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National Storage Affiliates Trust
National Storage Affiliates Trust launched in 2013 as a pure-play self-storage REIT, founded by storage industry veterans Arlen Nordhagen and David...
National Storage Affiliates Trust
National Storage Affiliates Trust launched in 2013 as a pure-play self-storage REIT, founded by storage industry veterans Arlen Nordhagen and David Cramer. The firm completed its initial public offering in 2015, using the proceeds to accelerate a roll-up strategy that combined dozens of independent storage operators into a single, publicly traded platform. By 2024, the portfolio exceeded 1,000 properties serving roughly 70,000 customers, concentrated primarily in Sunbelt and Western US markets. The firm focuses exclusively on self-storage real estate, with assets spanning stabilized, lease-up, and expansion properties. NSA grows through acquisitions of both portfolios and single assets, structured as tax-efficient UPREIT transactions that allow seller-operators to defer capital gains. The external management model integrates participating regional operators who continue to run their facilities locally, aligning incentives through equity ownership in NSA operating units. Significant holdings include clusters in Texas, Colorado, and the Pacific Northwest. NSA employed approximately 500 professionals as of late 2023, with a headquarters in Greenwood Village, Colorado. The firm maintains a lean corporate structure, relying on its network of regional operators for day-to-day property management. In April 2024, the board promoted David Cramer to CEO, with Nordhagen moving to Executive Chairman — formalizing a succession that had been in progress since Cramer joined as CFO at the IPO in 2015. NSA's structural distinction is its participating regional operator model, which departs from the centralized, wholly-integrated approach of peers like Public Storage or Extra Space. Each operator retains local brand identity and operating autonomy while contributing to a consolidated financial reporting entity — delivering public-market liquidity without full operational consolidation.
General information
Firm type
Asset Manager
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Greenwood Village
Corporate office
Greenwood Village, CO, United States
Principals
David Cramer
President and Chief Executive Officer
Arlen Nordhagen
Executive Chairman
Sector focus
Frequently asked questions
How does NSA source its acquisition pipeline?
NSA sources acquisitions primarily through its network of participating regional operators, who maintain deep local market relationships and identify off-market portfolio and single-asset deals. The proprietary network provides deal flow that is less competitive than broadly marketed transactions, with operator equity alignment incentivizing them to bring accretive opportunities to the platform.
Who runs investment decisions at National Storage Affiliates Trust?
David Cramer has led investment and capital allocation decisions as President and now CEO, working alongside a board that includes Executive Chairman Arlen Nordhagen. The firm operates with a centralized capital allocation function in Greenwood Village, Colorado, while acquisition sourcing and asset-level operating decisions remain distributed among the regional operator teams.
Is NSA structured as a single family office or does it operate more like a traditional REIT?
NSA is a publicly traded REIT listed on the New York Stock Exchange under the ticker 'NSA'. It is not a family office or privately held entity. The firm is owned by public shareholders, with its participating regional operators retaining minority stakes through operating partnership units in the UPREIT structure.
Which geographic markets does NSA concentrate on?
NSA concentrates its portfolio in Sunbelt and Western US markets, with significant density in Texas, Colorado, the Pacific Northwest, and the Southeast. The firm targets high-growth markets with favorable demographic trends, limited new supply, and fragmented owner-operator landscapes suitable for consolidation.
How is NSA's management structure different from competitors like Public Storage?
NSA uses an external management model with participating regional operators, each retaining local brand names and operational control, unlike Public Storage which is a fully integrated, centrally managed operator. The NSA model gives sellers ongoing equity participation and operational autonomy, creating a distinct acquisition proposition for independent storage entrepreneurs seeking liquidity without losing their operating business.
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