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National Storage Affiliates(NSA) - 2024 Q2 - Earnings Call Transcript
2024-08-06 21:22
Financial Data and Key Metrics Changes - The company reported core FFO per share of $0.62 for Q2 2024, a decrease of approximately 9% year-over-year, primarily due to a decline in same-store NOI [10] - Revenue growth declined by 2.8% on a same-store basis, driven by a 320 basis point year-over-year decline in average occupancy, despite a 60 basis point increase in rent revenue per square foot [10][11] - Expense growth was 4.8% in Q2, with increases in repairs and maintenance, marketing, and insurance, partially offset by a decline in property taxes [11] Business Line Data and Key Metrics Changes - Same-store occupancy ended June at 87% and July at 86.6%, with street rates declining by 1.7% in July and down 14% from the previous year [5][10] - The company is seeing more acquisition opportunities, having closed on a $72 million property portfolio in the Rio Grande Valley, with an average occupancy in the mid-70s [6][7] Market Data and Key Metrics Changes - The Sunbelt markets are experiencing more challenges, with occupancy only up 50 basis points and street rates down 9%, compared to non-Sunbelt markets which saw a sequential occupancy gain of 180 basis points and street rates up about 2% [14][15] - The company noted that the competitive operating environment is affecting customer demand for storage, particularly due to a muted housing market and absorption of new supply [5][6] Company Strategy and Development Direction - The company is focusing on internalizing its PRO structure, with 70% of PRO-managed stores now on the NSA platform, aiming for 94% by year-end [8] - The company expects accretion from the PRO internalization in three areas: G&A savings, elimination of cash flow splits, and operational efficiencies [8][9] - The company is optimistic about long-term growth despite near-term headwinds, emphasizing the importance of optimizing its portfolio and generating access to growth capital via joint ventures [9] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued pressure from a competitive environment throughout the second half of the year, adjusting full-year expectations accordingly [5][6] - The company believes that the current operating environment will remain challenging, particularly in Sunbelt markets, but expects these markets to outperform in the long term [15][43] - Management is hopeful for a stronger leasing season in 2025, contingent on potential changes in the housing market and interest rates [58] Other Important Information - The company repurchased 1.9 million shares for $72 million during the quarter and converted subordinated performance units into OP units, simplifying its capital structure [12] - The company is actively seeking to push out debt maturities and create more capacity on its line of credit as interest rates become more favorable [11] Q&A Session Summary Question: Can you discuss the PRO internalization and the occupancy gap? - Management plans to close the occupancy gap by bringing stores onto their platforms and utilizing marketing strategies and AI tools [16][17] Question: What are the cap rates for the recent acquisitions? - Recent acquisitions had cap rates in the mid-6s for stabilized assets and low 4s for properties with lease-up components [18][19] Question: What are the ECRI assumptions in guidance? - ECRI assumptions remain assertive, with no changes based on customer behavior, and the company plans to continue pushing rate increases [21][22] Question: Are you seeing more inbound calls for transactions? - There is increased deal flow, with sellers' expectations becoming more realistic compared to six months ago [25][26] Question: What is the outlook for same-store expenses? - The company has increased the low end of expense guidance due to higher marketing spend and uncertainty in property taxes [44][46] Question: How is customer demand being influenced? - The company has not seen significant impacts from economic slowing, but new supply and housing market conditions are affecting customer transitions [41][42] Question: What is the outlook for street rates? - Street rates are expected to remain competitive, with management anticipating a gradual improvement in year-over-year comparisons [63][66]
National Storage Affiliates: A Distressed REIT With A Premium Valuation
Seeking Alpha· 2024-06-10 19:44
Company Overview - National Storage Affiliates (NSA) is a storage REIT with interests in 1,050 properties across 42 states and Puerto Rico, primarily focused in the Sun Belt region, which accounts for 65% of its locations [3][15] - The largest exposure is in Texas, making up 18.5% of NSA properties [3] Operational Performance - As of June 2024, occupancy was reported at 86.7%, a slight increase from 85.9% at the end of Q1 2024, but down 3% year-over-year, indicating oversupply in the storage market [5][23] - Core FFO was $0.60 per share in Q1 2024, down 9.1% year-over-year, with revenues declining against rising costs, leading to a 3.7% decrease in net operating income (NOI) year-over-year [16] - The full-year NOI growth outlook for 2024 is bleak, with a projected 4% year-over-year decline, and Core FFO expected at about $2.48 per share, down 7.8% year-over-year [17] Financial Metrics - Total revenue growth is projected to decline by 4.0% in 2024, with property operating expenses expected to rise by 3.0% to 5.0% [9] - The company ended Q1 2024 with net debt of $3.2 billion, with 40% of enterprise value funded by debt and 5% by preferred shares [18] - The weighted average cost of debt is 4.1%, with 96% of the debt being fixed rate [10] Market Dynamics - The market-implied cap rate is approximately 7.2%, which is not attractive given the declining occupancy and NOI dynamics [19] - The company is internalizing its participating regional operating structure, which may save $0.03-$0.04 per share in general and administrative expenses, translating to $7.5-$9 million in cumulative savings [20] Strategic Initiatives - After disposals in Q4 2023 and Q1 2024, the company generated $540 million in liquidity, reducing its indebtedness [21] - The company continues to buy back shares, which may increase leverage in the future [21] Investment Considerations - Given the operational underperformance in 2024, the company is expected to face challenges in returning to growth, with the oversupply in the self-storage market likely to persist [23] - Preferred shares (NSA.PR.A) offer a 6.3% yield, well-covered by Core FFO and market capitalization, presenting an alternative investment option [22]
National Storage Affiliates(NSA) - 2024 Q1 - Quarterly Report
2024-05-02 20:05
[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Q1 2024, highlighting a decrease in total assets to $5.37 billion and a significant increase in net income to $95.1 million, driven by property dispositions [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $5.37 billion as of March 31, 2024, from $5.93 billion, primarily due to property dispositions, resulting in reduced liabilities and equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$5,366,865** | **$5,931,811** | | Self storage properties, net | $4,877,930 | $4,917,815 | | Assets held for sale, net | $— | $550,199 | | **Total Liabilities** | **$3,419,793** | **$3,805,970** | | Debt financing | $3,285,547 | $3,658,205 | | **Total Equity** | **$1,947,072** | **$2,125,841** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Total revenue decreased by 5.7% to $196.1 million for Q1 2024, primarily due to property sales, while net income surged to $95.1 million, driven by a $61.2 million gain on property dispositions Q1 2024 vs. Q1 2023 Statement of Operations (in thousands, except per share amounts) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | Total Revenue | $196,148 | $207,993 | | Total Operating Expenses | $121,191 | $127,935 | | Gain on sale of self storage properties | $61,173 | $— | | **Net Income** | **$95,088** | **$40,392** | | Net Income Attributable to Common Shareholders | $53,917 | $24,997 | | **Earnings per share - diluted** | **$0.65** | **$0.24** | | Dividends declared per common share | $0.56 | $0.55 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities decreased to $94.0 million in Q1 2024, while investing activities generated $567.4 million from property sales, and financing activities used $660.0 million for debt repayments and share repurchases Cash Flow Summary for the Three Months Ended March 31 (in thousands) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $94,001 | $109,753 | | Net Cash Provided by (Used In) Investing Activities | $567,399 | $(36,172) | | Net Cash Used In Financing Activities | $(660,013) | $(63,944) | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies and financial activities, including property ownership, the formation of a new joint venture, disposition of 95 properties, significant share repurchases, and the use of interest rate swaps to manage debt risk - As of March 31, 2024, the company owned **809** consolidated self storage properties and managed an additional **241** properties through unconsolidated real estate ventures in which it holds a **25%** equity interest[32](index=32&type=chunk)[33](index=33&type=chunk) - In Q1 2024, the company formed a new joint venture (the "2024 Joint Venture") and contributed **56** self storage properties to it[73](index=73&type=chunk)[76](index=76&type=chunk) - During Q1 2024, the company sold **39** properties for net proceeds of **$265.1 million** and contributed **56** properties to the 2024 Joint Venture for net proceeds of **$343.7 million**, recording a total net gain of **$61.2 million**[85](index=85&type=chunk) - The company repurchased **5,491,925** common shares for approximately **$203.5 million** during Q1 2024[60](index=60&type=chunk) - As of March 31, 2024, the company had **$1.23 billion** in notional amount of interest rate swaps designated as cash flow hedges to manage interest rate risk on its variable-rate debt[104](index=104&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Q1 2024 financial performance, attributing a 5.7% revenue decrease to property dispositions and lower occupancy, while net income rose due to property sales, and non-GAAP metrics like Core FFO per share declined [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Total revenue decreased by $11.8 million (5.7%) in Q1 2024 due to property sales and lower occupancy, while net income increased significantly to $95.1 million, driven by a $61.2 million gain on property dispositions Q1 2024 vs. Q1 2023 Operating Results (in thousands) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $196,148 | $207,993 | $(11,845) | | Property Operating Expenses | $54,694 | $56,483 | $(1,789) | | Gain on sale of self storage properties | $61,173 | $— | $61,173 | | Net Income | $95,088 | $40,392 | $54,696 | - The decrease in total revenue was primarily driven by the disposition of **39** properties sold to a third party and **56** properties contributed to the 2024 Joint Venture, as well as a decrease in total portfolio average occupancy from **88.6%** to **85.2%** YoY[131](index=131&type=chunk) [Non-GAAP Financial Measures](index=34&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP metrics for Q1 2024 show Core FFO per share decreased to $0.60, same-store NOI declined by 3.7% to $124.2 million due to lower rental revenue and higher expenses, and Adjusted EBITDA also decreased to $129.9 million Non-GAAP Performance Metrics (Q1 2024 vs. Q1 2023) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Core FFO per share & unit | $0.60 | $0.66 | | Same Store NOI (in thousands) | $124,216 | $128,998 | | Adjusted EBITDA (in thousands) | $129,927 | $142,716 | - Same-store NOI decreased by **3.7%** YoY. This was caused by a **1.7%** decrease in same-store rental revenue (due to lower occupancy) and a **4.5%** increase in same-store property operating expenses (due to higher insurance and marketing costs)[153](index=153&type=chunk)[154](index=154&type=chunk)[156](index=156&type=chunk) [Liquidity and Capital Resources](index=40&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company had **$64.2 million** in cash, using proceeds from property sales to repay **$613.4 million** in debt and repurchase **$203.5 million** in shares, while maintaining a **$1.825 billion** credit facility - Primary uses of cash in Q1 2024 were principal payments on debt of **$613.4 million** and common share repurchases of **$203.5 million**[173](index=173&type=chunk) - Primary sources of cash in Q1 2024 were **$94.0 million** from operations and **$608.8 million** from the sale and contribution of properties[169](index=169&type=chunk)[170](index=170&type=chunk) - As of March 31, 2024, the company had **$805.6 million** of available borrowing capacity under its revolving line of credit[91](index=91&type=chunk)[175](index=175&type=chunk) - On February 15, 2024, the board declared a quarterly dividend of **$0.56** per common share[190](index=190&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate fluctuations, with **$138.0 million** of unhedged variable-rate debt, where a 100 basis point change would impact annual earnings and cash flows by approximately **$1.4 million** - The company's main market risk exposure is to interest rate fluctuations[206](index=206&type=chunk) - As of March 31, 2024, the company had **$138.0 million** of unhedged variable-rate debt[207](index=207&type=chunk) - A hypothetical **100 basis point (1%)** change in interest rates would affect annual earnings and cash flows by approximately **$1.4 million**[207](index=207&type=chunk) [Controls and Procedures](index=47&type=section&id=ITEM%204.%20Controls%20and%20Procedures) The company's disclosure controls and procedures were deemed effective as of March 31, 2024, with no material changes to internal control over financial reporting reported during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[209](index=209&type=chunk) - No material changes to internal control over financial reporting occurred during the first quarter of 2024[210](index=210&type=chunk) [PART II. OTHER INFORMATION](index=47&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=ITEM%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings considered material - As of the filing date, the company is not subject to any material legal proceedings[213](index=213&type=chunk) [Risk Factors](index=47&type=section&id=ITEM%201A.%20Risk%20Factors) This section refers investors to the company's 2023 Annual Report on Form 10-K for a comprehensive discussion of potential risks and uncertainties - For a detailed discussion of risk factors, the company refers to its 2023 Annual Report on Form 10-K[214](index=214&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=47&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2024, the company issued **72,802** common shares to satisfy redemption requests under a registration exemption and repurchased **5,491,925** common shares for approximately **$203.5 million** - During Q1 2024, the company issued **72,802** common shares to satisfy redemption requests from certain limited partners under a registration exemption[215](index=215&type=chunk) Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | Jan 1 - Jan 31, 2024 | 856,036 | $38.35 | | Feb 1 - Feb 29, 2024 | 1,817,617 | $36.63 | | Mar 1 - Mar 31, 2024 | 2,818,272 | $36.91 | | **Total** | **5,491,925** | **$37.04** | [Defaults Upon Senior Securities](index=48&type=section&id=ITEM%203.%20Defaults%20Upon%20Senior%20Securities) Not applicable, as the company reports no defaults upon senior securities - Not applicable[220](index=220&type=chunk) [Mine Safety Disclosures](index=48&type=section&id=ITEM%204.%20Mine%20Safety%20Disclosures) Not applicable, as the company has no mine safety disclosures to report - Not applicable[221](index=221&type=chunk) [Other Information](index=48&type=section&id=ITEM%205.%20Other%20Information) Not applicable, as the company reports no other information - Not applicable[222](index=222&type=chunk) [Exhibits](index=48&type=section&id=ITEM%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including articles of incorporation, bylaws, officer certifications, and XBRL data files - The report includes standard exhibits such as CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906, and interactive data files (XBRL)[223](index=223&type=chunk)[225](index=225&type=chunk)
National Storage (NSA) Reports Q1 Earnings: What Key Metrics Have to Say
Zacks Investment Research· 2024-05-02 01:31
For the quarter ended March 2024, National Storage (NSA) reported revenue of $196.15 million, down 5.7% over the same period last year. EPS came in at $0.60, compared to $0.24 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $194.83 million, representing a surprise of +0.68%. The company delivered an EPS surprise of -1.64%, with the consensus EPS estimate being $0.61.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...
National Storage (NSA) Lags Q1 FFO Estimates
Zacks Investment Research· 2024-05-01 23:16
National Storage (NSA) came out with quarterly funds from operations (FFO) of $0.60 per share, missing the Zacks Consensus Estimate of $0.61 per share. This compares to FFO of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.64%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.66 per share when it actually produced FFO of $0.68, delivering a surprise of 3.03%.Over the last four qua ...
National Storage Affiliates(NSA) - 2024 Q1 - Quarterly Results
2024-05-01 20:06
Table of Contents Page 1 Earnings Release 7 Consolidated Statements of Operations 8 Consolidated Balance Sheets 9 Schedule 1 - Funds From Operations and Core Funds From Operations 11 Schedule 2 - Other Non-GAAP Financial Measurements 12 Schedule 3 - Portfolio Summary 14 Schedule 4 - Debt and Equity Capitalization 16 Schedule 5 - Summarized Information for Unconsolidated Real Estate Ventures 17 Schedule 6 - Same Store Performance Summary By MSA 19 Schedule 7 - Same Store Operating Data - Trailing Five Quarte ...
National Storage Affiliates(NSA) - 2023 Q4 - Annual Report
2024-02-28 21:40
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jurisdiction ...
National Storage Affiliates(NSA) - 2023 Q4 - Annual Results
2024-02-28 21:05
Financial Performance - Reported net income of $108.1 million for Q4 2023, an increase of 114.5% compared to Q4 2022, with diluted earnings per share of $0.72[5] - Net income attributable to common shareholders for Q4 2023 was $63.9 million, compared to $27.9 million in Q4 2022, with diluted earnings per share rising to $0.72 from $0.31[35] - Net income for Q4 2023 was $108,056, a 114% increase from $50,377 in Q4 2022[46] - For the year ended December 31, 2023, total revenue reached $214,292 million, resulting in a net income of $29,949 million[66] - Total revenue for the year ended December 31, 2023, was $670,527,000, representing a 2.4% increase compared to $654,529,000 in 2022[76] Funds From Operations (FFO) and Core FFO - Core funds from operations (Core FFO) for Q4 2023 were $83.6 million, or $0.68 per share, a decrease of 4.2% per share compared to Q4 2022[5] - Funds From Operations (FFO) attributable to common shareholders was $83.37 million for Q4 2023, a decrease of 7.8% compared to $89.89 million in Q4 2022[39] - Core FFO per share for the year ended December 31, 2023, was $2.69, down from $2.81 in 2022, reflecting a decline of 4.3%[43] - NSA uses FFO and Core FFO as key performance indicators to evaluate operational performance, excluding items like gains from property sales and depreciation[93] Revenue and Occupancy - Same store total revenues increased by 2.4% for full year 2023, driven by a 6.1% increase in average annualized rental revenue per occupied square foot[13] - Same store net operating income (NOI) decreased by 1.6% in Q4 2023, driven by a negligible increase in total revenues and a 4.8% rise in property operating expenses[5] - Same store period-end occupancy was 86.0% as of December 31, 2023, a decrease of 410 basis points compared to December 31, 2022[5] - Average annualized rental revenue per occupied square foot increased to $16.05 in Q4 2023, up 3.6% from $15.49 in Q4 2022[73] - The average occupancy rate across the same store pool was 87.2% in Q4 2023, down from 91.0% in Q4 2022, reflecting a 3.8% decrease[73] Property Acquisitions and Sales - Acquired 20 wholly-owned self storage properties for approximately $229.5 million during full year 2023, with $113.2 million in preferred shares and $67.3 million in OP equity[8] - Entered into an agreement to sell 71 self storage properties for approximately $540.0 million, with 32 properties sold in December 2023 and 39 properties classified as held for sale[5] - The company plans to acquire self-storage properties with a budget ranging from $100 million to $300 million in 2024[22] - The company reported a gain on the sale of self-storage properties of $63.91 million in 2023, compared to $5.47 million in 2022[39] Debt and Financing - Debt financing rose to $3.66 billion in 2023, an increase of 3% from $3.55 billion in 2022[37] - Total liabilities increased to $3.81 billion in 2023, compared to $3.68 billion in 2022, marking a rise of 3.3%[37] - The weighted average effective interest rate of maturing debt is 3.35%[57] - Net debt to annualized current quarter adjusted EBITDA is 6.1x[60] Dividends and Share Repurchase - The Board declared a quarterly cash dividend of $0.56 per share, a 1.8% increase from Q4 2022, with total dividends for 2023 at $2.23 per share, reflecting a 3.7% increase from 2022[20] - Repurchased 8,836,639 common shares for approximately $310.2 million under the share repurchase program during full year 2023[8] - In Q4 2023, NSA repurchased 852,771 shares for approximately $27.4 million, totaling 8,836,639 shares repurchased for about $310.2 million in the full year[19] Operational Metrics - The company held ownership interests in 1,050 self-storage properties as of December 31, 2023, with approximately 68.6 million rentable square feet[29] - Total stores operated as of December 31, 2023, reached 1,050, with a total of 541,696 units and 68,610,915 rentable square feet, maintaining an occupancy rate of 85.3%[47] - The company reported interest expenses of $45,441 for Q4 2023, compared to $34,633 in Q4 2022, reflecting a 31.5% increase[46] Future Guidance - For 2024, NSA's Core FFO per share guidance is estimated between $2.40 and $2.56, compared to $2.69 for 2023[22] - Total revenue growth for 2024 is projected to decline by 4.0% to 0.0%, while property operating expenses are expected to grow by 3.0% to 5.0%[22]
National Storage Affiliates(NSA) - 2023 Q3 - Quarterly Report
2023-11-02 20:05
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jur ...
National Storage Affiliates(NSA) - 2023 Q2 - Quarterly Report
2023-08-08 20:07
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jurisdic ...