Overview
NSA Storage, officially known as National Storage Affiliates Trust, is a Real Estate Investment Trust (REIT) with headquarters located in Greenwood Village, Colorado. The company specializes in owning, operating, and acquiring self-storage facilities across 42 states and Puerto Rico. As of December 31, 2024, NSA Storage operated 1,074 self-storage facilities, covering approximately 70.2 million rentable square feet. It stands as one of the largest self-storage operators in the U.S., listed in indices like the MSCI US REIT Index, the Russell 1000 Index, and the S&P MidCap 400 Index.
Leadership
- David Cramer: President and Chief Executive Officer
- George Hoglund: Vice President of Investor Relations
- Tamara D. Fischer: Executive Chair of the Board
- Arlen Nordhagen: Vice Chair of the Board, Co-founder
- Michael Schall: Board Member
Business Model & Operations
NSA Storage operates under a portfolio of 12 self-storage brands, strategically focusing on metropolitan statistical areas in the U.S. to enhance market penetration. The facilities are known for their modern amenities, which include climate-controlled units and drive-up access, providing a customer-focused experience.
Recent Developments
In 2024, NSA Storage sold 40 self-storage properties, generating net proceeds of $273.1 million. The company also repurchased approximately 7.4 million shares totaling $275.2 million, reflecting a strong commitment to financial management and enhancing shareholder value. Despite a 4.3% decline in same-store revenue for Q4 2024, NSA achieved a Core Funds From Operations (FFO) per share of $2.44 for the entire year.
Contact Information
NSA Storage
8400 East Prentice Avenue, 9th Floor
Greenwood Village, CO 80111
Phone: (720) 630-2600
Fax: (720) 630-2626
Investor Relations:
Contact: George Hoglund
Phone: (720) 630-2160
Email: ghoglund@nsareit.net
Competitive Landscape
National Storage Affiliates Trust (NSA) navigates a competitive self-storage industry with key players such as CubeSmart, Extra Space Storage Inc., Public Storage, Global Self Storage Inc., and StorageMart.
Key Competitors
1. CubeSmart (NYSE: CUBE)
- Overview: Self-administered REIT with 611 facilities in the U.S., encompassing ~44.1 million rentable square feet.
- Financial Metrics (2022): Revenue of US$1.009 billion; Net Income of US$291 million; Total Assets of US$6.325 billion.
- Leadership: CEO Christopher P. Marr; CFO Timothy M. Martin.
- Headquarters: Malvern, Pennsylvania, USA.
2. Extra Space Storage Inc. (NYSE: EXR)
- Overview: Operates over 3,800 locations in 42 states and D.C., ~283.4 million rentable square feet.
- Financial Performance (2024): Revenue of US$3.26 billion; Operating Income of US$1.32 billion; Net Income of US$855 million.
- Awards: NAREIT's Leader in the Light Award for sustainable operations (2020-2022).
- Headquarters: Cottonwood Heights, Utah, USA.
3. Public Storage (NYSE: PSA)
- Overview: Largest global operator with over 3,000 locations, approximately 2 million customers.
- Financials (2024): Revenue of US$4.69 billion; Operating Income of US$2.18 billion; Net Income of US$2.07 billion.
- Strategic Acquisition: Acquired Simply Self Storage, adding 130 properties.
4. Global Self Storage Inc. (Nasdaq: SELF)
- Overview: Self-administered REIT owning 13 properties across several U.S. states.
- Footprint: Properties in Connecticut, Illinois, Indiana, New York, Ohio, Pennsylvania, and South Carolina.
5. StorageMart
- Overview: Largest private self-storage firm globally, operating in the U.S., Canada, and the UK.
- Key Acquisition: Manhattan Mini Storage in 2021, enhancing its position as a dominant private REIT.
Industry Context
The U.S. self-storage market is projected to surpass $44.33 billion by 2024, with a CAGR of 2.44%, bolstered by urbanization and rising renter populations. NSA operates amidst strong competitors enhancing their portfolios through strategic expansions and acquisitions. Understanding these dynamics enables NSA to develop competitive strategies and sustain its market leadership.
