National Storage Affiliates Trust (NSA): Business Model Canvas [Dec-2025 Updated]

You're trying to get a clear read on National Storage Affiliates Trust now that they've internalized operations, and frankly, that internal move is the key to understanding their 2025 setup. We're looking at a company managing 1,069 properties, sitting on $543.6 million in available liquidity, and actively pivoting to new joint ventures that offer a sweet 10% preferred return. I've broken down their entire nine-block Business Model Canvas below, showing you precisely how they are balancing rising property costs against those new growth avenues. See exactly where the value is being built in this post-internalization phase.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel National Storage Affiliates Trust's growth strategy as of late 2025. These partnerships are critical because they bring in capital and provide access to new assets without requiring full ownership immediately. It's about smart capital deployment, defintely.

The relationship with institutional capital partners, particularly through joint ventures, remains a cornerstone. For instance, the joint venture with a state pension fund advised by Heitman Capital Management, LLC (the "2023 Joint Venture") was active in Q3 2025, acquiring two self-storage properties for a combined $32.0 million. In that specific transaction, National Storage Affiliates Trust contributed approximately $8.0 million in capital. This structure allows National Storage Affiliates Trust to participate in acquisitions while only putting up a portion of the equity. Earlier in the year, during the second quarter of 2025, this same venture acquired one property for about $18.0 million, where National Storage Affiliates Trust's contribution was approximately $4.5 million.

The older, established 2016 Joint Venture with the Heitman-advised fund shows the scale of these ongoing relationships. As of March 31, 2025, that venture owned and operated 81 properties, totaling approximately 5.7 million rentable square feet.

The most significant recent development in this area is the new preferred equity joint venture, which National Storage Affiliates Trust calls another step in NSA 2.0. This is with an affiliate of Investment Real Estate Management, LLC ("IRE"), which manages properties under the "Moove In" brand.

Here are the key financial terms of the IRE Joint Venture:

• Total anticipated buying power: approximately $350 million.
• National Storage Affiliates Trust's committed equity capital: up to $105 million.
• National Storage Affiliates Trust's equity contribution percentage: 75%.
• Preferred return on National Storage Affiliates Trust's equity: 10% per annum.
• Capital deployment timeline: over the next 24 months.

This structure gives National Storage Affiliates Trust a preferred return while targeting value-add self storage investments in growth markets. As of September 30, 2025, National Storage Affiliates Trust held interests in and operated 1,069 self storage properties totaling approximately 69.8 million rentable square feet.

The operational partnerships, such as those with moving and logistics companies, are less detailed in public financial filings, but the investment in customer acquisition is clear. For the third quarter of 2025, marketing spend was up 29% versus the prior year as National Storage Affiliates Trust continued to invest in customer acquisition spend where benefits were seen.

The structure of these capital partnerships can be summarized like this:

Finance: draft 13-week cash view by Friday.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Key Activities

You're looking at the core engine of National Storage Affiliates Trust right now, focusing on the actions that drive its portfolio value and operational structure as of late 2025. The shift to centralized management and new joint ventures defines this period.

Acquiring and disposing of self-storage properties for portfolio optimization.

National Storage Affiliates Trust actively manages its physical footprint through buying and selling assets to refine the portfolio. As of September 30, 2025, the Company held ownership interests in and operated 1,069 self storage properties across 37 states and Puerto Rico, totaling approximately 69.8 million rentable square feet. This activity is a constant balancing act.

The disposition side saw National Storage Affiliates Trust enter into an agreement to sell ten wholly-owned self storage properties, representing approximately 663,000 rentable square feet, for a total of approximately $66.5 million. Eight of these properties, about 580,000 rentable square feet, were sold in June 2025 for approximately $60.0 million, with the final two selling in July 2025 for approximately $6.5 million. The proceeds from these sales were used to pay down the revolving line of credit and for general corporate purposes. The acquisition pace included a wholly-owned investment of approximately $11.4 million in Q2 2025 for one property and an annex, while a joint venture acquired a property for approximately $18.0 million in the same quarter.

Here are the recent transaction details:

Centralized property management and revenue optimization following PRO internalization.

The internalization of the PRO (Participating Regional Operator) structure, completed at the end of the second quarter of 2024, involved integrating approximately 300 employees into National Storage Affiliates Trust management. This move was designed to capture efficiencies, with expected annual G&A savings of approximately $7.5 - $9.0 million. The platform integrations, covering revenue management and customer acquisition, are reported as 100% complete, while the store transition reached about 90% completion. This centralization directly impacts revenue capture; for instance, same store total revenues decreased 2.6% for Q3 2025 year-over-year, while same store property operating expenses increased 4.9%, leading to a same store net operating income (NOI) decrease of 5.7% for the third quarter of 2025 compared to the same period in 2024. The operational focus also included reducing the number of managed brands to six, following the rebranding of all NSA-owned Moove In branded stores to iStorage.

Capital allocation, including managing the $950.0 million revolving line of credit.

Managing the balance sheet is key, especially given the scale of the debt and the available credit facility. National Storage Affiliates Trust manages a $950.0 million revolving line of credit. As of September 30, 2025, the available capacity on this line was approximately $543.6 million. Total assets for the company stood at about $5.14 billion as of Q3 2025, with long-term debt sitting in the range of approximately $3.403 billion to $3.406 billion across the end of 2024 and Q3 2025. Cash flow from financing activities in Q3 2025 showed a net outflow of about $85.6 million, reflecting dividend payments and debt activity.

Key balance sheet metrics as of September 30, 2025:

• Total Assets: $5,142,302,000
• Long-term Debt: Approximately $3,403,399,000
• Cash and cash equivalents: $26,295,000
• Revolving Line of Credit Capacity: $950.0 million
• Available Capacity on Credit Line: $543.6 million

Executing on the new value-add investment strategy through joint ventures.

A major strategic activity involves deploying capital through new joint ventures, signaling a focus on value-add opportunities. National Storage Affiliates Trust announced a new joint venture with IRE, targeting the deployment of approximately $350 million in value-add self storage investments over the next 24 months. National Storage Affiliates Trust committed to providing 75% of the equity capital for this venture, up to $105 million, in exchange for preferred equity carrying a 10% preferred return per annum. This is a defined capital commitment that drives future asset growth.

The company is actively using existing structures too; the 2023 Joint Venture acquired two self storage properties during Q3 2025 for approximately $32.0 million. This new structure with IRE is characterized as another step in NSA 2.0, broadening avenues for earnings growth.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Key Resources

You're looking at the core assets National Storage Affiliates Trust (NSA) uses to run its business as of late 2025. These are the tangible and intangible things the company owns that are essential to delivering its value proposition.

The physical footprint is substantial, representing a significant barrier to entry for competitors. As of September 30, 2025, National Storage Affiliates Trust held ownership interests in and operated a portfolio of 1,069 self-storage properties across 37 states and Puerto Rico.

This portfolio translates into a massive amount of leasable space. Here's a breakdown of the scale:

The operational backbone is the internalized management team and operational platform. You see evidence of this investment in the financial reporting, such as the mention of integration costs related to the internalization of the PRO structure. This structure supports the platform, which management cited as a focus for driving performance.

Financial flexibility is another key resource, providing dry powder for acquisitions and operational needs. As of September 30, 2025, National Storage Affiliates Trust reported approximately $543.6 million of available liquidity on its $950.0 million revolving line of credit.

To give you a clearer picture of recent operational performance tied to these resources, here are some key financial statistics from the third quarter of 2025:

• Core Funds From Operations (Core FFO) per share: $0.57.
• Same Store Net Operating Income (NOI) change year-over-year: a decrease of 5.7%.
• Same Store Total Revenues change year-over-year: a decrease of 2.6%.
• Same Store Property Operating Expenses change year-over-year: an increase of 4.9%.
• Quarterly cash dividend declared: $0.57 per common share.

Also, remember that as of June 30, 2025, the company held interests in joint ventures, including one with a 25% ownership interest that operated 19 properties totaling approximately 1.3 million rentable square feet.

Finance: draft 13-week cash view by Friday.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose National Storage Affiliates Trust properties. For National Storage Affiliates Trust, the value proposition centers on scale, location quality, operational technology, and customer stability.

Convenient and secure self-storage solutions in top 100 MSAs.

National Storage Affiliates Trust focuses its portfolio predominantly within the top 100 metropolitan statistical areas (MSAs) across the United States. This geographic concentration in major markets is a key differentiator. As of September 30, 2025, the company held ownership interests in and operated 1,069 self-storage properties. These properties span 37 states and Puerto Rico, representing approximately 69.8 million rentable square feet. The operational performance in this portfolio as of that date showed a same store period-end occupancy of 84.5%.

Here's a quick look at the scale as of the third quarter of 2025:

The value delivered is access to this large, strategically located footprint. For context, year-over-year same store total revenue decreased 2.6% for the third quarter of 2025, showing the ongoing pressure on pricing despite the scale.

Diverse unit sizes and property amenities (e.g., climate control, drive-up access).

The extensive portfolio of 69.8 million rentable square feet naturally supports a wide array of customer needs. National Storage Affiliates Trust strives to maximize property-level cash flow by increasing the sale of ancillary products and services. The value here is the breadth of offering across the portfolio, which includes properties with features like climate control and drive-up access, though specific unit mix percentages aren't detailed in the latest reports.

Seamless digital customer experience via a unified nsastorage.com platform.

National Storage Affiliates Trust emphasizes its national platform, which incorporates advanced technology. This technology underpins several centralized programs designed to enhance operational performance. These include:

• Internet marketing.
• Centralized call centers.
• Financial and property analytic dashboards.
• Revenue optimization analytics.

The company remains steadfastly focused on enhancing technology and customer platforms to improve operational efficiency and internal growth performance.

Durable tenant behavior with consistent length of stay patterns.

A core component of the value proposition, especially in uncertain economic times, is the stability of the customer base. As of the Nareit REITweek: 2025 Investor Conference in June 2025, the President and CEO noted that current tenant behavior has been very durable. Specifically, there had been no change in their length of stay patterns or their ability to pay bills. All metrics studied from the consumer base were described as very, very healthy.

Finance: draft 13-week cash view by Friday.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Customer Relationships

You're managing customer interactions across a massive portfolio, so the relationship strategy has to scale from digital touchpoints to on-the-ground support. National Storage Affiliates Trust operates 1,069 self storage properties across 37 states and Puerto Rico as of late 2025, covering approximately 69.8 million rentable square feet.

Self-service model via online booking and digital payment systems

The model leans heavily on digital access for initial customer acquisition and ongoing account management. NSA enhanced its technology and customer platforms in 2024 to boost operational efficiency and internal growth performance. This infrastructure supports a self-service approach where customers start their journey online. While the exact adoption rate for online booking isn't public, the general trend shows high digital preference; for instance, 91% of US consumers aged 18 to 26 prefer using digital wallets. The focus is on making the initial transaction and subsequent management as frictionless as possible.

Data-driven revenue management for dynamic pricing and concessions

National Storage Affiliates Trust is actively refining its pricing strategy using internal data. Management brought in a seasoned professional to lead data science and revenue management efforts, focusing on ECRI pricing, upfront pricing, and promotions. This data-driven approach directly impacts the top line. For example, in October 2025, contract rates improved by 160 basis points year-over-year, signaling effective pricing adjustments. However, this is balanced against occupancy challenges; Q3 2025 same store total revenue decreased 2.6% year-over-year, driven partly by a 150 basis point decrease in average occupancy. The goal is to maximize RevPAF (Revenue Per Available Foot) by constantly testing and tweaking rates.

Here's a quick look at the scale of operations being managed with these tools:

Customer service support for move-ins, payments, and issue resolution

Even with a strong digital focus, human support remains critical for move-ins, payment issues, and complex problem-solving. The scale of the operation means customer service support is deployed across over a thousand locations. The company's SecurCare brand received recognition as one of America's Best Customer Service Brands for 2025 by Newsweek Media. This suggests a tangible focus on service quality, even as same store property operating expenses increased 4.9% in Q3 2025, driven partly by marketing and other operational costs.

Customer service is a significant focus of our operations, and we work to meet our customers' needs in an efficient and effective manner.

• Support covers move-ins and payment processing.
• Issue resolution is handled across the portfolio.
• Focus on meeting customer needs efficiently.
• Marketing spend continues to support customer acquisition.

Empathetic and accountable service, guided by core values

The service delivery is explicitly tied to National Storage Affiliates Trust's stated core values. These values define the organizational culture and guide employee actions. The firm expects its employees to prioritize compassion, striving to offer empathy and understanding in all dealings. Integrity is meant to drive the highest ethical standards, building trust. Accountability is the mechanism ensuring that employees take responsibility for their actions, aiming for consistent excellence and transparency. If onboarding takes 14+ days, churn risk rises, so speed matters here.

The core values guiding customer interaction include:

• Compassion: Prioritizing empathy in all dealings.
• Humility: Staying grounded and open to learning.
• Integrity: Upholding the highest ethical standards.
• Accountability: Taking responsibility for actions.

Finance: draft 13-week cash view by Friday.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Channels

The customer acquisition and service delivery for National Storage Affiliates Trust is channeled through a mix of digital presence and physical operations across its portfolio.

The company-owned website, nsastorage.com, serves as a primary direct channel for customer acquisition, integrating the company's various operating brands, which were recently consolidated to six primary brands following the rebranding of Moove In stores to iStorage.

Physical access and on-site management are central, as National Storage Affiliates Trust held ownership interests in and operated 1,069 self-storage properties as of September 30, 2025, totaling approximately 69.8 million rentable square feet across 37 states and Puerto Rico.

The performance metrics below reflect the combined impact of all customer-facing channels as of the third quarter of 2025:

Customer interactions via third-party aggregators and online listing services are managed under the broader marketing spend, which contributed to a 2.6% year-over-year drop in same store total revenues for the third quarter of 2025.

Referral programs through moving and logistics partners are integrated into the overall strategy aimed at driving move-ins, which saw an overall 5.8% increase in square footage during the third quarter compared to the prior year.

The company's operational scale, encompassing 1,069 properties, dictates the reach of its on-site property managers and physical store locations.

• Company-owned website: nsastorage.com
• Number of NSA Operated Brands: Six
• Total Rentable Square Feet: Approximately 69.8 million (as of 9/30/2025)
• Quarterly Dividend Per Common Share: $0.57 (declared for Q3 2025)

Finance: review Q4 marketing spend allocation across digital platforms by January 15.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Customer Segments

National Storage Affiliates Trust (NSA) targets a broad base of customers whose needs are often tied to significant personal or business events, but the portfolio's geographic concentration heavily influences the type of demand experienced.

The company's property base is significantly weighted toward specific demographic areas. As of late 2025, 66% of National Storage Affiliates Trust's store count is concentrated in the high-growth Sunbelt region. These markets, while offering long-term population tailwinds, have presented near-term challenges due to ongoing supply pressure.

The overall customer base is supported by a large, established physical footprint. As of September 30, 2025, National Storage Affiliates Trust held ownership interests in and operated 1,069 self-storage properties, totaling approximately 69.8 million rentable square feet across 37 states and Puerto Rico.

You can see the scale of the operations and key performance indicators reflecting customer activity in the table below:

The core customer groups are generally categorized by their need for temporary space, which includes individuals and small enterprises. The residential segment is driven by life events like moving or downsizing, while the commercial segment requires space for inventory overflow or document archiving. While specific revenue breakdowns by these two groups aren't explicitly stated, the operational health suggests stability within the existing tenancy.

Tenants who remain with National Storage Affiliates Trust for extended periods exhibit strong payment characteristics. The company noted that the length of stay metrics remains above historical averages. Furthermore, bad debt expense, a direct measure of payment issues, improved on a year-over-year basis for the second quarter of 2025 and remained in line with historical averages. This indicates that the established customer base, once acquired, is generally reliable.

The shift to centralized operations also impacts customer interaction. Following the internalization of the PRO structure, which completed its store transition around 90% by late 2024/early 2025, National Storage Affiliates Trust standardized platforms for revenue management and customer acquisition.

• Customer demand is supported by the expectation of improving supply/demand balance starting in 2026.
• The company's national platform utilizes advanced technology for data warehousing and analytic dashboards to manage customer needs efficiently.
• The focus on efficiency post-internalization aims to improve margins, which should benefit the value proposition to all customers through better service and pricing structures.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Cost Structure

The Cost Structure for National Storage Affiliates Trust is heavily weighted toward the capital-intensive nature of real estate ownership. This means a significant portion of operating costs are fixed or semi-fixed, making margin performance sensitive to occupancy and rental rate changes.

Key cost components include the substantial overhead associated with maintaining a large physical footprint. This naturally involves high fixed costs related to property ownership and real estate taxes. As of September 30, 2025, National Storage Affiliates Trust held ownership interests in and operated 1,069 self storage properties across 37 states and Puerto Rico, representing approximately 69.8 million rentable square feet.

Operational cost inflation has been a factor. For the third quarter of 2025, same store property operating expenses increased 4.9% year-over-year compared to the same period in 2024. This rise was primarily attributed to increases in marketing, property tax expense, and utilities, though partially offset by decreases in insurance costs.

Financing costs represent another major line item that directly impacts shareholder returns. Interest expense on debt has been a drag on Core FFO, as evidenced by the year-to-date figures. The sheer quantum of this expense is clear when looking at the reported statements for the nine months ended September 30, 2025.

The company has been actively managing its overhead through structural changes. The internalization of the Participating Regional Operator (PRO) structure, which concluded around mid-2025, was designed to streamline operations and reduce recurring fees. Management expects this move to result in annual General and administrative (G&A) expenses savings of $7.5-$9.0 million.

Here's a look at the actual expense figures from the third quarter and year-to-date reporting periods:

The G&A line shows an increase in the third quarter of 2025 to $13,114 thousand versus $11,460 thousand in Q3 2024. However, the overall impact on Core FFO was partially offset by decreased management fees paid to former PROs following the internalization. The year-to-date interest expense grew significantly, climbing from $114,920 thousand in the first nine months of 2024 to $122,293 thousand for the same period in 2025.

The cost structure is also influenced by strategic capital deployment:

• Acquisition and integration costs for Q3 2025 were $1,164 thousand.
• The company had approximately $550 million of availability on its revolving credit facility as of a recent report, indicating reliance on debt capacity for capital needs.
• The cost of external capital is a concern, with older notes seeing rates significantly lower than current borrowing costs, which limits returns.

National Storage Affiliates Trust (NSA) - Canvas Business Model: Revenue Streams

National Storage Affiliates Trust (NSA) generates revenue primarily through the direct operation of its self-storage facilities.

The forecasted annual revenue for National Storage Affiliates Trust for the fiscal year 2025 is approximately $756.0 million. For the quarter ending September 30, 2025, National Storage Affiliates Trust reported revenue of $189.17 million. This brings the trailing twelve months revenue as of that date to $741.51 million.

The core revenue stream is rental income from self-storage units. This is supplemented by ancillary revenue sources:

• Tenant insurance premiums.
• Retail sales of packing and moving supplies.
• Administrative fees charged to customers.

Another distinct revenue component involves National Storage Affiliates Trust's capital deployment through structured investments. Specifically, for a new joint venture agreement, National Storage Affiliates Trust committed to providing up to $105 million of the equity capital in exchange for preferred equity. This preferred equity carries a return of 10% per annum.

Here are some key financial metrics related to National Storage Affiliates Trust's recent performance:

The revenue derived from same-store operations reflects market conditions. For the third quarter of 2025, same store total revenue decreased 2.6% year-over-year. This was primarily attributed to a 150 basis point decrease in average occupancy.