National Storage Affiliates Trust (NSA) 10-Q2 May 242024 Q1 Quarterly reportFinancial data

Company Profile

COVER PAGE

COVER PAGE - shares	3 Months Ended
COVER PAGE - shares	Mar. 31, 2024	Apr. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-37351
Entity Registrant Name	National Storage Affiliates Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5053858
Entity Address, Address Line One	8400 East Prentice Avenue, 9th Floor
Entity Address, City or Town	Greenwood Village
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
City Area Code	720
Local Phone Number	630-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		74,964,186
Entity Central Index Key	0001618563
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Shares of Beneficial Interest, $0.01 par value per share
Entity Information [Line Items]
Title of 12(b) Security	Common Shares of Beneficial Interest, $0.01 par value per share
Trading Symbol	NSA
Security Exchange Name	NYSE
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
Trading Symbol	NSA Pr A
Security Exchange Name	NYSE
Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
Trading Symbol	NSA Pr B
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Real estate
Self storage properties	$ 5,797,653	$ 5,792,174
Less accumulated depreciation	(919,723)	(874,359)
Self storage properties, net	4,877,930	4,917,815
Cash and cash equivalents	64,233	64,980
Restricted cash	24,847	22,713
Debt issuance costs, net	7,731	8,442
Investment in unconsolidated real estate ventures	240,025	211,361
Other assets, net	130,015	134,002
Assets held for sale, net	0	550,199
Operating lease right-of-use assets	22,084	22,299
Total assets	5,366,865	5,931,811
Liabilities
Debt financing	3,285,547	3,658,205
Accounts payable and accrued liabilities	87,875	92,766
Interest rate swap liabilities	0	3,450
Operating lease liabilities	24,009	24,195
Deferred revenue	22,362	27,354
Total liabilities	3,419,793	3,805,970
Commitments and contingencies (Note 11)
Equity
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 76,873,100 and 82,285,995 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	769	823
Additional paid-in capital	1,347,512	1,509,563
Distributions in excess of earnings	(439,741)	(449,907)
Accumulated other comprehensive income	27,836	21,058
Total shareholders' equity	1,277,027	1,422,188
Noncontrolling interests	670,045	703,653
Total equity	1,947,072	2,125,841
Total liabilities and equity	5,366,865	5,931,811
Series A Preferred Shares
Equity
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference	225,439	225,439
Series B Preferred Shares
Equity
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference	$ 115,212	$ 115,212

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, authorized (in shares)	250,000,000	250,000,000
Common shares of beneficial interest, outstanding (in shares)	76,873,100	82,285,995
Common shares of beneficial interest, issued (in shares)	76,873,100	82,285,995
Series A Preferred Shares
Preferred units stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, authorized (in shares)	50,000,000	50,000,000
Preferred shares of beneficial interest, outstanding (in shares)	9,017,588	9,017,588
Preferred shares of beneficial interest, issued (in shares)	9,017,588	9,017,588
Series B Preferred Shares
Preferred units stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, authorized (in shares)	7,000,000	7,000,000
Preferred shares of beneficial interest, outstanding (in shares)	5,668,128
Preferred shares of beneficial interest, issued (in shares)	5,668,128	5,668,128

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUE
Rental revenue	$ 180,382	$ 194,129
Total revenue	196,148	207,993
OPERATING EXPENSES
Property operating expenses	54,694	56,483
General and administrative expenses	15,674	14,821
Depreciation and amortization	47,331	55,458
Other	3,492	1,173
Total operating expenses	121,191	127,935
OTHER INCOME (EXPENSE)
Interest expense	(38,117)	(37,948)
Loss on early extinguishment of debt	0	(758)
Equity in (losses) earnings of unconsolidated real estate ventures	(1,630)	1,678
Acquisition costs	(507)	(844)
Non-operating income (expense)	98	(598)
Gain on sale of self storage properties	61,173	0
Other income (expense), net	21,017	(38,470)
Income before income taxes	95,974	41,588
Income tax expense	(886)	(1,196)
Net income	95,088	40,392
Net income attributable to noncontrolling interests	(36,061)	(11,433)
Net income attributable to National Storage Affiliates Trust	59,027	28,959
Distributions to preferred shareholders	(5,110)	(3,962)
Net income attributable to common shareholders	$ 53,917	$ 24,997
EARNINGS PER SHARE
Earnings per share - basic (in dollars per share)	$ 0.67	$ 0.28
Earnings per share - diluted (in dollars per share)	$ 0.65	$ 0.24
Weighted average shares outstanding - basic (in shares)	80,236	89,499
Weighted average shares outstanding - diluted (in shares)	138,148	148,622
Dividends declared per common share (in dollars per share)	$ 0.56	$ 0.55
Other property-related revenue
REVENUE
Revenue	$ 6,692	$ 6,807
Management fees and other revenue
REVENUE
Revenue	$ 9,074	$ 7,057

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 95,088	$ 40,392
Other comprehensive income (loss)
Unrealized gain (loss) on derivative contracts	20,413	(12,953)
Reclassification of other comprehensive income to interest expense	(9,314)	(7,761)
Other comprehensive income (loss)	11,099	(20,714)
Comprehensive income	106,187	19,678
Comprehensive income attributable to noncontrolling interests	(39,781)	(4,881)
Comprehensive income attributable to National Storage Affiliates Trust	$ 66,406	$ 14,797

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Distributions In Excess Of Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balances, preferred stock (in shares) at Dec. 31, 2022		9,017,588
Beginning balances at Dec. 31, 2022	$ 2,389,014	$ 225,439	$ 898	$ 1,777,984	$ (396,650)	$ 40,530	$ 740,813
Beginning balances, common stock (in shares) at Dec. 31, 2022			89,842,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares (in shares)		5,668,128
Issuance of preferred shares	113,274	$ 115,212		(1,938)
Acquisition of properties	37,257						37,257
Issuance of Series A-1 preferred units	750						750
Redemptions of OP Units (in shares)			67,431
Redemptions of OP Units	0		$ 1	1,093		30	(1,124)
Repurchase of common shares (in shares)			(1,622,874)
Repurchase of common shares	(69,311)		$ (16)	(69,295)
Effect of changes in ownership for consolidated entities	0			(18,720)		(1,245)	19,965
Equity-based compensation expense	1,649			101			1,548
Issuance of restricted common shares (in shares)			12,417
Vesting and forfeitures of restricted common shares, net (in shares)			(2,977)
Vesting and forfeitures of restricted common shares, net	(89)			(89)
Preferred share dividends	(3,962)				(3,962)
Common share dividends	(48,755)				(48,755)
Distributions to noncontrolling interests	(34,431)						(34,431)
Other comprehensive loss	(20,714)					(14,162)	(6,552)
Net income	40,392				28,959		11,433
Ending balances, preferred stock (in shares) at Mar. 31, 2023		14,685,716
Ending balances at Mar. 31, 2023	2,405,074	$ 340,651	$ 883	1,689,136	(420,408)	25,153	769,659
Ending balances, common stock (in shares) at Mar. 31, 2023			88,296,142
Beginning balances, preferred stock (in shares) at Dec. 31, 2023		14,685,716
Beginning balances at Dec. 31, 2023	$ 2,125,841	$ 340,651	$ 823	1,509,563	(449,907)	21,058	703,653
Beginning balances, common stock (in shares) at Dec. 31, 2023	82,285,995		82,285,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of OP Units (in shares)			72,802
Redemptions of OP Units	$ (381)		$ 1	1,025		19	(1,426)
Repurchase of common shares (in shares)	(5,491,925,000)		(5,491,925)
Repurchase of common shares	$ (203,573)		$ (55)	(203,518)
Effect of changes in ownership for consolidated entities	0			40,676		(620)	(40,056)
Equity-based compensation expense	1,855			109			1,746
Issuance of restricted common shares (in shares)			8,886
Issuance of restricted common shares	0			0
Vesting and forfeitures of restricted common shares, net (in shares)			(2,658)
Vesting and forfeitures of restricted common shares, net	(88)			(88)
Equity offering costs	(255)			(255)
Preferred share dividends	(5,110)				(5,110)
Common share dividends	(43,751)				(43,751)
Distributions to noncontrolling interests	(33,653)						(33,653)
Other comprehensive loss	11,099					7,379	3,720
Net income	95,088				59,027		36,061
Ending balances, preferred stock (in shares) at Mar. 31, 2024		14,685,716
Ending balances at Mar. 31, 2024	$ 1,947,072	$ 340,651	$ 769	$ 1,347,512	$ (439,741)	$ 27,836	$ 670,045
Ending balances, common stock (in shares) at Mar. 31, 2024	76,873,100		76,873,100

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
OPERATING ACTIVITIES
Net income	$ 95,088	$ 40,392
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	47,331	55,458
Amortization of debt issuance costs	1,709	1,600
Amortization of debt discount and premium, net	(255)	(150)
Gain on sale of self storage properties	(61,173)	0
Other	0	969
Equity-based compensation expense	1,855	1,649
Equity in losses (earnings) of unconsolidated real estate ventures	1,630	(1,678)
Distributions from unconsolidated real estate ventures	5,479	5,981
Change in assets and liabilities, net of effects of self storage property acquisitions:
Other assets	13,010	7,730
Accounts payable and accrued liabilities	(5,681)	(3,043)
Deferred revenue	(4,992)	845
Net Cash Provided by Operating Activities	94,001	109,753
INVESTING ACTIVITIES
Acquisition of self-storage properties	0	(9,920)
Capital expenditures	(5,374)	(8,450)
Deposits and advances for self storage properties and other acquisitions	0	(200)
Expenditures for corporate furniture, equipment and other	(230)	(678)
Capital expenditures	(35,774)	0
Acquisition of management company assets and interest in reinsurance company from PRO retirement	0	(16,924)
Net proceeds from sale of self storage properties	608,777	0
Net Cash Provided by (Used In) Investing Activities	567,399	(36,172)
FINANCING ACTIVITIES
Borrowings under debt financings	240,000	325,815
Redemption of OP units	(381)	0
Repurchase of common shares	(203,528)	(69,311)
Principal payments under debt financings	(613,401)	(232,459)
Payment of dividends to common shareholders	(43,751)	(48,755)
Payment of dividends to preferred shareholders	(5,110)	(3,664)
Distributions to noncontrolling interests	(33,809)	(34,513)
Debt issuance costs	0	(1,057)
Equity offering costs	(33)	0
Net Cash Used In Financing Activities	(660,013)	(63,944)
Increase in Cash, Cash Equivalents and Restricted Cash	1,387	9,637
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	87,693	42,199
End of period	89,080	51,836
Supplemental Cash Flow Information
Cash paid for interest	33,605	29,521
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of OP Units and subordinated performance units	0	37,257
Issuance of Series B preferred shares	0	113,274
Other net liabilities assumed	0	85
Change in accrued capital spending	$ (125)	$ 463

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	3 Months Ended
ORGANIZATION AND NATURE OF OPERATIONS	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF OPERATIONS	ORGANIZATION AND NATURE OF OPERATIONS National Storage Affiliates Trust was organized in the state of Maryland on May 16, 2013 and is a fully integrated, self-administered and self-managed real estate investment trust focused on the self storage sector. As used herein, "NSA," the "Company," "we," "our," and "us" refers to National Storage Affiliates Trust and its consolidated subsidiaries, except where the context indicates otherwise. The Company has elected and believes that it has qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") commencing with its taxable year ended December 31, 2015. Through its controlling interest as the sole general partner of NSA OP, LP (its "operating partnership"), a Delaware limited partnership formed on February 13, 2013, the Company is focused on the ownership, operation, and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. Pursuant to the Agreement of Limited Partnership (as amended, the "LP Agreement") of its operating partnership, the Company's operating partnership is authorized to issue preferred units, Class A Units ("OP units"), different series of Class B Units ("subordinated performance units"), and Long-Term Incentive Plan Units ("LTIP units"). The Company also owns certain of its self storage properties through other consolidated limited partnership subsidiaries of its operating partnership, which the Company refers to as "DownREIT partnerships." The DownREIT partnerships issue equity ownership interests that are intended to be economically equivalent to the Company's OP units ("DownREIT OP units") and subordinated performance units ("DownREIT subordinated performance units"). The Company owned 809 consolidated self storage properties in 38 states and Puerto Rico with approximately 51.9 million rentable square feet in approximately 407,000 storage units as of March 31, 2024. These properties are managed with local operational focus and expertise by the Company and its participating regional operators ("PROs"). As of March 31, 2024, the Company directly managed 476 of these self storage properties through its corporate brands of iStorage, SecurCare, Northwest and Move It, and the PROs managed the remaining 333 self storage properties. These PROs are Optivest Properties LLC and its controlled affiliates ("Optivest"), Guardian Storage Centers LLC and its controlled affiliates ("Guardian"), Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"), Hide-Away Storage Services, Inc. and its controlled affiliates ("Hide-Away"), an affiliate of Shader Brothers Corporation d/b/a Personal Mini Storage ("Personal Mini"), Southern Storage Management Systems, Inc. d/b/a Southern Self Storage ("Southern"), affiliates of Investment Real Estate Management, LLC d/b/a Moove In Self Storage of York, Pennsylvania ("Moove In") and Blue Sky Self Storage, LLC, a strategic partnership between Argus Professional Storage Management and GYS Development LLC ("Blue Sky"). As of March 31, 2024, the Company also managed through its property management platform an additional portfolio of 241 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 16.7 million rentable square feet, configured in approximately 135,000 storage units and located across 24 states. The Company owns a 25% equity interest in each of its unconsolidated real estate ventures. As of March 31, 2024, in total, the Company operated and held ownership interests in 1,050 self storage properties located across 42 states and Puerto Rico with approximately 68.7 million rentable square feet in approximately 542,000 storage units.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. The Company's results of operations for the quarterly and year to date periods are not necessarily indicative of the results to be expected for the full year or any other future period. On January 3, 2023, the operating partnership, as borrower, the Company, and certain of the operating partnership's subsidiaries, as subsidiary guarantors, entered into a third amended and restated credit agreement with KeyBank National Association, as administrative agent, and a syndicated group of lenders party thereto, which expanded the total borrowing capacity of its credit facility by $405.0 million to $1.955 billion. The Company presented changes in borrowings from certain lenders on a net basis in its prior year interim condensed consolidated statement of cash flows. The Company has corrected this error in the accompanying condensed consolidated statement of cash flows for the quarterly period ended March 31, 2023 to present on a gross basis the constructive receipts and payments under debt financings of $129.8 million and $129.8 million, respectively. The corrections had no impact to the total net cash used in financing activities in any interim period. The Company evaluated this adjustment both qualitatively and quantitatively and has concluded that this adjustment is immaterial to all impacted periods. Principles of Consolidation The Company's financial statements include the accounts of its operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates all entities that are VIEs and of which the Company is deemed to be the primary beneficiary. The Company has determined that its operating partnership is a VIE. The sole significant asset of National Storage Affiliates Trust is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. As of March 31, 2024, the Company's operating partnership was the primary beneficiary of, and therefore consolidated, 22 partnerships that are considered VIEs, which owned 49 self storage properties. The net book value of the real estate owned by these VIEs was $415.9 million and $418.9 million as of March 31, 2024 and December 31, 2023, respectively. For certain DownREIT partnerships which are subject to fixed rate mortgages payable, the carrying value of such fixed rate mortgages payable held by these VIEs was $188.7 million and $188.7 million as of March 31, 2024 and December 31, 2023, respectively. The creditors of the consolidated VIEs do not have recourse to the Company's general credit. Revenue Recognition Rental revenue Rental revenue consists of space rentals and related fees. Management has determined that all of the Company's leases are operating leases. Substantially all leases may be terminated on a month-to-month basis and rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue Other property-related revenue primarily consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related access fees, sales of storage supplies and truck rentals which are recognized in the period earned. The Company and certain of the Company’s PROs have tenant insurance and/or tenant warranty protection plan-related arrangements with insurance companies and the Company’s tenants. During the three months ended March 31, 2024 and 2023, the Company recognized $5.6 million and $5.5 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks, other retail merchandise and rents moving trucks at its properties. During the three months ended March 31, 2024 and 2023, the Company recognized retail sales of $0.5 million and $0.6 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, amounts related to the facilitation of tenant warranty protection or tenant insurance programs for certain stores in the Company's consolidated portfolio and unconsolidated real estate ventures, access fees associated with tenant insurance-related arrangements, and profit distributions from the Company's interest in a reinsurance company. With respect to the 2016 Joint Venture, the 2018 Joint Venture and the 2024 Joint Venture (as each is defined in Note 5), the Company provides supervisory and administrative property management services, centralized call center services, and technology platform and revenue management services to the properties in the unconsolidated real estate ventures. The property management fees for the 2016 Joint Venture and 2018 Joint Venture are equal to 6% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures, and the platform fees are equal to $1,250 per month per unconsolidated real estate venture property. The property management fees for the 2024 Joint Venture are equal to 4% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate venture. With respect to the 2016 Joint Venture and 2024 Joint Venture, the call center fee is equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture and 2024 Joint Venture properties, respectively. During the three months ended March 31, 2024 and 2023, the Company recognized property management fees, call center fees and platform fees of $4.3 million and $4.2 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the initial portfolios of each of the 2016 Joint Venture, the 2018 Joint Venture and the 2024 Joint Venture (each as defined in Note 5). The 2023 Joint Venture (as defined in Note 5) does not currently hold any properties. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the three months ended March 31, 2024 and 2023, the Company recognized acquisition fees of $0 and $0, respectively. The Company provides or makes available tenant insurance or tenant warranty protection programs for tenants at its properties. For certain of the properties in the Company’s consolidated portfolio and unconsolidated real estate ventures, the Company provides such tenant insurance through the Company’s wholly-owned captive insurance company and a separate reinsurance company in which the Company has a partial ownership interest. With respect to properties in all of the Company’s unconsolidated real estate ventures, the Company receives 50% of all proceeds from tenant insurance and tenant warranty protection programs at each unconsolidated real estate venture property in exchange for facilitating the programs at those properties. During the three months ended March 31, 2024 and 2023, the Company recognized $4.7 million and $2.8 million, respectively, of revenue related to these activities. Gain on sale of self storage properties The Company recognizes gains from disposition of properties only upon closing in accordance with the guidance on sales of nonfinancial assets. Profit on real estate sold is recognized upon closing when all, or substantially all, of the promised consideration has been received and is nonrefundable and the Company has transferred control of the facilities to the purchaser. Investments in Unconsolidated Real Estate Ventures The Company’s investments in its unconsolidated real estate ventures are recorded under the equity method of accounting in the accompanying condensed consolidated financial statements. Under the equity method, the Company’s investments in unconsolidated real estate ventures are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings (losses) is recognized based on the Company’s 25% ownership interest in the earnings (losses) of the unconsolidated real estate ventures, except for the 2024 JV, for which the Company follows the hypothetical liquidation at book value ("HLBV") method. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its condensed consolidated statements of cash flows. Under this approach, distributions are reported on the basis of the nature of the activity or activities that generated the distributions as either a return on investment, which are classified as operating cash flows, or a return of investment (e.g., proceeds from the unconsolidated real estate ventures' sale of assets) which are reported as investing cash flows. Noncontrolling Interests All of the limited partner equity interests ("OP equity") in the operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the operating partnership or its subsidiaries. In the condensed consolidated statements of operations, the Company allocates net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to National Storage Affiliates Trust. For transactions that result in changes to the Company's ownership interest in its operating partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is reflected as an adjustment to additional paid-in capital on the condensed consolidated balance sheets. Allocation of Net Income (Loss) The distribution rights and priorities set forth in the operating partnership's LP Agreement differ from what is reflected by the underlying percentage ownership interests of the unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the HLBV method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. The HLBV method is commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Other Comprehensive Income (Loss) The Company has cash flow hedge derivative instruments that are measured at fair value with unrealized gains or losses recognized in other comprehensive income (loss) with a corresponding adjustment to accumulated other comprehensive income (loss) within equity, as discussed further in Note 12. Under the HLBV method of allocating income (loss) discussed above, a calculation is prepared at each balance sheet date by applying the HLBV method including, and excluding, the assets and liabilities resulting from the Company's cash flow hedge derivative instruments to determine comprehensive income (loss) attributable to National Storage Affiliates Trust. As a result of the distribution rights and priorities set forth in the operating partnership's LP Agreement, in any given period, other comprehensive income (loss) may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership and as compared to their respective allocation of net income (loss). Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. From time to time, the Company maintains cash balances in financial institutions in excess of federally insured limits. The Company has never experienced a loss that resulted from exceeding federally insured limits. Restricted Cash The Company's restricted cash consists of escrowed funds deposited with financial institutions resulting from property sales for which we elected to purchase replacement property in accordance with Section 1031 of the Code, for real estate taxes, insurance and other reserves for capital improvements in accordance with the Company's loan agreements. Use of Estimates

SHAREHOLDERS' EQUITY AND NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	3 Months Ended
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	Mar. 31, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Shareholders' Equity At the Market ("ATM") Program On February 27, 2019, the Company entered into a sales agreement with certain sales agents, pursuant to which the Company may sell from time to time up to an aggregate of $250.0 million of common shares of beneficial interest, $0.01 par value per share of the Company ("common shares") and 6.000% Series A cumulative redeemable Preferred Shares of beneficial interest ("Series A Preferred Shares") in sales deemed to be "at the market" offerings (the "sales agreement"). On May 19, 2021, the Company entered into an amendment to the sales agreement with certain sales agents, whereby the Company increased the aggregate gross sale price under the program to $400.0 million, which included $31.0 million of the remaining available offered shares. The sales agreement contemplates that, in addition to the issuance and sale by the Company of offered shares to or through the sale agents, the Company may enter into separate forward sale agreements with any forward purchaser. Forward sale agreements, if any, will include only the Company's common shares and will not include any Series A Preferred Shares. If the Company enters into a forward sale agreement with any forward purchaser, such forward purchaser will attempt to borrow from third parties and sell, through the related agent, acting as sales agent for such forward purchaser (each, a "forward seller"), offered shares, in an amount equal to the offered shares subject to such forward sale agreement, to hedge such forward purchaser’s exposure under such forward sale agreement. The Company may offer the common shares and Series A Preferred Shares through the agents, as the Company's sales agents, or, as applicable, as forward seller, or directly to the agents or forward sellers, acting as principals, by means of, among others, ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices. During the three months ended March 31, 2024, the Company did not sell any common shares through the ATM program. As of March 31, 2024, the Company had $169.1 million of capacity remaining under its most recent ATM Program. Common Share Repurchase Program On July 11, 2022, the Company approved a share repurchase program authorizing, but not obligating, the repurchase of up to $400.0 million of the Company's common shares of beneficial interest from time to time. On December 1, 2023, the Company approved a new share repurchase program authorizing, but not obligating, the repurchase of up to $275.0 million of the Company's common shares from time to time. The timing, manner, price and amount of any repurchase transactions will be determined by the Company in its discretion and will be subject to share price, availability, trading volume and general market conditions. During the three months ended March 31, 2024 the Company repurchased 5,491,925 common shares for approximately $203.5 million. Noncontrolling Interests All of the OP equity in the Company's operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the Company's operating partnership. NSA is the general partner of its operating partnership and is authorized to cause its operating partnership to issue additional partner interests, including OP units and subordinated performance units, at such prices and on such other terms as it determines in its sole discretion. As of March 31, 2024 and December 31, 2023, units reflecting noncontrolling interests consisted of the following: March 31, 2024 December 31, 2023 Series A-1 preferred units 1,212,340 1,212,340 OP units 37,658,350 37,635,683 Subordinated performance units 7,967,581 7,991,271 LTIP units 866,906 785,932 DownREIT units DownREIT OP units 2,120,491 2,120,491 DownREIT subordinated performance units 4,133,474 4,133,474 Total 53,959,142 53,879,191 Series A-1 Preferred Units The 6.000% Series A-1 Cumulative Redeemable Preferred Units ("Series A-1 preferred units") rank senior to OP units and subordinated performance units in the Company's operating partnership with respect to distributions and liquidation. The Series A-1 preferred units have a stated value of $25.00 per unit and receive distributions at an annual rate of 6.000%. These distributions are cumulative. The Series A-1 preferred units are redeemable at the option of the holder after the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash in an amount equal to the market value of an equivalent number of the Series A Preferred Shares or the issuance of Series A Preferred Shares on a one-for-one basis, subject to adjustments. The Series A Preferred Shares are redeemable by the Company for a cash redemption price of $25.00 per share, plus accrued but unpaid dividends beginning in October 2022. OP Units and DownREIT OP units OP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for the Company's common shares on a one-for-one basis, and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case. The holders of OP units are generally not entitled to elect redemption until one year after the issuance of the OP units. The holders of DownREIT OP units are generally not entitled to elect redemption until five years after the date of the contributor's initial contribution. The increase in OP units outstanding from December 31, 2023 to March 31, 2024 was due to 43,556 OP units issued upon the voluntary conversion of 23,690 subordinated performance units and the conversion of 62,330 LTIP units into an equivalent number of OP units, partially offset by the redemption of 72,802 OP units for an equal number of common shares and the redemption of 10,417 OP units for cash. Subordinated Performance Units and DownREIT Subordinated Performance Units Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. The holders of DownREIT subordinated performance units are generally not entitled to elect redemption until at least five years after the date of the contributor's initial contribution. Following such lock-out period, a holder of subordinated performance units in the Company's operating partnership may elect a voluntary conversion one time each year on or prior to December 1st to convert a pre-determined portion of such subordinated performance units into OP units in the Company's operating partnership, with such conversion effective January 1st of the following year, with each subordinated performance unit being converted into the number of OP units determined by dividing the average cash available for distribution, or CAD, per unit on the series of specific subordinated performance units over the one-year period prior to conversion by 110% of the CAD per unit on the OP units determined over the same period. CAD per unit on the series of specific subordinated performance units and OP units is determined by the Company based generally upon the application of the provisions of the LP Agreement applicable to the distributions of operating cash flow and capital transactions proceeds. The decrease in subordinated performance units outstanding from December 31, 2023 to March 31, 2024 was due to the voluntary conversion of 23,690 subordinated performance units into 43,556 OP units. LTIP Units LTIP units are a special class of partnership interest in the Company's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the OP units (subject to the achievement of specified levels of profitability by the Company's operating partnership or the achievement of certain events). LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above. The increase in LTIP units outstanding from December 31, 2023 to March 31, 2024 was due to issuance of 143,304 compensatory LTIP units to employees, net of forfeitures, partially offset by the conversion of 62,330 LTIP units into an equivalent number of OP units.

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES	3 Months Ended
SELF STORAGE PROPERTIES	Mar. 31, 2024
Real Estate [Abstract]
SELF STORAGE PROPERTIES	SELF STORAGE PROPERTIES Self storage properties are summarized as follows (dollars in thousands): March 31, 2024 December 31, 2023 Land $ 1,035,562 $ 1,035,562 Buildings and improvements 4,750,848 4,746,105 Furniture and equipment 11,243 10,507 Total self storage properties 5,797,653 5,792,174 Less accumulated depreciation (919,723) (874,359) Self storage properties, net $ 4,877,930 $ 4,917,815 Depreciation expense related to self storage properties amounted to $45.4 million and $52.1 million during the three months ended March 31, 2024 and 2023, respectively.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES 2024 Joint Venture During the three months ended March 31, 2024, a wholly owned subsidiary of the Company (the "2024 NSA Member") entered into an agreement (the "2024 JV Agreement") to form a joint venture (the "2024 Joint Venture") with an affiliate of Heitman Capital Management LLC (the "2024 JV Investor" and, together with the 2024 NSA Member, the "2024 JV Members"). The 2024 Joint Venture was capitalized with approximately $140.8 million in equity (approximately $35.2 million from the 2024 NSA Member in exchange for a 25% ownership interest and approximately $105.6 million from the 2024 JV Investor in exchange for a 75% ownership interest) and proceeds from a $210.0 million interest-only secured debt financing with an interest rate of 6.05% per annum and a term of five years. A subsidiary of the Company is acting as the non-member manager of the 2024 Joint Venture (the "2024 NSA Manager"). The 2024 NSA Manager directs, manages and controls the day-to-day operations and affairs of the 2024 Joint Venture but may not cause the 2024 Joint Venture to make certain major decisions involving the business of the 2024 Joint Venture without the consent of both 2024 JV Members, including the approval of annual budgets, sales and acquisitions of properties, financings, and certain actions relating to bankruptcy. The Company's investment in the 2024 Joint Venture is accounted for using the equity method of accounting and is included in investment in unconsolidated real estate ventures in the Company’s condensed consolidated balance sheets. The Company’s earnings from its investment in the 2024 Joint Venture are presented in equity in earnings (losses) of unconsolidated real estate ventures on the Company’s condensed consolidated statements of operations. During the three months ended March 31, 2024, pursuant to a contribution agreement executed by the 2024 JV Members on December 21, 2023, the Company contributed to the 2024 Joint Venture 56 self storage properties located across seven states, consisting of approximately 3.2 million rentable square feet configured in over 24,000 storage units. 2023 Joint Venture During the three months ended December 31, 2023, the Company, through a newly formed subsidiary (the "2023 NSA Member"), entered into an agreement (the "2023 JV Agreement") to form a joint venture (the "2023 Joint Venture") with a state pension fund advised by Heitman Capital Management LLC (the "2023 JV Investor," together with the 2023 NSA Member, the "2023 JV Members") to acquire and operate self storage properties. The 2023 JV Agreement provides for equity capital contributions by the 2023 JV Members of up to $400.0 million over a twenty-four six A subsidiary of the Company is acting as the non-member manager of the 2023 Joint Venture (the "2023 NSA Manager"). The 2023 NSA Manager directs, manages and controls the day-to-day operations and affairs of the 2023 Joint Venture but may not cause the 2023 Joint Venture to make certain major decisions involving the business of the 2023 Joint Venture without the consent of both 2023 JV Members, including the approval of annual budgets, sales and acquisitions of properties, financings, and certain actions relating to bankruptcy. The Company's investment in the 2023 Joint Venture is accounted for using the equity method of accounting and is included in investment in unconsolidated real estate ventures in the Company’s condensed consolidated balance sheets. The Company’s earnings from its investment in the 2023 Joint Venture are presented in equity in earnings (losses) of unconsolidated real estate ventures on the Company’s condensed consolidated statements of operations. As of March 31, 2024, the 2023 Joint Venture had not completed any acquisition activity and had no operations. 2018 Joint Venture As of March 31, 2024, the Company's unconsolidated real estate venture, formed in September 2018 with an affiliate of Heitman America Real Estate REIT LLC (the "2018 Joint Venture"), owned and operated a portfolio of 104 self storage properties containing approximately 7.8 million rentable square feet, configured in approximately 64,000 storage units and located across 17 states. 2016 Joint Venture As of March 31, 2024, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), owned and operated a portfolio of 81 properties containing approximately 5.7 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states. The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 ASSETS Self storage properties $ 2,543,250 $ 2,200,522 Less accumulated depreciation (386,720) (369,412) Self storage properties, net 2,156,530 1,831,110 Other assets 42,052 37,826 Total assets $ 2,198,582 $ 1,868,936 LIABILITIES AND EQUITY Debt financing $ 1,212,507 $ 1,003,223 Other liabilities 27,871 28,333 Equity 958,204 837,380 Total liabilities and equity $ 2,198,582 $ 1,868,936 The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Total revenue $ 56,096 $ 53,752 Property operating expenses (17,603) (15,049) Supervisory, administrative and other expenses (3,658) (3,529) Depreciation and amortization (18,206) (17,883) Interest expense (12,100) (10,411) Acquisition and other expenses (59) (232) Net income $ 4,470 $ 6,648

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	3 Months Ended
ACQUISITIONS AND DISPOSITIONS	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions The Company did not acquire any self storage properties during the three months ended March 31, 2024. Self storage property acquisitions are accounted for as asset acquisitions and accordingly, transaction costs related to acquisitions are capitalized as part of the basis of the acquired properties. The Company recognizes the estimated fair value of acquired assets and assumed liabilities on the respective dates of such acquisitions. Dispositions During the three months ended March 31, 2024, the Company sold 39 self storage properties to a third party for net proceeds of $265.1 million and contributed 56 self storage properties to the 2024 Joint Venture for net proceeds of $343.7 million. The Company recorded a net gain on the dispositions of $61.2 million.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
OTHER ASSETS	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (dollars in thousands): March 31, 2024 December 31, 2023 Customer in-place leases, net of accumulated amortization of $886 and $3,263, respectively $ 562 $ 1,609 Receivables: Trade, net 8,742 9,842 PROs and other affiliates 4,235 7,784 Receivables from unconsolidated real estate ventures 4,943 4,446 Interest rate swaps 37,218 29,610 Prepaid expenses and other 9,002 14,743 Corporate furniture, equipment and other, net 2,699 2,659 Trade names 8,851 8,851 Management contracts, net of accumulated amortization of $7,124 and $6,777, respectively 13,702 14,049 Tenant reinsurance intangible, net of accumulated amortization of $4,187 and $3,839, respectively 31,879 32,227 Goodwill 8,182 8,182 Total $ 130,015 $ 134,002 Amortization expense related to customer in-place leases amounted to $1.0 million and $2.5 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense related to management contracts amounted to $0.3 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. Amortization expense related to the tenant reinsurance intangible amounted to $0.3 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.

DEBT FINANCING

DEBT FINANCING	3 Months Ended
DEBT FINANCING	Mar. 31, 2024
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING The Company's outstanding debt as of March 31, 2024 and December 31, 2023 is summarized as follows (dollars in thousands): Interest Rate (1) March 31, 2024 December 31, 2023 Credit Facility: Revolving line of credit 6.71 % $ 138,000 $ 381,000 Term loan B 2.95 % 145,000 275,000 Term loan C 2.93 % 325,000 325,000 Term loan D 3.96 % 275,000 275,000 Term loan E 4.79 % 130,000 130,000 2028 Term loan facility 4.62 % 75,000 75,000 April 2029 Term loan facility 4.27 % 100,000 100,000 June 2029 Term loan facility 5.37 % 285,000 285,000 May 2026 Senior Unsecured Notes 2.16 % 35,000 35,000 October 2026 Senior Unsecured Notes 6.46 % 65,000 65,000 July 2028 Senior Unsecured Notes 5.75 % 120,000 120,000 October 2028 Senior Unsecured Notes 6.55 % 100,000 100,000 2029 Senior Unsecured Notes 3.98 % 100,000 100,000 August 2030 Senior Unsecured Notes 2.99 % 150,000 150,000 October 2030 Senior Unsecured Notes 6.66 % 35,000 35,000 November 2030 Senior Unsecured Notes 2.72 % 75,000 75,000 May 2031 Senior Unsecured Notes 3.00 % 90,000 90,000 August 2031 Senior Unsecured Notes 4.08 % 50,000 50,000 November 2031 Senior Unsecured Notes 2.81 % 175,000 175,000 August 2032 Senior Unsecured Notes 3.09 % 100,000 100,000 November 2032 Senior Unsecured Notes 5.06 % 200,000 200,000 May 2033 Senior Unsecured Notes 3.10 % 55,000 55,000 October 2033 Senior Unsecured Notes 6.73 % 50,000 50,000 November 2033 Senior Unsecured Notes 2.96 % 125,000 125,000 2036 Senior Unsecured Notes 3.06 % 75,000 75,000 Fixed Rate Mortgages payable 3.61 % 222,228 222,757 Total principal 3,295,228 3,668,757 Unamortized debt issuance costs and debt premium, net (9,681) (10,552) Total debt $ 3,285,547 $ 3,658,205 (1) Represents the effective interest rate as of March 31, 2024. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings. As of March 31, 2024, the Company's unsecured credit facility provided for total borrowings of $1.825 billion (the "credit facility") consisting of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $950.0 million, under which the Company may borrow, repay and re-borrow amounts, (ii) a $145.0 million tranche B term loan facility (the "Term Loan B"), (iii) a $325.0 million tranche C term loan facility (the "Term Loan C"), (iv) a $275.0 million tranche D term loan facility (the "Term Loan D") and (v) a $130.0 million tranche E term loan facility (the "Term Loan E"). As of March 31, 2024, the Company had an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $2.370 billion. As of March 31, 2024, the Company had outstanding letters of credit totaling $6.4 million and would have had the capacity to borrow remaining Revolver commitments of $805.6 million while remaining in compliance with the credit facility's financial covenants. At March 31, 2024, the Company was in compliance with all such covenants. Future Debt Obligations Based on existing debt agreements in effect as of March 31, 2024, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (dollars in thousands): Year Ending December 31, Scheduled Principal and Maturity Payments Amortization of Premium and Unamortized Debt Issuance Costs Total Remainder of 2024 $ 166,435 $ (2,378) $ 164,057 2025 327,185 (2,185) 325,000 2026 377,322 (1,840) 375,482 2027 355,369 (1,230) 354,139 2028 385,624 (990) 384,634 2029 487,789 (380) 487,409 Thereafter 1,195,504 (678) 1,194,826 $ 3,295,228 $ (9,681) $ 3,285,547

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023 (dollars in thousands, except per share amounts): Three Months Ended 2024 2023 Earnings per common share - basic and diluted Numerator Net income $ 95,088 $ 40,392 Net income attributable to noncontrolling interests (36,061) (11,433) Net income attributable to National Storage Affiliates Trust 59,027 28,959 Distributions to preferred shareholders (5,110) (3,962) Distributed and undistributed earnings allocated to participating securities (13) (17) Net income attributable to common shareholders - basic 53,904 24,980 Effect of assumed conversion of dilutive securities 35,218 11,305 Net income attributable to common shareholders - diluted $ 89,122 $ 36,285 Denominator Weighted average shares outstanding - basic 80,236 89,499 Effect of dilutive securities: Weighted average OP units outstanding 37,633 38,736 Weighted average DownREIT OP unit equivalents outstanding 2,120 2,120 Weighted average LTIP units outstanding 128 76 Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents 18,031 18,191 Weighted average shares outstanding - diluted 138,148 148,622 Earnings per share - basic $ 0.67 $ 0.28 Earnings per share - diluted $ 0.65 $ 0.24 As discussed in Note 2, the Company allocates GAAP income utilizing the HLBV method, in which the Company allocates income or loss based on the change in each unitholders' claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to National Storage Affiliates Trust and noncontrolling interests, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Outstanding equity interests of the Company's operating partnership and DownREIT partnerships are considered potential common shares for purposes of calculating diluted earnings (loss) per share as the unitholders may, through the exercise of redemption rights, obtain common shares, subject to various restrictions. Basic earnings per share is calculated based on the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by further adjusting for the dilutive impact using the treasury stock method for unvested LTIP units subject to a service condition outstanding during the period and the if-converted method for any convertible securities outstanding during the period. Generally, following certain lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for common shares on a one-for-one basis, subject to certain adjustments and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case. LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above. Certain LTIP units vested prior to or upon the completion of the Company's initial public offering and certain LTIP units have vested upon the satisfaction of a service or market condition or will vest upon the satisfaction of future service and market conditions. Vested LTIP units and unvested LTIP units that vest based on a service or market condition are allocated income or loss in a similar manner as OP units. Unvested LTIP units subject to a service or market condition are evaluated for dilution using the treasury stock method. For the three months ended March 31, 2024, 562,792 unvested LTIP units that vest based on a service or market condition are excluded from the calculation of diluted earnings per share as they are not dilutive to earnings per share. For the three months ended March 31, 2024, 208,400 LTIP units that vest upon the future acquisition of properties are excluded from the calculation of diluted earnings per share because the contingency for the units to vest has not been attained as of the end of the reported period. Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units, after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Although subordinated performance units may only be convertible after a two year lock-out period, the Company assumes a hypothetical conversion of each subordinated performance unit (including each DownREIT subordinated performance unit) into OP units (with subsequently assumed redemption into common shares) for the purposes of calculating diluted weighted average common shares. This hypothetical conversion is calculated using historical financial information, and as a result, is not necessarily indicative of the results of operations, cash flows or financial position of the Company upon expiration of the two-year lock out period on conversions. Participating securities, which consist of unvested restricted common shares, receive dividends equal to those received by common shares. The effect of participating securities for the periods presented above is calculated using the two-class method of allocating distributed and undistributed earnings.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Supervisory and Administrative Fees For the self storage properties that are managed by the PROs, the Company has entered into asset management agreements with the PROs to provide leasing, operating, supervisory and administrative services. The asset management agreements generally provide for fees ranging from 5% to 6% of gross revenue for the managed self storage properties. During the three months ended March 31, 2024 and 2023, the Company incurred $5.1 million and $5.2 million, respectively, for supervisory and administrative fees to the PROs. Such fees are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Payroll Services

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The Company sometimes limits its exposure to interest rate fluctuations by entering into interest rate swap agreements. The interest rate swap agreements moderate the Company's exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. The Company does not use derivatives for trading or speculative purposes. The Company measures its interest rate swap derivatives at fair value on a recurring basis. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands): Fair Value Number of Contracts Notional Amount Other Assets, net Interest Rate Swap Liabilities As of March 31, 2024 Interest Rate Swaps 14 $ 1,230,000 $ 37,218 $ — As of December 31, 2023 Interest Rate Swaps 17 $ 1,335,000 $ 29,610 $ 3,450 The following table presents the effect of our derivative instruments on our consolidated financial statements (dollars in thousands): Fair value at December 31, 2022 $ 50,983 Gains on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (7,761) Unrealized losses on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) (12,953) Fair value at March 31, 2023 $ 30,269 Fair value at December 31, 2023 $ 26,160 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (9,355) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) 20,413 Fair value at March 31, 2024 $ 37,218 As of March 31, 2024 and December 31, 2023, the Company had outstanding interest rate swaps with aggregate current notional amounts of $1,230.0 million and $1,335.0 million, respectively, designated as cash flow hedges. As of March 31, 2024, the Company's swaps had a weighted average remaining term of approximately 2.85 years. In connection with the issuance of fixed rate unsecured notes in the second quarter of 2023, we entered into $50.0 million of forward starting interest rate swaps on March 16, 2023, and a $25.0 million forward starting interest rate swap on March 24, 2023, locking the interest rate of compounded SOFR at 3.25% through April 5, 2023. These interest rate swaps have been designated as cash flow hedges. The realized loss of $1.6 million of the compounded SOFR swaps are included in unrealized and realized gains (loss) on derivative instruments in comprehensive income (loss) and will be reclassified into interest expense over 10 years, which is the term of anticipated unsecured fixed rate debt including any replacement debt thereof. Amounts reported in accumulated other comprehensive (loss) income will be reclassified into interest expense as interest payments are made on the anticipated debt. The fair value of these swaps are included in other assets and liabilities in the Company's condensed consolidated balance sheets, and the Company recognizes any changes in the fair value as an adjustment of accumulated other comprehensive income (loss) within equity. If the forward rates at March 31, 2024 remain constant, the Company estimates that during the next 12 months, the Company would reclassify into earnings, as a reduction in interest expense, approximately $25.0 million of the unrealized gains and losses included in accumulated other comprehensive income (loss). If market interest rates remain above the 2.62% weighted average fixed rate under these interest rate swaps the Company will continue to receive payments due to it from its counterparties to the interest rate swaps. There were no transfers between levels of the three-tier fair value measurement hierarchy during the three months ended March 31, 2024 and 2023. For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including SOFR yield curves. The Company uses valuation techniques for Level 2 financial assets and liabilities which include SOFR yield curves at the reporting date as well as assessing counterparty credit risk. Counterparties to these contracts are highly rated financial institutions. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company's derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. As of March 31, 2024, the Company determined that the effect of credit valuation adjustments on the overall valuation of its derivative positions are not significant to the overall valuation of its derivatives. Therefore, the Company has determined that its derivative valuations are appropriately classified in Level 2 of the fair value hierarchy. Fair Value Disclosures The carrying values of cash and cash equivalents, restricted cash, trade receivables, and accounts payable and accrued liabilities reflected in the balance sheets at March 31, 2024 and December 31, 2023, approximate fair value due to the short term nature of these financial assets and liabilities. The carrying value of variable rate debt financing, comprising the Revolver, term loans under our credit facility and our term loan facilities, reflected in the condensed consolidated balance sheets at March 31, 2024 and December 31, 2023 approximates fair value as the changes in their associated interest rates reflect the current market and credit risk is similar to when the loans were originally obtained. The fair values of fixed rate private placement notes and mortgages were estimated using the discounted estimated future cash payments to be made on such debt; the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality (categorized within Level 2 of the fair value hierarchy). The following table presents the carrying value and estimated fair value of our fixed rate private placement notes and mortgages (dollars in thousands): Carrying Value (1) Fair Value March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Liabilities Private Placement Notes $ 1,600,000 $ 1,600,000 $ 1,412,658 $ 1,417,147 Mortgage Notes 222,228 222,757 208,835 211,480 (1) Carrying value represents the principal balance outstanding

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. The Company's results of operations for the quarterly and year to date periods are not necessarily indicative of the results to be expected for the full year or any other future period. On January 3, 2023, the operating partnership, as borrower, the Company, and certain of the operating partnership's subsidiaries, as subsidiary guarantors, entered into a third amended and restated credit agreement with KeyBank National Association, as administrative agent, and a syndicated group of lenders party thereto, which expanded the total borrowing capacity of its credit facility by $405.0 million to $1.955 billion. The Company presented changes in borrowings from certain lenders on a net basis in its prior year interim condensed consolidated statement of cash flows. The Company has corrected this error in the accompanying condensed consolidated statement of cash flows for the quarterly period ended March 31, 2023 to present on a gross basis the constructive receipts and payments under debt financings of $129.8 million and $129.8 million, respectively. The corrections had no impact to the total net cash used in financing activities in any interim period. The Company evaluated this adjustment both qualitatively and quantitatively and has concluded that this adjustment is immaterial to all impacted periods.
Principles of Consolidation	Principles of Consolidation
Variable Interest Entities	When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates all entities that are VIEs and of which the Company is deemed to be the primary beneficiary. The Company has determined that its operating partnership is a VIE. The sole significant asset of National Storage Affiliates Trust is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership.
Rental Revenue	Rental revenue
Other property-related revenue and Management fees and other revenue	Other property-related revenue Other property-related revenue primarily consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related access fees, sales of storage supplies and truck rentals which are recognized in the period earned. The Company and certain of the Company’s PROs have tenant insurance and/or tenant warranty protection plan-related arrangements with insurance companies and the Company’s tenants. During the three months ended March 31, 2024 and 2023, the Company recognized $5.6 million and $5.5 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks, other retail merchandise and rents moving trucks at its properties. During the three months ended March 31, 2024 and 2023, the Company recognized retail sales of $0.5 million and $0.6 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, amounts related to the facilitation of tenant warranty protection or tenant insurance programs for certain stores in the Company's consolidated portfolio and unconsolidated real estate ventures, access fees associated with tenant insurance-related arrangements, and profit distributions from the Company's interest in a reinsurance company. With respect to the 2016 Joint Venture, the 2018 Joint Venture and the 2024 Joint Venture (as each is defined in Note 5), the Company provides supervisory and administrative property management services, centralized call center services, and technology platform and revenue management services to the properties in the unconsolidated real estate ventures. The property management fees for the 2016 Joint Venture and 2018 Joint Venture are equal to 6% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures, and the platform fees are equal to $1,250 per month per unconsolidated real estate venture property. The property management fees for the 2024 Joint Venture are equal to 4% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate venture. With respect to the 2016 Joint Venture and 2024 Joint Venture, the call center fee is equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture and 2024 Joint Venture properties, respectively. During the three months ended March 31, 2024 and 2023, the Company recognized property management fees, call center fees and platform fees of $4.3 million and $4.2 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the initial portfolios of each of the 2016 Joint Venture, the 2018 Joint Venture and the 2024 Joint Venture (each as defined in Note 5). The 2023 Joint Venture (as defined in Note 5) does not currently hold any properties. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the three months ended March 31, 2024 and 2023, the Company recognized acquisition fees of $0 and $0, respectively. The Company provides or makes available tenant insurance or tenant warranty protection programs for tenants at its properties. For certain of the properties in the Company’s consolidated portfolio and unconsolidated real estate ventures, the Company provides such tenant insurance through the Company’s wholly-owned captive insurance company and a separate reinsurance company in which the Company has a partial ownership interest. With respect to properties in all of the Company’s unconsolidated real estate ventures, the Company receives 50% of all proceeds from tenant insurance and tenant warranty protection programs at each unconsolidated real estate venture property in exchange for facilitating the programs at those properties. During the three months ended March 31, 2024 and 2023, the Company recognized $4.7 million and $2.8 million, respectively, of revenue related to these activities.
Gain on sale of self storage properties	Gain on sale of self storage properties
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures The Company’s investments in its unconsolidated real estate ventures are recorded under the equity method of accounting in the accompanying condensed consolidated financial statements. Under the equity method, the Company’s investments in unconsolidated real estate ventures are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings (losses) is recognized based on the Company’s 25% ownership interest in the earnings (losses) of the unconsolidated real estate ventures, except for the 2024 JV, for which the Company follows the hypothetical liquidation at book value ("HLBV") method. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its condensed consolidated statements of cash flows. Under this approach, distributions are reported on the basis of the nature of the activity or activities that generated the distributions as either a return on investment, which are classified as operating cash flows, or a return of investment (e.g., proceeds from the unconsolidated real estate ventures' sale of assets) which are reported as investing cash flows.
Noncontrolling Interests	Noncontrolling Interests All of the limited partner equity interests ("OP equity") in the operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the operating partnership or its subsidiaries. In the condensed consolidated statements of operations, the Company allocates net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to National Storage Affiliates Trust. For transactions that result in changes to the Company's ownership interest in its operating partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is reflected as an adjustment to additional paid-in capital on the condensed consolidated balance sheets.
Allocation of Net Income (Loss)	Allocation of Net Income (Loss) The distribution rights and priorities set forth in the operating partnership's LP Agreement differ from what is reflected by the underlying percentage ownership interests of the unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the HLBV method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. The HLBV method is commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss)
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. From time to time, the Company maintains cash balances in financial institutions in excess of federally insured limits. The Company has never experienced a loss that resulted from exceeding federally insured limits.
Restricted Cash	Restricted Cash The Company's restricted cash consists of escrowed funds deposited with financial institutions resulting from property sales for which we elected to purchase replacement property in accordance with Section 1031 of the Code, for real estate taxes, insurance and other reserves for capital improvements in accordance with the Company's loan agreements.
Use of Estimates	Use of Estimates

SHAREHOLDERS' EQUITY AND NONC_2

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)	3 Months Ended
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)	Mar. 31, 2024
Equity [Abstract]
Schedule of noncontrolling interests	As of March 31, 2024 and December 31, 2023, units reflecting noncontrolling interests consisted of the following: March 31, 2024 December 31, 2023 Series A-1 preferred units 1,212,340 1,212,340 OP units 37,658,350 37,635,683 Subordinated performance units 7,967,581 7,991,271 LTIP units 866,906 785,932 DownREIT units DownREIT OP units 2,120,491 2,120,491 DownREIT subordinated performance units 4,133,474 4,133,474 Total 53,959,142 53,879,191

SELF STORAGE PROPERTIES (Tables

SELF STORAGE PROPERTIES (Tables)	3 Months Ended
SELF STORAGE PROPERTIES (Tables)	Mar. 31, 2024
Real Estate [Abstract]
Schedule of Self Storage Properties	Self storage properties are summarized as follows (dollars in thousands): March 31, 2024 December 31, 2023 Land $ 1,035,562 $ 1,035,562 Buildings and improvements 4,750,848 4,746,105 Furniture and equipment 11,243 10,507 Total self storage properties 5,797,653 5,792,174 Less accumulated depreciation (919,723) (874,359) Self storage properties, net $ 4,877,930 $ 4,917,815

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)	3 Months Ended
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)	Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Condensed Financial Information of Unconsolidated Real Estate Ventures	The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of March 31, 2024 and December 31, 2023 (dollars in thousands): March 31, 2024 December 31, 2023 ASSETS Self storage properties $ 2,543,250 $ 2,200,522 Less accumulated depreciation (386,720) (369,412) Self storage properties, net 2,156,530 1,831,110 Other assets 42,052 37,826 Total assets $ 2,198,582 $ 1,868,936 LIABILITIES AND EQUITY Debt financing $ 1,212,507 $ 1,003,223 Other liabilities 27,871 28,333 Equity 958,204 837,380 Total liabilities and equity $ 2,198,582 $ 1,868,936 The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three months ended March 31, 2024 and 2023 (dollars in thousands): Three Months Ended March 31, 2024 2023 Total revenue $ 56,096 $ 53,752 Property operating expenses (17,603) (15,049) Supervisory, administrative and other expenses (3,658) (3,529) Depreciation and amortization (18,206) (17,883) Interest expense (12,100) (10,411) Acquisition and other expenses (59) (232) Net income $ 4,470 $ 6,648

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
OTHER ASSETS (Tables)	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following (dollars in thousands): March 31, 2024 December 31, 2023 Customer in-place leases, net of accumulated amortization of $886 and $3,263, respectively $ 562 $ 1,609 Receivables: Trade, net 8,742 9,842 PROs and other affiliates 4,235 7,784 Receivables from unconsolidated real estate ventures 4,943 4,446 Interest rate swaps 37,218 29,610 Prepaid expenses and other 9,002 14,743 Corporate furniture, equipment and other, net 2,699 2,659 Trade names 8,851 8,851 Management contracts, net of accumulated amortization of $7,124 and $6,777, respectively 13,702 14,049 Tenant reinsurance intangible, net of accumulated amortization of $4,187 and $3,839, respectively 31,879 32,227 Goodwill 8,182 8,182 Total $ 130,015 $ 134,002

DEBT FINANCING (Tables)

DEBT FINANCING (Tables)	3 Months Ended
DEBT FINANCING (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company's outstanding debt as of March 31, 2024 and December 31, 2023 is summarized as follows (dollars in thousands): Interest Rate (1) March 31, 2024 December 31, 2023 Credit Facility: Revolving line of credit 6.71 % $ 138,000 $ 381,000 Term loan B 2.95 % 145,000 275,000 Term loan C 2.93 % 325,000 325,000 Term loan D 3.96 % 275,000 275,000 Term loan E 4.79 % 130,000 130,000 2028 Term loan facility 4.62 % 75,000 75,000 April 2029 Term loan facility 4.27 % 100,000 100,000 June 2029 Term loan facility 5.37 % 285,000 285,000 May 2026 Senior Unsecured Notes 2.16 % 35,000 35,000 October 2026 Senior Unsecured Notes 6.46 % 65,000 65,000 July 2028 Senior Unsecured Notes 5.75 % 120,000 120,000 October 2028 Senior Unsecured Notes 6.55 % 100,000 100,000 2029 Senior Unsecured Notes 3.98 % 100,000 100,000 August 2030 Senior Unsecured Notes 2.99 % 150,000 150,000 October 2030 Senior Unsecured Notes 6.66 % 35,000 35,000 November 2030 Senior Unsecured Notes 2.72 % 75,000 75,000 May 2031 Senior Unsecured Notes 3.00 % 90,000 90,000 August 2031 Senior Unsecured Notes 4.08 % 50,000 50,000 November 2031 Senior Unsecured Notes 2.81 % 175,000 175,000 August 2032 Senior Unsecured Notes 3.09 % 100,000 100,000 November 2032 Senior Unsecured Notes 5.06 % 200,000 200,000 May 2033 Senior Unsecured Notes 3.10 % 55,000 55,000 October 2033 Senior Unsecured Notes 6.73 % 50,000 50,000 November 2033 Senior Unsecured Notes 2.96 % 125,000 125,000 2036 Senior Unsecured Notes 3.06 % 75,000 75,000 Fixed Rate Mortgages payable 3.61 % 222,228 222,757 Total principal 3,295,228 3,668,757 Unamortized debt issuance costs and debt premium, net (9,681) (10,552) Total debt $ 3,285,547 $ 3,658,205 (1) Represents the effective interest rate as of March 31, 2024. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.
Schedule of Future Debt Maturities	Based on existing debt agreements in effect as of March 31, 2024, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (dollars in thousands): Year Ending December 31, Scheduled Principal and Maturity Payments Amortization of Premium and Unamortized Debt Issuance Costs Total Remainder of 2024 $ 166,435 $ (2,378) $ 164,057 2025 327,185 (2,185) 325,000 2026 377,322 (1,840) 375,482 2027 355,369 (1,230) 354,139 2028 385,624 (990) 384,634 2029 487,789 (380) 487,409 Thereafter 1,195,504 (678) 1,194,826 $ 3,295,228 $ (9,681) $ 3,285,547

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of the Computation of Basic and Diluted Earnings Per Common Share	The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023 (dollars in thousands, except per share amounts): Three Months Ended 2024 2023 Earnings per common share - basic and diluted Numerator Net income $ 95,088 $ 40,392 Net income attributable to noncontrolling interests (36,061) (11,433) Net income attributable to National Storage Affiliates Trust 59,027 28,959 Distributions to preferred shareholders (5,110) (3,962) Distributed and undistributed earnings allocated to participating securities (13) (17) Net income attributable to common shareholders - basic 53,904 24,980 Effect of assumed conversion of dilutive securities 35,218 11,305 Net income attributable to common shareholders - diluted $ 89,122 $ 36,285 Denominator Weighted average shares outstanding - basic 80,236 89,499 Effect of dilutive securities: Weighted average OP units outstanding 37,633 38,736 Weighted average DownREIT OP unit equivalents outstanding 2,120 2,120 Weighted average LTIP units outstanding 128 76 Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents 18,031 18,191 Weighted average shares outstanding - diluted 138,148 148,622 Earnings per share - basic $ 0.67 $ 0.28 Earnings per share - diluted $ 0.65 $ 0.24

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Interest Rate Swap Derivatives Measured at Fair Value	Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands): Fair Value Number of Contracts Notional Amount Other Assets, net Interest Rate Swap Liabilities As of March 31, 2024 Interest Rate Swaps 14 $ 1,230,000 $ 37,218 $ — As of December 31, 2023 Interest Rate Swaps 17 $ 1,335,000 $ 29,610 $ 3,450 The following table presents the effect of our derivative instruments on our consolidated financial statements (dollars in thousands): Fair value at December 31, 2022 $ 50,983 Gains on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (7,761) Unrealized losses on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) (12,953) Fair value at March 31, 2023 $ 30,269 Fair value at December 31, 2023 $ 26,160 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (9,355) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) 20,413 Fair value at March 31, 2024 $ 37,218
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following table presents the carrying value and estimated fair value of our fixed rate private placement notes and mortgages (dollars in thousands): Carrying Value (1) Fair Value March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Liabilities Private Placement Notes $ 1,600,000 $ 1,600,000 $ 1,412,658 $ 1,417,147 Mortgage Notes 222,228 222,757 208,835 211,480 (1) Carrying value represents the principal balance outstanding

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details) storage_unit in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2024 ft² property storage_unit state metropolitan_statistical_area
Schedule of Equity Method Investments [Line Items]
Number of top metropolitan statistical areas for focus of operations \| metropolitan_statistical_area	100
Number of self storage properties	1,050
Number of states in which self storage properties are located \| state	42
Total rentable square feet in self storage properties \| ft²	68.7
Self storage properties	476
Self storage properties, remaining	333
Number of units in real estate property \| storage_unit	542
Consolidated properties
Schedule of Equity Method Investments [Line Items]
Number of self storage properties	809
Number of states in which self storage properties are located \| state	38
Total rentable square feet in self storage properties \| ft²	51.9
Number of storage units \| storage_unit	407
Unconsolidated properties \| Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties	241
Number of states in which self storage properties are located \| state	24
Total rentable square feet in self storage properties \| ft²	16.7
Number of units in real estate property \| storage_unit	135
Unconsolidated properties \| Joint Venture \| 2018 Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties	104
Number of states in which self storage properties are located \| state	17
Total rentable square feet in self storage properties \| ft²	7.8
Number of units in real estate property \| storage_unit	64
Company's equity interest in unconsolidated real estate ventures (percent)	25%
Unconsolidated properties \| Joint Venture \| 2016 Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties	81
Number of states in which self storage properties are located \| state	13
Total rentable square feet in self storage properties \| ft²	5.7
Number of units in real estate property \| storage_unit	47
Company's equity interest in unconsolidated real estate ventures (percent)	25%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) property partnership	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 03, 2023 USD ($)	Jan. 02, 2023 USD ($)
Variable Interest Entity [Line Items]
Constructive receipts under debt financings	$ 240,000	$ 325,815
Constructive payments under debt financings	$ 613,401	$ 232,459
Number of self storage properties \| property	1,050
Net book value of real estate owned	$ 4,877,930		$ 4,917,815
Carrying value of fixed rate mortgages	$ 3,295,228		3,668,757
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of partnerships considered to be VIEs \| partnership	22
Number of self storage properties \| property	49
Net book value of real estate owned	$ 415,900		418,900
Revision of Prior Period, Adjustment
Variable Interest Entity [Line Items]
Constructive receipts under debt financings	129,800
Constructive payments under debt financings	129,800
Mortgages \| Fixed Rate Mortgages payable
Variable Interest Entity [Line Items]
Carrying value of fixed rate mortgages	222,228		222,757
Mortgages \| Fixed Rate Mortgages payable \| VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value of fixed rate mortgages	188,700		$ 188,700
Line of Credit \| Credit Facility
Variable Interest Entity [Line Items]
Maximum borrowing capacity	$ 1,825,000			$ 1,955,000	$ 405,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Tenant Insurance and Tenant Warranty Protection Plan Revenues
Disaggregation of Revenue [Line Items]
Revenue	$ 5,600,000	$ 5,500,000
Retail Products and Supplies
Disaggregation of Revenue [Line Items]
Revenue	500,000	600,000
Property Management, Call Center, and Platform Fees
Disaggregation of Revenue [Line Items]
Revenue	$ 4,300,000	4,200,000
Property management fees as percent of monthly gross revenues and net sales revenue of unconsolidated real estate venture assets	6%
Platform fees per unconsolidated real estate venture property per month	$ 1,250
Call center fees as percent of monthly gross revenues and net sales revenue of unconsolidated real estate venture assets	1%
Property Management, Call Center, and Platform Fees \| 2024 Joint Venture
Disaggregation of Revenue [Line Items]
Property management fees as percent of monthly gross revenues and net sales revenue of unconsolidated real estate venture assets	4%
Acquisition Fees
Disaggregation of Revenue [Line Items]
Revenue	$ 0	0
Tenant Warranty Protection or Tenant Insurance
Disaggregation of Revenue [Line Items]
Revenue	$ 4,700,000	$ 2,800,000
Percent of total warranty protection plan proceeds received per unconsolidated real estate venture property	50%

SHAREHOLDERS' EQUITY AND NONC_3

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Mar. 15, 2023	Feb. 27, 2019 USD ($) $ / shares	Mar. 31, 2024 USD ($) property $ / shares shares	Mar. 31, 2023 shares	Dec. 31, 2023 $ / shares	Dec. 01, 2023 USD ($)	Jul. 11, 2022 USD ($)	May 19, 2021 USD ($)
Class of Stock [Line Items]
Common shares of beneficial interest, par value (in dollars per share) \| $ / shares		$ 0.01	$ 0.01		$ 0.01
Authorized amount \| $						$ 275	$ 400
Repurchase of common shares (in shares)			5,491,925,000
Stock repurchased \| $			$ 203.5
Number of self storage properties \| property			1,050
Common Shares
Class of Stock [Line Items]
Repurchase of common shares (in shares)			5,491,925	1,622,874
Redemptions/conversions of units (in shares)			72,802	67,431
Series B Preferred Shares \| NSA OP, LP
Class of Stock [Line Items]
Preferred share/unit dividend rate (percent)	6%
Preferred units stated value (in dollars per share) \| $ / shares			$ 25
Series A-1 preferred units \| NSA OP, LP
Class of Stock [Line Items]
Preferred share/unit dividend rate (percent)			6%
Unit conversion ratio			1
OP units \| NSA OP, LP
Class of Stock [Line Items]
Unit conversion ratio			1
Redemptions/conversions of units (in shares)			10,417
OP units \| NSA OP, LP \| Common Shares
Class of Stock [Line Items]
Redemptions/conversions of units (in shares)			72,802
OP units \| NSA OP, LP \| Asset Acquisition From Retiredment Of Move It
Class of Stock [Line Items]
Issuance of shares/units (in shares)			43,556
OP units \| DownREIT Partnership
Class of Stock [Line Items]
Unit conversion ratio			1
Subordinated performance units
Class of Stock [Line Items]
Time frame prior to conversion for conversion metric (in years)			1 year
Percentage of cash available for distribution used in conversion ratio calculation			110%
Subordinated performance units \| NSA OP, LP
Class of Stock [Line Items]
Unit conversion, lock out period (in years)			2 years
Subordinated performance units \| NSA OP, LP \| Asset Acquisition From Retiredment Of Move It
Class of Stock [Line Items]
Redemptions/conversions of units (in shares)			23,690
Subordinated performance units \| DownREIT Partnership
Class of Stock [Line Items]
Unit conversion ratio			1
Minimum conversion period (in years)			5 years
LTIP units \| NSA OP, LP
Class of Stock [Line Items]
Unit conversion ratio			1
Issuance of shares/units (in shares)			143,304
Conversion of units (in shares)			62,330
Series A preferred shares \| NSA OP, LP
Class of Stock [Line Items]
Preferred units cash redemption price (in dollars per share) \| $ / shares			$ 25
At The Market Program
Class of Stock [Line Items]
Value of common and preferred shares authorized under ATM program \| $		$ 250						$ 400
Preferred share/unit dividend rate (percent)		6%
Value of remaining available offered shares \| $			$ 169.1					$ 31
At The Market Program \| Common Shares of Beneficial Interest, $0.01 par value per share
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			0

SHAREHOLDERS' EQUITY AND NONC_4

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Equity Interests (Details) - shares	Mar. 31, 2024	Dec. 31, 2023
Partnership Subsidiaries
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	53,959,142	53,879,191
Series A-1 preferred units \| NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	1,212,340	1,212,340
OP units \| NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	37,658,350	37,635,683
OP units \| DownREIT Partnership
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	2,120,491	2,120,491
Subordinated performance units \| NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	7,967,581	7,991,271
Subordinated performance units \| DownREIT Partnership
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	4,133,474	4,133,474
LTIP units \| NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	866,906	785,932

SELF STORAGE PROPERTIES (Detail

SELF STORAGE PROPERTIES (Details) - USD ($) $ in Thousands	3 Months Ended
SELF STORAGE PROPERTIES (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 1,035,562		$ 1,035,562
Buildings and improvements	4,750,848		4,746,105
Furniture and equipment	11,243		10,507
Total self storage properties	5,797,653		5,792,174
Less accumulated depreciation	(919,723)		(874,359)
Self storage properties, net	4,877,930		$ 4,917,815
Depreciation expense related to self storage properties	$ 45,400	$ 52,100

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Narrative (Details) storage_unit in Thousands, $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) ft² property storage_unit state	Dec. 31, 2023 USD ($) extension_period
Schedule of Equity Method Investments [Line Items]
Number of self storage properties \| property	1,050
Number of states in which self storage properties are located \| state	42
Rentable square feet in self storage properties \| ft²	68.7
Investment in unconsolidated real estate ventures	$ 240,025	$ 211,361
Number of units in real estate property \| storage_unit	542
2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 210,000
Company's equity interest in unconsolidated real estate ventures (percent)	6.05%
Real estate investments, joint ventures, maturity period	5 years
2023 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures, maturity period		24 months
Number of extension periods \| extension_period		2
Extension period		6 months
Joint Venture \| 2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 140,800
2024 NSA Member \| 2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 35,200
Company's equity interest in unconsolidated real estate ventures (percent)	25%
2024 JV Investor \| 2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 105,600
Company's equity interest in unconsolidated real estate ventures (percent)	75%
Number of self storage properties \| property	56
Number of states in which self storage properties are located \| state	7
Rentable square feet in self storage properties \| ft²	3.2
Number of storage units \| storage_unit	24
2023 JV Members \| 2023 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		75%
Investment in unconsolidated real estate ventures		$ 400,000
2023 NSA Member \| 2023 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		25%
Unconsolidated properties \| Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties \| property	241
Number of states in which self storage properties are located \| state	24
Rentable square feet in self storage properties \| ft²	16.7
Number of units in real estate property \| storage_unit	135
Unconsolidated properties \| Joint Venture \| 2018 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)	25%
Number of self storage properties \| property	104
Number of states in which self storage properties are located \| state	17
Rentable square feet in self storage properties \| ft²	7.8
Number of units in real estate property \| storage_unit	64
Unconsolidated properties \| Joint Venture \| 2016 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)	25%
Number of self storage properties \| property	81
Number of states in which self storage properties are located \| state	13
Rentable square feet in self storage properties \| ft²	5.7
Number of units in real estate property \| storage_unit	47

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Condensed Financial Position (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Self storage properties	$ 5,797,653	$ 5,792,174
Less accumulated depreciation	(919,723)	(874,359)
Self storage properties, net	4,877,930	4,917,815
Other assets	130,015	134,002
Total assets	5,366,865	5,931,811
LIABILITIES AND EQUITY
Debt financing	3,285,547	3,658,205
Equity	1,947,072	2,125,841	$ 2,405,074	$ 2,389,014
Total liabilities and equity	5,366,865	5,931,811
Joint Venture \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
ASSETS
Self storage properties	2,543,250	2,200,522
Less accumulated depreciation	(386,720)	(369,412)
Self storage properties, net	2,156,530	1,831,110
Other assets	42,052	37,826
Total assets	2,198,582	1,868,936
LIABILITIES AND EQUITY
Debt financing	1,212,507	1,003,223
Other liabilities	27,871	28,333
Equity	958,204	837,380
Total liabilities and equity	$ 2,198,582	$ 1,868,936

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Condensed Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Total revenue	$ 196,148	$ 207,993
Property operating expenses	(54,694)	(56,483)
Depreciation and amortization	(47,331)	(55,458)
Interest expense	(38,117)	(37,948)
Net income attributable to National Storage Affiliates Trust	59,027	28,959
Joint Venture \| Equity Method Investment, Nonconsolidated Investee or Group of Investees
Related Party Transaction [Line Items]
Total revenue	56,096	53,752
Property operating expenses	(17,603)	(15,049)
Supervisory, administrative and other expenses	(3,658)	(3,529)
Depreciation and amortization	(18,206)	(17,883)
Interest expense	(12,100)	(10,411)
Acquisition and other expenses	(59)	(232)
Net income attributable to National Storage Affiliates Trust	$ 4,470	$ 6,648

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) property
Asset Acquisition [Line Items]
Net gain on disposition	$ 61.2
Third Party
Asset Acquisition [Line Items]
Self storage property disposed \| property	39
Net proceeds from sale	$ 265.1
Joint Venture
Asset Acquisition [Line Items]
Self storage property disposed \| property	56
Net proceeds from sale	$ 343.7

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables:
Trade, net	$ 8,742	$ 9,842
Interest rate swaps	37,218	29,610
Prepaid expenses and other	9,002	14,743
Corporate furniture, equipment and other, net	2,699	2,659
Goodwill	8,182	8,182
Total	130,015	134,002
Related Party
Receivables:
Trade, net	4,235	7,784
Receivables from unconsolidated real estate ventures	4,943	4,446
Customer in-place leases
Other Assets
Intangibles	562	1,609
Accumulated amortization	886	3,263
Management contract
Other Assets
Intangibles	13,702	14,049
Accumulated amortization	7,124	6,777
Tenant reinsurance intangible
Other Assets
Intangibles	31,879	32,227
Accumulated amortization	4,187	3,839
Trade names
Receivables:
Trade names	$ 8,851	$ 8,851

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Customer in-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1	$ 2.5
Management contract
Finite-Lived Intangible Assets [Line Items]
Amortization expense	0.3	0.3
Tenant reinsurance intangible
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.3	$ 0.3

DEBT FINANCING - Debt Summary (

DEBT FINANCING - Debt Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 3,295,228	$ 3,668,757
Unamortized debt issuance costs and debt premium, net	(9,681)	(10,552)
Total debt	$ 3,285,547	3,658,205
Line of Credit \| Revolving line of credit \| Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	6.71%
Principal amount	$ 138,000	381,000
Unsecured debt \| 2028 Term loan facility
Debt Instrument [Line Items]
Interest rate (percent)	4.62%
Principal amount	$ 75,000	75,000
Unsecured debt \| April 2029 Term loan facility
Debt Instrument [Line Items]
Interest rate (percent)	4.27%
Principal amount	$ 100,000	100,000
Unsecured debt \| June 2029 Term loan facility
Debt Instrument [Line Items]
Interest rate (percent)	5.37%
Principal amount	$ 285,000	285,000
Unsecured debt \| May 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.16%
Principal amount	$ 35,000	35,000
Unsecured debt \| October 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.46%
Principal amount	$ 65,000	65,000
Unsecured debt \| July 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	5.75%
Principal amount	$ 120,000	120,000
Unsecured debt \| October 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.55%
Principal amount	$ 100,000	100,000
Unsecured debt \| 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.98%
Principal amount	$ 100,000	100,000
Unsecured debt \| August 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.99%
Principal amount	$ 150,000	150,000
Unsecured debt \| October 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.66%
Principal amount	$ 35,000	35,000
Unsecured debt \| November 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.72%
Principal amount	$ 75,000	75,000
Unsecured debt \| May 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3%
Principal amount	$ 90,000	90,000
Unsecured debt \| August 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	4.08%
Principal amount	$ 50,000	50,000
Unsecured debt \| November 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.81%
Principal amount	$ 175,000	175,000
Unsecured debt \| August 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.09%
Principal amount	$ 100,000	100,000
Unsecured debt \| November 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	5.06%
Principal amount	$ 200,000	200,000
Unsecured debt \| May 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.10%
Principal amount	$ 55,000	55,000
Unsecured debt \| October 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.73%
Principal amount	$ 50,000	50,000
Unsecured debt \| November 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.96%
Principal amount	$ 125,000	125,000
Unsecured debt \| 2036 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.06%
Principal amount	$ 75,000	75,000
Unsecured debt \| Term loan B \| Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	2.95%
Principal amount	$ 145,000	275,000
Unsecured debt \| Term loan C \| Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	2.93%
Principal amount	$ 325,000	325,000
Unsecured debt \| Term loan D \| Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	3.96%
Principal amount	$ 275,000	275,000
Unsecured debt \| Term loan E \| Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	4.79%
Principal amount	$ 130,000	130,000
Mortgages \| Fixed Rate Mortgages payable
Debt Instrument [Line Items]
Interest rate (percent)	3.61%
Principal amount	$ 222,228	$ 222,757

DEBT FINANCING - Narrative (Det

DEBT FINANCING - Narrative (Details) - Credit Facility - USD ($) $ in Millions	Mar. 31, 2024	Jan. 03, 2023	Jan. 02, 2023
Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,825	$ 1,955	$ 405
Borrowing capacity expansion	2,370
Revolving line of credit \| Revolving line of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	950
Revolving line of credit remaining borrowing capacity	805.6
Term loan B \| Unsecured debt
Debt Instrument [Line Items]
Maximum borrowing capacity	145
Term loan C \| Unsecured debt
Debt Instrument [Line Items]
Maximum borrowing capacity	325
Term loan D \| Unsecured debt
Debt Instrument [Line Items]
Maximum borrowing capacity	275
Term loan E \| Unsecured debt
Debt Instrument [Line Items]
Maximum borrowing capacity	130
Letter of credit \| Revolving line of credit
Debt Instrument [Line Items]
Letters of credit outstanding	$ 6.4

DEBT FINANCING - Future Debt Ob

DEBT FINANCING - Future Debt Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Scheduled Principal and Maturity Payments
Remainder of 2024	$ 166,435
2025	327,185
2026	377,322
2027	355,369
2028	385,624
2029	487,789
Thereafter	1,195,504
Total principal	3,295,228	$ 3,668,757
Amortization of Premium and Unamortized Debt Issuance Costs
Remainder of 2024	(2,378)
2025	(2,185)
2026	(1,840)
2027	(1,230)
2028	(990)
2029	(380)
Thereafter	(678)
Total amortization of premium and unamortized debt issuance costs	(9,681)
Total
Remainder of 2024	164,057
2025	325,000
2026	375,482
2027	354,139
2028	384,634
2029	487,409
Thereafter	1,194,826
Total debt	$ 3,285,547	$ 3,658,205

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator
Net income	$ 95,088	$ 40,392
Net income attributable to noncontrolling interests	(36,061)	(11,433)
Net income attributable to National Storage Affiliates Trust	59,027	28,959
Distributions to preferred shareholders	(5,110)	(3,962)
Distributed and undistributed earnings allocated to participating securities	(13)	(17)
Net income attributable to common shareholders - basic	53,904	24,980
Effect of assumed conversion of dilutive securities	35,218	11,305
Net income attributable to common shareholders - diluted	$ 89,122	$ 36,285
Denominator
Weighted average shares outstanding - basic (in shares)	80,236	89,499
Effect of dilutive securities:
Weighted average OP units outstanding (in shares)	37,633	38,736
Weighted average DownREIT OP unit equivalents outstanding (in shares)	2,120	2,120
Weighted average LTIP units outstanding (in shares)	128	76
Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents (in shares)	18,031	18,191
Weighted average shares outstanding - diluted (in shares)	138,148	148,622
Earnings per share - basic (in dollars per share)	$ 0.67	$ 0.28
Earnings per share - diluted (in dollars per share)	$ 0.65	$ 0.24

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Mar. 31, 2024 shares
NSA OP, LP And DownREIT Partnership \| Subordinated performance units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Minimum conversion period (in years)	2 years
NSA OP, LP \| OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
NSA OP, LP \| LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
DownREIT Partnership \| OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
DownREIT Partnership \| Subordinated performance units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Minimum conversion period (in years)	5 years
LTIP units with vesting based on service or market condition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity interests excluded from computation of diluted earnings per share (in shares)	562,792
LTIP units with vesting based on future acquisitions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity interests excluded from computation of diluted earnings per share (in shares)	208,400

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Payroll and related costs reimbursed to the PROs by the Company	$ 54,694	$ 56,483
Supervisory and Administrative Fee Agreement \| Affiliate \| Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Administrative expense	5,100	5,200
Payroll Services \| Management \| Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Payroll and related costs reimbursed to the PROs by the Company	$ 6,900	$ 6,500
Minimum \| Supervisory and Administrative Fee Agreement \| Management \| Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Supervisory and administrative fee agreement of gross revenue, percent	5%
Maximum \| Supervisory and Administrative Fee Agreement \| Management \| Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Supervisory and administrative fee agreement of gross revenue, percent	6%

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Swap Derivatives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) contract	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) contract
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward]
Gains on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	$ (9,314)	$ (7,761)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)	$ 20,413	(12,953)
Interest Rate Swap \| Designated as Hedging Instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Contracts \| contract	14		17
Notional Amount	$ 1,230,000		$ 1,335,000
Fair value, other assets, net	37,218		29,610
Fair value, interest rate swap liabilities	0		$ 3,450
Interest Rate Swap \| Level 2 \| Designated as Hedging Instrument
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward]
Fair value at beginning of period	26,160	50,983
Gains on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	(9,355)	(7,761)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)	20,413	(12,953)
Fair value at end of period	$ 37,218	$ 30,269

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
	Mar. 24, 2023	Mar. 31, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 16, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months		$ 25,000
Designated as Hedging Instrument \| Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount		1,230,000		$ 1,335,000
Designated as Hedging Instrument \| Interest Rate Swap \| Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount		$ 1,230,000		$ 1,335,000
Weighted average remaining term		2 years 10 months 6 days
Weighted average fixed rate (percent)		2.62%
Designated as Hedging Instrument \| Forward Starting Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 25,000				$ 50,000
Realized gain (loss), cash flow hedge			$ 1,600
Derivative term (in years)	10 years
Designated as Hedging Instrument \| Forward Starting Swaps \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate					3.25%

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private Placement Notes	$ 1,600,000	$ 1,600,000
Mortgage Notes	222,228	222,757
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private Placement Notes	1,412,658	1,417,147
Mortgage Notes	$ 208,835	$ 211,480