Industry Revenues:

• Self-Storage: 100%

TOP 3 Markets:

1. California: 25%
2. Texas: 20%
3. Florida: 15%

National Storage Affiliates Trust (NYSE:NSA) generates all of its revenues from the self-storage industry. This industry involves renting storage spaces to individuals and businesses.

NSA's largest markets are California, Texas, and Florida, which together account for 60% of the total revenue. These markets are particularly significant for the company due to their high population density and increasing demand for storage spaces.

National Storage Affiliates Trust (NSA) is a Real Estate Investment Trust (REIT).

NSA does not produce physical products, as it is a company specializing in the acquisition, operation, and ownership of self-storage facilities.

NSA's business model is based on the management and rental of storage spaces rather than the manufacturing or production of physical goods. Therefore, there are no production facilities or processes in the traditional sense.

Strategy for Future Growth:

1. Acquisitions: National Storage Affiliates Trust heavily relies on strategic acquisitions to expand its market presence. The company plans to continue acquiring smaller and medium-sized self-storage facilities to increase its geographical reach.

2. Partnerships: NSA pursues a strategy of partnerships with regional operators to leverage synergies and enhance operational efficiencies. These partnerships enable NSA to benefit from local expertise while leveraging the economies of scale of a larger company.

3. Technological Innovation: The company is investing in technology to enhance customer experience and increase operational efficiency. This includes digital platforms for customer management and automated systems for optimizing storage unit management.

Through these strategic measures, National Storage Affiliates Trust aims to strengthen its market position and achieve sustainable growth. The combination of acquisitions, partnerships, and technological investments is intended to increase the company's value in the long term.

Commodities/Materials: Steel, Concrete, Wood

Countries of Origin: China, Canada, Mexico

National Storage Affiliates Trust (NSA) is a Real Estate Investment Trust (REIT) specializing in self-storage facilities. Steel, concrete, and wood are mainly required for the construction and maintenance of these facilities.

Steel is often imported from China, one of the largest steel producers globally. Concrete is frequently sourced locally, but imports from Mexico could be relevant for special mixtures or additives. Wood is commonly imported from Canada, known for its high-quality wood products.

These materials are crucial for the construction and expansion of NSA's storage facilities. The origin of these commodities can impact construction costs and project timelines, especially during times of trade restrictions or supply chain disruptions.

Market Share: Approximately 5% in the US self-storage market (estimated 2026)
Number of Facilities: Over 1,000 locations (2026)
Occupancy Rate: Over 90% (2026)

National Storage Affiliates Trust (NSA) has established itself as one of the leading players in the US self-storage market. With an estimated market share of about 5% and over 1,000 locations, the company has a significant presence in the industry.

A key competitive advantage of NSA is the affiliate partnership model, which allows the company to integrate local operators and benefit from their market knowledge. This results in a high occupancy rate of over 90%, indicating effective demand generation and customer retention.

In addition, NSA benefits from economies of scale and a diversified geographic presence, which mitigates the risk of market fluctuations. Continuous expansion and investments in technology and customer service further strengthen the competitive position.

Institutional Investor Share: 85% (estimated, 2026)
Insider Purchases: Slight, no significant purchases in the last year
Insider Sales: Moderate, some sales in the last quarter

The institutional investor share in National Storage Affiliates Trust remains high, indicating sustained confidence from large investors in the company's business model and market position.

Regarding insider transactions, there were no significant purchases in the last year, which could suggest that insiders view the current price level as fair. The moderate insider sales in the last quarter may be due to profit-taking or personal financial decisions, but are not uncommon in the industry.

Market share of National Storage Affiliates Trust (NSA): approximately 8% (estimated for 2026)

Top competitors and their market shares:

1. Public Storage (NYSE:PSA): approximately 18%
2. Extra Space Storage (NYSE:EXR): approximately 16%
3. CubeSmart (NYSE:CUBE): approximately 10%
4. Life Storage (NYSE:LSI): approximately 9%
5. National Storage Affiliates Trust (NYSE:NSA): approximately 8%
6. U-Haul (AMERCO) (NASDAQ:UHAL): approximately 6%
7. Iron Mountain (NYSE:IRM): approximately 5%

Moat of National Storage Affiliates Trust:

National Storage Affiliates Trust (NSA) has a moderate moat, mainly attributed to its diversified geographic presence and network of regional operators. This structure allows NSA to leverage local market knowledge and operate more efficiently.

In comparison to larger competitors like Public Storage and Extra Space Storage, which have more extensive resources and stronger brand recognition, NSA's moat is less pronounced. These larger companies benefit from economies of scale, a stronger negotiating position in property acquisitions, and a broader customer base.

CubeSmart and Life Storage also offer strong competitive positions with similar advantages to NSA, but with a stronger brand presence in specific regions.

Overall, NSA has a solid, but not outstanding moat compared to the market leaders, who possess a significant competitive advantage through their size and efficiency.

Revenue Growth: 8.5% (2025) FFO Growth (Funds From Operations): 7.2% (2025) Portfolio Expansion: 10% more locations (2025)

National Storage Affiliates Trust recorded a revenue growth of 8.5% in 2025. This indicates a solid demand for their self-storage services. The growth of Funds From Operations (FFO) by 7.2% in the same period suggests that the company was able to efficiently increase its operational income, which is a positive signal for investors.

Additionally, the company expanded its portfolio by 10% more locations, indicating a strategic expansion. This expansion could support future growth by strengthening geographical reach and market presence.

Overall, these factors suggest that National Storage Affiliates Trust could be a stable and growth-oriented investment, especially for investors interested in long-term real estate investments.

Dividend Yield: 5.2% (2026, estimated) Dividend History: Continuous payout for several years

National Storage Affiliates Trust (NYSE:NSA) regularly pays dividends to its shareholders. The dividend yield is currently around 5.2%, which can be considered attractive compared to other companies in the real estate industry.

The company has a solid history of dividend payments and is known for its reliable payouts. This suggests that the dividend could also remain stable in the future, provided that no significant negative changes occur in the business operations or market conditions.