National Storage Affiliates Trust (NSA) 10-K 28 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 2023
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 3.1
Entity Common Stock, Shares Outstanding		79,977,268
Documents Incorporated by Reference	Portions of the registrant's definitive proxy statement for its annual meeting of shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0001618563
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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 Preferred Stock
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

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Denver, Colorado
Auditor Firm ID	185

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Real estate
Self storage properties	$ 5,792,174	$ 6,391,572
Less accumulated depreciation	(874,359)	(772,661)
Self storage properties, net	4,917,815	5,618,911
Cash and cash equivalents	64,980	35,312
Restricted cash	22,713	6,887
Debt issuance costs, net	8,442	1,393
Investment in unconsolidated real estate ventures	211,361	227,441
Other assets, net	134,002	156,228
Asset held for sale	550,199	0
Operating lease right-of-use assets	22,299	23,835
Total assets	5,931,811	6,070,007
Liabilities
Debt financing	3,658,205	3,551,179
Accounts payable and accrued liabilities	92,766	80,377
Interest rate swap liabilities	3,450	483
Operating lease liabilities	24,195	25,741
Deferred revenue	27,354	23,213
Total liabilities	3,805,970	3,680,993
Commitments and contingencies (Note 12)
Equity
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 82,285,995 and 89,842,145 shares issued and outstanding at December 31, 2023 and 2022, respectively	823	898
Additional paid-in capital	1,509,563	1,777,984
Distributions in excess of earnings	(449,907)	(396,650)
Accumulated other comprehensive income	21,058	40,530
Total shareholders' equity	1,422,188	1,648,201
Noncontrolling interests	703,653	740,813
Total equity	2,125,841	2,389,014
Total liabilities and equity	5,931,811	6,070,007
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 Stock
Equity
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference	$ 115,212	$ 0

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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, issued (in shares)	82,285,995	89,842,145
Common shares of beneficial interest, outstanding (in shares)	82,285,995	89,842,145
Series A Preferred Shares
Preferred shares of beneficial interest, par 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, issued (in shares)	9,017,588	9,017,588
Preferred shares of beneficial interest, outstanding (in shares)	9,017,588	9,017,588
Series B Preferred Stock
Preferred shares of beneficial interest, par value (in dollars per share)	$ 0.01
Preferred shares of beneficial interest, authorized (in shares)	7,000,000
Preferred shares of beneficial interest, issued (in shares)	5,668,128
Preferred shares of beneficial interest, outstanding (in shares)	5,668,128

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
REVENUE
Rental revenue	$ 793,966	$ 748,814	$ 541,547
Total revenue	858,063	801,569	585,671
OPERATING EXPENSES
Property operating expenses	228,986	211,025	155,265
General and administrative expenses	59,281	59,311	51,001
Depreciation and amortization	221,993	233,158	158,312
Other	11,108	8,537	2,853
Total operating expenses	521,368	512,031	367,431
OTHER (EXPENSE) INCOME
Interest expense	(166,147)	(110,599)	(72,062)
Loss on early extinguishment of debt	(758)	0	0
Equity in earnings of unconsolidated real estate ventures	7,553	7,745	5,294
Acquisition costs	(1,659)	(2,745)	(1,941)
Non-operating expense	(1,016)	(951)	(906)
Gain on sale of self storage properties	63,910	5,466	0
Other expense	(98,117)	(101,084)	(69,615)
Income before income taxes	238,578	188,454	148,625
Income tax expense	(1,590)	(4,689)	(1,690)
Net income	236,988	183,765	146,935
Net income attributable to noncontrolling interests	(80,319)	(80,028)	(41,682)
Net income attributable to National Storage Affiliates Trust	156,669	103,737	105,253
Distributions to preferred shareholders	(19,019)	(13,425)	(13,104)
Net income attributable to common shareholders	$ 137,650	$ 90,312	$ 92,149
EARNINGS PER SHARE
Earnings per share - basic (in dollars per share)	$ 1.58	$ 0.99	$ 1.13
Earnings per share - diluted (in dollars per share)	$ 1.48	$ 0.99	$ 0.98
Weighted average shares outstanding - basic (in shares)	86,846	91,239	81,195
Weighted average shares outstanding - diluted (in shares)	146,023	91,239	134,538
Other property-related revenue
REVENUE
Revenue	$ 29,686	$ 25,131	$ 19,750
Management fees and other revenue
REVENUE
Revenue	$ 34,411	$ 27,624	$ 24,374

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 236,988	$ 183,765	$ 146,935
Other comprehensive income (loss)
Unrealized gain on derivative contracts	10,893	82,418	23,558
Realized loss on derivative contracts	(1,643)	0	0
Reclassification of other comprehensive (income) loss to interest expense	(35,605)	2,315	20,578
Other comprehensive (loss) income	(26,355)	84,733	44,136
Comprehensive income	210,633	268,498	191,071
Comprehensive income attributable to noncontrolling interests	(71,649)	(104,826)	(54,940)
Comprehensive income attributable to National Storage Affiliates Trust	$ 138,984	$ 163,672	$ 136,131

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	OP Units, Subordinated Performance Units, And Series A-1 Preferred Units	OP units	Series A-1 preferred units	Preferred Shares	Common Shares	Common Shares OP units	Additional Paid-in Capital	Additional Paid-in Capital OP units	Distribution in Excess of Earnings	Accumulated Other Comprehensive (Loss) Income	Accumulated Other Comprehensive (Loss) Income OP units	Noncontrolling Interests	Noncontrolling Interests OP Units, Subordinated Performance Units, And Series A-1 Preferred Units	Noncontrolling Interests OP units	Noncontrolling Interests Internalization of PRO, net of offering costs	Noncontrolling Interests Series A-1 preferred units
Beginning balances, preferred stock (in shares) at Dec. 31, 2020					8,732,719
Beginning balances at Dec. 31, 2020	$ 1,430,475				$ 218,318	$ 713		$ 1,050,714		$ (251,704)	$ (49,084)		$ 461,518
Beginning balances, common stock (in shares) at Dec. 31, 2020						71,293,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OP units, subordinated performance units and Series A-1 preferred units, net of offering costs		$ 195,099	$ 6,661											$ 195,099	$ 6,661
Redemption of Series A-1 preferred units (in shares)					4,000
Redemptions of Series A-1 preferred units	0				$ 100								(100)
Redemptions of OP units (in shares)						700,326
Redemptions of OP units	0					$ 7		10,283			(316)		(9,974)
Issuance of common shares, net of offering costs (in shares)						19,196,216
Issuance of common shares, net of offering costs	900,980					$ 192		900,788
Issuance of restricted common shares	103												103
Effect of changes in ownership for consolidated entities	0							(95,238)			(1,089)		96,327
Equity-based compensation expense	5,462							380					5,082
Issuance of restricted common shares (in shares)						29,248
Vesting and forfeitures of restricted common shares, net (in shares)						(19,978)
Vesting and forfeitures of restricted common shares, net	(154)							(154)
Preferred share dividends	(13,104)									(13,104)
Common share dividends	(131,708)									(131,708)
Distributions to noncontrolling interests	(102,430)												(102,430)
Other comprehensive income (loss)	44,136										30,878		13,258
Net income	146,935									105,253			41,682
Ending balances, preferred stock (in shares) at Dec. 31, 2021					8,736,719
Ending balances at Dec. 31, 2021	2,482,455				$ 218,418	$ 912		1,866,773		(291,263)	(19,611)		707,226
Ending Beginning balances, common stock (in shares) at Dec. 31, 2021						91,198,929
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OP units, subordinated performance units and Series A-1 preferred units, net of offering costs		$ 68,899												68,899
Internalization of PRO, net of offering costs	3,217															$ 3,217
Redemption of Series A-1 preferred units (in shares)					280,869
Redemptions of Series A-1 preferred units	0				$ 7,021								(7,021)
Redemptions of OP units (in shares)						627,896
Redemptions of OP units	0					$ 6		11,026			33		(11,065)
Repurchase of common shares (in shares)						(1,986,175)
Repurchase of common shares	(90,109)					$ (20)		(90,089)
Effect of changes in ownership for consolidated entities	0							(9,975)			173		9,802
Equity-based compensation expense	6,258							410					5,848
Issuance of restricted common shares (in shares)						10,405
Vesting and forfeitures of restricted common shares, net (in shares)						(8,910)
Vesting and forfeitures of restricted common shares, net	(161)							(161)
Preferred share dividends	(13,425)									(13,425)
Common share dividends	(195,699)									(195,699)
Distributions to noncontrolling interests	(140,919)												(140,919)
Other comprehensive income (loss)	84,733										59,935		24,798
Net income	183,765									103,737			80,028
Ending balances, preferred stock (in shares) at Dec. 31, 2022					9,017,588
Ending balances at Dec. 31, 2022	$ 2,389,014				$ 225,439	$ 898		1,777,984		(396,650)	40,530		740,813
Ending Beginning balances, common stock (in shares) at Dec. 31, 2022	89,842,145					89,842,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
OP units, subordinated performance units and Series A-1 preferred units, net of offering costs	$ 67,266			$ 750										$ 67,266			$ 750
Issuance of preferred shares (in shares)					5,668,128
Issuance of preferred shares	$ 113,129				$ 115,212			(2,083)
Redemptions of OP units (in shares)							1,275,854
Redemptions of OP units			$ 0				$ 13		$ 19,240			$ 514			$ (19,767)
Repurchase of common shares (in shares)	(8,836,639)					(8,836,639)
Repurchase of common shares	$ (310,152)					$ (88)		(310,064)			0		0
Effect of changes in ownership for consolidated entities	0							24,373			(2,301)		(22,072)
Equity-based compensation expense	6,679
Issuance of restricted common shares (in shares)						12,856
Issuance of restricted common shares	0							0
Vesting and forfeitures of restricted common shares, net (in shares)						(8,221)
Vesting and forfeitures of restricted common shares, net	(306)							(306)
Preferred share dividends	(19,019)									(19,019)
Common share dividends	(190,907)							419		(190,907)			6,260
Distributions to noncontrolling interests	(141,246)												(141,246)
Other comprehensive income (loss)	(26,355)										(17,685)		(8,670)
Net income	236,988									156,669			80,319
Ending balances, preferred stock (in shares) at Dec. 31, 2023					14,685,716
Ending balances at Dec. 31, 2023	$ 2,125,841				$ 340,651	$ 823		$ 1,509,563		$ (449,907)	$ 21,058		$ 703,653
Ending Beginning balances, common stock (in shares) at Dec. 31, 2023	82,285,995					82,285,995

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES
Net income	$ 236,988	$ 183,765	$ 146,935
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	221,993	233,158	158,312
Amortization of debt issuance costs	6,535	4,423	3,438
Amortization of debt discount and premium, net	(561)	(698)	(708)
Gain on sale of self storage properties	(63,910)	(5,466)	0
Other	969	992	0
Equity-based compensation expense	6,679	6,258	5,462
Equity in (earnings) of unconsolidated real estate ventures	(7,553)	(7,745)	(5,294)
Distributions from unconsolidated real estate ventures	23,635	23,535	19,640
Change in assets and liabilities, net of effects of self storage property acquisitions:
Other assets	1,226	(10,206)	(3,159)
Accounts payable and accrued liabilities	12,228	16,519	8,404
Deferred revenue	3,347	(688)	(1,681)
Net Cash Provided by Operating Activities	441,576	443,847	331,349
INVESTING ACTIVITIES
Acquisition of self storage properties	(48,725)	(496,358)	(1,966,382)
Capital expenditures	(34,230)	(42,798)	(27,577)
Investments in and advances to unconsolidated real estate ventures	0	(55,044)	0
Deposits and advances for self storage property and other acquisitions	0	0	(800)
Expenditures for corporate furniture, equipment and other	(1,318)	(928)	(426)
Acquisition of management company assets and interest in reinsurance company from PRO retirement	(16,924)	0	(2,865)
Net proceeds from sale of self storage properties	262,302	10,963	0
Net Cash Provided by (Used In) Investing Activities	161,105	(584,165)	(1,998,050)
FINANCING ACTIVITIES
Proceeds from issuance of common shares	0	0	900,980
Borrowings under debt financings	1,318,815	1,572,000	2,348,500
Receipts for OP unit subscriptions	0	0	103
Repurchase of common shares	(310,152)	(90,109)	0
Principal payments under debt financings	(1,210,630)	(960,372)	(1,322,169)
Payment of dividends to common shareholders	(190,907)	(195,699)	(131,708)
Payment of dividends to preferred shareholders	(19,019)	(13,425)	(13,104)
Distributions to noncontrolling interests	(141,474)	(141,000)	(102,231)
Debt issuance costs	(3,820)	(15,981)	(5,280)
Equity offering costs	0	(772)	(2,216)
Net Cash (Used in) Provided by Financing Activities	(557,187)	154,642	1,672,875
Increase in Cash, Cash Equivalents and Restricted Cash	45,494	14,324	6,174
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of year	42,199	27,875	21,701
End of year	87,693	42,199	27,875
Supplemental Cash Flow Information
Cash paid for interest	143,622	99,433	66,918
Supplemental Disclosure of Non-Cash Investing and Financing Activities
Issuance of Series A-1 preferred units, OP units, LTIP units, and subordinated performance units	67,266	72,116	195,101
Issuance of Series B preferred shares	113,129	0	0
Deposits on acquisitions applied to purchase price	0	800	1,087
Other net liabilities assumed	185	2,890	14,232
Change in accrued capital spending	$ 1,260	$ 57	$ (1,846)

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2023
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 MSAs in 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 December 31, 2023, which excludes self storage properties classified as held for sale consisting of (i) 39 self storage properties located in eight states, comprising approximately 2.4 million rentable square feet, configured in approximately 18,000 storage units to be sold to a third party in 2024 and (ii) 56 self storage properties located in seven states, comprising approximately 3.2 million rentable square feet, configured in approximately 24,000 storage units that were contributed to the 2024 Joint Venture in 2024. These properties are managed with local operational focus and expertise by the Company and its participating regional operators ("PROs"). As of December 31, 2023, these PROs are Optivest Properties LLC and its controlled affiliates ("Optivest"), Guardian Storage Centers LLC and its controlled affiliates ("Guardian"), Southern Storage Management Systems, Inc. d/b/a Southern Self Storage ("Southern"), Blue Sky Self Storage LLC, a strategic partnership between Argus Professional Storage Management and Uplift Development Group (formerly known as GYS Development LLC) ("Blue Sky"), affiliates of Investment Real Estate Management, LLC d/b/a Moove In Self Storage ("Moove In"), Hide-Away Storage Services, Inc. and its controlled affiliates ("Hide-Away"), Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"), and an affiliate of Shader Brothers Corporation d/b/a Personal Mini Storage ("Personal Mini"). Effective January 1, 2022, Northwest retired as one of the Company's PROs. As a result of the retirement, on January 1, 2022, management of our properties in the Northwest managed portfolio was transferred to the Company and the Northwest brand name and related intellectual property was internalized by the Company, and the Company discontinued payment of any supervisory and administrative fees or reimbursements to Northwest. Effective January 1, 2023, one of our PROs, Move It Self Storage and its controlled affiliates, retired as one of the Company's PROs. As a result of the retirement, on January 1, 2023, management of our properties in the Move It managed portfolio was transferred to the Company and the Move It brand name and related intellectual property was internalized by the Company, and the Company discontinued payment of any supervisory and administrative fees or reimbursements to Move It. As of December 31, 2023, the Company also managed through its property management platform an additional portfolio of 185 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 13.5 million rentable square feet, configured in approximately 111,000 storage units and located across 21 states. The Company owns a 25% equity interest in each of its unconsolidated real estate ventures. As of December 31, 2023, in total, the Company operated and held ownership interests in 1,050 self storage properties located across 42 states and Puerto Rico with approximately 68.6 million rentable square feet in approximately 542,000 storage units, excluding 39 self storage properties classified as held for sale located in eight states, comprising approximately 2.4 million rentable square feet, configured in approximately 18,000 storage units to be sold to a third party in 2024. Information with respect to the square feet and number of storage units in each of the notes is unaudited.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP"). Principles of Consolidation The Company's consolidated 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 December 31, 2023, the Company's operating partnership was the primary beneficiary of, and therefore consolidated, 22 DownREIT partnerships that are considered VIEs, which owned 49 self storage properties. The net book value of the real estate owned by these VIEs was $418.9 million and $412.9 million as of December 31, 2023 and December 31, 2022, 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 December 31, 2023 and December 31, 2022, respectively. The creditors of the consolidated VIEs do not have recourse to the Company's general credit. Noncontrolling Interests All of the limited partner equity interests ("OP equity") in its 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. In the 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 interests is adjusted is reflected as an adjustment to additional paid-in capital on the consolidated balance sheets. Self Storage Properties Self storage properties are carried at historical cost less accumulated depreciation and any impairment losses. Major replacements and betterments, which improve or extend the life of an asset, are capitalized. Expenditures for ordinary repairs and maintenance are expensed as incurred and are included in property operating expenses. Estimated depreciable lives of self storage properties are determined by considering the age and other indicators about the condition of the assets at the respective dates of acquisition, resulting in a range of estimated useful lives for assets within each category. All self storage property assets are depreciated using the straight-line method. Buildings and improvements are depreciated over estimated useful lives primarily between seven three When a self storage property is acquired, the purchase price of the acquired self storage property is allocated to land, buildings and improvements, furniture and equipment, customer in-place leases, assumed real estate leasehold interests, and other assets acquired and liabilities assumed, based on the estimated fair value of each component. When a portfolio of self storage properties is acquired, the purchase price is allocated to the individual self storage properties based on the fair value determined using an income approach with appropriate risk-adjusted capitalization rates, which take into account the relative size, age and location of the individual self storage properties. 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. Customer In-place Leases In allocating the purchase price for a self storage property acquisition, the Company determines whether the acquisition includes intangible assets. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of customer in-place leases. This intangible asset is amortized to expense using the straight-line method over 12 months, the estimated average rental period for the leases. Substantially all of the leases in place at acquired properties are at market rates, as the leases are month-to-month contracts. Impairment of Long-Lived Assets The Company evaluates long-lived assets for impairment when events and circumstances indicate that there may be impairment. When events or changes in circumstances indicate that the Company's long-lived assets may not be recoverable, the carrying value of these long-lived assets is compared to the undiscounted future net operating cash flows, plus a terminal value attributable to the assets. If an asset's carrying value is not considered recoverable, an impairment loss is recorded to the extent the net carrying value of the asset exceeds the fair value. For the periods presented, no assets were determined to be impaired under this policy. Long Lived Assets Held for Sale The Company considers long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell an asset (or group of assets), (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to be completed within one year, (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Typically these criteria are all met when the relevant asset is under contract, significant non-refundable deposits have been made by the potential buyer, the assets are immediately available for transfer, and there are no contingencies related to the sale that may prevent the transaction from closing. However, each potential transaction is evaluated based on its separate facts and circumstances. Assets classified as held for sale are reported at the lesser of carrying value or fair value less estimated costs to sell and are not depreciated. As of December 31, 2023, the Company had $550.2 million of self storage properties classified as held for sale, consisting of 39 self storage properties to be sold to a third party in 2024 and 56 self storage properties that were contributed to the 2024 Joint Venture in February 2024. The Company measured the self storage properties' fair value based on the contracted sale price and determined there was no impairment of these properties. There were no self storage properties held for sale as of December 31, 2022. Costs of Raising Capital Commissions, legal fees and other costs that are directly associated with equity offerings are capitalized as deferred offering costs, pending a determination of the success of the offering. Deferred offering costs related to successful offerings are charged to additional paid-in capital within equity in the period it is determined that the offering was successful. Debt issuance costs are amortized over the estimated life of the related debt using the straight-line method, which approximates the effective interest rate method. Amortization of debt issuance costs is included in interest expense in the accompanying consolidated statements of operations. 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 and sales of storage supplies 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 years ended December 31, 2023, 2022 and 2021, the Company recognized $24.1 million, $19.8 million and $15.0 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks and other retail merchandise at its properties. During the years ended December 31, 2023, 2022 and 2021, the Company recognized retail sales of $2.3 million, $2.6 million and $2.3 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, and a portion of tenant warranty protection or tenant insurance proceeds that the Company earns for managing and operating its unconsolidated real estate ventures. With respect to both the 2018 Joint Venture and the 2016 Joint Venture, 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 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. With respect to the 2016 Joint Venture only, the call center fees are equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture properties. During the years ended December 31, 2023, 2022 and 2021, the Company recognized property management fees, call center fees and platform fees of $16.8 million, $16.5 million and $14.8 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the Initial 2016 JV Portfolio and the Initial 2018 JV Portfolio. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture and the 2018 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the years ended December 31, 2023, 2022 and 2021, the Company recognized acquisition fees of $0, $1.2 million and $0.8 million, 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 both 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 years ended December 31, 2023, 2022 and 2021, the Company recognized $17.2 million, $9.5 million and $7.3 million, respectively, of revenue related to these activities. Advertising Costs The Company incurs advertising costs primarily attributable to internet, directory and other advertising. Advertising costs are included in property operating expenses in the accompanying consolidated statements of operations. These costs are expensed in the period in which the cost is incurred. The Company incurred advertising costs of $15.3 million, $10.0 million and $6.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Acquisition Costs The Company incurs title, legal and consulting fees, and other costs associated with the completion of acquisitions. The Company's self storage property acquisitions are accounted for as asset acquisitions, and accordingly, acquisition costs directly related to the self storage property acquisitions were capitalized as part of the basis of the acquired properties. Indirect acquisition costs remain included in acquisition costs in the accompanying consolidated statements of operations in the period in which they were incurred. Income Taxes The Company has elected and believes it has qualified to be taxed as a REIT under sections 856 through 860 of the U.S. Internal Revenue Code (the "Code") commencing with the taxable year ended December 31, 2015. To qualify as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its shareholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax on the earnings distributed currently to its shareholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain provisions set forth in the Code, all of the Company's taxable income would be subject to federal and state income taxes at regular corporate rates. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries ("TRS") for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its customers, facilitating sales by PROs of tenant insurance and holding assets that the Company is not permitted to hold directly. A TRS is subject to federal and state income taxes. On June 25, 2014, the Company formed NSA TRS, LLC ("NSA TRS"), a Delaware limited liability company. The Company has elected to treat NSA TRS as a TRS, and consequently, NSA TRS is subject to U.S. federal and state corporate income taxes. Deferred tax assets and liabilities are recognized to the extent of any differences between the financial reporting and tax bases of assets and liabilities. No material deferred tax assets and liabilities were recorded as of December 31, 2023 and 2022. The Company did not have any unrecognized tax benefits related to uncertain tax positions as of December 31, 2023 and 2022. Future amounts of accrued interest and penalties, if any, related to uncertain tax positions will be recorded as a component of income tax expense. The Company does not expect that the amount of unrecognized tax benefits will change significantly in the next 12 months. The Company's material taxing jurisdiction is the U.S. federal jurisdiction; the 2020 tax year is the earliest period that remains open to examination by these taxing jurisdictions. Earnings per Share Basic earnings per share is calculated based on the weighted average number of the Company's common shares of beneficial interest, $0.01 par value per share ("common shares"), outstanding during the period. Diluted earnings per share is calculated by further adjusting for the dilutive impact using the treasury stock method for any share options and unvested share equivalents outstanding during the period and the if-converted method for any convertible securities outstanding during the period. As more fully described below under " –Allocation of Net Income (Loss)" , the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, which 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. Equity-Based Awards The measurement and recognition of compensation cost for all equity-based awards granted to officers, trustees, employees and consultants is based on estimated fair values. Compensation cost is recognized on a straight-line basis over the requisite service periods of each award with non-graded vesting. For awards granted which contain a graded vesting schedule and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For awards granted for which vesting is subject to a performance condition, compensation cost is recognized over the requisite service period if and when the Company concludes it is probable that the performance condition will be achieved. The estimated fair value of all equity-based awards issued to PROs and their affiliates in connection with self storage property acquisitions is included in the cost of the respective acquisitions. The estimated fair value of such awards is measured at the date the self storage properties are acquired, as this date represents satisfaction of the performance condition and coincides with the award vesting. Derivative Financial Instruments The Company carries all derivative financial instruments on the consolidated balance sheet at fair value. Fair value of derivatives is determined by reference to observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. The Company's use of derivative instruments has been limited to interest rate swap and cap agreements. The fair values of derivative instruments are included in other assets and interest rate swap liabilities in the accompanying consolidated balance sheets. For derivative instruments not designated as cash flow hedges, the unrealized gains and losses are included in interest expense in the accompanying consolidated statements of operations. For derivatives designated as cash flow hedges, the effective portion of the changes in the fair value of the derivatives is initially reported in accumulated other comprehensive income (loss) in the Company's consolidated balance sheets and subsequently reclassified into earnings when the hedged transaction affects earnings. The valuation of interest rate swap and cap agreements is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. Fair Value Measurements When measuring fair value of financial instruments that are required to be recorded or disclosed at fair value, the Company uses a three-tier measurement hierarchy which prioritizes the inputs used to calculate fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. 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 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 ownership interest in the earnings (losses) of the unconsolidated real estate ventures. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its 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. Segment Reporting The Company manages its business as one reportable segment consisting of investments in self storage properties located in the United States. Although the Company operates in several markets, these operations have been aggregated into one reportable segment based on the similar economic characteristics among all markets. 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 operating partnership's 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 14. 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). 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. Goodwill Goodwill represents the costs of business acquisitions in excess of the fair value of identifiable net assets acquired. The Company evaluates goodwill for potential impairment annually, or whenever impairment indicators are present. The Company determined that there was no impairment to goodwill during the years ended December 31, 2023 and 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain amounts in the consolidated financial statements and related notes have been reclassified to conform to the current year presentation. Such reclassifications do not impact the Company's previously reported financial position or net income (loss). Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. Pursuant to this ASU, the footnotes to our consolidated financial statements will include incremental disclosures related to our single reportable segment, including the disclosures about our CODM’s review of our consolidated net operating income, the profit/loss measure of our single reportable segment and a reconciliation of consolidated net operating income to our consolidated net income. In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement ("ASU 2023-05"). ASU 2023-05 requires a joint venture, upon formation to measure its assets and liabilities at fair value in its standalone financial statements. A joint venture will recognize the difference between the fair value of its equity and the fair value of its identifiable assets and liabilities as goodwill (or an equity adjustment, if negative) using the business combination accounting guidance regardless of whether the net assets meet the definition of a business. ASU 2023-05 will be applied prospectively and is effective for all joint ventures formed on or after January 1, 2025. The Company is currently evaluating ASU 2023-05 and does not expect it to have a material effect on the Company's consolidated financial statements.

SHAREHOLDERS' EQUITY AND NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Shareholders' Equity Common Share Offering On July 23, 2021, the Company closed a follow-on public offering of 10,120,000 of its common shares, which included 1,320,000 common shares sold upon the exercise in full by the underwriters of their option to purchase additional common shares, at a public offering price of $51.25 per share. The Company received aggregate net proceeds from the offering of approximately $497.4 million after deducting the underwriting discount and additional expenses associated with the offering. Series A Preferred Shares The 6.000% cumulative redeemable preferred shares of beneficial interest ("Series A Preferred Shares") rank senior to the Company's common shares with respect to rights and rights upon its liquidation, dissolution or winding up. Dividends on the Series A Preferred Shares, which are payable quarterly in arrears, are cumulative from the date of original issuance in the amount of $1.50 per share each year. The Series A Preferred Shares became redeemable by the Company in October 2022 for a cash redemption price of $25.00 per share, plus accrued but unpaid dividends. Series B Preferred Shares On March 15, 2023, the Company classified 7,000,000 of the Company's authorized but unissued preferred shares of beneficial interest as 6.000% Series B Cumulative Redeemable Preferred Shares ("Series B Preferred Shares"). The Series B Preferred Shares rank senior to the Company’s common shares of beneficial interest, and on parity with the Company’s Series A Preferred Shares and any future equity shares that the Company may later authorize or issue and that by their terms are on parity with the Series B Preferred Shares, and junior to any other class of the Company’s shares expressly designated as ranking senior to the Series B Preferred Shares. The Series B Preferred Shares have a per share liquidation preference of $25.00 per share and receive distributions at an annual rate of 6.000%. These distributions are payable quarterly in arrears on or about the last day of March, June, September and December of each year, beginning on June 30, 2023. The first dividend was a pro rata dividend from and including March 16, 2023, to and including June 30, 2023. Generally, Series B Preferred Shares are not redeemable by the Company prior to September 15, 2043. On March 16, 2023, the Company issued 5,668,128 Series B Preferred Shares for approximately $139.6 million, to shareholders of an affiliate of Personal Mini, in connection with the acquisition of a portfolio of 15 properties. As part of the acquisition transaction, the Company recorded a $26.1 million promissory note receivable from an affiliate of Personal Mini. Proceeds from the promissory note were used by the affiliate of Personal Mini to acquire $26.1 million of subordinated performance units. The promissory note bears interest at a rate equivalent to the dividends paid on 1,059,683 of the Series B Preferred Shares. As a result of these agreements, in accordance with GAAP, the $26.1 million promissory note receivable, interest income on the note receivable, $26.1 million of Series B Preferred Shares value, and dividends on such Series B Preferred Shares have been offset in the accompanying consolidated balance sheets, statements of operations, and statements of changes in equity, resulting in a net amount presented as proceeds from the issuance of Series B Preferred Shares of $113.1 million. 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 $250.0 million of the Company's common shares and 6.000% 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 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 years ended December 31, 2023 and 2022, the Company did not sell any common shares through the ATM program. As of December 31, 2023, the Company had $169.1 million capacity remaining under its 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 year ended December 31, 2023, the Company repurchased 8,836,639 common shares for approximately $310.2 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 December 31, 2023 and 2022, units reflecting noncontrolling interests consisted of the following: December 31, 2023 2022 Series A-1 preferred units 1,212,340 712,208 OP units 37,635,683 35,737,281 Subordinated performance units 7,991,271 8,154,524 LTIP units 785,932 728,890 DownREIT units DownREIT OP units 2,120,491 1,924,918 DownREIT subordinated performance units 4,133,474 4,337,111 Total 53,879,191 51,594,932 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 Company's 6.000% Series A Preferred Shares or the issuance of 6.000% Series A Preferred Shares on a one-for-one basis, subject to adjustments. Generally, the Series A-1 preferred units become redeemable by the Company beginning ten years after the initial issuance of each Series A-1 preferred unit at a stated value of $25.00 per unit, plus accrued but unpaid distributions. The increase in Series A-1 preferred units outstanding from December 31, 2022 to December 31, 2023 was due to (i) 466,691 Series A-1 preferred units issued in connection with the acquisitions of self storage properties and (ii) the issuance of 33,441 Series A-1 preferred units in connection with the termination of a lease and the contribution of the development rights for vacant land owned by the Company at one of the Company’s self storage properties. 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 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, 2022 to December 31, 2023 was due to (i) 2,545,063 OP units issued upon the non-voluntary conversion of 926,623 subordinated performance units (as discussed further below) in connection with Move It's retirement, (ii) 481,811 OP units issued upon the voluntary conversion of 397,000 subordinated performance units, (iii) the conversion of 128,487 LTIP units into an equivalent number of OP units, partially offset by the redemption of 1,275,854 OP units for an equal number of common shares and (iv) the issuance of 18,895 OP units in connection with the acquisition of self storage properties. The increase in DownREIT OP units outstanding from December 31, 2022 to December 31, 2023 was due to 195,573 DownREIT OP units issued upon the voluntary conversion of 203,637 DownREIT subordinated performance units. 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, 2022 to December 31, 2023 was due to the conversion of 926,623 subordinated performance units into 2,545,063 OP units in connection with the retirement of Move It, and the voluntary conversion of 397,000 subordinated performance units into 481,811 OP units, partially offset by the issuance of 1,160,370 subordinated performance units for co-investment by the Company's PROs in connection with the acquisition of self storage properties. The decrease in DownREIT subordinated performance units outstanding from December 31, 2022 to December 31, 2023 was due to the voluntary conversion of 203,637 DownREIT subordinated performance units into 195,573 DownREIT 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. LTIP units do not have full parity with OP units with respect to liquidating distributions and may not receive ordinary distributions until such parity is reached pursuant to the terms of the LP Agreement. If such parity is reached under the LP Agreement, upon vesting, vested LTIP units may be converted into an equal number of OP units, and thereafter have all the rights of OP units, including redemption rights. See Note 9 for additional information about the Company's LTIP Units.

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
SELF STORAGE PROPERTIES	SELF STORAGE PROPERTIES Self storage properties, excluding properties classified as held for sale, are summarized as follows (dollars in thousands): December 31, 2023 2022 Land $ 1,035,562 $ 1,111,326 Buildings and improvements 4,746,105 5,269,383 Furniture and equipment 10,507 10,863 Total self storage properties 5,792,174 6,391,572 Less accumulated depreciation (874,359) (772,661) Self storage properties, net $ 4,917,815 $ 5,618,911

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	12 Months Ended
	Dec. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES 2024 Joint Venture Subsequent to December 31, 2023, 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. As discussed in Note 15, in February 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 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 consolidated statements of operations. As of December 31, 2023, the 2023 Joint Venture had not completed any acquisition activity and had no operations. 2018 Joint Venture As of December 31, 2023, 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"), in which the Company has a 25% ownership interest, owned and operated a portfolio of 104 self storage properties containing approximately 7.8 million rentable square feet, configured in over 64,000 storage units and located across 17 states. The 2018 Joint Venture acquired one self storage property for $6.6 million during the year ended December 31, 2022, which was combined and is being operated together with one of the 2018 Joint Venture's existing properties. The 2018 Joint Venture financed the acquisition with capital contributions from the 2018 Joint Venture members, of which the Company contributed $1.6 million for its 25% proportionate share. 2016 Joint Venture As of December 31, 2023, 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"), in which the Company has a 25% ownership interest, 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 2016 Joint Venture acquired seven self storage properties for $207.6 million during the year ended December 31, 2022, which are managed together with the 2016 Joint Venture's existing properties. The 2016 Joint Venture financed the acquisitions with capital contributions from the 2016 Joint Venture members, of which the Company contributed $51.9 million for its 25% proportionate share. The Company's investments in the 2018 Joint Venture and 2016 Joint Venture are accounted for using the equity method of accounting and are included in investment in unconsolidated real estate ventures in the Company’s consolidated balance sheets. The Company’s earnings from its investments in the 2018 Joint Venture and 2016 Joint Venture are presented in equity in earnings of unconsolidated real estate ventures on the Company’s consolidated statements of operations. The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of December 31, 2023 and December 31, 2022 (dollars in thousands): December 31, 2023 2022 ASSETS Self storage properties, net 1,831,110 1,891,203 Other assets 37,826 36,873 Total assets $ 1,868,936 $ 1,928,076 LIABILITIES AND EQUITY Debt financing 1,003,223 1,002,301 Other liabilities 28,333 23,808 Equity 837,380 901,967 Total liabilities and equity $ 1,868,936 $ 1,928,076 The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2023 2022 2021 Total revenue $ 214,292 $ 212,832 $ 187,861 Property operating expenses (59,740) (57,306) (50,829) Supervisory, administrative and other expenses (14,146) (13,955) (12,288) Depreciation and amortization (68,333) (68,289) (61,628) Interest expense (41,665) (41,657) (41,658) Acquisition and other expenses (459) (899) (511) Net income $ 29,949 $ 30,726 $ 20,947

SELF STORAGE PROPERTY ACQUISITI

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS	SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS Acquisitions The Company acquired 20 self storage properties and annexes to existing properties with an estimated fair value of $229.5 million during the year ended December 31, 2023 and 45 self storage properties with an estimated fair value of $569.2 million during the year ended December 31, 2022. Of these acquisitions, during the year ended December 31, 2023, 19 self storage properties with an estimated fair value of $199.3 million were acquired by the Company from its PROs. During the year ended December 31, 2022, five self storage properties with an estimated fair value of $55.7 million were acquired by the Company from its PROs. The self storage property acquisitions were accounted for as asset acquisitions and accordingly, during the years ended December 31, 2023 and 2022, $1.6 million and $3.7 million, respectively, of transaction costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company recognized the estimated fair value of the acquired assets and assumed liabilities on the respective dates of such acquisitions. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at estimated fair values of $4.8 million and $9.5 million during the years ended December 31, 2023 and 2022, respectively, resulting in a total fair value of $224.7 million and $559.7 million allocated to real estate during the years ended December 31, 2023 and 2022, respectively. The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2023 and 2022 (dollars in thousands): Acquisitions closed during the Three Months Ended: Summary of Investment Number of Properties Cash and Acquisition Costs Value of Equity (1) Other Liabilities/ (Other Assets) Total March 31, 2023 16 $ 9,920 $ 150,531 $ 85 $ 160,536 June 30, 2023 (2) — 8,167 5,577 34 13,778 September 30, 2023 2 13,666 16,370 78 30,114 December 31, 2023 2 16,972 8,062 (12) 25,022 Total 20 $ 48,725 $ 180,540 $ 185 $ 229,450 March 31, 2022 12 $ 76,027 $ 16,576 $ 332 $ 92,935 June 30, 2022 8 99,954 13,938 641 114,533 September 30, 2022 23 313,784 6,244 1,761 321,789 December 31, 2022 2 7,622 32,141 156 39,919 Total 45 $ 497,387 $ 68,899 $ 2,890 $ 569,176 (1) Value of OP equity represents the fair value of Series A-1 preferred units, Series B Preferred Shares, OP units, subordinated performance units, and LTIP units. (2) During the three months ended June 30, 2023, the Company acquired two annexes to existing properties. The results of operations for these self storage acquisitions are included in the Company's consolidated statements of operations beginning on the respective closing date for each acquisition. The accompanying consolidated statements of operations includes aggregate revenue of $12.3 million and operating expenses of $10.9 million related to the 20 self storage properties acquired during the year ended December 31, 2023. For the year ended December 31, 2022, the accompanying consolidated statements of operations includes aggregate revenue of $18.0 million and operating expenses of $19.8 million related to the 45 self storage properties acquired during such period. During the year ended December 31, 2023, in connection with the retirement of Move It as a PRO as discussed in Note 1 and Note 3, the Company acquired Move It's rights to its asset management agreements, the Move It brand, and other intellectual property for $4.7 million. Dispositions During the year ended December 31, 2023, the Company sold 32 self storage properties and an undeveloped land parcel for net proceeds of $262.3 million. The Company recorded a net gain on the dispositions of $63.9 million. For the year ended December 31, 2022, the Company disposed of two self storage properties and an undeveloped land parcel for net proceeds of $11.0 million. The Company recorded a net gain on the dispositions of $5.5 million. Assets Held for Sale As of December 31, 2023, the Company classified as held for sale 39 self storage properties to be sold to a third party in 2024 and 56 self storage properties that were contributed to the 2024 Joint Venture in 2024.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (dollars in thousands): December 31, 2023 2022 Customer in-place leases, net of accumulated amortization of $3,263 and $5,004, respectively $ 1,609 $ 5,090 Receivables: Trade, net 9,842 13,120 PROs and other affiliates 7,784 4,175 Receivable from unconsolidated real estate ventures 4,446 5,375 Interest rate swaps 29,610 51,466 Prepaid expenses and other 14,743 26,156 Corporate furniture, equipment and other, net 2,659 1,534 Trade name 8,851 7,442 Management contracts, net of accumulated amortization of $6,777 and $5,398, respectively 14,049 12,113 Tenant reinsurance intangible assets, net of accumulated amortization of $3,839 and $2,466, respectively 32,227 21,575 Goodwill 8,182 8,182 Total $ 134,002 $ 156,228 Amortization expense related to customer in-place leases amounted to $8.3 million, $34.4 million and $20.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. The Company measured the fair value of the trade name, which has an indefinite life and is not amortized, using the relief from royalty method at acquisition. The management contract assets and tenant reinsurance intangible assets are charged to amortization expense on a straight-line basis over 15 years and 25 years, respectively, which represent the time periods over which the majority of value was attributed in the Company’s discounted cash flow models. Amortization expense related to the management contracts amounted to $1.4 million, $1.2 million and $1.0 million for the years ended December 31, 2023, 2022 and 2021 respectively. Amortization expense related to the tenant reinsurance intangible assets amounted to $1.4 million, $1.0 million and $0.6 million for the years ended December 31, 2023, 2022 and 2021 respectively. Future Intangible Asset Amortization As of December 31, 2023, the estimated aggregate amortization expense for the Company's customer in-place leases, management contracts and tenant reinsurance intangible assets for the succeeding five years are as follows (in thousands): Year Ending December 31, Total Aggregate Estimated Amortization Expense 2024 $ 4,389 2025 2,779 2026 2,779 2027 2,779 2028 2,779 Thereafter 32,380 Total $ 47,885

DEBT FINANCING

DEBT FINANCING	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING The Company's outstanding debt as of December 31, 2023 and 2022 is summarized as follows (dollars in thousands): December 31, Interest Rate (1) 2023 2022 Credit Facility: Revolving line of credit 6.71% $ 381,000 $ 496,000 Term loan A —% — 125,000 Term loan B 3.28% 275,000 250,000 Term loan C 4.07% 325,000 225,000 Term loan D 4.05% 275,000 175,000 Term loan E 4.93% 130,000 125,000 2023 Term loan facility —% — 175,000 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 — July 2028 Senior Unsecured Notes 5.75% 120,000 — October 2028 Senior Unsecured Notes 6.55% 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 — 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 — 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% 222,757 299,570 Total principal 3,668,757 3,560,570 Unamortized debt issuance costs and debt premium, net (10,552) (9,391) Total debt $ 3,658,205 $ 3,551,179 (1) Represents the effective interest rate as of December 31, 2023. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. $25.0 million of Tranche B, $100.0 million of Tranche C, and $5.0 million of Tranche E are subject to variable interest rates, which is reflected in the effective interest rate. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings. Credit Facility 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 with an expansion feature to expand the total borrowing capacity to $2.5 billion. The maturity date of the revolving line of credit (the "Revolver") is now January 2027, while the total borrowing capacity of the Revolver was increased to $950.0 million from $650.0 million. In connection with the credit facility recast, the $125.0 million tranche A term loan facility (the "Term Loan A") due January 2023 was repaid by the Company, tranche B term loan facility (the "Term Loan B") increased from $250.0 million to $275.0 million, tranche C term loan facility (the "Term Loan C") increased from $225.0 million to $325.0 million, tranche D term loan facility (the "Term Loan D") increased from $175.0 million to $275.0 million, tranche E term loan facility (the "Term Loan E") increased from $125.0 million to $130.0 million, and the Company repaid the $175.0 million term loan facility due in June 2023. In connection with the credit facility recast, effective January 3, 2023, all of our LIBOR-based interest rate swaps were converted into SOFR-based interest rate swaps. The Revolver matures in January 2027; provided that the Company may elect up to two times to extend the maturity to January 2028 by paying an extension fee of 0.0625% of the total borrowing commitment thereunder at the time of extension and meeting other customary conditions with respect to compliance. The Term Loan B matures in July 2024, provided that the Company may elect to extend the maturity to January 2025 subject to certain conditions being met and payment of an extension fee of 0.0625% of the amount of the Term Loan B. The Term Loan C matures in January 2025, the Term Loan D matures in July 2026, and the Term Loan E matures in March 2027. The amended credit facility is not subject to any scheduled reduction or amortization payments prior to maturity. Interest rates applicable to loans under the credit facility are, as elected by the Company at the beginning of any applicable interest period, determined based on (i) a 1, 3 or 6 month Term SOFR period ("Term SOFR Loans") plus an applicable margin, (ii) an adjusted daily simple SOFR rate ("Daily Simple SOFR Loans", and together with Term SOFR Loans, "SOFR Loans") plus an applicable margin, or (iii) a base rate determined by the greatest of the Key Bank prime rate, the federal funds rate plus 0.50%, one month Term SOFR plus 1.00%, and 1.00% (“base rate loans”), plus an applicable margin. The applicable margins for the credit facility are leverage based and range from 1.10% to 1.80% for SOFR Loans and 0.10% to 0.80% for base rate loans; provided that after such time as the Company achieves an investment grade rating as defined in the credit facility, the Company may elect (but is not required to elect) (a “credit rating pricing election”) that the credit facility be subject to applicable margins ranging from 0.725% to 1.65% for SOFR Loans and 0.00% to 0.65% for base rate loans. The Company is also required to pay usage based fees ranging from 0.15% to 0.20% with respect to the unused portion of the Revolver; provided that if the Company makes a credit rating pricing election, the Company will be required to pay rating based fees ranging from 0.125% to 0.300% with respect to the entire Revolver in lieu of any usage based fees. The Company has entered into interest rate swap agreements which together with the Company's existing interest rate swap agreements, fix the interest rates through maturity for the Term Loan B, Term Loan C and Term Loan D. As of December 31, 2023, Term Loan B, Term Loan C, Term Loan D and Term Loan E had effective interest rates of 3.28%, 4.07%, 4.05% and 4.93% respectively. As of December 31, 2023, the Company had outstanding letters of credit totaling $6.4 million and would have had the capacity to borrow remaining Revolver commitments of $562.6 million while remaining in compliance with the credit facility's financial covenants described in the following paragraph. The Company was required to comply with the following financial covenants under the credit facility: • Maximum total leverage ratio not to exceed 60%, provided, however, the Company is permitted to maintain a ratio of up to 65% up to two (2) consecutive fiscal quarters immediately following the quarter in which a material acquisition (as defined in the credit facility) occurs • Minimum fixed charge coverage ratio of at least 1.5x • Maximum secured indebtedness not to exceed 40% of gross asset value • Maximum unsecured debt to unencumbered asset value ratio not to exceed 60%, provided, however, the Company shall be permitted to maintain a ratio of up to 65% up to two (2) consecutive fiscal quarters immediately following the quarter in which a material acquisition (as defined in the credit facility) occurs • Unencumbered adjusted net operating income to unsecured interest expense of at least 2.0x In addition, the terms of the credit facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. At December 31, 2023, the Company was in compliance with all such covenants. 2028 Term Loan Facility On December 21, 2018, the Company entered into a credit agreement with Huntington National Bank to make available a term loan facility that matures in December 2028 (the "2028 Term Loan Facility") in an aggregate amount of $75.0 million. The entire outstanding principal amount of, and all accrued but unpaid interest, is due on the maturity date. The Company has an expansion option under the 2028 Term Loan Facility, which, if exercised in full, would provide for a total 2028 Term Loan Facility in an aggregate amount of $125.0 million. Interest rates applicable to loans under the 2028 Term Loan Facility are payable during such periods as such loans are SOFR loans, at the applicable SOFR based on a 1, 3 or 6 month Term SOFR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin, and during the period that such loans are base rate loans, at the base rate under the 2028 Term Loan Facility in effect from time to time plus an applicable margin. The base rate under the 2028 Term Loan Facility is equal to the greatest of the Huntington National Bank prime rate, the federal funds rate plus 0.50% or one month Term SOFR plus 1.00%. The applicable margin for the 2028 Term Loan Facility is leverage-based and ranges from 1.80% to 2.35% for SOFR loans and 0.80% to 1.35% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the 2028 Term Loan Facility is subject to the rating based on applicable margins ranging from 1.40% to 2.25% for SOFR Loans and 0.40% to 1.25% for base rate loans. On January 2, 2019, the Company also entered into an interest rate swap agreement with a notional amount of $75.0 million that matures in December 2028 fixing the interest rate of the 2028 Term Loan Facility at an effective interest rate of 4.62%. The Company is required to comply with the same financial covenants under the 2028 Term Loan Facility as it is with the credit facility. In addition, the terms of the 2028 Term Loan Facility contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. April 2029 Term Loan Facility On April 24, 2019, the Company entered into a credit agreement with BMO Harris Bank N.A. to make available an unsecured term loan facility that matures in April 2029 (the "April 2029 Term Loan Facility") in an aggregate amount of $100.0 million. The entire outstanding principal amount of, and all accrued but unpaid interest, is due on the maturity date. Interest rates applicable to loans under the April 2029 Term Loan Facility are payable during such periods as such loans are SOFR loans, at the applicable SOFR based on a 1, 3 or 6 month Term SOFR period (as elected by the Company at the beginning of any applicable interest period) plus an applicable margin, and during the period that such loans are base rate loans, at the base rate under the April 2029 Term Loan Facility in effect from time to time plus an applicable margin. The base rate under the April 2029 Term Loan Facility is equal to the greatest of the BMO Harris Bank prime rate, the federal funds rate plus 0.50% or one month Term SOFR plus 1.00%. The applicable margin for the April 2029 Term Loan Facility is leverage-based and ranges from 1.85% to 2.30% for SOFR loans and 0.85% to 1.30% for base rate loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the 2029 Term Loan Facility be subject to rating-based margins ranging from 1.40% to 2.25% for SOFR Loans and 0.40% to 1.25% for base rate loans. On April 24, 2019, the Company also entered into an interest rate swap agreement with a notional amount of $100.0 million that matures in April 2029 fixing the interest rate of the April 2029 Term Loan Facility at an effective interest rate of 4.27%. The Company is required to comply with the same financial covenants under the April 2029 Term Loan Facility as it is with the credit facility and the 2028 Term Loan Facility. In addition, the terms of the April 2029 Term Loan Facility contain customary affirmative and negative covenants that are consistent with those contained in the 2028 Term Loan Facility, and, among other things, limit the Company's ability to make distributions, make certain investments, incur debt, incur liens and enter into certain transactions. June 2029 Term Loan Facility On June 24, 2022, the Company entered into a credit agreement with a syndicated group of lenders to make available a term loan facility that matures in June 2029 in an aggregate amount of $285.0 million, the entire amount of which was drawn on June 24, 2022. The outstanding principal amount, and all accrued but unpaid interest, is due on the maturity date. The June 2029 Term Loan Facility provides for an expansion of up to $15.0 million for a total amount of up to $300.0 million. Interest rates applicable to loans under the June 2029 Term Loan Facility are payable monthly in arrears on the first day of each month at either a base rate plus applicable margin or Term SOFR plus applicable margin. The base rate is the greater of (i) prime rate, (ii) 0.50% plus the Federal Funds Effective Rate, and (iii) 1.0% plus the adjusted term secured overnight financing rate ("SOFR"). The applicable margin for the June 2029 Term Loan Facility is leverage and credit rating-based and ranges from 0.55% to 1.2% for base rate loans and 1.55% to 2.2% for SOFR based loans; provided that after such time as the Company achieves an investment grade rating from at least two rating agencies, the Company may elect (but is not required to elect) that the June 2029 Term Loan Facility be subject to rating-based margins ranging from 0.075% to 1.2% for base rate loans and 1.075% to 2.2% for SOFR based loans. The Company is required to comply with the same financial covenants under the June 2029 Term Loan Facility as it does with the credit facility, the April 2029 Term Loan Facility, and the 2028 Term Loan Facility. In addition, the terms of the June 2029 Term Loan Facility contain customary affirmative and negative covenants that are consistent with those contained in the credit facility, the April 2029 Term Loan Facility and the 2028 Term Loan Facility, and, among other things, limit the Company's ability to make distributions, make certain investments, incur debt, incur liens and enter into certain transactions. On December 1, 2022, the Company entered into an interest rate swap agreement with a notional amount of $285.0 million that matures in June 2029 fixing the interest rate of the June 2029 Term Loan Facility at an effective interest rate of 5.37%. 2029 and August 2031 Senior Unsecured Notes On August 30, 2019, the operating partnership issued $100.0 million of 3.98% senior unsecured notes due August 30, 2029 (the "2029 Notes") and $50.0 million of 4.08% senior unsecured notes due August 30, 2031 (the "August 2031 Notes") in a private placement to certain institutional accredited investors. The 2029 Notes and August 2031 Notes are governed by a Note Purchase Agreement, dated July 30, 2019 (the "2019 Note Purchase Agreement"), by and among the operating partnership as issuer, the Company, and the purchasers of senior unsecured notes. Interest is payable semiannually, on August 30th and February 28th of each year, commencing on February 28, 2020. The 2029 Notes and August 2031 Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The 2029 Notes and August 2031 Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility and the rest of the Senior Unsecured Notes (defined as the May 2026 Notes (defined below), October 2026 Notes (defined below), July 2028 Notes (defined below), October 2028 Notes (defined below), 2029 Notes, August 2030 Notes (defined below), October 2030 Notes (defined below), November 2030 Notes (defined below), May 2031 Notes (defined below), August 2031 Notes, November 2031 Notes (defined below), August 2032 Notes (defined below), November 2032 Notes (defined below), May 2033 Notes (defined below), October 2033 Notes (defined below), November 2033 Notes (defined below) and 2036 Notes (defined below)). The 2019 Note Purchase Agreement contains financial covenants that are substantially similar to those described under the heading "Credit Facility" above. In addition, the terms of the 2019 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. At December 31, 2023, the Company was in compliance with all such covenants. August 2030 and August 2032 Senior Unsecured Notes On October 22, 2020, the operating partnership issued $150.0 million of 2.99% senior unsecured notes due August 5, 2030 (the "August 2030 Notes") and $100.0 million of 3.09% senior unsecured notes due August 5, 2032 (the "August 2032 Notes") in a private placement to certain institutional investors. The August 2030 Notes and August 2032 Notes are governed by a Note Purchase Agreement dated August 4, 2020 (the "2020 Note Purchase Agreement"), by and among the operating partnership as issuer, the Company, and the purchasers of the senior unsecured notes. Interest is payable semiannually, on August 30th and February 28th of each year, commencing on February 28, 2021. The August 2030 Notes and August 2032 Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The August 2030 Notes and August 2032 Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility and the rest of the Senior Unsecured Notes. The 2020 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the 2020 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. At December 31, 2023, the Company was in compliance with all such covenants. May 2026, May 2031 and May 2033 Senior Unsecured Notes On May 3, 2021, the operating partnership as issuer, and the Company, entered into a Note Purchase Agreement (the "May 2021 Note Purchase Agreement") which provides for the private placement of $35.0 million of 2.16% senior unsecured notes due May 4, 2026 (the "May 2026 Notes"), $90.0 million of 3.00% senior unsecured notes due May 4, 2031 (the "May 2031 Notes") and $55.0 million of 3.10% senior unsecured notes due May 4, 2033 (the "May 2033 Notes" and together with the May 2026 Notes and May 2031 Notes, the "May 2021 Senior Unsecured Notes") to certain institutional investors. The May 2021 Senior Unsecured Notes are governed by the May 2021 Note Purchase Agreement. On May 26, 2021 the operating partnership issued the May 2033 Notes and on July 26, 2021 the operating partnership issued the May 2026 Notes and the May 2031 Notes. Interest is paid semiannually, on May 31st and November 30th of each year, commencing on November 30, 2021. The May 2021 Senior Unsecured Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The May 2021 Senior Unsecured Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility and the rest of the Senior Unsecured Notes. The May 2021 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the May 2021 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. November 2030, November 2031, November 2033 and 2036 Senior Unsecured Notes On November 9, 2021, the operating partnership as issuer, and the Company, entered into a Note Purchase Agreement (the "November 2021 Note Purchase Agreement") which provides for the private placement of $75.0 million of 2.72% senior unsecured notes due November 30, 2030 (the "November 2030 Notes"), $175.0 million of 2.81% senior unsecured notes due November 30, 2031 (the "November 2031 Notes"), $125.0 million of 2.96% senior unsecured notes due November 30, 2033 (the "November 2033 Notes") and $75.0 million of 3.06% senior unsecured notes due November 30, 2036 (the "2036 Notes" and together with the November 2030 Notes, November 2031 Notes, November 2033 Notes and the "November 2021 Senior Unsecured Notes") to certain institutional investors. The November 2021 Senior Unsecured Notes are governed by the November 2021 Note Purchase Agreement. On December 14, 2021, the operating partnership issued the November 2030 Notes, November 2031 Notes and the 2036 Notes. On January 28, 2022, the operating partnership issued the November 2033 Notes. Interest is paid semiannually, on May 30th and November 30th of each year, commencing on May 30, 2022. The November 2021 Senior Unsecured Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The November 2021 Senior Unsecured Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility and the rest of the Senior Unsecured Notes. The November 2021 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the November 2021 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. November 2032 Senior Unsecured Notes On August 30, 2022, the operating partnership as issuer, and the Company, entered into a Note Purchase Agreement (the "August 2022 Note Purchase Agreement") which provides for the private placement of $200.0 million of 5.06% senior unsecured notes due November 16, 2032 (the "November 2032 Notes") to certain institutional investors. The November 2032 Notes are governed by the August 2022 Note Purchase Agreement. On September 28, 2022 the operating partnership issued the November 2032 Notes. Interest is paid semiannually, on May 16th and November 16th of each year, commencing on November 16, 2022. The November 2032 Senior Unsecured Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The November 2032 Senior Unsecured Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility and the rest of the Senior Unsecured Notes. The August 2022 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the August 2022 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. July 2028 Senior Unsecured Notes On April 27, 2023, the operating partnership, as issuer, and the Company entered into a Note Purchase Agreement (the "April 2023 Note Purchase Agreement") which provides for the private placement of $120.0 million of 5.61% senior unsecured notes due July 5, 2028 (the "July 2028 Notes") to certain institutional investors. The July 2028 Notes have an effective interest rate of 5.75% after taking into account the effect of interest rate swaps. On April 27, 2023, the operating partnership issued the July 2028 Notes. Interest is paid semiannually, on January 5th and July 5th of each year, commencing on January 5th, 2024. The July 2028 Senior Unsecured Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The July 2028 Senior Unsecured Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility and the rest of the Senior Unsecured Notes. The April 2023 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the April 2023 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make distributions or certain investments, incur debt, incur liens and enter into certain transactions. October 2026, October 2028, October 2030 and October 2033 Senior Unsecured Notes On October 5, 2023, the operating partnership as issuer, and the Company, entered into a Note Purchase Agreement (the "October 2023 Note Purchase Agreement") which provided for the private placement of $65.0 million of 6.46% senior unsecured notes due October 5, 2026 (the "October 2026 Notes"), $100.0 million of 6.55% senior unsecured notes due October 5, 2028 (the "October 2028 Notes"), $35.0 million of 6.66% senior unsecured notes due October 5, 2030 (the "October 2030 Notes") and $50.0 million of 6.73% senior unsecured notes due October 5, 2033 (the "October 2033 Notes" and together with the October 2026, October 2028 and October 2030, the "October 2023 Senior Unsecured Notes") to certain institutional investors. The October 2023 Senior Unsecured Notes are governed by the October 2023 Note Purchase Agreement. On October 5, 2023, the operating partnership issued the October 2023 Senior Unsecured Notes. Interest is paid semiannually, on April 5th and October 5th of each year, commencing on April 5, 2024. The Senior Unsecured Notes are senior unsecured obligations of the Company and are jointly and severally guaranteed by certain of the Company's subsidiaries, as subsidiary guarantors. The October 2023 Senior Unsecured Notes rank pari passu with the credit facility, 2028 Term Loan Facility, April 2029 Term Loan Facility, June 2029 Term Loan Facility and the rest of the Senior Unsecured Notes. The October 2023 Note Purchase Agreement contains financial covenants that are substantially similar to those of the Company's credit facility. In addition, the terms of the October 2023 Note Purchase Agreement contain customary affirmative and negative covenants that, among other things, limit the Company's ability to make certain distributions or certain investments, incur debt, incur liens and enter into certain transactions. Fixed Rate Mortgages Payable Fixed rate mortgages have scheduled maturities at various dates through October 2031, and have effective interest rates that range from 2.77% to 4.34%. Principal and interest are generally payable monthly or in monthly interest-only payments with balloon payments due at maturity. On July 9, 2021, the Company entered into an agreement with a single lender for an $88.0 million debt financing secured by a first lien on eight of the Company's self storage properties. This interest-only loan matures in July 2028 and has a fixed interest rate of 2.77%. Future Debt Maturities Based on existing debt agreements in effect as of December 31, 2023, 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 Premium Amortization and Unamortized Debt Issuance Costs Total 2024 $ 296,964 $ (3,248) $ 293,716 2025 327,185 (2,185) 325,000 2026 377,322 (1,840) 375,482 2027 598,369 (1,230) 597,139 2028 385,624 (990) 384,634 Thereafter 1,683,293 (1,059) 1,682,234 $ 3,668,757 $ (10,552) $ 3,658,205

EQUITY-BASED AWARDS

EQUITY-BASED AWARDS	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY-BASED AWARDS	EQUITY-BASED AWARDS The Company grants awards in the form of LTIP units and restricted common shares to provide equity based incentive compensation to members of its senior management team, independent trustees, advisers, consultants, other personnel, and as consideration for self storage property acquisitions. LTIP units were first granted under the 2013 Long-Term Incentive Plan (the "2013 Plan"), which authorized up to 2.5 million LTIP units for issuance. In connection with the Company's initial public offering, the Company terminated the 2013 Plan but the awards granted thereunder remained outstanding after its termination. Restricted common shares were first granted under the 2015 National Storage Affiliates Trust Equity Incentive Plan (the "2015 Plan"), which authorizes the Company's compensation, nominating, and corporate governance committee to grant share options, restricted common shares, phantom shares, dividend equivalent rights, LTIP units and other restricted limited partnership units issued by its operating partnership and other equity-based awards up to an aggregate of 5% of the common shares issued and outstanding from time to time on a fully diluted basis (assuming, if applicable, the exercise of all outstanding options and the conversion of all warrants and convertible securities, including OP units and LTIP units, into common shares). As of December 31, 2023, the Company did not have outstanding under its equity compensation plan, any options, warrants or rights to purchase the Company's common shares. LTIP Units Through December 31, 2023, an aggregate of 2,474,710 LTIP units have been issued under the 2013 Plan, 1,624,137 LTIP units have been issued under the 2015 Plan, and 373,353 LTIP units have been issued under the LP Agreement. Some of the granted LTIP units vested immediately or upon completion of the Company's initial public offering. Others vest upon the contribution of self storage properties or along a schedule at certain times through June 10, 2027. Compensatory Grants The Company grants two types of compensatory LTIP units, time-based LTIP unit awards that are subject to time-based vesting typically over a period of one Compensation expense related to compensatory LTIP units granted to members of the Company's senior management team, the Company's independent trustees, advisers, consultants and other personnel is included in general and administrative expense in the accompanying consolidated statements of operations. Total compensation cost recognized for the compensatory LTIP unit awards was $6.3 million, $5.9 million and $5.1 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, total unvested compensation cost not yet recognized was $6.7 million. The Company expects to recognize this compensation cost over a period of approximately 3.4 years. If the grantee has a termination of service for any reason during the vesting period, the unvested LTIP units will be forfeited subject to certain limited exceptions. Time-based LTIP unit awards are granted with a fair value equal to the closing market price of the Company's common shares on the date of grant. The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2023, 2022 and 2021: Time-Based LTIP Unit Awards 2023 2022 2021 Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value Outstanding unvested at beginning of year 132,414 $ 48.35 158,976 $ 36.95 170,265 $ 28.93 Granted 129,933 39.55 71,673 58.42 98,376 41.02 Vested (84,548) 45.39 (92,073) 36.58 (105,561) 27.61 Forfeited — — (6,162) 47.34 (4,104) 41.84 Unvested at end of year 177,799 $ 41.07 132,414 $ 48.35 158,976 $ 36.95 The aggregate fair value of the time-based LTIP unit awards that vested during the years ended December 31, 2023, 2022 and 2021 was $3.8 million, $3.4 million and $2.9 million, respectively. The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2023, 2022 and 2021, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date. Performance-Based LTIP Unit Awards Minimum Target Maximum Weighted Average Grant-Date Fair Value Outstanding unvested at December 31, 2020 — 134,487 250,014 $ 30.69 Granted — 49,522 99,041 41.68 Vested — (37,908) (47,206) 24.76 Forfeited — — (9,656) 24.21 Outstanding unvested at December 31, 2021 — 146,101 292,193 $ 35.98 Granted — 40,117 80,228 61.66 Vested — (42,744) (85,485) 29.76 Forfeited — — — — Outstanding unvested at December 31, 2022 — 143,474 286,936 $ 44.99 Granted — 74,162 148,324 42.28 Vested — (21,916) (43,832) 19.27 Forfeited — (31,923) (63,835) 16.85 Outstanding unvested at December 31, 2023 — 163,797 327,593 $ 23.42 The aggregate fair value of the performance-based LTIP unit awards that vested during the year ended December 31, 2023, 2022 and 2021 was $0.5 million, $1.3 million and $0.9 million, respectively. The fair value of the performance-based LTIP unit awards, which have a market condition, is estimated on the date of grant using a Monte Carlo simulation. The simulation requires assumptions for expected volatility, risk-free rate of return, and dividend yield. The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Risk-free interest rate 4.22 % 1.55 % 0.18 % Dividend yield 6.09 % 3.47 % 3.89 % Expected volatility 35.39 % 30.96 % 34.17 % Acquisition Consideration Grants On December 31, 2013, the Company granted 1,683,560 LTIP units under the 2013 Plan and on January 23, 2020 the Company granted 28,894 LTIP units under the LP Agreement as part of the consideration for self storage property acquisitions and contributions. The following table summarizes activity for acquisition grants during the years ended December 31, 2023, 2022 and 2021: Total LTIP units Total unvested units, December 31, 2020 252,894 Units vested in 2021 — Units forfeited in 2021 — Total unvested units, December 31, 2021 252,894 Units vested in 2022 — Units forfeited in 2022 — Total unvested units, December 31, 2022 252,894 Units vested in 2023 related to properties contributed or sourced by PROs (15,600) Units forfeited in 2023 (28,894) Total unvested units, December 31, 2023 208,400 The aggregate fair value of purchase consideration recognized during the year ended December 31, 2023 was $0.5 million. As of December 31, 2023, the remaining unvested LTIP units will vest as additional self storage properties are contributed or sourced. The fair value of such LTIP units will be recorded as additional acquisition consideration based on the fair value in the period such acquisitions are completed. Restricted Common Shares Through December 31, 2023, an aggregate of 146,724 restricted common shares have been issued under the 2015 Plan. These restricted common shares vest over a period of approximately 3.4 years. Restricted common shares are granted with a fair value equal to the closing market price of the Company's common shares on the date of grant. The following table summarizes activity for restricted common shares for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Outstanding at beginning of year 25,435 $ 48.90 30,659 $ 40.41 29,929 $ 32.68 Granted 12,856 42.46 10,405 57.97 29,248 43.80 Vested (12,011) 45.44 (10,208) 34.83 (12,763) 31.14 Forfeited (4,878) 47.41 (5,421) 45.21 (15,755) 39.52 Unvested at end of year 21,402 $ 46.65 25,435 $ 48.90 30,659 $ 40.41 The aggregate fair value of restricted common shares that vested during the years ended December 31, 2023, 2022 and 2021 was $0.5 million, $0.4 million and $0.4 million respectively. Total compensation cost recognized for restricted common shares during the years ended December 31, 2023, 2022 and 2021 was $0.4 million, $0.5 million and $0.4 million, respectively. At December 31, 2023, total unvested compensation cost not yet recognized was $0.6 million. The Company expects to recognize this compensation cost over a period of approximately 3.4 years. If the grantee has a termination of service for any reason during the vesting period, the unvested restricted common shares will be forfeited. Compensation expense related to restricted common shares is included in general and administrative expense in the accompanying consolidated statements of operations.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
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 years ended December 31, 2023, 2022 and 2021 (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Earnings per common share - basic and diluted Numerator Net income $ 236,988 $ 183,765 $ 146,935 Net income attributable to noncontrolling interests (80,319) (80,028) (41,682) Net income attributable to National Storage Affiliates Trust 156,669 103,737 105,253 Distributions to preferred shareholders (19,019) (13,425) (13,104) Distributed and undistributed earnings allocated to participating securities (57) (58) (57) Net income attributable to common shareholders - basic 137,593 90,254 92,092 Effect of assumed conversion of dilutive securities 78,196 — 40,231 Net income attributable to common shareholders - diluted $ 215,789 $ 90,254 $ 132,323 Denominator Weighted average shares outstanding - basic 86,846 91,239 81,195 Effect of dilutive securities: Weighted average effect of outstanding forward offering agreement — — 100 Weighted average OP units outstanding 38,302 — 30,124 Weighted average DownREIT OP unit equivalents outstanding 2,120 — 1,925 Weighted average LTIP units outstanding 60 — 96 Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents 18,695 — 21,098 Weighted average shares outstanding - diluted 146,023 91,239 134,538 Earnings per share - basic $ 1.58 $ 0.99 $ 1.13 Earnings per share - diluted $ 1.48 $ 0.99 $ 0.98 Dividends declared per common share $ 2.23 $ 2.15 $ 1.59 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 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. Vested LTIP units and unvested LTIP units that vest based on a service 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 year ended December 31, 2023, 505,392 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 year ended December 31, 2023, 208,400 unvested 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. For the year ended December 31, 2022, potential common shares totaling 58.7 million related to OP units, DownREIT OP units, subordinated performance units, DownREIT subordinated performance units and vested LTIP units have been excluded from the calculation of diluted earnings per share as they are not dilutive to earnings per share. 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	12 Months Ended
	Dec. 31, 2023
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 years ended December 31, 2023, 2022 and 2021, the Company incurred $21.2 million, $22.6 million and $20.4 million, respectively, for supervisory and administrative fees to the PROs. Such fees are included in general and administrative expenses in the accompanying consolidated statements of operations. Payroll Services For the self storage properties that are managed by the PROs, the employees responsible for operation of the self storage properties are generally employees of the PROs who charge the Company for the costs associated with the respective employees. For the years ended December 31, 2023, 2022 and 2021, the Company incurred $26.7 million, $29.3 million and $27.9 million, respectively, for payroll and related costs reimbursable to these PROs. Such costs are included in property operating expenses in the accompanying consolidated statements of operations. Due Diligence Costs During the years ended December 31, 2023, 2022 and 2021, the Company incurred $25,000, $0.4 million and $1.7 million, respectively, of expenses payable to certain PROs related to self storage property acquisitions sourced by the PROs. These expenses, which are based on the volume of transactions sourced by the PROs, are intended to reimburse the PROs for due diligence costs incurred in the sourcing and underwriting process. For the years ended December 31, 2023, 2022 and 2021 these due diligence costs are capitalized as part of the basis of the acquired self storage properties. PRO Retirement In connection with the retirement of Move It as a PRO as discussed in Note 1, Note 3, and Note 6, effective as of January 1, 2023, 926,623 Series MI subordinated performance units converted into 2,545,063 OP units as a non-voluntary conversion. Of these, (i) Mr. Nordhagen, our vice chairperson, received 448,047 OP units with a value of $9.8 million upon conversion of 163,128 Series MI subordinated performance units and (ii) Mr. Cramer, our president and chief executive officer, received 204,943 OP units with a value of $4.5 million upon the conversion of 74,617 Series MI subordinated performance units. In connection with the retirement of Northwest as a PRO, effective as of January 1, 2022, 2,078,357 Series NW subordinated performance units converted into 3,911,260 OP units as a non-voluntary conversion. Of these, (i) a company owned and controlled by J. Timothy Warren, a trustee of the Company at that time, received 13,213 OP units with a value of $0.9 million upon conversion of 7,021 Series NW subordinated performance units and (ii) a company controlled by J. Timothy Warren, but owned by Mr. Warren's adult children, received 295,739 OP units with a value of $20.5 million upon the conversion of 157,149 Series NW subordinated performance units. Self Storage Property Acquisitions During the year ended December 31, 2021, the Company acquired eight self storage properties for $102.7 million from companies in which J. Timothy Warren, a trustee of the Company at that time, was an investor or controlled an entity which was an investor. Of the total consideration paid, 171,439 OP units with a value of $10.2 million were issued to a company controlled by Mr. Warren, but owned by Mr. Warren's adult children, and 31,869 OP units with a value of $2.1 million were issued to an entity owned and controlled by Mr. Warren. Acquisition of Interest in Reinsurance Company and Related Cash Flows On December 31, 2021, the Company, as acquiror, and Northwest (e.g. Kevin Howard Real Estate, Inc.) and KHJTW, LLC (an entity owned by an affiliate of Northwest and an entity controlled by J. Timothy Warren, a trustee of the Company at that time) entered into a Contribution and Purchase Agreement (the "Contribution Agreement") whereby the Company acquired an ownership interest (approximately 0.54%) in SBOA TI Reinsurance Ltd. (the "Reinsurance Company"), a Cayman Islands exempted company. The consideration paid for the interest in the Reinsurance Company and the rights to access fees associated with the tenant insurance-related arrangements was $9.5 million, which consisted of $2.9 million of cash and 96,256 OP units totaling $6.6 million. Of the total consideration transferred, a company controlled by Mr. Warren, but owned by Mr. Warren's adult children received 48,128 OP Units totaling approximately $3.3 million. The Contribution Agreement contains customary representations, warranties, covenants and agreements of the Company and the sellers.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company determines if a contractual arrangement is a lease at inception. As a lessee, the Company has non-cancelable lease agreements for real estate and its corporate office space that are classified as operating leases. The Company's operating leases are included in operating lease right-of-use ("ROU") assets and operating lease liabilities in its consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company's operating leases do not provide an implicit rate, and such rate is not readily determinable, the Company used its incremental borrowing rate based on the information available at commencement date in determining the discount rate for the present value of the lease payments. To the extent that the lease agreements provide for fixed increases throughout the term of the lease, the Company recognizes lease expense on a straight-line basis over the expected lease terms. Real Estate Leasehold Interests The Company has seven properties that are subject to non-cancelable leasehold interest agreements with remaining lease terms ranging from 11 to 51 years, inclusive of extension options that the Company anticipates exercising. Rent expense under these leasehold interest agreements is included in property operating expenses in the accompanying consolidated statements of operations and amounted to $1.6 million, $1.6 million and $1.7 million for the years ended December 31, 2023, 2022 and 2021, respectively. Office Leases The Company has entered into non-cancelable lease agreements for its corporate office space with remaining lease terms ranging from 3 to 5 years. Rent expense related to these office leases is included in general and administrative expenses in the accompanying consolidated statements of operations and amounted to $0.4 million, $0.4 million and $0.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Solar Panel Leases During year ended December 31, 2022, the Company entered into non-cancelable lease agreements for solar panels with remaining lease terms of 20 years. Rent expense related to these solar panel leases is included in general and administrative expenses in the accompanying consolidated statements of operations and amounted to $0.2 million and $0.1 million for the year ended December 31, 2023 and 2022. The weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases as of December 31, 2023 are as follows: December 31, 2023 Weighted-average remaining lease term Real estate leasehold interests 24 years Office leases 4 years Solar Panels 19 years Weighted-average remaining discount rate Real estate leasehold interests 4.8 % Office leases 3.8 % Solar Panels 4.3 % As of December 31, 2023, the future minimum lease payments under the Company's operating leases, for which the Company is a lessee, are as follows (dollars in thousands): Year Ending December 31, Real Estate Leasehold Interests Office Leases Solar Panels Total 2024 $ 1,442 $ 450 $ 150 $ 2,042 2025 1,493 456 154 2,103 2026 1,520 429 165 2,114 2027 1,536 97 165 1,798 2028 1,542 97 170 1,809 2029 through 2092 26,613 — 3,008 29,621 Total lease payments $ 34,146 $ 1,529 $ 3,812 $ 39,487 Less imputed interest (13,914) (98) (1,280) (15,292) Total $ 20,232 $ 1,431 $ 2,532 $ 24,195

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 2023
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 measures its interest rate swap derivatives at fair value on a recurring basis. The effective portion of 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. The ineffective portion of the change in fair value of the derivatives is recognized directly into 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): Interest Rate Swaps Designated as Cash Flow Hedges Fair value at December 31, 2021 $ (33,757) Cash flow hedge ineffectiveness included in accumulated other comprehensive income 7 Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income 2,315 Unrealized gains on interest rate swaps included in accumulated other comprehensive income 82,418 Fair value at December 31, 2022 $ 50,983 Fair value at December 31, 2022 $ 50,983 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (35,716) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income 10,893 Fair value at December 31, 2023 $ 26,160 As of December 31, 2023 and 2022, the Company had outstanding interest rate swaps designated as cash flow hedges with aggregate notional amounts of $1,335.0 million and $1,410.0 million, respectively. As of December 31, 2023, the Company's swaps had a weighted average remaining term of 2.9 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 interest rate swap liabilities in the accompanying consolidated balance sheets, and the Company recognizes any changes in the fair value as an adjustment of accumulated other comprehensive income (loss) within equity to the extent of their effectiveness. If the forward rates at December 31, 2023 remain constant, the Company estimates that during the next 12 months, the Company would reclassify into earnings, as a reduction in interest expense, approximately $25.2 million of the unrealized gains included in accumulated other comprehensive income (loss). If market interest rates remain above the 2.56% weighted average fixed rate under these interest rate swaps the Company will continue to benefit from net cash payments due to it from its counterparties to the interest rate swaps. There were no transfers between levels during the years ended December 31, 2023 and 2022. For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including applicable yield curves. The Company uses valuation techniques for Level 2 financial assets and liabilities which include applicable 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 December 31, 2023 and 2022, 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, accounts payable and accrued liabilities reflected in the consolidated balance sheets at December 31, 2023 and 2022, 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 consolidated balance sheets at December 31, 2023 and 2022, 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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Liabilities Private Placement Notes $ 1,600,000 $ 1,230,000 $ 1,417,147 $ 1,014,153 Mortgage Notes 222,757 299,570 211,480 282,758 (1) Carrying value represents the principal balance outstanding

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Disposition of Self Storage Properties On February 1, 2024, the Company sold 38 self storage properties as part of the agreement entered into in November of 2023 to sell 71 wholly-owned self storage properties consisting of approximately 4.4 million rentable square feet configured in approximately 34,000 storage units for approximately $530.0 million. The agreement provided for separate disposition dates with 32 self storage properties sold during 2023, 38 self storage properties sold in February 2024 and one to be sold in 2024 . On February 13, 2024, pursuant to a contribution agreement executed on December 21, 2023, the Company contributed to the 2024 Joint Venture (as described in more detail in Note 5), 56 self storage properties located across seven states, consisting of approximately 3.2 million rentable square feet configured in over 24,000 storage units for approximately $346.5 million . Additionally, the Company used the proceeds to pay off the remaining balance on the Revolver and $130 million of Term Loan B. Subordinated Performance Unit To OP Unit Conversions Subordinated performance units are 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 (a "voluntary conversion") 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. 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 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 operating partnership agreement applicable to the distributions of operating cash flow and capital transactions proceeds.

Schedule III - Real Estate and

Schedule III - Real Estate and Accumulated Deprecation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III - Real Estate and Accumulated Deprecation	Location Initial Cost to Company Gross Carrying Amount at Year-End State/Territory Number of Stores Land Buildings and Subsequent Land Buildings and Total (1) Accumulated Date Alabama 11 $ 13,838 $ 79,025 $ 5,342 $ 14,696 $ 83,509 $ 98,205 $ 9,397 2016 - 2022 Arkansas 5 4,302 31,721 650 4,302 32,371 36,673 2,853 2021 - 2022 Arizona 34 48,477 162,188 12,772 48,580 174,857 223,437 42,636 2013 - 2023 California (2)(3) 87 153,023 505,640 37,849 153,125 543,387 696,512 160,069 2008 - 2023 Colorado 22 23,387 94,957 7,072 23,386 102,030 125,416 18,852 2007 - 2022 Connecticut 3 2,515 16,119 599 2,515 16,718 19,233 1,633 2020 - 2022 Florida (2) 76 144,877 558,914 25,461 146,132 583,120 729,252 84,042 2015 - 2023 Georgia 50 44,852 219,051 13,781 45,401 232,283 277,684 43,684 2007 - 2022 Iowa 3 4,223 25,386 4,467 4,365 29,711 34,076 2,737 2021 - 2021 Idaho 5 3,177 16,287 197 3,182 16,479 19,661 3,053 2019 - 2020 Illinois 6 9,310 50,259 368 9,310 50,627 59,937 5,044 2021 Indiana 12 9,281 65,506 809 8,737 66,859 75,596 16,255 2016 - 2021 Kansas 14 10,133 49,697 7,580 11,116 56,294 67,410 11,456 2018 - 2021 Kentucky 5 8,802 37,015 929 8,802 37,944 46,746 5,006 2015 - 2021 Louisiana (3) 25 16,903 99,694 6,281 17,917 104,961 122,878 22,335 2015 - 2021 Massachusetts 7 8,839 65,291 17,493 10,814 80,809 91,623 9,134 2017 - 2021 Maryland 8 9,131 59,650 2,442 10,654 60,569 71,223 9,628 2017 - 2021 Minnesota 4 4,081 16,382 181 4,081 16,563 20,644 1,855 2020 - 2022 Missouri 3 2,944 21,645 323 2,944 21,968 24,912 2,308 2018 - 2022 Montana 1 1,476 6,656 127 1,476 6,783 8,259 729 2021 North Carolina (2) 34 45,484 148,598 9,406 46,708 156,780 203,488 38,803 2007 - 2021 New Hampshire 15 20,987 81,629 7,256 20,991 88,881 109,872 17,976 2013 - 2021 New Jersey 5 4,072 32,873 1,572 4,072 34,445 38,517 6,847 2019 - 2021 New Mexico 10 11,509 58,424 4,405 12,553 61,785 74,338 8,368 2016 - 2022 Nevada 15 22,877 68,230 7,780 23,007 75,880 98,887 18,093 2013 - 2023 New York 2 3,398 33,882 342 3,398 34,224 37,622 2,313 2020 - 2022 Ohio 1 2,059 11,660 84 2,059 11,744 13,803 2,618 2018 - 2018 Oklahoma 33 20,429 77,337 11,705 20,429 89,042 109,471 34,257 2007 - 2020 Oregon 70 85,970 303,534 22,491 88,666 323,329 411,995 82,547 2013 - 2021 Pennsylvania 22 26,091 129,941 5,091 26,242 134,881 161,123 17,743 2019 - 2022 Puerto Rico 15 12,504 220,831 3,690 12,504 224,521 237,025 21,023 2018 - 2023 Location Initial Cost to Company Gross Carrying Amount at Year-End State/Territory Number of Stores Land Buildings and Subsequent Land Buildings and Total (1) Accumulated Date South Carolina 4 11,250 43,882 195 11,095 44,232 55,327 3,134 2015 - 2022 Tennessee 5 7,425 38,568 662 7,425 39,230 46,655 3,475 2021 - 2021 Texas 172 196,279 952,394 52,289 197,467 1,003,495 1,200,962 141,283 2007 - 2023 Utah 1 1,063 2,468 156 1,063 2,624 3,687 297 2021 Virginia 3 4,254 23,879 197 4,254 24,076 28,330 3,712 2017 - 2022 Washington 19 20,409 78,144 2,049 20,411 80,191 100,602 17,908 2013 - 2021 Wisconsin 1 940 4,385 65 940 4,450 5,390 602 2021 Wyoming 1 743 4,881 79 743 4,960 5,703 654 2021 Total (4) 809 $ 1,021,314 $ 4,496,623 $ 274,237 $ 1,035,562 $ 4,756,612 $ 5,792,174 $ 874,359 (1) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $5.7 billion (unaudited) at December 31, 2023. (2) As of December 31, 2023, 46 of our self storage properties were encumbered by an aggregate of $222.8 million of debt financing. (3) Six of the California properties and one of the Louisiana properties are subject to long-term leasehold agreements. (4) Excludes self storage properties classified as held for sale consisting of (i) 39 stores to be sold in 2024 to a third party and (ii) 56 stores that were contributed to the 2024 Joint Venture in 2024. Note: The Company only owns one class of real estate, which is self storage properties. The estimated useful lives of the individual assets that comprise buildings and improvements range from 3 years to 40 years. The category for buildings and improvements in the table above includes furniture and equipment. 2023 2022 2021 Self Storage properties: Balance at beginning of year $ 6,391,572 $ 5,798,188 $ 3,639,192 Acquisitions and improvements 258,560 602,082 2,159,856 Write-off of fully depreciated assets and other (767) (1,145) (860) Dispositions (226,379) (7,553) — Reclassification to assets held for sale (630,812) — — Balance at end of year $ 5,792,174 $ 6,391,572 $ 5,798,188 Accumulated depreciation: Balance at beginning of year $ 772,661 $ 578,717 $ 443,623 Depreciation expense 210,216 196,207 135,147 Write-off of fully depreciated assets and other (124) (371) (53) Dispositions (27,781) (1,892) — Reclassification to assets held for sale (80,613) — — Balance at end of year $ 874,359 $ 772,661 $ 578,717

Schedule III - Reconciliation

Schedule III - Reconciliation	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SEC Schedule III - Reconciliation	Location Initial Cost to Company Gross Carrying Amount at Year-End State/Territory Number of Stores Land Buildings and Subsequent Land Buildings and Total (1) Accumulated Date Alabama 11 $ 13,838 $ 79,025 $ 5,342 $ 14,696 $ 83,509 $ 98,205 $ 9,397 2016 - 2022 Arkansas 5 4,302 31,721 650 4,302 32,371 36,673 2,853 2021 - 2022 Arizona 34 48,477 162,188 12,772 48,580 174,857 223,437 42,636 2013 - 2023 California (2)(3) 87 153,023 505,640 37,849 153,125 543,387 696,512 160,069 2008 - 2023 Colorado 22 23,387 94,957 7,072 23,386 102,030 125,416 18,852 2007 - 2022 Connecticut 3 2,515 16,119 599 2,515 16,718 19,233 1,633 2020 - 2022 Florida (2) 76 144,877 558,914 25,461 146,132 583,120 729,252 84,042 2015 - 2023 Georgia 50 44,852 219,051 13,781 45,401 232,283 277,684 43,684 2007 - 2022 Iowa 3 4,223 25,386 4,467 4,365 29,711 34,076 2,737 2021 - 2021 Idaho 5 3,177 16,287 197 3,182 16,479 19,661 3,053 2019 - 2020 Illinois 6 9,310 50,259 368 9,310 50,627 59,937 5,044 2021 Indiana 12 9,281 65,506 809 8,737 66,859 75,596 16,255 2016 - 2021 Kansas 14 10,133 49,697 7,580 11,116 56,294 67,410 11,456 2018 - 2021 Kentucky 5 8,802 37,015 929 8,802 37,944 46,746 5,006 2015 - 2021 Louisiana (3) 25 16,903 99,694 6,281 17,917 104,961 122,878 22,335 2015 - 2021 Massachusetts 7 8,839 65,291 17,493 10,814 80,809 91,623 9,134 2017 - 2021 Maryland 8 9,131 59,650 2,442 10,654 60,569 71,223 9,628 2017 - 2021 Minnesota 4 4,081 16,382 181 4,081 16,563 20,644 1,855 2020 - 2022 Missouri 3 2,944 21,645 323 2,944 21,968 24,912 2,308 2018 - 2022 Montana 1 1,476 6,656 127 1,476 6,783 8,259 729 2021 North Carolina (2) 34 45,484 148,598 9,406 46,708 156,780 203,488 38,803 2007 - 2021 New Hampshire 15 20,987 81,629 7,256 20,991 88,881 109,872 17,976 2013 - 2021 New Jersey 5 4,072 32,873 1,572 4,072 34,445 38,517 6,847 2019 - 2021 New Mexico 10 11,509 58,424 4,405 12,553 61,785 74,338 8,368 2016 - 2022 Nevada 15 22,877 68,230 7,780 23,007 75,880 98,887 18,093 2013 - 2023 New York 2 3,398 33,882 342 3,398 34,224 37,622 2,313 2020 - 2022 Ohio 1 2,059 11,660 84 2,059 11,744 13,803 2,618 2018 - 2018 Oklahoma 33 20,429 77,337 11,705 20,429 89,042 109,471 34,257 2007 - 2020 Oregon 70 85,970 303,534 22,491 88,666 323,329 411,995 82,547 2013 - 2021 Pennsylvania 22 26,091 129,941 5,091 26,242 134,881 161,123 17,743 2019 - 2022 Puerto Rico 15 12,504 220,831 3,690 12,504 224,521 237,025 21,023 2018 - 2023 Location Initial Cost to Company Gross Carrying Amount at Year-End State/Territory Number of Stores Land Buildings and Subsequent Land Buildings and Total (1) Accumulated Date South Carolina 4 11,250 43,882 195 11,095 44,232 55,327 3,134 2015 - 2022 Tennessee 5 7,425 38,568 662 7,425 39,230 46,655 3,475 2021 - 2021 Texas 172 196,279 952,394 52,289 197,467 1,003,495 1,200,962 141,283 2007 - 2023 Utah 1 1,063 2,468 156 1,063 2,624 3,687 297 2021 Virginia 3 4,254 23,879 197 4,254 24,076 28,330 3,712 2017 - 2022 Washington 19 20,409 78,144 2,049 20,411 80,191 100,602 17,908 2013 - 2021 Wisconsin 1 940 4,385 65 940 4,450 5,390 602 2021 Wyoming 1 743 4,881 79 743 4,960 5,703 654 2021 Total (4) 809 $ 1,021,314 $ 4,496,623 $ 274,237 $ 1,035,562 $ 4,756,612 $ 5,792,174 $ 874,359 (1) The aggregate cost of land and depreciable property for federal income tax purposes was approximately $5.7 billion (unaudited) at December 31, 2023. (2) As of December 31, 2023, 46 of our self storage properties were encumbered by an aggregate of $222.8 million of debt financing. (3) Six of the California properties and one of the Louisiana properties are subject to long-term leasehold agreements. (4) Excludes self storage properties classified as held for sale consisting of (i) 39 stores to be sold in 2024 to a third party and (ii) 56 stores that were contributed to the 2024 Joint Venture in 2024. Note: The Company only owns one class of real estate, which is self storage properties. The estimated useful lives of the individual assets that comprise buildings and improvements range from 3 years to 40 years. The category for buildings and improvements in the table above includes furniture and equipment. 2023 2022 2021 Self Storage properties: Balance at beginning of year $ 6,391,572 $ 5,798,188 $ 3,639,192 Acquisitions and improvements 258,560 602,082 2,159,856 Write-off of fully depreciated assets and other (767) (1,145) (860) Dispositions (226,379) (7,553) — Reclassification to assets held for sale (630,812) — — Balance at end of year $ 5,792,174 $ 6,391,572 $ 5,798,188 Accumulated depreciation: Balance at beginning of year $ 772,661 $ 578,717 $ 443,623 Depreciation expense 210,216 196,207 135,147 Write-off of fully depreciated assets and other (124) (371) (53) Dispositions (27,781) (1,892) — Reclassification to assets held for sale (80,613) — — Balance at end of year $ 874,359 $ 772,661 $ 578,717

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 156,669	$ 103,737	$ 105,253

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP").
Principles of Consolidation and Noncontrolling Interests	Principles of Consolidation The Company's consolidated 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 December 31, 2023, the Company's operating partnership was the primary beneficiary of, and therefore consolidated, 22 DownREIT partnerships that are considered VIEs, which owned 49 self storage properties. The net book value of the real estate owned by these VIEs was $418.9 million and $412.9 million as of December 31, 2023 and December 31, 2022, 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 December 31, 2023 and December 31, 2022, respectively. The creditors of the consolidated VIEs do not have recourse to the Company's general credit. Noncontrolling Interests All of the limited partner equity interests ("OP equity") in its 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. In the 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 interests is adjusted is reflected as an adjustment to additional paid-in capital on the consolidated balance sheets.
Self Storage Properties	Self Storage Properties Self storage properties are carried at historical cost less accumulated depreciation and any impairment losses. Major replacements and betterments, which improve or extend the life of an asset, are capitalized. Expenditures for ordinary repairs and maintenance are expensed as incurred and are included in property operating expenses. Estimated depreciable lives of self storage properties are determined by considering the age and other indicators about the condition of the assets at the respective dates of acquisition, resulting in a range of estimated useful lives for assets within each category. All self storage property assets are depreciated using the straight-line method. Buildings and improvements are depreciated over estimated useful lives primarily between seven three When a self storage property is acquired, the purchase price of the acquired self storage property is allocated to land, buildings and improvements, furniture and equipment, customer in-place leases, assumed real estate leasehold interests, and other assets acquired and liabilities assumed, based on the estimated fair value of each component. When a portfolio of self storage properties is acquired, the purchase price is allocated to the individual self storage properties based on the fair value determined using an income approach with appropriate risk-adjusted capitalization rates, which take into account the relative size, age and location of the individual self storage properties.
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.
Customer In-place Leases	Customer In-place Leases In allocating the purchase price for a self storage property acquisition, the Company determines whether the acquisition includes intangible assets. The Company allocates a portion of the purchase price to an intangible asset attributed to the value of customer in-place leases. This intangible asset is amortized to expense using the straight-line method over 12 months, the estimated average rental period for the leases. Substantially all of the leases in place at acquired properties are at market rates, as the leases are month-to-month contracts.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Long Lived Assets Held for Sale	Long Lived Assets Held for Sale The Company considers long-lived assets to be “held for sale” upon satisfaction of the following criteria: (a) management commits to a plan to sell an asset (or group of assets), (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to be completed within one year, (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (f) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Costs of Raising Capital	Costs of Raising Capital
Debt Issuance Costs	Debt issuance costs are amortized over the estimated life of the related debt using the straight-line method, which approximates the effective interest rate method. Amortization of debt issuance costs is included in interest expense in the accompanying consolidated statements of operations.
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 and sales of storage supplies 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 years ended December 31, 2023, 2022 and 2021, the Company recognized $24.1 million, $19.8 million and $15.0 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks and other retail merchandise at its properties. During the years ended December 31, 2023, 2022 and 2021, the Company recognized retail sales of $2.3 million, $2.6 million and $2.3 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, and a portion of tenant warranty protection or tenant insurance proceeds that the Company earns for managing and operating its unconsolidated real estate ventures. With respect to both the 2018 Joint Venture and the 2016 Joint Venture, 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 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. With respect to the 2016 Joint Venture only, the call center fees are equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture properties. During the years ended December 31, 2023, 2022 and 2021, the Company recognized property management fees, call center fees and platform fees of $16.8 million, $16.5 million and $14.8 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the Initial 2016 JV Portfolio and the Initial 2018 JV Portfolio. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture and the 2018 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the years ended December 31, 2023, 2022 and 2021, the Company recognized acquisition fees of $0, $1.2 million and $0.8 million, 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 both 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 years ended December 31, 2023, 2022 and 2021, the Company recognized $17.2 million, $9.5 million and $7.3 million, respectively, of revenue related to these activities.
Advertising Costs	Advertising Costs
Acquisition Costs	Acquisition Costs The Company incurs title, legal and consulting fees, and other costs associated with the completion of acquisitions. The Company's self storage property acquisitions are accounted for as asset acquisitions, and accordingly, acquisition costs directly related to the self storage property acquisitions were capitalized as part of the basis of the acquired properties. Indirect acquisition costs remain included in acquisition costs in the accompanying consolidated statements of operations in the period in which they were incurred.
Income Taxes	Income Taxes The Company has elected and believes it has qualified to be taxed as a REIT under sections 856 through 860 of the U.S. Internal Revenue Code (the "Code") commencing with the taxable year ended December 31, 2015. To qualify as a REIT, among other things, the Company is required to distribute at least 90% of its REIT taxable income to its shareholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income tax on the earnings distributed currently to its shareholders that it derives from its REIT qualifying activities. If the Company fails to qualify as a REIT in any taxable year, and is unable to avail itself of certain provisions set forth in the Code, all of the Company's taxable income would be subject to federal and state income taxes at regular corporate rates. The Company will not be required to make distributions with respect to income derived from the activities conducted through subsidiaries that the Company elects to treat as taxable REIT subsidiaries ("TRS") for federal income tax purposes. Certain activities that the Company undertakes must be conducted by a TRS, such as performing non-customary services for its customers, facilitating sales by PROs of tenant insurance and holding assets that the Company is not permitted to hold directly. A TRS is subject to federal and state income taxes. On June 25, 2014, the Company formed NSA TRS, LLC ("NSA TRS"), a Delaware limited liability company. The Company has elected to treat NSA TRS as a TRS, and consequently, NSA TRS is subject to U.S. federal and state corporate income taxes. Deferred tax assets and liabilities are recognized to the extent of any differences between the financial reporting and tax bases of assets and liabilities. No material deferred tax assets and liabilities were recorded as of December 31, 2023 and 2022. The Company did not have any unrecognized tax benefits related to uncertain tax positions as of December 31, 2023 and 2022. Future amounts of accrued interest and penalties, if any, related to uncertain tax positions will be recorded as a component of income tax expense. The Company does not expect that the amount of unrecognized tax benefits will change significantly in the next 12 months.
Earnings per Share	Earnings per Share Basic earnings per share is calculated based on the weighted average number of the Company's common shares of beneficial interest, $0.01 par value per share ("common shares"), outstanding during the period. Diluted earnings per share is calculated by further adjusting for the dilutive impact using the treasury stock method for any share options and unvested share equivalents outstanding during the period and the if-converted method for any convertible securities outstanding during the period. As more fully described below under " –Allocation of Net Income (Loss)" , the Company allocates GAAP income (loss) utilizing the hypothetical liquidation at book value ("HLBV") method, which 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.
Equity-Based Awards	Equity-Based Awards The measurement and recognition of compensation cost for all equity-based awards granted to officers, trustees, employees and consultants is based on estimated fair values. Compensation cost is recognized on a straight-line basis over the requisite service periods of each award with non-graded vesting. For awards granted which contain a graded vesting schedule and the only condition for vesting is a service condition, compensation cost is recognized as an expense on a straight-line basis over the requisite service period as if the award was, in substance, a single award. For awards granted for which vesting is subject to a performance condition, compensation cost is recognized over the requisite service period if and when the Company concludes it is probable that the performance condition will be achieved. The estimated fair value of all equity-based awards issued to PROs and their affiliates in connection with self storage property acquisitions is included in the cost of the respective acquisitions. The estimated fair value of such awards is measured at the date the self storage properties are acquired, as this date represents satisfaction of the performance condition and coincides with the award vesting.
Derivative Financial Instruments	Derivative Financial Instruments The Company carries all derivative financial instruments on the consolidated balance sheet at fair value. Fair value of derivatives is determined by reference to observable prices that are based on inputs not quoted on active markets, but corroborated by market data. The accounting for changes in the fair value of a derivative instrument depends on whether the derivative has been designated and qualifies as part of a hedging relationship. The Company's use of derivative instruments has been limited to interest rate swap and cap agreements. The fair values of derivative instruments are included in other assets and interest rate swap liabilities in the accompanying consolidated balance sheets. For derivative instruments not designated as cash flow hedges, the unrealized gains and losses are included in interest expense in the accompanying consolidated statements of operations. For derivatives designated as cash flow hedges, the effective portion of the changes in the fair value of the derivatives is initially reported in accumulated other comprehensive income (loss) in the Company's consolidated balance sheets and subsequently reclassified into earnings when the hedged transaction affects earnings. The valuation of interest rate swap and cap agreements is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate forward curves. The Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.
Fair Value Measurements	Fair Value Measurements When measuring fair value of financial instruments that are required to be recorded or disclosed at fair value, the Company uses a three-tier measurement hierarchy which prioritizes the inputs used to calculate fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.
Investments in Unconsolidated Real Estate Venture	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 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 ownership interest in the earnings (losses) of the unconsolidated real estate ventures. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its 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.
Segment Reporting	Segment Reporting
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 operating partnership's 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)
Gain on sale of self storage properties	Gain on sale of self storage properties
Goodwill	Goodwill
Use of Estimates	Use of Estimates
Reclassifications	Reclassifications Certain amounts in the consolidated financial statements and related notes have been reclassified to conform to the current year presentation. Such reclassifications do not impact the Company's previously reported financial position or net income (loss).
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker ("CODM") and included within the segment measure of profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the entity’s CODM. ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023, and interim reporting periods in fiscal years beginning after December 31, 2024. Pursuant to this ASU, the footnotes to our consolidated financial statements will include incremental disclosures related to our single reportable segment, including the disclosures about our CODM’s review of our consolidated net operating income, the profit/loss measure of our single reportable segment and a reconciliation of consolidated net operating income to our consolidated net income. In August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement ("ASU 2023-05"). ASU 2023-05 requires a joint venture, upon formation to measure its assets and liabilities at fair value in its standalone financial statements. A joint venture will recognize the difference between the fair value of its equity and the fair value of its identifiable assets and liabilities as goodwill (or an equity adjustment, if negative) using the business combination accounting guidance regardless of whether the net assets meet the definition of a business. ASU 2023-05 will be applied prospectively and is effective for all joint ventures formed on or after January 1, 2025. The Company is currently evaluating ASU 2023-05 and does not expect it to have a material effect on the Company's consolidated financial statements.

SHAREHOLDERS' EQUITY AND NONC_2

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of outstanding equity interests	As of December 31, 2023 and 2022, units reflecting noncontrolling interests consisted of the following: December 31, 2023 2022 Series A-1 preferred units 1,212,340 712,208 OP units 37,635,683 35,737,281 Subordinated performance units 7,991,271 8,154,524 LTIP units 785,932 728,890 DownREIT units DownREIT OP units 2,120,491 1,924,918 DownREIT subordinated performance units 4,133,474 4,337,111 Total 53,879,191 51,594,932

SELF STORAGE PROPERTIES (Tables

SELF STORAGE PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2023
Real Estate [Abstract]
Schedule of self storage properties	Self storage properties, excluding properties classified as held for sale, are summarized as follows (dollars in thousands): December 31, 2023 2022 Land $ 1,035,562 $ 1,111,326 Buildings and improvements 4,746,105 5,269,383 Furniture and equipment 10,507 10,863 Total self storage properties 5,792,174 6,391,572 Less accumulated depreciation (874,359) (772,661) Self storage properties, net $ 4,917,815 $ 5,618,911

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)	12 Months Ended
	Dec. 31, 2023
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 December 31, 2023 and December 31, 2022 (dollars in thousands): December 31, 2023 2022 ASSETS Self storage properties, net 1,831,110 1,891,203 Other assets 37,826 36,873 Total assets $ 1,868,936 $ 1,928,076 LIABILITIES AND EQUITY Debt financing 1,003,223 1,002,301 Other liabilities 28,333 23,808 Equity 837,380 901,967 Total liabilities and equity $ 1,868,936 $ 1,928,076 The following table presents the combined condensed operating information of the Company's unconsolidated real estate ventures for the years ended December 31, 2023, 2022 and 2021 (dollars in thousands): Year Ended December 31, 2023 2022 2021 Total revenue $ 214,292 $ 212,832 $ 187,861 Property operating expenses (59,740) (57,306) (50,829) Supervisory, administrative and other expenses (14,146) (13,955) (12,288) Depreciation and amortization (68,333) (68,289) (61,628) Interest expense (41,665) (41,657) (41,658) Acquisition and other expenses (459) (899) (511) Net income $ 29,949 $ 30,726 $ 20,947

SELF STORAGE PROPERTY ACQUISI_2

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Summary of self storage property acquisitions	The following table summarizes, by calendar quarter, the investments in self storage property acquisitions completed by the Company during the years ended December 31, 2023 and 2022 (dollars in thousands): Acquisitions closed during the Three Months Ended: Summary of Investment Number of Properties Cash and Acquisition Costs Value of Equity (1) Other Liabilities/ (Other Assets) Total March 31, 2023 16 $ 9,920 $ 150,531 $ 85 $ 160,536 June 30, 2023 (2) — 8,167 5,577 34 13,778 September 30, 2023 2 13,666 16,370 78 30,114 December 31, 2023 2 16,972 8,062 (12) 25,022 Total 20 $ 48,725 $ 180,540 $ 185 $ 229,450 March 31, 2022 12 $ 76,027 $ 16,576 $ 332 $ 92,935 June 30, 2022 8 99,954 13,938 641 114,533 September 30, 2022 23 313,784 6,244 1,761 321,789 December 31, 2022 2 7,622 32,141 156 39,919 Total 45 $ 497,387 $ 68,899 $ 2,890 $ 569,176 (1) Value of OP equity represents the fair value of Series A-1 preferred units, Series B Preferred Shares, OP units, subordinated performance units, and LTIP units. (2) During the three months ended June 30, 2023, the Company acquired two annexes to existing properties.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other assets	Other assets consist of the following (dollars in thousands): December 31, 2023 2022 Customer in-place leases, net of accumulated amortization of $3,263 and $5,004, respectively $ 1,609 $ 5,090 Receivables: Trade, net 9,842 13,120 PROs and other affiliates 7,784 4,175 Receivable from unconsolidated real estate ventures 4,446 5,375 Interest rate swaps 29,610 51,466 Prepaid expenses and other 14,743 26,156 Corporate furniture, equipment and other, net 2,659 1,534 Trade name 8,851 7,442 Management contracts, net of accumulated amortization of $6,777 and $5,398, respectively 14,049 12,113 Tenant reinsurance intangible assets, net of accumulated amortization of $3,839 and $2,466, respectively 32,227 21,575 Goodwill 8,182 8,182 Total $ 134,002 $ 156,228
Schedule of future amortization expense	As of December 31, 2023, the estimated aggregate amortization expense for the Company's customer in-place leases, management contracts and tenant reinsurance intangible assets for the succeeding five years are as follows (in thousands): Year Ending December 31, Total Aggregate Estimated Amortization Expense 2024 $ 4,389 2025 2,779 2026 2,779 2027 2,779 2028 2,779 Thereafter 32,380 Total $ 47,885

DEBT FINANCING (Tables)

DEBT FINANCING (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Schedule of debt	The Company's outstanding debt as of December 31, 2023 and 2022 is summarized as follows (dollars in thousands): December 31, Interest Rate (1) 2023 2022 Credit Facility: Revolving line of credit 6.71% $ 381,000 $ 496,000 Term loan A —% — 125,000 Term loan B 3.28% 275,000 250,000 Term loan C 4.07% 325,000 225,000 Term loan D 4.05% 275,000 175,000 Term loan E 4.93% 130,000 125,000 2023 Term loan facility —% — 175,000 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 — July 2028 Senior Unsecured Notes 5.75% 120,000 — October 2028 Senior Unsecured Notes 6.55% 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 — 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 — 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% 222,757 299,570 Total principal 3,668,757 3,560,570 Unamortized debt issuance costs and debt premium, net (10,552) (9,391) Total debt $ 3,658,205 $ 3,551,179 (1) Represents the effective interest rate as of December 31, 2023. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. $25.0 million of Tranche B, $100.0 million of Tranche C, and $5.0 million of Tranche E are subject to variable interest rates, which is reflected in the effective interest rate. 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 December 31, 2023, 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 Premium Amortization and Unamortized Debt Issuance Costs Total 2024 $ 296,964 $ (3,248) $ 293,716 2025 327,185 (2,185) 325,000 2026 377,322 (1,840) 375,482 2027 598,369 (1,230) 597,139 2028 385,624 (990) 384,634 Thereafter 1,683,293 (1,059) 1,682,234 $ 3,668,757 $ (10,552) $ 3,658,205

EQUITY-BASED AWARDS (Tables)

EQUITY-BASED AWARDS (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of activity compensatory and acquisition consideration LTIP grants	The following table summarizes activity for the time-based LTIP unit awards for the years ended December 31, 2023, 2022 and 2021: Time-Based LTIP Unit Awards 2023 2022 2021 Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value Number of LTIP units Weighted Average Grant-Date Fair Value Outstanding unvested at beginning of year 132,414 $ 48.35 158,976 $ 36.95 170,265 $ 28.93 Granted 129,933 39.55 71,673 58.42 98,376 41.02 Vested (84,548) 45.39 (92,073) 36.58 (105,561) 27.61 Forfeited — — (6,162) 47.34 (4,104) 41.84 Unvested at end of year 177,799 $ 41.07 132,414 $ 48.35 158,976 $ 36.95 The following table summarizes activity for the performance-based LTIP unit awards granted during the year ended December 31, 2023, 2022 and 2021, including the minimum, target and maximum number of LTIP units that may be earned upon the achievement of the performance criteria measured over the period of three years from the grant date. Performance-Based LTIP Unit Awards Minimum Target Maximum Weighted Average Grant-Date Fair Value Outstanding unvested at December 31, 2020 — 134,487 250,014 $ 30.69 Granted — 49,522 99,041 41.68 Vested — (37,908) (47,206) 24.76 Forfeited — — (9,656) 24.21 Outstanding unvested at December 31, 2021 — 146,101 292,193 $ 35.98 Granted — 40,117 80,228 61.66 Vested — (42,744) (85,485) 29.76 Forfeited — — — — Outstanding unvested at December 31, 2022 — 143,474 286,936 $ 44.99 Granted — 74,162 148,324 42.28 Vested — (21,916) (43,832) 19.27 Forfeited — (31,923) (63,835) 16.85 Outstanding unvested at December 31, 2023 — 163,797 327,593 $ 23.42 Total LTIP units Total unvested units, December 31, 2020 252,894 Units vested in 2021 — Units forfeited in 2021 — Total unvested units, December 31, 2021 252,894 Units vested in 2022 — Units forfeited in 2022 — Total unvested units, December 31, 2022 252,894 Units vested in 2023 related to properties contributed or sourced by PROs (15,600) Units forfeited in 2023 (28,894) Total unvested units, December 31, 2023 208,400
Schedule of valuation assumptions for LTIP Unit grants	The following table summarizes the assumptions used to value the performance-based LTIP unit awards granted during the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 Risk-free interest rate 4.22 % 1.55 % 0.18 % Dividend yield 6.09 % 3.47 % 3.89 % Expected volatility 35.39 % 30.96 % 34.17 %
Schedule of activity for restricted common shares	The following table summarizes activity for restricted common shares for the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, 2023 2022 2021 Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Number of Restricted Common Shares Weighted Average Grant-Date Fair Value Outstanding at beginning of year 25,435 $ 48.90 30,659 $ 40.41 29,929 $ 32.68 Granted 12,856 42.46 10,405 57.97 29,248 43.80 Vested (12,011) 45.44 (10,208) 34.83 (12,763) 31.14 Forfeited (4,878) 47.41 (5,421) 45.21 (15,755) 39.52 Unvested at end of year 21,402 $ 46.65 25,435 $ 48.90 30,659 $ 40.41

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
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 years ended December 31, 2023, 2022 and 2021 (in thousands, except per share amounts): Year Ended December 31, 2023 2022 2021 Earnings per common share - basic and diluted Numerator Net income $ 236,988 $ 183,765 $ 146,935 Net income attributable to noncontrolling interests (80,319) (80,028) (41,682) Net income attributable to National Storage Affiliates Trust 156,669 103,737 105,253 Distributions to preferred shareholders (19,019) (13,425) (13,104) Distributed and undistributed earnings allocated to participating securities (57) (58) (57) Net income attributable to common shareholders - basic 137,593 90,254 92,092 Effect of assumed conversion of dilutive securities 78,196 — 40,231 Net income attributable to common shareholders - diluted $ 215,789 $ 90,254 $ 132,323 Denominator Weighted average shares outstanding - basic 86,846 91,239 81,195 Effect of dilutive securities: Weighted average effect of outstanding forward offering agreement — — 100 Weighted average OP units outstanding 38,302 — 30,124 Weighted average DownREIT OP unit equivalents outstanding 2,120 — 1,925 Weighted average LTIP units outstanding 60 — 96 Weighted average subordinated performance units and DownREIT subordinated performance unit equivalents 18,695 — 21,098 Weighted average shares outstanding - diluted 146,023 91,239 134,538 Earnings per share - basic $ 1.58 $ 0.99 $ 1.13 Earnings per share - diluted $ 1.48 $ 0.99 $ 0.98 Dividends declared per common share $ 2.23 $ 2.15 $ 1.59

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of weighted-average remaining lease terms and discount rates	The weighted-average remaining lease term and the weighted-average discount rate for the Company's operating leases as of December 31, 2023 are as follows: December 31, 2023 Weighted-average remaining lease term Real estate leasehold interests 24 years Office leases 4 years Solar Panels 19 years Weighted-average remaining discount rate Real estate leasehold interests 4.8 % Office leases 3.8 % Solar Panels 4.3 %
Schedule of future minimum lease payments under operating leases	As of December 31, 2023, the future minimum lease payments under the Company's operating leases, for which the Company is a lessee, are as follows (dollars in thousands): Year Ending December 31, Real Estate Leasehold Interests Office Leases Solar Panels Total 2024 $ 1,442 $ 450 $ 150 $ 2,042 2025 1,493 456 154 2,103 2026 1,520 429 165 2,114 2027 1,536 97 165 1,798 2028 1,542 97 170 1,809 2029 through 2092 26,613 — 3,008 29,621 Total lease payments $ 34,146 $ 1,529 $ 3,812 $ 39,487 Less imputed interest (13,914) (98) (1,280) (15,292) Total $ 20,232 $ 1,431 $ 2,532 $ 24,195

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of interest rate swap derivatives 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): Interest Rate Swaps Designated as Cash Flow Hedges Fair value at December 31, 2021 $ (33,757) Cash flow hedge ineffectiveness included in accumulated other comprehensive income 7 Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income 2,315 Unrealized gains on interest rate swaps included in accumulated other comprehensive income 82,418 Fair value at December 31, 2022 $ 50,983 Fair value at December 31, 2022 $ 50,983 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (35,716) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income 10,893 Fair value at December 31, 2023 $ 26,160
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 December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Liabilities Private Placement Notes $ 1,600,000 $ 1,230,000 $ 1,417,147 $ 1,014,153 Mortgage Notes 222,757 299,570 211,480 282,758 (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	12 Months Ended
	Dec. 31, 2023 property metropolitan_statistical_area	Dec. 31, 2022 property	Dec. 31, 2023 state	Dec. 31, 2023 ft²	Dec. 31, 2023 storage_unit	Dec. 31, 2023
Real Estate Properties [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				68.6
Number of units in real estate property	542,000
Self storage property disposed	32	2
Participating Regional Operators In Eight States | Disposal Group, Held-for-Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of self storage properties	39
Number of states in which self storage properties are located | state			8
Total rentable square feet in self storage properties | ft²				2.4
Number of units in real estate property	18,000				18
Participating Regional Operators In Seven States | Disposal Group, Held-for-Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Number of self storage properties	56
Number of states in which self storage properties are located | state			7
Total rentable square feet in self storage properties | ft²				3.2
Number of units in real estate property | storage_unit					24
Consolidated properties
Real Estate Properties [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 units in real estate property | storage_unit					407
Unconsolidated properties | Joint Venture
Real Estate Properties [Line Items]
Number of self storage properties	185
Number of states in which self storage properties are located | state			21
Total rentable square feet in self storage properties | ft²				13.5
Number of units in real estate property	111,000
Unconsolidated properties | Joint Venture | 2016 Joint Venture
Real Estate Properties [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	47,000
Company's equity interest in unconsolidated real estate ventures (percent)						25%

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) property segment partnership $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Number of properties | property	1,050
Net book value of real estate owned	$ 4,917,815,000	$ 5,618,911,000
Carrying value	3,668,757,000	3,560,570,000
Real estate impairment charges	0	0	$ 0
Asset held for sale	550,199,000	0
Advertising expenses	15,300,000	10,000,000	6,600,000
Deferred tax liabilities	0	0
Deferred tax asset	0	0
Unrecognized tax benefits	$ 0	$ 0
Common shares of beneficial interest, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of reportable segments | segment	1
Goodwill impairment	$ 0	$ 0
Disposal Group, Held-for-Sale, Not Discontinued Operations
Property, Plant and Equipment [Line Items]
Asset held for sale	$ 550,200,000
Number of real estate properties to be disposed of | property	39
Disposal Group, Held-for-Sale, Not Discontinued Operations | Participating Regional Operators In Eight States
Property, Plant and Equipment [Line Items]
Number of properties | property	39
Disposal Group, Held-for-Sale, Not Discontinued Operations | Participating Regional Operators In Seven States
Property, Plant and Equipment [Line Items]
Number of properties | property	56
Tenant insurance and tenant warranty protection plan
Property, Plant and Equipment [Line Items]
Revenue	$ 24,100,000	19,800,000	15,000,000
Retail products and supplies
Property, Plant and Equipment [Line Items]
Revenue	2,300,000	2,600,000	2,300,000
Property management fees, call center fees, and platform fees
Property, Plant and Equipment [Line Items]
Revenue	$ 16,800,000	16,500,000	14,800,000
Property management fees as percent of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures	6%
Platform fees per month per unconsolidated real estate venture property	$ 1,250
Call center fees as percent of of monthly gross revenues and net sales revenues from the 2016 Joint Venture properties	1%
Acquisition fees
Property, Plant and Equipment [Line Items]
Revenue	$ 0	1,200,000	800,000
Tenant warranty protection or tenant insurance
Property, Plant and Equipment [Line Items]
Revenue	$ 17,200,000	9,500,000	$ 7,300,000
Percent of total warranty protection plan proceeds received per unconsolidated real estate venture property (percent)	50,000,000%
Customer in-place leases
Property, Plant and Equipment [Line Items]
Estimated useful life	12 months
Minimum | Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life	7 years
Minimum | Furniture and equipment
Property, Plant and Equipment [Line Items]
Useful life	3 years
Maximum | Buildings and Improvements
Property, Plant and Equipment [Line Items]
Useful life	40 years
Maximum | Furniture and equipment
Property, Plant and Equipment [Line Items]
Useful life	10 years
Fixed rate mortgages payable | Mortgages
Property, Plant and Equipment [Line Items]
Carrying value	$ 222,757,000	299,570,000
VIE, Primary Beneficiary
Property, Plant and Equipment [Line Items]
Number of partnerships considered to be VIEs | partnership	22
Number of properties | property	49
Net book value of real estate owned	$ 418,900,000	412,900,000
VIE, Primary Beneficiary | Fixed rate mortgages payable | Mortgages
Property, Plant and Equipment [Line Items]
Carrying value	$ 188,700,000	$ 188,700,000

SHAREHOLDERS' EQUITY AND NONC_3

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Narrative (Details) $ / shares in Units, $ in Thousands						12 Months Ended
	Mar. 16, 2023 USD ($) property shares	Mar. 15, 2023 shares	Jan. 01, 2023 shares	Jul. 23, 2021 USD ($) $ / shares shares	Feb. 27, 2019 USD ($)	Dec. 31, 2023 USD ($) property $ / shares shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Jul. 11, 2022 USD ($)	May 19, 2021 USD ($)
Class of Stock [Line Items]
Number of properties | property						1,050
Repurchase amount | $						$ 275,000			$ 400,000
Repurchase of common shares (in shares)						8,836,639
Repurchase of common shares | $						$ 310,152	$ 90,109	$ 0
Common Shares
Class of Stock [Line Items]
Issuance of shares/units (in shares)								19,196,216
Repurchase of common shares (in shares)						8,836,639	1,986,175
Redemptions/conversions of units (in shares)							627,896	700,326
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares tied to promissory note	1,059,683
Series B Preferred Stock | Personal Mini
Class of Stock [Line Items]
Issuance of shares/units (in shares)	5,668,128
Preferred stock, value, issued | $	$ 139,600
Number of properties | property	15
Financing receivable, after allowance for credit loss | $	$ 26,100
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference | $	26,100
Proceeds from issuance of preferred stock and preference stock | $	113,100
Subordinated performance units
Class of Stock [Line Items]
Unit conversion, lock out period						1 year
Percentage of CAD per unit used in conversion rate calculation			110%			110%
OP units | Common Shares
Class of Stock [Line Items]
Redemptions/conversions of units (in shares)						1,275,854
NSA OP, LP | Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage		6%
Preferred shares of beneficial interest, authorized (in shares)		7,000,000
Preferred shares of beneficial interest, par value (in dollars per share) | $ / shares						$ 25
NSA OP, LP | Series A-1 preferred units
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage						6%
Preferred shares of beneficial interest, par value (in dollars per share) | $ / shares						$ 25
Unit conversion ratio						1
Minimum conversion period (in years)						10 years
Stock issued during period, shares, lease termination						33,441
NSA OP, LP | Series A-1 preferred units | Series of Individually Immaterial Asset Acquisitions
Class of Stock [Line Items]
Shares issued in connection with asset acquisition (in shares)						466,691
NSA OP, LP | Subordinated performance units
Class of Stock [Line Items]
Minimum conversion period (in years)						2 years
Conversion of units, non-voluntary (in units)						926,623
Number of units requested for conversion (in units)						23,690
Unit conversion, lock out period (in years)						2 years
NSA OP, LP | Subordinated performance units | Series of Individually Immaterial Asset Acquisitions
Class of Stock [Line Items]
Redemptions/conversions of units (in shares)						397,000
NSA OP, LP | Subordinated performance units | Retirement of Northwest
Class of Stock [Line Items]
Issuance of shares/units (in shares)						1,160,370
Conversion of units, non-voluntary (in units)						926,623
NSA OP, LP | OP units
Class of Stock [Line Items]
Issuance of shares/units (in shares)			43,556			2,545,063
Unit conversion ratio						1
Minimum conversion period (in years)						1 year
NSA OP, LP | OP units | Common Shares
Class of Stock [Line Items]
Redemptions/conversions of units (in shares)						1,275,854
NSA OP, LP | OP units | Series of Individually Immaterial Asset Acquisitions
Class of Stock [Line Items]
Issuance of shares/units (in shares)						481,811
Shares issued in connection with asset acquisition (in shares)						18,895
NSA OP, LP | OP units | Retirement of Northwest
Class of Stock [Line Items]
Conversion of units, non-voluntary (in units)						2,545,063
NSA OP, LP | LTIP units
Class of Stock [Line Items]
Issuance of shares/units (in shares)						185,528
Unit conversion ratio						1
Number of units converted (in units)						128,487
NSA OP, LP | DownREIT Subordinated Performance Performance Units
Class of Stock [Line Items]
Number of units requested for conversion (in units)						203,637
Personal Mini Affiliate | Subordinated performance units | Personal Mini
Class of Stock [Line Items]
Payments to acquire interest in subsidiaries and affiliates | $	$ 26,100
DownREIT Partnership | Subordinated performance units
Class of Stock [Line Items]
Unit conversion ratio						1
Minimum conversion period (in years)						5 years
DownREIT Partnership | OP units
Class of Stock [Line Items]
Issuance of shares/units (in shares)						195,573
Unit conversion ratio						1
Minimum conversion period (in years)						5 years
At the Market Program
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage					6%
Value of common and preferred shares authorized under ATM program | $					$ 250,000					$ 400,000
Value of remaining available offered shares | $						$ 169,100				$ 31,000
Common Shares of Beneficial Interest, $0.01 par value per share | Follow-On Public Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				10,120,000
Sale of stock, price per share (USD per share) | $ / shares				$ 51.25
Proceeds from sale of stock | $				$ 497,400
Common Shares of Beneficial Interest, $0.01 par value per share | At the Market Program
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)						0	0
Underwriter option to purchase | Follow-On Public Offering
Class of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)				1,320,000
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
Class of Stock [Line Items]
Preferred stock, dividend rate, percentage						6%
Preferred shares per share amount of dividends (in dollars per share) | $ / shares						$ 1.50
Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share | NSA OP, LP
Class of Stock [Line Items]
Preferred shares cash redemption price (in dollars per share) | $ / shares						$ 25

SHAREHOLDERS' EQUITY AND NONC_4

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Equity Interests (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Partnership Subsidiaries
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	53,879,191	51,594,932
Series A-1 preferred units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	1,212,340	712,208
OP units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	37,635,683	35,737,281
OP units | DownREIT Partnership
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	2,120,491	1,924,918
Subordinated performance units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	7,991,271	8,154,524
Subordinated performance units | DownREIT Partnership
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	4,133,474	4,337,111
LTIP units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	785,932	728,890

SELF STORAGE PROPERTIES (Detail

SELF STORAGE PROPERTIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 1,035,562	$ 1,111,326
Buildings and improvements	4,746,105	5,269,383
Furniture and equipment	10,507	10,863
Total self storage properties	5,792,174	6,391,572
Less accumulated depreciation	(874,359)	(772,661)
Self storage properties, net	4,917,815	5,618,911
Depreciation expense related to self storage properties	$ 210,200	$ 195,900	$ 135,100

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Narrative (Details) $ in Thousands, ft² in Millions	2 Months Ended	3 Months Ended	12 Months Ended
	Feb. 27, 2024 USD ($) ft² storage_unit	Dec. 31, 2023 USD ($) ft² property state storage_unit extension_period	Dec. 31, 2023 USD ($) ft² property state storage_unit	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Number of self storage properties | property		1,050	1,050
Number of states in which self storage properties are located | state		42	42
Total rentable square feet in self storage properties | ft²		68.6	68.6
Investment in unconsolidated real estate ventures		$ 211,361	$ 211,361	$ 227,441
Number of units in real estate property | property		542,000	542,000
Contributions to unconsolidated real estate venture			$ 0	$ 55,044	$ 0
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Total rentable square feet in self storage properties | ft²	3.2
Number of units in real estate property | storage_unit	24,000
2024 Joint Venture | Subsequent Event
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 | Unconsolidated properties
Schedule of Equity Method Investments [Line Items]
Number of self storage properties | property		185	185
Number of states in which self storage properties are located | state		21	21
Total rentable square feet in self storage properties | ft²		13.5	13.5
Number of units in real estate property | property		111,000	111,000
Joint Venture | 2024 Joint Venture | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 140,800
Joint Venture | 2018 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		25%	25%
Contributions to unconsolidated real estate venture			$ 1,600
Joint Venture | 2018 Joint Venture | Unconsolidated properties
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		25%	25%
Number of self storage properties | property		104	104
Number of states in which self storage properties are located | state		17	17
Total rentable square feet in self storage properties | ft²		7.8	7.8
Number of units in real estate property | storage_unit		64,000	64,000
Number of properties acquired | property			1
Payments to acquire property			$ 6,600
Joint Venture | 2016 Joint Venture
Schedule of Equity Method Investments [Line Items]
Contributions to unconsolidated real estate venture			$ 51,900
Joint Venture | 2016 Joint Venture | Unconsolidated properties
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		25%	25%
Number of self storage properties | property		81	81
Number of states in which self storage properties are located | state		13	13
Total rentable square feet in self storage properties | ft²		5.7	5.7
Number of units in real estate property | property		47,000	47,000
Number of properties acquired | property				7
Payments to acquire property				$ 207,600
2024 NSA Member | 2024 Joint Venture | Subsequent Event
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]
Number of self storage properties | property		56	56
Number of states in which self storage properties are located | state		7	7
Total rentable square feet in self storage properties | ft²		3.2	3.2
Number of storage units | storage_unit		24,000	24,000
2024 JV Investor | 2024 Joint Venture | Subsequent Event
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%
2023 JV Members | 2023 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		75%	75%
Investment in unconsolidated real estate ventures		$ 400,000	$ 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%	25%

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Condensed Financial Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ASSETS
Self storage properties, net	$ 4,917,815	$ 5,618,911
Other assets	134,002	156,228
Total assets	5,931,811	6,070,007
LIABILITIES AND EQUITY
Debt financing	3,658,205	3,551,179
Equity, Including Portion Attributable to Noncontrolling Interest	2,125,841	2,389,014	$ 2,482,455	$ 1,430,475
Total liabilities and equity	5,931,811	6,070,007
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Joint Venture
ASSETS
Self storage properties, net	1,831,110	1,891,203
Other assets	37,826	36,873
Total assets	1,868,936	1,928,076
LIABILITIES AND EQUITY
Debt financing	1,003,223	1,002,301
Other liabilities	28,333	23,808
Equity, Including Portion Attributable to Noncontrolling Interest	837,380	901,967
Total liabilities and equity	$ 1,868,936	$ 1,928,076

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Condensed Operating Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total revenues	$ 858,063	$ 801,569	$ 585,671
Property operating expenses	228,986	211,025	155,265
Depreciation and amortization	(221,993)	(233,158)	(158,312)
Interest expense	(166,147)	(110,599)	(72,062)
Net income attributable to National Storage Affiliates Trust	156,669	103,737	105,253
Equity Method Investment, Nonconsolidated Investee or Group of Investees | Joint Venture
Schedule of Equity Method Investments [Line Items]
Total revenues	214,292	212,832	187,861
Property operating expenses	(59,740)	(57,306)	(50,829)
Supervisory, administrative and other expenses	(14,146)	(13,955)	(12,288)
Depreciation and amortization	(68,333)	(68,289)	(61,628)
Interest expense	(41,665)	(41,657)	(41,658)
Acquisition and other expenses	(459)	(899)	(511)
Net income attributable to National Storage Affiliates Trust	$ 29,949	$ 30,726	$ 20,947

SELF STORAGE PROPERTY ACQUISI_3

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023 property	Sep. 30, 2023 property	Jun. 30, 2023 property annex	Mar. 31, 2023 property	Dec. 31, 2022 property	Sep. 30, 2022 property	Jun. 30, 2022 property	Mar. 31, 2022 property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Asset Acquisition [Line Items]
Number of properties acquired | property	2	2	0	16	2	23	8	12	20	45
Number annexes acquired | annex			2
Estimated fair value of net assets acquired									$ 229.5	$ 569.2
Acquisition-related costs capitalized									1.6	3.7
Aggregate revenue related to properties acquired during the year									12.3	18
Operating income related to properties acquired during the year									$ 10.9	$ 19.8
Self storage property disposed | property									32	2
Undeveloped land parcel, net proceeds									$ 262.3	$ 11
Net gain of dispositions									$ 63.9	5.5
Number of properties | property	1,050								1,050
Disposal Group, Held-for-Sale, Not Discontinued Operations | Participating Regional Operators In Eight States
Asset Acquisition [Line Items]
Number of properties | property	39								39
Disposal Group, Held-for-Sale, Not Discontinued Operations | Participating Regional Operators In Seven States
Asset Acquisition [Line Items]
Number of properties | property	56								56
Real Estate
Asset Acquisition [Line Items]
Recognized fair value allocated to real estate									$ 224.7	559.7
Customer in-place leases
Asset Acquisition [Line Items]
Recognized fair value allocated to intangible assets									$ 4.8	$ 9.5
Asset acquired from PROs | Affiliated entity
Asset Acquisition [Line Items]
Number of properties acquired | property									19	5
Estimated fair value of net assets acquired									$ 199.3	$ 55.7
Asset Acquisition From Retiredment of MoveIt | Affiliated entity
Asset Acquisition [Line Items]
Estimated fair value of net assets acquired									$ 4.7

SELF STORAGE PROPERTY ACQUISI_4

SELF STORAGE PROPERTY ACQUISITIONS AND DISPOSITIONS - Acquisitions (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($) property annex	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Asset Acquisitions During Period
Number of Properties | property	2	2	0	16	2	23	8	12	20	45
Cash and Acquisition Costs	$ 16,972	$ 13,666	$ 8,167	$ 9,920	$ 7,622	$ 313,784	$ 99,954	$ 76,027	$ 48,725	$ 497,387
Value of OP equity	8,062	16,370	5,577	150,531	32,141	6,244	13,938	16,576	180,540	68,899
Other Liabilities/ (Other Assets)	(12)	78	34	85	156	1,761	641	332	185	2,890
Total	$ 25,022	$ 30,114	$ 13,778	$ 160,536	$ 39,919	$ 321,789	$ 114,533	$ 92,935	$ 229,450	$ 569,176
Number annexes acquired | annex			2

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets
Intangibles	$ 47,885
Receivables:
Accounts receivable	9,842	$ 13,120
Interest rate swaps	29,610	51,466
Prepaid expenses and other	14,743	26,156
Corporate furniture, equipment and other, net	2,659	1,534
Goodwill	8,182	8,182
Total	$ 134,002	156,228
DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag	Total
Related Party
Receivables:
Accounts receivable	$ 7,784	4,175
Receivable from unconsolidated real estate ventures	4,446	5,375
Trade names
Receivables:
Trade name	8,851	7,442
Customer in-place leases
Other Assets
Intangibles	1,609	5,090
Accumulated amortization	3,263	5,004
Management contract
Other Assets
Intangibles	14,049	12,113
Accumulated amortization	6,777	5,398
Tenant reinsurance intangible
Other Assets
Intangibles	32,227	21,575
Accumulated amortization	$ 3,839	$ 2,466

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Customer in-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 8.3	$ 34.4	$ 20.7
Estimated useful life	12 months
Management contract
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1.4	1.2	1
Estimated useful life	15 years
Tenant reinsurance intangible
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1.4	$ 1	$ 0.6
Estimated useful life	25 years

OTHER ASSETS - Schedule of Futu

OTHER ASSETS - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Total Aggregate Estimated Amortization Expense
2024	$ 4,389
2025	2,779
2026	2,779
2027	2,779
2028	2,779
Thereafter	32,380
Total	$ 47,885

DEBT FINANCING - Debt Summary (

DEBT FINANCING - Debt Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Aug. 30, 2022	Nov. 09, 2021	May 03, 2021	Aug. 30, 2019	Apr. 24, 2019	Jan. 02, 2019
Debt Instrument [Line Items]
Principal amount	$ 3,668,757	$ 3,560,570
Unamortized debt issuance costs and debt premium, net	(10,552)	(9,391)
Total debt	$ 3,658,205	3,551,179
October 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.55%
Debt Subject To Variable Rate, Tranche B
Debt Instrument [Line Items]
Total debt	$ 25,000
Debt Subject To Variable Rate, Tranche C
Debt Instrument [Line Items]
Total debt	100,000
Debt Subject To Variable Rate, Tranche E
Debt Instrument [Line Items]
Total debt	$ 5,000
Line of Credit | Revolving line of credit | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	6.71%
Principal amount	$ 381,000	496,000
Unsecured debt | 2023 Term loan facility
Debt Instrument [Line Items]
Principal amount		175,000
Unsecured debt | 2028 Term loan facility
Debt Instrument [Line Items]
Principal amount		75,000
Unsecured debt | April 2029 term loan facility
Debt Instrument [Line Items]
Interest rate (percent)	4.27%						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%				2.16%
Principal amount	$ 35,000	35,000			$ 35,000
Unsecured debt | October 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.46%
Principal amount	$ 65,000
Unsecured debt | July 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	5.75%
Principal amount	$ 120,000
Unsecured debt | October 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Principal amount	$ 100,000
Unsecured debt | 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.98%					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
Unsecured debt | November 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.72%			2.72%
Principal amount	$ 75,000	75,000		$ 75,000
Unsecured debt | May 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3%				3%
Principal amount	$ 90,000	90,000			$ 90,000
Unsecured debt | August 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	4.08%					4.08%
Principal amount	$ 50,000	50,000
Unsecured debt | November 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.81%			2.81%
Principal amount	$ 175,000	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%		5.06%
Principal amount	$ 200,000	200,000
Unsecured debt | May 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.10%				3.10%
Principal amount	$ 55,000	55,000			$ 55,000
Unsecured debt | October 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.73%
Principal amount	$ 50,000
Unsecured debt | November 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.96%			2.96%
Principal amount	$ 125,000	125,000		$ 125,000
Unsecured debt | 2036 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.06%			3.06%
Principal amount	$ 75,000	75,000		$ 75,000
Unsecured debt | Term loan A | Credit Facility
Debt Instrument [Line Items]
Principal amount		125,000
Unsecured debt | Term loan B | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	3.28%
Principal amount	$ 275,000	250,000
Unsecured debt | Term loan C | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	4.07%
Principal amount	$ 325,000	225,000
Unsecured debt | Term loan D | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	4.05%
Principal amount	$ 275,000	175,000
Unsecured debt | Term loan E | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	4.93%
Principal amount	$ 130,000	125,000
Unsecured debt | Term loan E | 2028 Term loan facility
Debt Instrument [Line Items]
Interest rate (percent)								4.62%
Principal amount	$ 75,000
Mortgages | Fixed rate mortgages payable
Debt Instrument [Line Items]
Interest rate (percent)	3.61%
Principal amount	$ 222,757	$ 299,570

DEBT FINANCING - Narrative (Det

DEBT FINANCING - Narrative (Details)

12 Months Ended

Jul. 29, 2019

Dec. 31, 2023 USD ($) agency election_period

Feb. 27, 2024 USD ($)

Oct. 05, 2023 USD ($)

Mar. 24, 2023 USD ($)

Jan. 03, 2023 USD ($)

Jan. 02, 2023 USD ($)

Dec. 31, 2022 USD ($)

Aug. 30, 2022 USD ($)

Jun. 24, 2022 USD ($)

Nov. 09, 2021 USD ($)

Jul. 09, 2021 USD ($) property

May 03, 2021 USD ($)

Oct. 22, 2020 USD ($)

Aug. 30, 2019 USD ($)

Apr. 24, 2019 USD ($)

Jan. 02, 2019

Dec. 21, 2018 USD ($)

Debt Instrument [Line Items]

Carrying value

$ 3,668,757,000

$ 3,560,570,000

Unsecured debt | Fed Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

0.50%

Credit Facility | Revolving line of credit | Minimum

Debt Instrument [Line Items]

Usage based fees with respect to unused portion of Revolver (percent)

0.15%

Ratings based fees if credit pricing elected (percent)

0.125%

Credit Facility | Revolving line of credit | Maximum

Debt Instrument [Line Items]

Usage based fees with respect to unused portion of Revolver (percent)

0.20%

Ratings based fees if credit pricing elected (percent)

0.30%

Credit Facility | Line of Credit

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 1,955,000,000

$ 405,000,000

Increase limit

2,500,000,000

Credit Facility | Line of Credit | Revolving line of credit

Debt Instrument [Line Items]

Maximum borrowing capacity

950,000,000

650,000,000

Borrowing commitment extension fees percentage

0.0625%

Term loan extension fee percentage

0.0625%

Effective interest rate (percent)

6.71%

Revolving line of credit remaining borrowing capacity

$ 562,600,000

Carrying value

$ 381,000,000

496,000,000

Debt Instrument, Extention Periods, Number Of Elections | election_period

2

Credit Facility | Unsecured debt

Debt Instrument [Line Items]

Letters of credit outstanding

$ 6,400,000

Maximum total leverage ratio

60%

Maximum total leverage ratio allowable within two quarters of material acquisition

65%

Minimum fixed charge coverage ratio

1.5

Maximum secured indebtedness to gross asset value (as a percent)

40%

Maximum unsecured debt to unencumbered asset value ratio

60%

Maximum unsecured debt to unencumbered asset value ratio allowable within two quarters of material acquisition

65%

Minimum encumbered adjusted net operating income to unsecured interest expense ratio

2

Credit Facility | Unsecured debt | Fed Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

0.50%

Credit Facility | Unsecured debt | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1%

Credit Facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Minimum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

1.10%

Credit rating pricing election (percent)

0.725%

Credit Facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Maximum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

1.80%

Credit rating pricing election (percent)

1.65%

Credit Facility | Unsecured debt | Base Rate | Minimum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

0.10%

Credit rating pricing election (percent)

0%

Credit Facility | Unsecured debt | Base Rate | Maximum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

0.80%

Credit rating pricing election (percent)

0.65%

Credit Facility | Unsecured debt | Term loan A

Debt Instrument [Line Items]

Maximum borrowing capacity

125,000,000

Carrying value

125,000,000

Credit Facility | Unsecured debt | Term loan B

Debt Instrument [Line Items]

Maximum borrowing capacity

275,000,000

250,000,000

Effective interest rate (percent)

3.28%

Carrying value

$ 275,000,000

250,000,000

Credit Facility | Unsecured debt | Term loan B | Subsequent Event

Debt Instrument [Line Items]

Carrying value

$ 130,000,000

Credit Facility | Unsecured debt | Term loan C

Debt Instrument [Line Items]

Maximum borrowing capacity

325,000,000

225,000,000

Effective interest rate (percent)

4.07%

Carrying value

$ 325,000,000

225,000,000

Credit Facility | Unsecured debt | Term loan D

Debt Instrument [Line Items]

Maximum borrowing capacity

275,000,000

175,000,000

Effective interest rate (percent)

4.05%

Carrying value

$ 275,000,000

175,000,000

Credit Facility | Unsecured debt | Term loan E

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 130,000,000

$ 125,000,000

Effective interest rate (percent)

4.93%

Carrying value

$ 130,000,000

125,000,000

Term Loan Facility | Unsecured debt

Debt Instrument [Line Items]

Maximum borrowing capacity

175,000,000

2028 Term loan facility | Unsecured debt

Debt Instrument [Line Items]

Debt issued

$ 75,000,000

Maximum borrowing capacity if expansion option is exercised

$ 125,000,000

Minimum number of rating agencies required | agency

2

Carrying value

75,000,000

2028 Term loan facility | Unsecured debt | Fed Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

0.50%

2028 Term loan facility | Unsecured debt | Base Rate | Minimum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

0.80%

Credit rating pricing election (percent)

0.40%

2028 Term loan facility | Unsecured debt | Base Rate | Maximum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

1.35%

Credit rating pricing election (percent)

1.25%

2028 Term loan facility | Unsecured debt | London Inter Bank Offered Rate

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1%

2028 Term loan facility | Unsecured debt | London Inter Bank Offered Rate | Minimum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

1.80%

Credit rating pricing election (percent)

1.40%

2028 Term loan facility | Unsecured debt | London Inter Bank Offered Rate | Maximum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

2.35%

Credit rating pricing election (percent)

2.25%

2028 Term loan facility | Unsecured debt | Term loan E

Debt Instrument [Line Items]

Effective interest rate (percent)

4.62%

Carrying value

$ 75,000,000

A2029 Term Loan Facility | Unsecured debt

Debt Instrument [Line Items]

Debt issued

$ 100,000,000

Minimum number of rating agencies required | agency

2

A2029 Term Loan Facility | Unsecured debt | Interest rate swap

Debt Instrument [Line Items]

Aggregate notional amount

$ 100,000,000

A2029 Term Loan Facility | Unsecured debt | Fed Funds Rate

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

0.50%

A2029 Term Loan Facility | Unsecured debt | Base Rate | Minimum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

0.85%

Credit rating pricing election (percent)

0.40%

A2029 Term Loan Facility | Unsecured debt | Base Rate | Maximum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

1.30%

Credit rating pricing election (percent)

1.25%

A2029 Term Loan Facility | Unsecured debt | London Inter Bank Offered Rate

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1%

A2029 Term Loan Facility | Unsecured debt | London Inter Bank Offered Rate | Minimum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

1.85%

Credit rating pricing election (percent)

1.40%

A2029 Term Loan Facility | Unsecured debt | London Inter Bank Offered Rate | Maximum

Debt Instrument [Line Items]

Leverage based applicable margin (percent)

2.30%

Credit rating pricing election (percent)

2.25%

June 2029 term loan facility | Unsecured debt

Debt Instrument [Line Items]

Maximum borrowing capacity

$ 285,000,000

Increase limit

15,000,000

Effective interest rate (percent)

5.37%

Higher borrowing capacity option

$ 300,000,000

Carrying value

$ 285,000,000

285,000,000

June 2029 term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR)

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1%

June 2029 term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1.55%

June 2029 term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Minimum | Variable Rate Component One

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1.075%

June 2029 term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.20%

June 2029 term loan facility | Unsecured debt | Secured Overnight Financing Rate (SOFR) | Maximum | Variable Rate Component One

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

2.20%

June 2029 term loan facility | Unsecured debt | Base Rate | Minimum

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

0.55%

June 2029 term loan facility | Unsecured debt | Base Rate | Minimum | Variable Rate Component One

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

0.075%

June 2029 term loan facility | Unsecured debt | Base Rate | Maximum

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1.20%

June 2029 term loan facility | Unsecured debt | Base Rate | Maximum | Variable Rate Component One

Debt Instrument [Line Items]

Basis spread on variable rate (percent)

1.20%

2029 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

3.98%

3.98%

Debt issued

$ 100,000,000

Carrying value

$ 100,000,000

100,000,000

August 2031 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

4.08%

4.08%

Debt issued

$ 50,000,000

Carrying value

$ 50,000,000

50,000,000

August 2030 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

2.99%

Debt issued

$ 150,000,000

Carrying value

$ 150,000,000

150,000,000

A2032 Senior Notes | Unsecured debt

Debt Instrument [Line Items]

Debt issued

$ 100,000,000

May 2026 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

2.16%

2.16%

Carrying value

$ 35,000,000

35,000,000

$ 35,000,000

May 2031 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

3%

3%

Carrying value

$ 90,000,000

90,000,000

$ 90,000,000

May 2033 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

3.10%

3.10%

Carrying value

$ 55,000,000

55,000,000

$ 55,000,000

November 2030 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

2.72%

2.72%

Carrying value

$ 75,000,000

75,000,000

$ 75,000,000

November 2031 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

2.81%

2.81%

Carrying value

$ 175,000,000

175,000,000

$ 175,000,000

November 2033 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

2.96%

2.96%

Carrying value

$ 125,000,000

125,000,000

$ 125,000,000

2036 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

3.06%

3.06%

Carrying value

$ 75,000,000

75,000,000

$ 75,000,000

November 2032 Senior Unsecured Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

5.06%

5.06%

Carrying value

$ 200,000,000

200,000,000

Senior unsecured notes

$ 200,000,000

2028 Senior Notes | Unsecured debt

Debt Instrument [Line Items]

Effective interest rate (percent)

5.75%

Debt issued

$ 120,000,000

Interest rate (percent)

5.61%

October 2026 Notes

Debt Instrument [Line Items]

Debt issued

$ 65,000,000

Interest rate (percent)

6.46%

October 2028 Notes

Debt Instrument [Line Items]

Debt issued

$ 100,000,000

Interest rate (percent)

6.55%

October 2030 Notes

Debt Instrument [Line Items]

Debt issued

$ 35,000,000

Interest rate (percent)

6.66%

October 2033 Notes

Debt Instrument [Line Items]

Debt issued

$ 50,000,000

Interest rate (percent)

6.73%

Fixed rate mortgages payable | Mortgages

Debt Instrument [Line Items]

Effective interest rate (percent)

3.61%

Carrying value

$ 222,757,000

$ 299,570,000

Fixed rate mortgages payable | Mortgages | Minimum

Debt Instrument [Line Items]

Effective interest rate (percent)

2.77%

Fixed rate mortgages payable | Mortgages | Maximum

Debt Instrument [Line Items]

Effective interest rate (percent)

4.34%

2028 Fixed Rate Mortgage Payable | Mortgages

Debt Instrument [Line Items]

Debt issued

$ 88,000,000

Interest rate (percent)

2.77%

Number of properties securing debt | property

8

DEBT FINANCING - Future Maturit

DEBT FINANCING - Future Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Scheduled Principal and Maturity Payments
2024	$ 296,964
2025	327,185
2026	377,322
2027	598,369
2028	385,624
Thereafter	1,683,293
Total principal	3,668,757	$ 3,560,570
Premium Amortization and Unamortized Debt Issuance Costs
2024	(3,248)
2025	(2,185)
2026	(1,840)
2027	(1,230)
2028	(990)
Thereafter	(1,059)
Total unamortized debt issuance costs and debt premium, net	(10,552)	(9,391)
Total
2024	293,716
2025	325,000
2026	375,482
2027	597,139
2028	384,634
Thereafter	1,682,234
Total debt	$ 3,658,205	$ 3,551,179

EQUITY-BASED AWARDS - Narrative

EQUITY-BASED AWARDS - Narrative (Details) - USD ($) $ in Millions			12 Months Ended			108 Months Ended	132 Months Ended
	Jan. 23, 2020	Dec. 31, 2013	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2023
2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of shares outstanding issuable			5%
LTIP units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			3 years
Total compensation cost recognized			$ 6.3	$ 5.9	$ 5.1
Unvested compensation cost not yet recognized			$ 6.7			$ 6.7	$ 6.7
Recognition period on unvested shares			3 years 4 months 24 days
Aggregate fair value and total compensation cost of vested shares			$ 0.5
LTIP units | 2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares authorized under under plan (in shares)			2,500,000			2,500,000	2,500,000
Total shares issued (in shares)							2,474,710
Granted (in shares)		1,683,560
LTIP units | 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares issued (in shares)							1,624,137
LTIP units | LP Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares issued (in shares)							373,353
Granted (in shares)	28,894
Time-Based LTIP Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance period			3 years
Aggregate fair value of LTIP units vested during period			$ 3.8	$ 3.4	$ 2.9
Granted (in shares)			129,933	71,673	98,376
Time-Based LTIP Unit | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			1 year
Time-Based LTIP Unit | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)			4 years
Performance-Based LTIP Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate fair value of LTIP units vested during period			$ 0.5	$ 1.3	$ 0.9
Restricted Common Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation cost recognized			0.4	$ 0.5	$ 0.4
Restricted Common Shares | 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)						3 years 4 months 24 days
Unvested compensation cost not yet recognized			$ 0.6			$ 0.6	$ 0.6
Recognition period on unvested shares			3 years 4 months 24 days
Restricted common shares granted (in shares)			12,856	10,405	29,248	146,724
Aggregate fair value and total compensation cost of vested shares			$ 0.5	$ 0.4	$ 0.4

EQUITY-BASED AWARDS - Time-Base

EQUITY-BASED AWARDS - Time-Based LTIP Units Activity (Details) - Time-Based LTIP Unit - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of LTIP units
Unvested units at beginning of year (in shares)	132,414	158,976	170,265
Granted (in shares)	129,933	71,673	98,376
Vested (in shares)	(84,548)	(92,073)	(105,561)
Forfeited (in shares)	0	(6,162)	(4,104)
Unvested units at end of year (in shares)	177,799	132,414	158,976
Weighted Average Grant-Date Fair Value
Unvested at beginning of year (in dollars per share)	$ 48.35	$ 36.95	$ 28.93
Granted (in dollars per share)	39.55	58.42	41.02
Vested (in dollars per share)	45.39	36.58	27.61
Forfeited (in dollars per share)	0	47.34	41.84
Unvested at end of year (in dollars per share)	$ 41.07	$ 48.35	$ 36.95

EQUITY-BASED AWARDS - Performan

EQUITY-BASED AWARDS - Performance-Based LTIP Units Activity (Details) - Performance-Based LTIP Units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Grant-Date Fair Value
Unvested at beginning of year (in dollars per share)	$ 44.99	$ 35.98	$ 30.69
Granted (in dollars per share)	42.28	61.66	41.68
Vested (in dollars per share)	19.27	29.76	24.76
Forfeited (in dollars per share)	16.85	0	24.21
Unvested at end of year (in dollars per share)	$ 23.42	$ 44.99	$ 35.98
Minimum
Number of LTIP units
Unvested units at beginning of year (in shares)	0	0	0
Granted (in shares)	0	0	0
Vested (in shares)	0	0	0
Forfeited (in shares)	0	0	0
Unvested units at end of year (in shares)	0	0	0
Target
Number of LTIP units
Unvested units at beginning of year (in shares)	143,474	146,101	134,487
Granted (in shares)	74,162	40,117	49,522
Vested (in shares)	(21,916)	(42,744)	(37,908)
Forfeited (in shares)	(31,923)	0	0
Unvested units at end of year (in shares)	163,797	143,474	146,101
Maximum
Number of LTIP units
Unvested units at beginning of year (in shares)	286,936	292,193	250,014
Granted (in shares)	148,324	80,228	99,041
Vested (in shares)	(43,832)	(85,485)	(47,206)
Forfeited (in shares)	(63,835)	0	(9,656)
Unvested units at end of year (in shares)	327,593	286,936	292,193

EQUITY-BASED AWARDS - Perform_2

EQUITY-BASED AWARDS - Performance-Based LTIP Units Valuation Assumptions (Details) - Performance-Based LTIP Units	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Valuation Assumptions
Risk-free interest rate	4.22%	1.55%	0.18%
Dividend yield	6.09%	3.47%	3.89%
Expected volatility	35.39%	30.96%	34.17%

EQUITY-BASED AWARDS - Acquisiti

EQUITY-BASED AWARDS - Acquisition Related LTIP Units (Details) - LTIP units - 2013 Plan - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of LTIP units
Unvested units at beginning of year (in shares)	252,894	252,894	252,894
Vested (in shares)	(15,600)	0	0
Forfeited (in shares)	(28,894)	0	0
Unvested units at end of year (in shares)	208,400	252,894	252,894

EQUITY-BASED AWARDS - Restricte

EQUITY-BASED AWARDS - Restricted Common Shares (Details) - Restricted Common Shares - 2015 Plan - $ / shares	12 Months Ended			108 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Number of Restricted Common Shares
Outstanding at beginning of year (in shares)	25,435	30,659	29,929
Granted (in shares)	12,856	10,405	29,248	146,724
Vested (in shares)	(12,011)	(10,208)	(12,763)
Forfeited (in shares)	(4,878)	(5,421)	(15,755)
Unvested at end of year (in shares)	21,402	25,435	30,659	21,402
Weighted Average Grant-Date Fair Value
Outstanding at beginning of year (in dollars per share)	$ 48.90	$ 40.41	$ 32.68
Granted (in dollars per share)	42.46	57.97	43.80
Vested (in dollars per share)	45.44	34.83	31.14
Forfeited (in dollars per share)	47.41	45.21	39.52
Unvested at end of year (in dollars per share)	$ 46.65	$ 48.90	$ 40.41	$ 46.65

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net income	$ 236,988	$ 183,765	$ 146,935
Net income attributable to noncontrolling interests	(80,319)	(80,028)	(41,682)
Net income attributable to National Storage Affiliates Trust	156,669	103,737	105,253
Distributions to preferred shareholders	(19,019)	(13,425)	(13,104)
Distributed and undistributed earnings allocated to participating securities	(57)	(58)	(57)
Net income attributable to common shareholders - basic	137,593	90,254	92,092
Effect of assumed conversion of dilutive securities	78,196	0	40,231
Net income attributable to common shareholders - diluted	$ 215,789	$ 90,254	$ 132,323
Denominator
Weighted average shares outstanding - basic (in shares)	86,846	91,239	81,195
Effect of dilutive securities:
Weighted average effect of outstanding forward offering agreement (in shares)	0	0	100
Weighted average OP units outstanding (in shares)	38,302	0	30,124
Weighted average DownREIT OP unit equivalents outstanding (in shares)	2,120	0	1,925
Weighted average LTIP units outstanding (in shares)	60	0	96
Weighted average subordinated performance units and DownREIT Subordinated performance unit equivalents (in shares)	18,695	0	21,098
Weighted average shares outstanding - diluted (in shares)	146,023	91,239	134,538
Earnings per share - basic (in dollars per share)	$ 1.58	$ 0.99	$ 1.13
Earnings per share - diluted (in dollars per share)	1.48	0.99	0.98
Dividends declared per common share (in dollars per share)	$ 2.23	$ 2.15	$ 1.59

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2022 shares
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 units)	505,392
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 units)	208,400
OP units, DownREIT OP units, Subordinated performance units, DownREIT subordinated performance units, Vested LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity interests excluded from computation of diluted earnings per share (in units)		58,700,000
OP units | NSA OP, LP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Minimum conversion period (in years)	1 year
OP units | DownREIT Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Minimum conversion period (in years)	5 years
LTIP units | NSA OP, LP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Subordinated performance units | NSA OP, LP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Minimum conversion period (in years)	2 years
Subordinated performance units | DownREIT Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Minimum conversion period (in years)	5 years
Subordinated performance units | NSA OP, LP And DownREIT Partnership
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Minimum conversion period (in years)	2 years

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands				3 Months Ended								12 Months Ended
	Jan. 01, 2023 USD ($) shares	Jan. 01, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 USD ($) property	Sep. 30, 2023 USD ($) property	Jun. 30, 2023 USD ($) property	Mar. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Sep. 30, 2022 USD ($) property	Jun. 30, 2022 USD ($) property	Mar. 31, 2022 USD ($) property	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($) property	Dec. 31, 2021 USD ($) property shares
Related Party Transaction [Line Items]
Property operating expenses												$ 228,986	$ 211,025	$ 155,265
Number of properties acquired | property				2	2	0	16	2	23	8	12	20	45
Gross sales price of acquisition				$ 25,022	$ 30,114	$ 13,778	$ 160,536	$ 39,919	$ 321,789	$ 114,533	$ 92,935	$ 229,450	$ 569,176
Value of OP equity				$ 8,062	$ 16,370	$ 5,577	$ 150,531	$ 32,141	$ 6,244	$ 13,938	$ 16,576	180,540	68,899
Reinsurance Company
Related Party Transaction [Line Items]
Ownership interest in reinsurance company acquired (percent)			0.54%											0.54%
Series NW
Related Party Transaction [Line Items]
Issuance of shares/units (in shares) | shares		2,078,357
Series MI
Related Party Transaction [Line Items]
Issuance of shares/units (in shares) | shares	926,623
OP Units
Related Party Transaction [Line Items]
Number of units converted (in units) | shares	2,545,063	3,911,260
Self Storage Property Purchase | Affiliated entity | OP units
Related Party Transaction [Line Items]
Shares issued in connection with asset acquisition (in shares) | shares														31,869
Value of OP equity														$ 2,100
Self Storage Property Purchase | Affiliate Entity Via Trustee
Related Party Transaction [Line Items]
Number of properties acquired | property														8
Gross sales price of acquisition														$ 102,700
Self Storage Property Purchase | Affiliated Entity via Trustee and Trustee's Children | OP units
Related Party Transaction [Line Items]
Shares issued in connection with asset acquisition (in shares) | shares														171,439
Value of OP equity														$ 10,200
Acquisition of interest in reinsurance company | Affiliated entity | OP units | Reinsurance Company
Related Party Transaction [Line Items]
Shares issued in connection with business acquisition (in shares) | shares			48,128
Value of OP units issued in acquisition			$ 3,300
PRO | Supervisory and administrative fee agreement | Affiliate
Related Party Transaction [Line Items]
Administrative expense												21,200	22,600	20,400
PRO | Payroll services | Management
Related Party Transaction [Line Items]
Property operating expenses												26,700	29,300	27,900
PRO | Due diligence costs | Management
Related Party Transaction [Line Items]
Operating costs and expenses												$ 25	$ 400	$ 1,700
PRO | Minimum | Supervisory and administrative fee agreement | Management
Related Party Transaction [Line Items]
Supervisory and administrative fee arrangement of gross revenue (percent)												5%
PRO | Maximum | Supervisory and administrative fee agreement | Management
Related Party Transaction [Line Items]
Supervisory and administrative fee arrangement of gross revenue (percent)												6%
J. Timothy Warren | Affiliated entity | Series NW
Related Party Transaction [Line Items]
Number of units converted (in units) | shares		7,021
J. Timothy Warren | Affiliated entity | OP Units
Related Party Transaction [Line Items]
Number of units converted (in units) | shares		13,213
Conversion of stock		$ 900
Mr. Nordhagen | Affiliated entity | Series MI
Related Party Transaction [Line Items]
Number of units converted (in units) | shares	163,128
Mr. Nordhagen | Affiliated entity | OP Units
Related Party Transaction [Line Items]
Number of units converted (in units) | shares	448,047
Conversion of stock	$ 9,800
Mr. Cramer | Affiliated entity | Series MI
Related Party Transaction [Line Items]
Number of units converted (in units) | shares	74,617
Mr. Cramer | Affiliated entity | OP Units
Related Party Transaction [Line Items]
Number of units converted (in units) | shares	204,943
Conversion of stock	$ 4,500
J. Timothy Warren's Adult Children | Affiliated entity | Series NW
Related Party Transaction [Line Items]
Number of units converted (in units) | shares		157,149
J. Timothy Warren's Adult Children | Affiliated entity | OP Units
Related Party Transaction [Line Items]
Conversion of stock		$ 20,500
Shares issued in connection with asset acquisition (in shares) | shares		295,739
Kevin Howard Real Estate, Inc. | Acquisition of interest in reinsurance company | Reinsurance Company
Related Party Transaction [Line Items]
Consideration in acquisition transaction			9,500
Cash paid in acquisition			$ 2,900
Kevin Howard Real Estate, Inc. | Acquisition of interest in reinsurance company | OP units | Reinsurance Company
Related Party Transaction [Line Items]
Shares issued in connection with business acquisition (in shares) | shares			96,256
Value of OP units issued in acquisition			$ 6,600

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
Number of properties subject to non-cancelable leasehold interest agreements | property	7
Real estate leasehold interests
Lessee, Lease, Description [Line Items]
Rent expense	$ 1.6	$ 1.6	$ 1.7
Real estate leasehold interests | Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	11 years
Real estate leasehold interests | Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	51 years
Office leases
Lessee, Lease, Description [Line Items]
Rent expense	$ 0.4	0.4	$ 0.4
Office leases | Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	3 years
Office leases | Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	5 years
Solar Panels
Lessee, Lease, Description [Line Items]
Remaining lease terms (in years)	20 years
Rent expense	$ 0.2	$ 0.1

LEASES - Weighted-Average Remai

LEASES - Weighted-Average Remaining Term and Discount Rate (Details)	Dec. 31, 2023
Real estate leasehold interests
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease terms (in years)	24 years
Weighted-average remaining discount rate	4.80%
Office leases
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease terms (in years)	4 years
Weighted-average remaining discount rate	3.80%
Solar Panels
Lessee, Lease, Description [Line Items]
Weighted-average remaining lease terms (in years)	19 years
Weighted-average remaining discount rate	4.30%

LEASES - Future Minimum Lease P

LEASES - Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Future Minimum Lease Payments
2024	$ 2,042
2025	2,103
2026	2,114
2027	1,798
2028	1,809
2029 through 2092	29,621
Total lease payments	39,487
Less imputed interest	(15,292)
Operating lease liabilities	24,195	$ 25,741
Real estate leasehold interests
Future Minimum Lease Payments
2024	1,442
2025	1,493
2026	1,520
2027	1,536
2028	1,542
2029 through 2092	26,613
Total lease payments	34,146
Less imputed interest	(13,914)
Operating lease liabilities	20,232
Office leases
Future Minimum Lease Payments
2024	450
2025	456
2026	429
2027	97
2028	97
2029 through 2092	0
Total lease payments	1,529
Less imputed interest	(98)
Operating lease liabilities	1,431
Solar Panels
Future Minimum Lease Payments
2024	150
2025	154
2026	165
2027	165
2028	170
2029 through 2092	3,008
Total lease payments	3,812
Less imputed interest	(1,280)
Operating lease liabilities	$ 2,532

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Swap Derivatives (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Interest Rate Swaps Measured at Fair Value
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income	$ (35,605)	$ 2,315	$ 20,578
Unrealized gains on interest rate swaps included in accumulated other comprehensive income	10,893	82,418	23,558
Interest rate swap | Level 2 | Designated as hedging instrument
Interest Rate Swaps Measured at Fair Value
Fair value at beginning of period	50,983	(33,757)
Cash flow hedge ineffectiveness included in accumulated other comprehensive income		7
Losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income	(35,716)	2,315
Unrealized gains on interest rate swaps included in accumulated other comprehensive income	10,893	82,418
Fair value at end of period	$ 26,160	$ 50,983	$ (33,757)

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
	Mar. 24, 2023	Dec. 31, 2023	Dec. 31, 2023	Mar. 16, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated unrealized losses to be reclassified into earnings in the next 12 months		$ 25.2	$ 25.2
Interest rate swap | Cash flow hedges | Designated as hedging instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount		$ 1,335	$ 1,335		$ 1,410
Weighted average remaining term (in years)			2 years 10 months 24 days
Weighted average fixed rate (percent)		2.56%	2.56%
Forward Starting Swaps | Designated as hedging instrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Aggregate notional amount	$ 25			$ 50
Realized gain (loss), cash flow hedge		$ 1.6
Derivative, term of contract	10 years
Forward Starting Swaps | Designated as hedging instrument | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, forward 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	Dec. 31, 2023	Dec. 31, 2022
Reported value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	$ 1,600,000	$ 1,230,000
Fixed rate mortgages, fair value disclosure	222,757	299,570
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value disclosure	1,417,147	1,014,153
Fixed rate mortgages, fair value disclosure	$ 211,480	$ 282,758

SUBSEQUENT EVENTS - Disposition

SUBSEQUENT EVENTS - Disposition of Self Storage Properties (Details) $ in Thousands		2 Months Ended	12 Months Ended
	Feb. 01, 2024 USD ($) ft² property storage_unit	Feb. 27, 2024 USD ($) ft² storage_unit	Dec. 31, 2023 USD ($) ft² property storage_unit	Dec. 31, 2022 USD ($)
Subsequent Event [Line Items]
Number of properties			1,050
Total rentable square feet in self storage properties | ft²			68,600,000
Number of units in real estate property			542,000
Carrying value | $			$ 3,668,757	$ 3,560,570
Term loan B | Credit Facility | Unsecured debt
Subsequent Event [Line Items]
Carrying value | $			$ 275,000	$ 250,000
Disposal Group, Held-for-Sale, Not Discontinued Operations | Participating Regional Operators In Seven States
Subsequent Event [Line Items]
Number of properties			56
Total rentable square feet in self storage properties | ft²			3,200,000
Number of units in real estate property | storage_unit			24,000
Wholly Owned Properties
Subsequent Event [Line Items]
Number of sold self storage properties			32
Subsequent Event
Subsequent Event [Line Items]
Total rentable square feet in self storage properties | ft²		3,200,000
Aggregate purchase price of acquired property | $		$ 346,500
Number of units in real estate property | storage_unit		24,000
Subsequent Event | Term loan B | Credit Facility | Unsecured debt
Subsequent Event [Line Items]
Carrying value | $		$ 130,000
Subsequent Event | Wholly Owned Properties
Subsequent Event [Line Items]
Disposition of self storage properties	38
Number of properties	71
Total rentable square feet in self storage properties | ft²	4,400,000
Aggregate purchase price of acquired property | $	$ 530,000
Number of storage units | storage_unit	34,000
Number of sold self storage properties	38

SUBSEQUENT EVENTS - Subordinate

SUBSEQUENT EVENTS - Subordinated Performance Unit To OP Unit Conversions (Details) - shares		12 Months Ended
	Jan. 01, 2023	Dec. 31, 2023
Subordinated performance units
Subsequent Event [Line Items]
Period prior to conversion for conversion rate metric		1 year
Percentage of CAD per unit used in conversion rate calculation	110%	110%
Subordinated performance units | NSA OP, LP
Subsequent Event [Line Items]
Minimum conversion period (in years)		2 years
Number of units requested for conversion (in units)		23,690
Subordinated performance units | DownREIT Partnership
Subsequent Event [Line Items]
Minimum conversion period (in years)		5 years
DownREIT Subordinated Performance Performance Units | NSA OP, LP
Subsequent Event [Line Items]
Number of units requested for conversion (in units)		203,637
OP units | NSA OP, LP
Subsequent Event [Line Items]
Minimum conversion period (in years)		1 year
Issuance of shares/units (in shares)	43,556	2,545,063
OP units | DownREIT Partnership
Subsequent Event [Line Items]
Minimum conversion period (in years)		5 years
Issuance of shares/units (in shares)		195,573

Schedule III - Real Estate an_2

Schedule III - Real Estate and Accumulated Deprecation (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) number_of_store property class	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	809
Subsequent Additions	$ 274,237
Total	5,792,174	$ 6,391,572	$ 5,798,188	$ 3,639,192
Accumulated Depreciation	874,359	$ 772,661	$ 578,717	$ 443,623
Federal income tax basis of land and depreciable property	$ 5,700,000
Number of businesses acquired encumbered by debt | property	46
Aggregate encumbrances on self storage properties	$ 222,800
Number of properties | property	1,050
Number of classes of real estate | class	1
Disposal Group, Held-for-Sale, Not Discontinued Operations
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of real estate properties to be disposed of | property	39
Disposal Group, Held-for-Sale, Not Discontinued Operations | Participating Regional Operators In Seven States
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of properties | property	56
Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 1,021,314
Gross Carrying Amount at Year-End, Land	1,035,562
Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	4,496,623
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 4,756,612
Buildings and Improvements | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	7 years
Buildings and Improvements | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	40 years
Buildings and Improvements | Minimum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	3 years
Buildings and Improvements | Maximum
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Useful life	40 years
Alabama
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	11
Subsequent Additions	$ 5,342
Total	98,205
Accumulated Depreciation	9,397
Alabama | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	13,838
Gross Carrying Amount at Year-End, Land	14,696
Alabama | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	79,025
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 83,509
Arkansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	5
Subsequent Additions	$ 650
Total	36,673
Accumulated Depreciation	2,853
Arkansas | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	4,302
Gross Carrying Amount at Year-End, Land	4,302
Arkansas | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	31,721
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 32,371
Arizona
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	34
Subsequent Additions	$ 12,772
Total	223,437
Accumulated Depreciation	42,636
Arizona | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	48,477
Gross Carrying Amount at Year-End, Land	48,580
Arizona | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	162,188
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 174,857
California
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	87
Subsequent Additions	$ 37,849
Total	696,512
Accumulated Depreciation	$ 160,069
Number of Properties Subject To Long Term Leasehold Agreements | property	6
California | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 153,023
Gross Carrying Amount at Year-End, Land	153,125
California | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	505,640
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 543,387
Colorado
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	22
Subsequent Additions	$ 7,072
Total	125,416
Accumulated Depreciation	18,852
Colorado | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	23,387
Gross Carrying Amount at Year-End, Land	23,386
Colorado | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	94,957
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 102,030
Connecticut
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	3
Subsequent Additions	$ 599
Total	19,233
Accumulated Depreciation	1,633
Connecticut | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	2,515
Gross Carrying Amount at Year-End, Land	2,515
Connecticut | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	16,119
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 16,718
Florida
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	76
Subsequent Additions	$ 25,461
Total	729,252
Accumulated Depreciation	84,042
Florida | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	144,877
Gross Carrying Amount at Year-End, Land	146,132
Florida | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	558,914
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 583,120
Georgia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	50
Subsequent Additions	$ 13,781
Total	277,684
Accumulated Depreciation	43,684
Georgia | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	44,852
Gross Carrying Amount at Year-End, Land	45,401
Georgia | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	219,051
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 232,283
Iowa
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	3
Subsequent Additions	$ 4,467
Total	34,076
Accumulated Depreciation	2,737
Iowa | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	4,223
Gross Carrying Amount at Year-End, Land	4,365
Iowa | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	25,386
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 29,711
Idaho
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	5
Subsequent Additions	$ 197
Total	19,661
Accumulated Depreciation	3,053
Idaho | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	3,177
Gross Carrying Amount at Year-End, Land	3,182
Idaho | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	16,287
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 16,479
Illinois
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	6
Subsequent Additions	$ 368
Total	59,937
Accumulated Depreciation	5,044
Illinois | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	9,310
Gross Carrying Amount at Year-End, Land	9,310
Illinois | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	50,259
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 50,627
Indiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	12
Subsequent Additions	$ 809
Total	75,596
Accumulated Depreciation	16,255
Indiana | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	9,281
Gross Carrying Amount at Year-End, Land	8,737
Indiana | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	65,506
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 66,859
Kansas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	14
Subsequent Additions	$ 7,580
Total	67,410
Accumulated Depreciation	11,456
Kansas | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	10,133
Gross Carrying Amount at Year-End, Land	11,116
Kansas | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	49,697
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 56,294
Kentucky
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	5
Subsequent Additions	$ 929
Total	46,746
Accumulated Depreciation	5,006
Kentucky | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	8,802
Gross Carrying Amount at Year-End, Land	8,802
Kentucky | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	37,015
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 37,944
Louisiana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	25
Subsequent Additions	$ 6,281
Total	122,878
Accumulated Depreciation	$ 22,335
Number of Properties Subject To Long Term Leasehold Agreements | property	1
Louisiana | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	$ 16,903
Gross Carrying Amount at Year-End, Land	17,917
Louisiana | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	99,694
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 104,961
Massachusetts
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	7
Subsequent Additions	$ 17,493
Total	91,623
Accumulated Depreciation	9,134
Massachusetts | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	8,839
Gross Carrying Amount at Year-End, Land	10,814
Massachusetts | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	65,291
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 80,809
Maryland
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	8
Subsequent Additions	$ 2,442
Total	71,223
Accumulated Depreciation	9,628
Maryland | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	9,131
Gross Carrying Amount at Year-End, Land	10,654
Maryland | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	59,650
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 60,569
Minnesota
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	4
Subsequent Additions	$ 181
Total	20,644
Accumulated Depreciation	1,855
Minnesota | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	4,081
Gross Carrying Amount at Year-End, Land	4,081
Minnesota | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	16,382
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 16,563
Missouri
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	3
Subsequent Additions	$ 323
Total	24,912
Accumulated Depreciation	2,308
Missouri | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	2,944
Gross Carrying Amount at Year-End, Land	2,944
Missouri | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	21,645
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 21,968
Montana
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	1
Subsequent Additions	$ 127
Total	8,259
Accumulated Depreciation	729
Montana | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	1,476
Gross Carrying Amount at Year-End, Land	1,476
Montana | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	6,656
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 6,783
North Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	34
Subsequent Additions	$ 9,406
Total	203,488
Accumulated Depreciation	38,803
North Carolina | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	45,484
Gross Carrying Amount at Year-End, Land	46,708
North Carolina | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	148,598
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 156,780
New Hampshire
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	15
Subsequent Additions	$ 7,256
Total	109,872
Accumulated Depreciation	17,976
New Hampshire | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	20,987
Gross Carrying Amount at Year-End, Land	20,991
New Hampshire | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	81,629
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 88,881
New Jersey
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	5
Subsequent Additions	$ 1,572
Total	38,517
Accumulated Depreciation	6,847
New Jersey | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	4,072
Gross Carrying Amount at Year-End, Land	4,072
New Jersey | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	32,873
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 34,445
New Mexico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	10
Subsequent Additions	$ 4,405
Total	74,338
Accumulated Depreciation	8,368
New Mexico | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	11,509
Gross Carrying Amount at Year-End, Land	12,553
New Mexico | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	58,424
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 61,785
Nevada
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	15
Subsequent Additions	$ 7,780
Total	98,887
Accumulated Depreciation	18,093
Nevada | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	22,877
Gross Carrying Amount at Year-End, Land	23,007
Nevada | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	68,230
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 75,880
New York
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	2
Subsequent Additions	$ 342
Total	37,622
Accumulated Depreciation	2,313
New York | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	3,398
Gross Carrying Amount at Year-End, Land	3,398
New York | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	33,882
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 34,224
Ohio
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	1
Subsequent Additions	$ 84
Total	13,803
Accumulated Depreciation	2,618
Ohio | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	2,059
Gross Carrying Amount at Year-End, Land	2,059
Ohio | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	11,660
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 11,744
Oklahoma
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	33
Subsequent Additions	$ 11,705
Total	109,471
Accumulated Depreciation	34,257
Oklahoma | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	20,429
Gross Carrying Amount at Year-End, Land	20,429
Oklahoma | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	77,337
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 89,042
Oregon
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	70
Subsequent Additions	$ 22,491
Total	411,995
Accumulated Depreciation	82,547
Oregon | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	85,970
Gross Carrying Amount at Year-End, Land	88,666
Oregon | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	303,534
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 323,329
Pennsylvania
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	22
Subsequent Additions	$ 5,091
Total	161,123
Accumulated Depreciation	17,743
Pennsylvania | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	26,091
Gross Carrying Amount at Year-End, Land	26,242
Pennsylvania | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	129,941
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 134,881
Puerto Rico
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	15
Subsequent Additions	$ 3,690
Total	237,025
Accumulated Depreciation	21,023
Puerto Rico | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	12,504
Gross Carrying Amount at Year-End, Land	12,504
Puerto Rico | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	220,831
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 224,521
South Carolina
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	4
Subsequent Additions	$ 195
Total	55,327
Accumulated Depreciation	3,134
South Carolina | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	11,250
Gross Carrying Amount at Year-End, Land	11,095
South Carolina | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	43,882
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 44,232
Tennessee
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	5
Subsequent Additions	$ 662
Total	46,655
Accumulated Depreciation	3,475
Tennessee | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	7,425
Gross Carrying Amount at Year-End, Land	7,425
Tennessee | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	38,568
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 39,230
Texas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	172
Subsequent Additions	$ 52,289
Total	1,200,962
Accumulated Depreciation	141,283
Texas | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	196,279
Gross Carrying Amount at Year-End, Land	197,467
Texas | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	952,394
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 1,003,495
Utah
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	1
Subsequent Additions	$ 156
Total	3,687
Accumulated Depreciation	297
Utah | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	1,063
Gross Carrying Amount at Year-End, Land	1,063
Utah | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	2,468
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 2,624
Virginia
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	3
Subsequent Additions	$ 197
Total	28,330
Accumulated Depreciation	3,712
Virginia | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	4,254
Gross Carrying Amount at Year-End, Land	4,254
Virginia | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	23,879
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 24,076
Washington
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	19
Subsequent Additions	$ 2,049
Total	100,602
Accumulated Depreciation	17,908
Washington | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	20,409
Gross Carrying Amount at Year-End, Land	20,411
Washington | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	78,144
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 80,191
Wisconsin
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	1
Subsequent Additions	$ 65
Total	5,390
Accumulated Depreciation	602
Wisconsin | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	940
Gross Carrying Amount at Year-End, Land	940
Wisconsin | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	4,385
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 4,450
Wyoming
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Number of Stores | number_of_store	1
Subsequent Additions	$ 79
Total	5,703
Accumulated Depreciation	654
Wyoming | Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Land	743
Gross Carrying Amount at Year-End, Land	743
Wyoming | Buildings and Improvements
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Initial Cost to Company, Buildings and Improvements	4,881
Gross Carrying Amount at Year-End, Buildings and Improvements	$ 4,960

Schedule III - Reconciliation (

Schedule III - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Self Storage properties:
Balance at beginning of year	$ 6,391,572	$ 5,798,188	$ 3,639,192
Acquisitions and improvements	258,560	602,082	2,159,856
Write-off of fully depreciated assets and other	(767)	(1,145)	(860)
Dispositions	(226,379)	(7,553)	0
Reclassification to assets held for sale	(630,812)	0	0
Balance at end of year	5,792,174	6,391,572	5,798,188
Accumulated depreciation:
Balance at beginning of year	772,661	578,717	443,623
Depreciation expense	210,216	196,207	135,147
Write-off of fully depreciated assets and other	(124)	(371)	(53)
Dispositions	(27,781)	(1,892)	0
Reclassification to assets held for sale	(80,613)	0	0
Balance at end of year	$ 874,359	$ 772,661	$ 578,717