{"filings":[{"id":94120,"accession_number":"0001628280-26-030498","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2026-05-05T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q1 net income $27.7M (EPS $0.16), Core FFO $0.57; same-store NOI +2.0%; merger with PSA on track for Q3 2026","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $27.7M (diluted EPS $0.16) vs $19.5M ($0.10) in Q1 2025, +41.8%.","Core FFO per share $0.57, up 5.6% YoY; same-store NOI +2.0% driven by expense reduction of 3.9%.","Same-store occupancy 84.5% at Mar 31 (up 70 bps YoY); subsequent occupancy 84.9% at Apr 30.","Acquired one property for $10.4M and sold three for $20.6M during Q1; sold additional three for $5.7M post-quarter.","Merger with Public Storage valued at ~$10.5B enterprise; expected to close Q3 2026 subject to shareholder vote."],"consensus_eps_estimate":null,"consensus_eps_actual":0.16,"consensus_revenue_estimate":null,"consensus_revenue_actual":185401000.0,"consensus_period":"2026-Q1","consensus_source":"xbrl_only","sentiment":"positive","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":106258,"accession_number":"0001104659-26-029067","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2026-03-17T23:59:59+00:00","items":["1.01","5.02","9.01"],"status":"ready","headline":"Public Storage to acquire National Storage Affiliates Trust; exchange ratio 0.1400 PSA/NSA share","summary_kind":"llm","event_type":"m_and_a","confidence":"high","bullets":["Each NSA common share to be exchanged for 0.1400 Public Storage share; preferred shares converted to equivalent PSA preferred shares.","Dropdown JV formed with ~$3.2B assets contributed by Partnership, ~$2.2B debt; 80% held by NSA limited partners via aggregator.","Termination fee of $201.97M payable by NSA under certain circumstances.","Key shareholders (David Cramer, Arlen Nordhagen, Tamara Fischer) support deal via Election and Support Agreements.","NSA capped at $0.57/share quarterly dividend during interim period; deal expected to close by Dec 16, 2026 pending approvals."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.98,"calibrated_materiality_score":0.98,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":106257,"accession_number":"0001104659-26-027957","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2026-03-16T23:59:59+00:00","items":["7.01","9.01"],"status":"ready","headline":"Public Storage to acquire National Storage Affiliates for ~$10.5B all-stock deal","summary_kind":"llm","event_type":"m_and_a","confidence":"high","bullets":["All-stock transaction at 0.14 PSA shares per NSA share, implied price $41.68 per NSA share.","Enterprise value of ~$10.5B; expected close Q3 2026, subject to NSA shareholder approval.","313 properties (19.6M rentable sq ft) to form JV with NSA OP unitholders owning ~80%.","Expected run-rate synergies of $110M-$130M; transaction accretive to FFO per share within first year.","Public Storage arranges $4.0B committed financing from Goldman Sachs and Wells Fargo."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":1.0,"calibrated_materiality_score":1.0,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":106256,"accession_number":"0001628280-26-011627","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2026-02-25T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q4 2025 net income $36.8M (+40.8% YoY); Core FFO per share $0.57 (-5.0% YoY)","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $36.8M, diluted EPS $0.23 vs $0.15 in Q4 2024; full-year net income $116.3M (-36.6% YoY).","Core FFO $77.4M ($0.57/share), down 5.0% per share from Q4 2024; full-year Core FFO $2.23/share (-8.6%).","Same store NOI -0.7% (revenue -0.7%, expenses -0.8%); period-end occupancy 84.0% (-70 bps YoY).","Q4 sold 3 wholly-owned properties for ~$23.8M; after quarter-end sold 3 for ~$21.1M and acquired 1 for ~$10.4M.","Management reports sequential revenue improvement, narrowed occupancy gap, bullish for 2026."],"consensus_eps_estimate":null,"consensus_eps_actual":0.69,"consensus_revenue_estimate":null,"consensus_revenue_actual":752929000.0,"consensus_period":"2025-FY","consensus_source":"xbrl_only","sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":122559,"accession_number":"0001628280-25-048227","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2025-11-03T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q3 net income down 2.5% to $29M; Core FFO falls 8.1% per share; same-store NOI -5.7%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $29.0M ($0.17 diluted EPS) vs $29.8M ($0.18) Q3 2024; Core FFO $76.5M ($0.57/share) down 8.1% YoY.","Same-store NOI decreased 5.7% as revenues fell 2.6% and expenses rose 4.9%; occupancy 84.5% (-140 bps).","Acquired two self-storage properties for ~$32M via unconsolidated JV during Q3; completed Moove In to iStorage rebranding.","Subsequent to Q-end: formed IRE Joint Venture; NSA commits 75% preferred equity with 10% annual return."],"consensus_eps_estimate":null,"consensus_eps_actual":0.46,"consensus_revenue_estimate":null,"consensus_revenue_actual":565898000.0,"consensus_period":"2025-Q3","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":139250,"accession_number":"0001618563-25-000018","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2025-08-04T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q2 core FFO $0.55/share (-11.3% YoY); same-store NOI down 6.1%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $31.0M (-4.1% YoY); diluted EPS $0.19 vs $0.16.","Core FFO $74.4M ($0.55/share), down 11.3% per share vs Q2 2024.","Same-store occupancy 85.0% (down 220 bp); total revenue -3.0% YoY.","Acquired ~$11.4M in wholly-owned properties; agreed to sell ten for ~$66.5M.","Revised guidance cited soft demand, supply pressure, and concession use."],"consensus_eps_estimate":null,"consensus_eps_actual":0.29,"consensus_revenue_estimate":null,"consensus_revenue_actual":377196000.0,"consensus_period":"2025-Q2","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":156810,"accession_number":"0001628280-25-025872","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2025-05-15T23:59:59+00:00","items":["5.07"],"status":"ready","headline":"NSA shareholders elect 11 trustees, ratify KPMG, approve say-on-pay at 2025 annual meeting","summary_kind":"llm","event_type":"other","confidence":"high","bullets":["Turnout of 69,955,167 shares (91.5% of outstanding) at May 12, 2025 meeting.","All 11 trustee nominees elected; Michael J. Schall and Warren W. Allan received the most votes against (6.7M and 6.3M respectively).","Ratification of KPMG LLP as auditor: 69,540,256 for, 271,181 against, 143,730 abstain.","Advisory vote on executive compensation approved: 60,933,299 for, 4,334,674 against, 170,872 abstain, with 4,516,322 broker non-votes."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.15,"calibrated_materiality_score":0.15,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":156809,"accession_number":"0001628280-25-022164","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2025-05-05T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q1 net income $19.5M (-79.5%), Core FFO $0.54 (-10%), same-store NOI -5.7%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $19.5M, diluted EPS $0.10 vs $0.65 YoY; Core FFO $73.4M, $0.54/share (-10%).","Same-store NOI -5.7% (revenues -3.0%, expenses +3.7%); occupancy 83.6% (-240 bps).","Acquired 3 self-storage properties for ~$13.5M in Q1 2025.","Management sees sequential improvement, but economic uncertainty remains."],"consensus_eps_estimate":null,"consensus_eps_actual":0.1,"consensus_revenue_estimate":null,"consensus_revenue_actual":188354000.0,"consensus_period":"2025-Q1","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":175221,"accession_number":"0001628280-25-008129","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2025-02-26T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q4 net income plunges 75.8%; Core FFO per share down 11.8% to $0.60","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Q4 net income $26.1M vs $108.1M YoY; diluted EPS $0.15 vs $0.72","Core FFO per share $0.60 (down 11.8% YoY); same store NOI fell 7.5%","Same store period-end occupancy 84.4%, down 140 bps from Dec 2023","Full year net income $183.3M (-22.7%); Core FFO per share $2.44 (-9.3%)","Acquired 4 wholly-owned storage properties for ~$39.6M in Q4; repurchased 7.4M shares for $275.2M in FY2024"],"consensus_eps_estimate":null,"consensus_eps_actual":1.18,"consensus_revenue_estimate":null,"consensus_revenue_actual":770335000.0,"consensus_period":"2024-FY","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":175220,"accession_number":"0001628280-25-005425","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2025-02-13T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"Director Rebecca Steinfort not standing for re-election at May 12, 2025 annual meeting","summary_kind":"llm","event_type":"other","confidence":"high","bullets":["Rebecca L. Steinfort informed Board on Feb 13, 2025 she will not stand for re-election at May 12, 2025 annual meeting.","Board size will decrease from 12 to 11 trustees effective after the annual meeting.","Decision not due to any dispute or disagreement with Company's operations, policies or practices."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.2,"calibrated_materiality_score":0.2,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":175219,"accession_number":"0001628280-25-000736","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2025-01-07T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"National Storage Affiliates promotes John Esbenshade to CAO; Togashi resigns","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["John Esbenshade promoted to chief accounting officer, effective Jan 1, 2025.","Esbenshade retains his existing roles as senior vice president and controller.","Brandon S. Togashi resigned from his position as chief accounting officer.","Esbenshade joined NSA in 2019; previously VP at Prologis and manager at Deloitte."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.2,"calibrated_materiality_score":0.2,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":192162,"accession_number":"0001628280-24-049922","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-12-04T23:59:59+00:00","items":["5.02","9.01"],"status":"ready","headline":"NSA grants 111,646 LTIP units to five executives linked to internalization","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Tamara Fischer (18,781 units), David Cramer (37,561), Brandon Togashi (23,302), William Cowan (22,607), Tiffany Kenyon (8,695).","Vesting: 40% time-based (Dec 2, 2026) and 60% performance-based (Dec 2, 2025) on three metrics.","Performance metrics: $7.5M annualized G&A savings, store platform transition by June 2025, and Project Sunrise internalization completion.","Awards are one-time transaction grants for executive work on internalizing former participating regional operators."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.35,"calibrated_materiality_score":0.35,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":192161,"accession_number":"0001628280-24-048505","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-11-19T23:59:59+00:00","items":["8.01","9.01"],"status":"ready","headline":"National Storage Affiliates Trust enters $400M at-the-market equity program","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Up to $400M of common shares may be sold through agents or forward sale agreements.","Proceeds contributed to operating partnership for debt repayment, acquisitions, and working capital.","Sales agreement with 13 agents includes BofA, BMO, Citigroup, J.P. Morgan, Morgan Stanley, and others.","Commission or forward price reduction not to exceed 2.0% of gross sales price.","Replaces prior open market sales agreement; shares sold at prevailing market prices on NYSE."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.6,"calibrated_materiality_score":0.6,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":192160,"accession_number":"0001628280-24-047883","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-11-14T23:59:59+00:00","items":["8.01"],"status":"ready","headline":"National Storage Affiliates Trust authorizes $350M common share repurchase program","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Board approved new share repurchase program on Nov 14, 2024 for up to $350M of common shares.","Repurchases may occur via open market or privately negotiated transactions under securities laws.","Timing and amount depend on market conditions, share price, and legal requirements.","Program can be suspended or discontinued at any time without notice.","Management will determine execution based on evaluation of factors."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"positive","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":192159,"accession_number":"0001628280-24-044315","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-10-30T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q3 net income $29.8M (-30.9% YoY); Core FFO $0.62 (-7.5%); same-store NOI -5.3%","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $29.8M, diluted EPS $0.18 (vs $0.26); Core FFO $83.9M, $0.62/share.","Same-store NOI fell 5.3% YoY, revenue -3.5%, expenses +1.2%; occupancy 85.6% (-270 bps).","Issued $350M senior unsecured notes at 5.6% avg rate, 7.6yr maturity in private placement.","Unconsolidated venture bought 18 properties for ~$147.9M; NSA contributed ~$37M.","Completed PRO internalization July 1, 2024; converted 11.9M subordinated units to 17.98M OP units."],"consensus_eps_estimate":null,"consensus_eps_actual":1.03,"consensus_revenue_estimate":null,"consensus_revenue_actual":580217000.0,"consensus_period":"2024-Q3","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.8,"calibrated_materiality_score":0.8,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":208643,"accession_number":"0001628280-24-037397","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-08-15T23:59:59+00:00","items":["5.02"],"status":"ready","headline":"NSA director Mark Van Mourick resigns; Warren Allan elected to board and audit committee","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Van Mourick resigned Aug 15, 2024, effective immediately; no dispute with the company.","Board elected Warren Allan (66), former President of Optivest, to fill vacancy and serve on Audit Committee.","Allan received ~$2.9M cash and 209,333 OP units (~$8.4M value) from Optivest asset acquisition.","Supervisory & admin fees paid to Optivest: $4.8M (2023), $2.7M (Jan-Jul 2024); expense reimbursements $7.2M and $4.3M.","Allan's share of those fees: ~$1.7M (2023) and ~$1.0M (2024); expense reimbursements $2.5M and $1.5M."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.45,"calibrated_materiality_score":0.45,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":208642,"accession_number":"0001628280-24-034798","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-08-05T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q2 net income down 29%; Core FFO per share falls 8.8% YoY","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $32.3M, down 29% YoY; diluted EPS $0.16 vs $0.28.","Core FFO $71.2M ($0.62/share), down 8.8% per share YoY.","Same store NOI fell 5.6%; revenue -2.8%, expenses +4.8%; occupancy 87.0% (-280 bps).","Completed internalization of PRO structure on July 1; repaid $145M Term Loan B on July 29.","Joint venture acquired 5 properties for ~$71.9M; NSA contributed $18M."],"consensus_eps_estimate":null,"consensus_eps_actual":0.85,"consensus_revenue_estimate":null,"consensus_revenue_actual":386596000.0,"consensus_period":"2024-Q2","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":208641,"accession_number":"0001628280-24-031370","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-07-08T23:59:59+00:00","items":["1.02","8.01","3.02"],"status":"ready","headline":"National Storage Affiliates completes internalization of PRO structure; pays $32.6M cash and issues 1.5M OP units","summary_kind":"llm","event_type":"m_and_a","confidence":"high","bullets":["Closed internalization of participating regional operator (PRO) structure on July 1, 2024.","Paid $32.6 million cash and issued 1,548,866 Class A OP units to PROs for management contracts, IP, and tenant insurance.","Converted 11,906,167 subordinated performance units into 17,984,787 Class A OP and DownREIT OP units; also repurchased 194,888 sub units for cash.","Consideration for management contracts based on 4x normalized annual EBITDA from each PRO's managed portfolio (12 months ended Dec 2023).","Transition of majority of operations expected over 12 months post-closing; new temporary management agreements with some PROs."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":226373,"accession_number":"0001628280-24-030490","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-06-28T23:59:59+00:00","items":["1.01","5.02","9.01"],"status":"ready","headline":"COO Derek Bergeon mutually departs NSA; receives $157,500 severance, LTIP vesting","summary_kind":"llm","event_type":"leadership","confidence":"high","bullets":["Derek Bergeon, EVP & COO, mutually terminated effective June 25, 2024; receives 6 months base salary ($157,500) and ~$10,000 COBRA subsidy.","Unvested performance-based LTIP units (8,126) vest at target; time-based LTIP units (5,765) also fully vest.","Non-solicitation for 12 months; released from non-compete; subject to non-disparagement and confidentiality.","No successor named; Bergeon signed general release of claims in favor of NSA."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":226372,"accession_number":"0001628280-24-026303","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-06-03T23:59:59+00:00","items":["1.01","9.01"],"status":"ready","headline":"NSA to internalize PRO structure; subordinated units converted to Class A OP units effective July 1, 2024","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["All 12,101,055 outstanding subordinated performance units to convert into 18,219,589 Class A OP units on July 1, 2024.","Fourth Amended and Restated LPA removes all references to PRO structure, including subordinated units and PRO-related provisions.","NSA negotiating to acquire PRO assets (management contracts, IP, brands, tenant insurance) for cash or additional Class A OP units.","Supervisory and administrative fees to PROs will cease; interim management agreements at new fees expected over 12-month transition.","Conversion ratio uses formula in each series' partnership unit designation; adjustment factor remains 1.0."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":226371,"accession_number":"0001628280-24-024023","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-05-17T23:59:59+00:00","items":["5.02","9.01"],"status":"ready","headline":"Shareholders approve 2024 Equity Incentive Plan authorizing 3.25M common shares","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Plan approved at May 13, 2024 annual meeting; effective immediately.","3,250,000 common shares reserved for issuance under the plan.","Plan allows options, SARs, restricted shares, RSUs, LTIP units, and other equity awards.","Plan expires May 13, 2034, unless terminated earlier by Board."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.3,"calibrated_materiality_score":0.3,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":226370,"accession_number":"0001628280-24-023775","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-05-16T23:59:59+00:00","items":["5.07"],"status":"ready","headline":"NSA shareholders elect 12 trustees, ratify KPMG, approve say-on-pay and 2024 equity plan","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["All 12 trustee nominees elected with 58M to 64M votes for each; quorum 91.63%.","KPMG ratified as auditor for FY2024 with 71.2M for, 277k against.","Advisory say-on-pay approved with 61.7M for, 2.7M against; future votes set for every year.","2024 Equity Incentive Plan approved with 61.8M for, 2.6M against.","Board adopts annual frequency for advisory votes on executive compensation per shareholder preference."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.3,"calibrated_materiality_score":0.15,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":226367,"accession_number":"0001628280-24-020613","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K/A","filed_at":"2024-05-06T23:59:59+00:00","items":["2.02","8.01","9.01"],"status":"ready","headline":"NSA reports Q1 net income $95.1M, Core FFO $0.60 (down 9.1% YoY); corrects Q3 2023 same-store data","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $95.1M (up 135.4% YoY); diluted EPS $0.65 vs $0.24.","Core FFO $72.4M or $0.60 per share, down 9.1% per share from Q1 2023.","Same store NOI decreased 3.7%; same store period-end occupancy 85.9%, down 350 bps YoY.","Repurchased 5.49M common shares for ~$203.5M in Q1; additional 1.91M shares for $71.6M subsequent to quarter-end.","Clerical error corrected: Q3 2023 same store rental revenue and NOI in schedules 7 & 8 understated by $3.6M."],"consensus_eps_estimate":null,"consensus_eps_actual":0.65,"consensus_revenue_estimate":null,"consensus_revenue_actual":196148000.0,"consensus_period":"2024-Q1","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.65,"calibrated_materiality_score":0.65,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":226369,"accession_number":"0001628280-24-019600","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-05-01T23:59:59+00:00","items":["2.02","9.01"],"status":"ready","headline":"NSA Q1 net income up 135% to $95.1M but core FFO down 9.1% per share","summary_kind":"llm","event_type":"earnings","confidence":"high","bullets":["Net income $95.1M, diluted EPS $0.65, up 135% YoY.","Core FFO per share $0.60, down 9.1% YoY; same-store NOI fell 3.7%.","Period-end occupancy 85.9%, down 350 bps YoY; revenue down 1.5%, expenses up 4.5%.","Repurchased 5.49M shares for ~$203.5M in Q1; additional 1.91M shares for ~$71.6M post-quarter.","Completed sale of 71 wholly-owned properties for ~$540M; contributed 56 properties to new JV with Heitman (25% NSA stake)."],"consensus_eps_estimate":null,"consensus_eps_actual":0.65,"consensus_revenue_estimate":null,"consensus_revenue_actual":196148000.0,"consensus_period":"2024-Q1","consensus_source":"xbrl_only","sentiment":"negative","materiality_score":0.75,"calibrated_materiality_score":0.75,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null},{"id":226368,"accession_number":"0001628280-24-017385","cik":1618563,"company_name":"National Storage Affiliates Trust","ticker":"NSA","form_type":"8-K","filed_at":"2024-04-23T23:59:59+00:00","items":["9.01"],"status":"ready","headline":"NSA files legal opinion from Clifford Chance US LLP as Exhibit 5.1","summary_kind":"llm","event_type":"other_material","confidence":"high","bullets":["Item 9.01 filed with opinion of Clifford Chance US LLP and consent.","No material operational, financial, or strategic updates provided.","Routine filing related to securities matters; no new business events."],"consensus_eps_estimate":null,"consensus_eps_actual":null,"consensus_revenue_estimate":null,"consensus_revenue_actual":null,"consensus_period":null,"consensus_source":null,"sentiment":"neutral","materiality_score":0.05,"calibrated_materiality_score":0.05,"market_cap_usd":5764434353.60487,"market_cap_bucket":"not_microcap","market_cap_source":"finnhub_profile2","market_cap_as_of_date":"2026-05-28","daily_digest_date":null,"daily_digest_url":null,"daily_digest_rank":null}],"next_cursor":null}