Mar 1, 202316
- Board memberRebecca Lee Steinfort May 29, 2018 to May 20, 202435
- Board memberArlen Dale Nordhagen Apr 22, 2015 to now17
- Board memberChad Leroy Meisinger Apr 22, 2015 to now36
- Board memberDominic M. Palazzo Apr 22, 2015 to now37
- Board memberGeorge L. Chapman Apr 22, 2015 to Jun 1, 202238
- Board memberMourick Mark Van Apr 22, 2015 to Jul 3, 202439
- Board memberPaul William Hylbert Jr. Apr 22, 2015 to now40
- Board memberSteven G. Osgood Apr 22, 2015 to now41
- General counselTiffany S. Kenyon Jan 9, 2023 to now42
Named in SEC Form D filings
People the company listed in its private-offering notices.
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- 2016 JV MHC, LLC Delaware4
- 2016 JV Property Holdings, LLC Delaware4
- All Stor Asheville, LLC Delaware4
- All Stor Carolina Beach, LLC Delaware4
- All Stor Durham, LLC Delaware4
- All Stor Indian Trail, LLC Delaware4
- All Stor MH Delaware4
- All Stor NC, LLC Delaware4
- All Stor Prospect, LLC Delaware4
- All Stor Swansboro II, LLC Delaware4
- All Stor Swansboro, LLC Delaware4
- American Mini Storage-San Antonio, LLC Delaware4
- Banning Storage, LLC Nevada4
- Bend-Eugene Storage, LLC Oregon4
- Big Bend Xpress Holdings, LLC Florida4
- Big Bend Xpress Storage, LLC Florida4
- Bishop Road Mini Storage, LLC Washington4
- Broadway Storage Solutions, L.L.C. Arizona4
- Buck Investors, LP Pennsylvania4
- Bullhead Freedom Storage, L.L.C. Arizona4
- Carlsbad Airport Self Storage, LP California4
- Chelmsford, LLC Delaware4
- Colton CV L.P. California4
- Colton Campus Pt., L.P. California4
All 303 listed subsidiaries
- Colton Duarte, L.P. California4
- Colton Encinitas, L.P. California4
- Colton Paramount, L.P. California4
- Colton Plano, L.P. California4
- Corona Universal Self Storage, a California Limited Partnership California4
- Cunningham Properties, LLC Kentucky4
- Eagle Bow Wakefield, LLC Delaware4
- Eastpointe Storage, LLC Delaware4
- Extra Closet Leesburg, LLC Florida4
- Extra Closet Mini Storage, LLC Florida4
- Fletcher Heights Storage Solutions, L.L.C. Arizona4
- Fontana Universal Self Storage, a California Limited Partnership California4
- Forest Grove Mini Storage, LLC Oregon4
- GAK, LLC California4
- GSC Indio Ltd. California4
- GSC Irvine/Main LP California4
- GSC Mesquite, LP California4
- Great American Storage Partners, LLC Delaware4
- Gresham Storage, LLC Oregon4
- Hesperia Universal Self Storage, a California Limited Partnership California4
- Hide Away SPE, LLC Delaware4
- Hide Away Storage Holdings, LLC Delaware4
- Hide Away Transportation #1, LLC Delaware4
- Highway 97 Mini Storage, LLC Oregon4
- Highway 99 Mini Storage, LLC Oregon4
- ICDC II, LLC Oregon4
- IRE NSA JV I Member, LLC Delaware4
- Jeffersonville Storage, LLC Indiana4
- Keepers Storage, LLC Washington4
- Lewisville Storage LLC Washington4
- Loma Linda Universal Self Storage, a California Limited Partnership California4
- Madison Brookhaven, LLC Delaware4
- Madison Eagle Drive, LLC Delaware4
- Maizeland Storage, LLC Colorado4
- Mini I, Limited California4
- Mini Storage of Deland, LLC Florida4
- Moove In Partners - Centerville, LP Pennsylvania4
- Moove-In of New Jersey, LLC Wyoming4
- Moove-in of Manheim, LLC Wyoming4
- MooveIn Partners-Lancaster, L.P. Pennsylvania4
- Moovein Properties II, LLC Wyoming4
- Moovein, LLC Wyoming4
- NSA 110 V JV PO, LLC Delaware4
- NSA 110 V JV TRS, LLC Delaware4
- NSA 110 V JV TX PO, LLC Delaware4
- NSA 110 V JV, LLC Delaware4
- NSA 110 V Member, LLC Delaware4
- NSA 110 V Non-Member Manager, LLC Delaware4
- NSA 110 V TN JV PO, LLC Delaware4
- NSA 110 V TN JV TRS, LLC Delaware4
- NSA 110 V TN JV, LLC Delaware4
- NSA Acquisition Holdings, LLC Delaware4
- NSA All Stor Chief Manager, LLC Delaware4
- NSA All Stor, LLC Delaware4
- NSA Americor Holdings, LLC Delaware4
- NSA BL PM, LLC Delaware4
- NSA BV DR,LLC Delaware4
- NSA Buck GP, LLC Delaware4
- NSA Canal Road GP, LLC Delaware4
- NSA Centerville GP, LLC Delaware4
- NSA Colton DR GP, LLC Delaware4
- NSA Colton DR, LLC Delaware4
- NSA Fanning Springs, LLC Delaware4
- NSA GSC DR GP, LLC Delaware4
- NSA GSC DR, LLC Delaware4
- NSA HHF JV Tennessee Holdco, LLC Delaware4
- NSA HHF JV, LLC Delaware4
- NSA HHF Member, LLC Delaware4
- NSA HHF Non-Member Manager, LLC Delaware4
- NSA HHF TRS, LLC Delaware4
- NSA Holding Company I, LLC Delaware4
- NSA Holding Company II, LLC Delaware4
- NSA Hollister, LLC Delaware4
- NSA Irvine DR, LLC Delaware4
- NSA Lancaster GP, LLC Delaware4
- NSA MGMT CO GP, LLC Delaware4
- NSA Northwest CMBS II, LLC Delaware4
- NSA Northwest Holdings II, LLC Delaware4
- NSA Northwest Holdings, LLC Delaware4
- NSA OP, LP Delaware4
- NSA OV PM, LLC Delaware4
- NSA PM Holding Company, LLC Delaware4
- NSA PM, LLC Delaware4
- NSA Property Holdings, LLC Delaware4
- NSA Puerto Rico, LLC Delaware4
- NSA SS PM, LLC Delaware4
- NSA SecurCare CMBS I, LLC Delaware4
- NSA SecurCare Holdings, LLC Delaware4
- NSA Security Storage, LLC Delaware4
- NSA Storage Solutions, LLC Delaware4
- NSA TRS, LLC Delaware4
- NSA Tustin Gateway GP, LLC Delaware4
- NSA Universal DR, LLC Delaware4
- NSA Villages Storage GP, LLC Delaware4
- NSA iStorage II Member, LLC Delaware4
- NSA iStorage II Non-Member, LLC Delaware4
- NSA iStorage II TRS Member, LLC Delaware4
- NSA iStorage Member, LLC Delaware4
- NSA iStorage TN II Member, LLC Delaware4
- NSA iStorage TRS Member, LLC Delaware4
- NSA-C Holdings, LLC Delaware4
- NSA-Colton Holdings, LLC Delaware4
- NSA-G Holdings, LLC Delaware4
- NSA-GSC Colton Holdings, LLC Delaware4
- NSA-GSC Holdings, LLC Delaware4
- NSA-Northwest II, LLC Delaware4
- NSA-Optivest Acquisition Holdings, LLC Delaware4
- NSA-Optivest, LLC Delaware4
- NSA-SecurCare Acquisition Holdings, LLC Delaware4
- NSA-SecurCare, LLC Delaware4
- NWSS Stor Rite LLC Oregon4
- National Storage Affiliates Management Company, LLC Delaware4
- National Storage Affiliates Trust Maryland4
- National Storage Insurance Solutions, Inc. Utah4
- Northwest II Chief Manager, LLC Delaware4
- Oklahoma Self Storage GP, LLC Delaware4
- Oklahoma Self Storage LP Colorado4
- PCB South, LLC Florida4
- Personal MIni Storage Piedmont, LLC Florida4
- Personal MIni Storage Spring Garden, LLC Florida4
- Personal MIni Storage Vine, LLC Florida4
- Personal MIni Storage West, LLC Florida4
- Personal MIni Storage Winter Garden, LLC Florida4
- Personal Mini Storage Dyer, LLC Florida4
- Personal Mini Storage Forest City Rd., LLC Florida4
- Personal Mini Storage Forsyth, LLC Florida4
- Personal Mini Storage Kissimmee, LLC Florida4
- Personal Mini Storage-Edgewater, LLC Florida4
- Personal Mini Storage-Orange City, LLC Florida4
- Rev Smart, L.P. Florida4
- SAG Arcadia, LP California4
- SAP-II YSI #1,LLC Delaware4
- SS 22195 Timberlake Road, LLC Delaware4
- SS 8117 Timberlake Road, LLC Delaware4
- SS BAYPORT, LLC Delaware4
- SS Beeline, LLC Delaware4
- SS Billy Williamson Drive, LLC Delaware4
- SS Bloomfield, LLC Delaware4
- SS Blue Ash, LLC Delaware4
- SS Brighton MA, LLC Delaware4
- SS Brookside, LLC Delaware4
- SS Chevoit, LLC Delaware4
- SS Cleveland Heights, LLC Delaware4
- SS Cliffwood, LLC Delaware4
- SS Deerfield, LLC Delaware4
- SS Detroit, LLC Delaware4
- SS Downtown Tulsa, LLC Delaware4
- SS Eastpointe II, LLC Delaware4
- SS Ferndale, LLC Delaware4
- SS Fields Ertel, LLC Delaware4
- SS Forest Park, LLC Delaware4
- SS Fort Walton Beal Parkway, LLC Delaware4
- SS Fort Walton Harrelson Drive, LLC Delaware4
- SS Glenview, LLC Delaware4
- SS Greensville, LLC Delaware4
- SS Hall Road, LLC Delaware4
- SS Hiawatha II, LLC Delaware4
- SS Highland Park, LLC Delaware4
- SS Highway 150, LLC Delaware4
- SS Highway 280, LLC Delaware4
- SS Hingham, LLC Delaware4
- SS Hoffman Estates, LLC Delaware4
- SS Huber Heights, LLC Delaware4
- SS Ivy Hill, LLC Delaware4
- SS Ivy Hill, LP Pennsylvania4
- SS Kettering, LLC Delaware4
- SS Kingsland, LLC Delaware4
- SS Lakeside Drive, LLC Delaware4
- SS Lincoln Park, LLC Delaware4
- SS MITX, LLC Delaware4
- SS MNMI, LLC Delaware4
- SS MNRI, LLC Delaware4
- SS Macon Road, LLC Delaware4
- SS Mamnoh, LLC Delaware4
- SS Mezz, LLC Delaware4
- SS Michigan, LLC Delaware4
- SS Midtown Tulsa, LLC Delaware4
- SS Millville, LLC Delaware4
- SS Minnesota II, LLC Delaware4
- SS Moellering, LLC Delaware4
- SS North Bend, LLC Delaware4
- SS North Fort Myers, LLC Delaware4
- SS Norwood, LLC Delaware4
- SS Palm City, LLC Delaware4
- SS Peake Road, LLC Delaware4
- SS Reading, LLC Delaware4
- SS Riverside Drive, LLC Delaware4
- SS Sheridan, LLC Delaware4
- SS South Amherst, LLC Delaware4
- SS South Euclid, LLC Delaware4
- SS Storage Court, LLC Delaware4
- SS Titusville Access, LLC Delaware4
- SS Trinity Church, LLC Delaware4
- SS Ward and Citation, LLC Delaware4
- SS West Point, LLC Delaware4
- SS Whitesville Road, LLC Delaware4
- SS Williamstown, LLC Delaware4
- SS Yale, LLC Delaware4
- Safegard Mini Storage, LLC Oregon4
- SecurCare American Portfolio, LLC Delaware4
- SecurCare American Properties II, LLC Delaware4
- SecurCare Colorado III, LLC Delaware4
- SecurCare Fayetteville I, LLC Delaware4
- SecurCare Management, LLC Colorado4
- SecurCare Moreno Valley, LLC Delaware4
- SecurCare Moveit McAllen, LLC Delaware4
- SecurCare Oklahoma I, LLC Delaware4
- SecurCare Oklahoma II, LLC Delaware4
- SecurCare Operating Company, LLC Delaware4
- SecurCare Portfolio Holdings, LLC Delaware4
- SecurCare Properties I, LLC Delaware4
- SecurCare Properties II R, LLC Delaware4
- SecurCare Properties II, LLC Delaware4
- SecurCare Value Properties R, LLC Delaware4
- Series Americor Insurance Company, a series of Endeavor Assurance Company, LLC Delaware4
- Shreve Storage Equities, L.L.C. Louisiana4
- Simply Storage Clarksville, LLC Delaware4
- Simply Storage Franklin, LLC Delaware4
- Simply Storage Gallatin, LLC Delaware4
- Simply Storage Harrah Drive, LLC Delaware4
- Simply Storage Hendersonville, LLC Delaware4
- Simply Storage Hermitage, LLC Delaware4
- Simply Storage Maddox Simpson Parkway, LLC Delaware4
- Simply Storage Mezz, LLC Delaware4
- Simply Storage Partners REIT II LLC Delaware4
- Simply Storage Quarry Loop Road, LLC Delaware4
- Simply Storage White House, LLC Delaware4
- Southeast Portfolio Holding Company, LLC Delaware4
- Southeast Portfolio PO, LLC Delaware4
- Southern Self Storage of Arizona, LLC Arizona4
- Southern Self Storage of Destin, LLC Florida4
- Southern Self Storage of Edgewater, LLC Florida4
- Southern Self Storage of Florida, LLC Florida4
- Southern Self Storage of Grayton, LLC Florida4
- Southern Self Storage of PCB, LLC Florida4
- Southern Self Storage of Pensacola, LLC Florida4
- Southern Self Storage of Santa Rosa, LLC Florida4
- Southern Self Storage, LLC Florida4
- Springfield Mini Storage, LLC Oregon4
- Square Foot Springhill, LLC Ohio4
- Storage Management and Leasing Co. LLC Florida4
- Storage Management and Repair Co., LLC Florida4
- StoreMore Self Storage-Pecos Road, LLC Delaware4
- Supreme Storage, LLC Oregon4
- Tampa COLO Holdings, LLC Colorado4
- Tampa COLO, LLC Florida4
- Town Center Self Storage, LLC Colorado4
- Troutdale Mini Storage, LLC Oregon4
- Tustin Gateway LP California4
- Union Storage, LLC Oregon4
- Universal Self Storage Hesperia LLC, a California limited liability company California4
- Universal Self Storage Highland, a California Limited Partnership California4
- Universal Self Storage San Bernardino LLC, a California limited liability company California4
- Upland Universal Self Storage, a California Limited Partnership California4
- Villages Storage Partners, Ltd. Florida4
- WCAL, LLC Texas4
- Washington Murrieta II, LLC California4
- Washington Murrieta IV, LLC California4
- West Linn Self Storage, LLC Oregon4
- iStorage JV Bridgewater, LLC Delaware4
- iStorage JV DuPont Highway, LLC Delaware4
- iStorage JV Hickman Road, LLC Delaware4
- iStorage JV Houston Holdings, LLC Delaware4
- iStorage JV Houston, LLC Delaware4
- iStorage JV II Bellport, LLC Delaware4
- iStorage JV II Lodi, LLC Delaware4
- iStorage JV II OKC Holdings, LLC Delaware4
- iStorage JV II RGV Holdings 1, LP Delaware4
- iStorage JV II RGV Holdings 2, LP Delaware4
- iStorage JV II RGV Holdings GP, LLC Delaware4
- iStorage JV II, LLC Delaware4
- iStorage JV Rancho Cordova, LLC Delaware4
- iStorage JV Ridge Road, LLC Delaware4
- iStorage JV Sunrise Monier, LLC Delaware4
- iStorage JV, LLC Delaware4
- iStorage Mezz, LLC Delaware4
- iStorage PO, LLC Delaware4
- iStorage TN JV II, LLC Delaware4
- iStorage TRS JV, LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Jul 22, 20268-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer44
- Jul 14, 20268-K Shareholder vote; Other events45
- Jul 10, 20268-K Other events46
- Jul 8, 20268-K Other events47
- May 5, 20268-K Results of operations48
- Mar 17, 20268-K Entered a material agreement; Executive or director change49
- Mar 16, 20268-K Regulation FD disclosure50
- Feb 25, 20268-K Results of operations51
- Nov 3, 20258-K Results of operations52
- Aug 4, 20258-K Results of operations53
- May 15, 20258-K Shareholder vote54
- May 5, 20258-K Results of operations55
- Sep 5, 2023New chief executive David Cramer becomes CEO15
- May 16, 2023Founded National Storage Affiliates Trust is founded2
- Mar 2, 2020New chief executive Tamara D. Fischer becomes CEO16
- Apr 22, 2015New chief executive Arlen Dale Nordhagen becomes CEO17
Calendar
When it reported results
- May 5, 2026Reported quarterly or annual results48
- Feb 25, 2026Reported quarterly or annual results51
- Nov 3, 2025Reported quarterly or annual results52
- Aug 4, 2025Reported quarterly or annual results53
- May 5, 2025Reported quarterly or annual results55
- Feb 26, 2025Reported quarterly or annual results56
- Oct 30, 2024Reported quarterly or annual results57
- Aug 5, 2024Reported quarterly or annual results58
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
293 filings to the SEC since October 2021: 6 annual reports, 14 quarterly reports, 56 major events, 141 insider forms, 23 large holders, 1 private raises, 52 other. The latest 20:
- Aug 13, 2026SCHEDULE 13G/A EDGAR
- Aug 3, 202615-12G EDGAR
- Jul 31, 2026SCHEDULE 13G EDGAR
- Jul 27, 2026EFFECT EDGAR
- Jul 27, 2026EFFECT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 2026S-8 POS EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 2026S-8 POS EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 22, 2026POS AM EDGAR
- Jul 22, 20264 OWNERSHIP DOCUMENT EDGAR
The 293 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
16 open-market trades by officers, directors and large owners since October 2021: 15 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 6, 2025 | SCHALL MICHAEL JDirector | Buy | 4,000 | $38.54 | $154.2K | Form 4 |
| Jun 7, 2024 | Meisinger Chad LeRoyDirector | Buy | 18,405 | $37.74 | $694.6K | Form 4 |
| Dec 11, 2023 | Nordhagen Arlen DaleVice Chairperson | Buy | 6,500 | $36.50 | $237.2K | Form 4 |
| Dec 5, 2023 | Nordhagen Arlen DaleVice Chairperson | Buy | 10,000 | $35.92 | $359.2K | Form 4 |
| Nov 13, 2023 | FISCHER TAMARA DExecutive Chairperson | Buy | 608 | $29.68 | $18.0K | Form 4 |
| May 26, 2023 | Nordhagen Arlen DaleVice Chairperson | Buy | 25,000 | $36.92 | $923.0K | Form 4 |
| Dec 16, 2022 | Nordhagen Arlen DaleVice Chairperson | Buy | 33,500 | $36.76 | $1.2M | Form 4 |
| Dec 13, 2022 | Meisinger Chad LeRoyDirector | Buy | 25,000 | $39.71 | $992.8K | Form 4 |
| Dec 12, 2022 | Meisinger Chad LeRoyDirector | Buy | 30,000 | $38.61 | $1.2M | Form 4 |
| Nov 7, 2022 | Warren J. TimothyDirector | Buy | 4,680 | $38.00 | $177.8K | Form 4 |
| Nov 4, 2022 | FISCHER TAMARA DExecutive Chairperson | Buy | 292 | $37.78 | $11.0K | Form 4 |
| Nov 4, 2022 | Nordhagen Arlen DaleVice Chairperson | Buy | 53,000 | $37.88 | $2.0M | Form 4 |
| Nov 4, 2022 | Van Mourick MarkDirector | Buy | 1,280 | $37.85 | $48.4K | Form 4 |
| Nov 4, 2022 | Cramer DavidPresident and CEO | Buy | 10,000 | $37.88 | $378.8K | Form 4 |
| Nov 4, 2022 | Hylbert Paul William JrDirector | Buy | 1,350 | $37.52 | $50.7K | Form 4 |
| Mar 16, 2022 | Nordhagen Arlen DaleVice Chairperson | Sale | 170,000 | $60.71 | $10.3M | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Long Pond Capital, LPSCHEDULE 13G/A, 2 filings Nov 14, 2025 to Aug 13, 202659
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Jul 31, 202660
- Cohen & SteersSCHEDULE 13G, 1 filing May 15, 202661
- Prudential FinancialSCHEDULE 13G/A, 2 filings Nov 7, 2025 to May 8, 202662
- VANGUARD PORTFOLIO MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 29, 202663
- VANGUARD GROUP INCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Mar 27, 202664
- Arlen Dale NordhagenSCHEDULE 13D/A, 1 filing Mar 18, 202665
- WASATCH ADVISORS LPSCHEDULE 13G/A, 5 filings Feb 10, 2022 to Nov 12, 202566
- State Street CorporationSC 13G/A, 3 filings Feb 10, 2023 to Oct 18, 202467
- Kevin Maxen HowardSC 13G/A, 3 filings Feb 11, 2022 to Feb 8, 202468
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2024 | David G. CramerChief Executive Officer and President | $675.0K | $4.8M69 | |
| 2024 | William S. CowanJr., Executive Vice President and Chief Strategy Officer | $536.0K | $3.0M69 | |
| 2024 | Brandon S. TogashiExecutive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer | $495.0K | $2.6M69 | |
| 2024 | Tamara D. FischerExecutive Chairperson | $300.0K | $2.3M69 | |
| 2024 | Tiffany S. KenyonExecutive Vice President, Chief Legal Officer and Secretary | $342.5K | $1.2M69 | |
| 2023 | William S. CowanJr., Executive Vice President and Chief Strategy Officer | $286.4K | $2.7M69 | |
| 2023 | David G. CramerChief Executive Officer and President | $585.4K | $2.7M69 | |
| 2023 | Tamara D. FischerExecutive Chairperson | $416.7K | $1.6M69 | |
| 2023 | Brandon S. TogashiExecutive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer | $475.0K | $1.5M69 | |
| 2023 | Tiffany S. KenyonExecutive Vice President, Chief Legal Officer and Secretary | $325.0K | $759.2K69 | |
| 2022 | Tamara D. FischerExecutive Chairperson | $700.0K | $4.1M69 | |
| 2022 | David G. CramerChief Executive Officer and President | $550.0K | $2.2M69 | |
| 2022 | Brandon S. TogashiExecutive Vice President, Chief Financial Officer, Chief Accounting Officer and Treasurer | $450.0K | $1.7M69 |
Money raised
Private offerings the company reported to the SEC on Form D.
- Mar 16, 2023Raised $139.6 million in a private offering of equity Form D: 63 investors so far Form D
SEC filer profile
How National Storage Affiliates Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARNational Storage Affiliates Trust1
- CIK0001618563
- Employer ID (EIN)46-50538585
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inMaryland5
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business address8400 E. Prentice Avenue, 9Th Floor, Greenwood Village, CO 801111
- Phone720-630-26001
- Shares outstanding77,212,533 as of May 1, 202613
- Public float$2.4B as of Jun 30, 20255
- AuditorKPMG LLP, Denver, Colorado PCAOB ID 185; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceOct 10, 20141
- Filings720 in all: 4 (275), 8-K (142), SC 13G/A (53), 10-Q (34), 425 (26), 3 (23), 424B5 (19), SC 13G (17)1
All 46 form types
10-K (11), DEF 14A (10), 5 (9), DEFA14A (9), 424B7 (8), UPLOAD (7), CORRESP (6), EFFECT (5), SCHEDULE 13G (5), SCHEDULE 13G/A (5), DRSLTR (4), S-11/A (4), 10-K/A (3), 3/A (3), 8-A12B (3), 8-K/A (3), ARS (3), DRS/A (3), POSASR (3), S-3ASR (3), CERTNYS (2), FWP (2), POS AM (2), S-3 (2), S-8 (2), S-8 POS (2), 15-12G (1), 25-NSE (1), 424B4 (1), CERT (1), D (1), DEFM14A (1), DEFR14A (1), DRS (1), S-11 (1), S-3/A (1), SC 13D (1), SCHEDULE 13D/A (1)
- Latest filingsAnnual report (10-K) Feb 26, 2026
Quarterly report (10-Q) May 5, 2026
Proxy statement (DEF 14A) Mar 28, 2025
Latest 8-K (8-K) Jul 22, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares of Beneficial Interest, $0.01 par value per share | NSA | New York Stock Exchange |
| Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share | NSA Pr A | New York Stock Exchange |
| Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share | NSA Pr B | New York Stock Exchange |
From the cover page of the 10-K filed Feb 26, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks National Storage Affiliates Trust names in Item 1A of its 10-K filed Feb 26, 2026: 39 risks under these headings, as written.5
- Risks Related to our Business
- Adverse economic or other conditions in the markets in which we do business and more broadly associated with the real estate industry could negatively affect our occupancy levels and rental rates and therefore our operating results and the value of our self storage properties.
- We may not be successful in identifying and consummating suitable acquisitions or integrating and operating such acquisitions, including integrating them into our financial and operational reporting infrastructure and internal control framework in a timely manner, which may impede our growth.
- We face competition for tenants.
- Increases in taxes and regulatory compliance costs, including as a result of changes in law or property reassessments, may reduce our income and adversely impact our cash flows.
- Legal disputes, settlement and defense costs could have an adverse effect on our operating results.
- Our storage leases are relatively short-term in nature, which exposes us to the risk that we may have to re-lease our units and we may be unable to do so on attractive terms, on a timely basis or at all.
- Security breaches through cyber-attacks, cyber-intrusions, or other methods could disrupt our information technology networks and related systems.
- Our use of or failure to adopt advancements in information technology may hinder or prevent us from achieving strategic objectives or otherwise harm our business.
- Our use of artificial intelligence could expose us to various risks.
- Costs associated with complying with the ADA may result in unanticipated expenses.
- Environmental compliance costs and liabilities associated with operating our properties may affect our results of operations.
The other 28 risks
- We have tenant insurance- and/or tenant protection plan-related arrangements that are in some cases subject to state-specific governmental regulation, which may adversely affect our results.
- Privacy concerns could result in regulatory changes that may harm our business.
- We face possible risks and costs associated with the effects of climate change and severe weather, as well as the transition to a low-carbon economy and other steps taken to prevent or mitigate climate change.
- International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business.
- Uninsured losses or losses in excess of our insurance coverage could adversely affect our financial condition, operating results and cash flow.
- Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties.
- Our business could be harmed if key personnel terminate their employment with us.
- We invest in strategic joint ventures that subject us to additional risks.
- Natural disasters, public health emergencies and other crises, or consumer protection could adversely impact or cause significant disruption to our financial condition, results of operations and cash flows.
- Terrorist attacks, active shooter incidents and other acts of violence or war may adversely impact our performance and may affect the markets on which our securities are traded.
- Risks Related to Our Structure
- Conflicts of interest could arise with respect to certain transactions between the holders of OP units, on the one hand, and us and our shareholders, on the other.
- The partnership agreement of our operating partnership contains provisions that may delay, defer or prevent a change in control.
- Certain provisions of the Maryland General Corporation Law (the "MGCL") and of our bylaws and our declaration of trust could inhibit a change in our control and have an adverse impact on the price of our shares.
- Restrictions on ownership and transfer of our shares may restrict change of control or business combination opportunities in which our shareholders might receive a premium for their shares.
- Risks Related to Our Debt Financings
- There are risks associated with our indebtedness.
- We depend on external sources of capital that are outside of our control, which could adversely affect our ability to acquire or develop properties, satisfy our debt obligations and/or make distributions to shareholders.
- Increases in interest rates may increase our interest expense and adversely affect our cash flow and our ability to service our indebtedness, make cash distributions to our shareholders, and acquire or sell properties and our decision to hedge against interest rate risk might not be effective.
- The terms and covenants relating to our indebtedness could adversely impact our economic performance.
- Risks Related to Our Qualification as a REIT
- Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and applicable state and local taxes, which would reduce the amount of operating cash flow to our shareholders.
- Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
- Complying with the REIT requirements may cause us to forgo and/or liquidate otherwise attractive investments, and in some situations, to maintain our REIT qualification, we may be forced to borrow funds during unfavorable market conditions.
- If our operating partnership is treated as a corporation for U.S. federal income tax purposes, we will cease to qualify as a REIT.
- Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
- The ability of our board of trustees to revoke our REIT election without shareholder approval may cause adverse consequences to our shareholders.
- Legislative or regulatory tax changes related to REITs could materially and adversely affect our business.
- Risks Related to Our Common Shares and Preferred Shares
- Common shares and preferred shares eligible for future sale may have adverse effects on our share price.
- We cannot assure our ability to pay dividends in the future.
- Future offerings of debt or equity securities, which may rank senior to our common shares, may adversely affect the market price of our common shares.
Legal proceedings
We are not currently subject to any legal proceedings that we consider to be material.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18SEC EDGARTamara D. Fischer, Chair
- 19SEC EDGARArlen Dale Nordhagen, Chair
- 20SEC EDGARDavid Cramer, President
- 21
- 22
- 23
- 24
- 25
- 26
- 27SEC EDGARArlen Dale Nordhagen, Vice chair
- 28
- 29
- 30
- 31SEC EDGARLisa R. Cohn, Board member
- 32SEC EDGARMichael J. Schall, Board member
- 33SEC EDGARWarren Allan, Board member
- 34SEC EDGARCharles F. Wu, Board member
- 35SEC EDGARRebecca Lee Steinfort, Board member
- 36SEC EDGARChad Leroy Meisinger, Board member
- 37SEC EDGARDominic M. Palazzo, Board member
- 38SEC EDGARGeorge L. Chapman, Board member
- 39SEC EDGARMourick Mark Van, Board member
- 40
- 41SEC EDGARSteven G. Osgood, Board member
- 42SEC EDGARTiffany S. Kenyon, General counsel
- 43
- 44
- 45SEC EDGARShareholder vote; Other events
- 46SEC EDGAROther events
- 47SEC EDGAROther events
- 48SEC EDGARResults of operations
- 49
- 50SEC EDGARRegulation FD disclosure
- 51SEC EDGARResults of operations
- 52SEC EDGARResults of operations
- 53SEC EDGARResults of operations
- 54SEC EDGARShareholder vote
- 55SEC EDGARResults of operations
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