National Storage Affiliates Trust (NSA) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

COVER PAGE

COVER PAGE - shares	6 Months Ended
	Jun. 30, 2024	Aug. 02, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-37351
Entity Registrant Name	National Storage Affiliates Trust
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-5053858
Entity Address, Address Line One	8400 East Prentice Avenue, 9th Floor
Entity Address, City or Town	Greenwood Village
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80111
City Area Code	720
Local Phone Number	630-2600
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		75,968,109
Entity Central Index Key	0001618563
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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 preferred shares
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 Shares
Entity Information [Line Items]
Title of 12(b) Security	Series B Cumulative Redeemable Preferred Shares of Beneficial Interest, par value $0.01 per share
Trading Symbol	NSA Pr B
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Real estate
Self storage properties	$ 5,818,388	$ 5,792,174
Less accumulated depreciation	(961,977)	(874,359)
Self storage properties, net	4,856,411	4,917,815
Cash and cash equivalents	58,975	64,980
Restricted cash	8,064	22,713
Debt issuance costs, net	7,055	8,442
Investment in unconsolidated real estate ventures	230,295	211,361
Other assets, net	138,522	134,002
Assets held for sale, net	0	550,199
Operating lease right-of-use assets	21,779	22,299
Total assets	5,321,101	5,931,811
Liabilities
Debt financing	3,365,836	3,658,205
Accounts payable and accrued liabilities	93,042	92,766
Interest rate swap liabilities	0	3,450
Operating lease liabilities	23,731	24,195
Deferred revenue	21,427	27,354
Total liabilities	3,504,036	3,805,970
Commitments and contingencies (Note 11)
Equity
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 75,169,162 and 82,285,995 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively	752	823
Additional paid-in capital	1,293,694	1,509,563
Distributions in excess of earnings	(469,768)	(449,907)
Accumulated other comprehensive income	25,881	21,058
Total shareholders' equity	1,191,210	1,422,188
Noncontrolling interests	625,855	703,653
Total equity	1,817,065	2,125,841
Total liabilities and equity	5,321,101	5,931,811
Series A Preferred Shares
Equity
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference	225,439	225,439
Series B Preferred Shares
Equity
Series A and B Preferred shares of beneficial interest, shares authorized, issued and outstanding at liquidation preference	$ 115,212	$ 115,212

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Common shares of beneficial interest, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares of beneficial interest, authorized (in shares)	250,000,000	250,000,000
Common shares of beneficial interest, issued (in shares)	75,169,162	82,285,995
Common shares of beneficial interest, outstanding (in shares)	75,169,162	82,285,995
Series A Preferred Shares
Preferred units stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, authorized (in shares)	50,000,000	50,000,000
Preferred shares of beneficial interest, 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 Shares
Preferred units stated value (in dollars per share)	$ 0.01	$ 0.01
Preferred shares of beneficial interest, authorized (in shares)	7,000,000	7,000,000
Preferred shares of beneficial interest, issued (in shares)	5,668,128	5,668,128
Preferred shares of beneficial interest, outstanding (in shares)	5,668,128	5,668,128

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
REVENUE
Rental revenue	$ 174,369	$ 199,311	$ 354,751	$ 393,440
Total revenue	190,448	215,511	386,596	423,504
OPERATING EXPENSES
Property operating expenses	52,201	57,094	106,895	113,577
General and administrative expenses	16,189	14,404	31,863	29,225
Depreciation and amortization	46,710	56,705	94,041	112,163
Other	3,375	3,220	6,867	4,393
Total operating expenses	118,475	131,423	239,666	259,358
OTHER (EXPENSE) INCOME
Interest expense	(37,228)	(39,693)	(75,345)	(77,641)
Loss on early extinguishment of debt	0	0	0	(758)
Equity in (losses) earnings of unconsolidated real estate ventures	(4,449)	1,861	(6,079)	3,539
Acquisition costs	(480)	(239)	(987)	(1,083)
Non-operating income (expense)	337	196	435	(402)
Gain on sale of self storage properties	2,668	0	63,841	0
Other expense, net	(39,152)	(37,875)	(18,135)	(76,345)
Income before income taxes	32,821	46,213	128,795	87,801
Income tax expense	(541)	(737)	(1,427)	(1,933)
Net income	32,280	45,476	127,368	85,868
Net income attributable to noncontrolling interests	(15,218)	(16,028)	(51,279)	(27,461)
Net income	17,062	29,448	76,089	58,407
Distributions to preferred shareholders	(5,110)	(5,119)	(10,220)	(8,799)
Net income attributable to common shareholders	$ 11,952	$ 24,329	$ 65,869	$ 49,608
EARNINGS PER SHARE
Earnings per share - basic (in dollars per share)	$ 0.16	$ 0.28	$ 0.85	$ 0.56
Earnings per share - diluted (in dollars per share)	$ 0.16	$ 0.28	$ 0.85	$ 0.56
Weighted average shares outstanding - basic (in shares)	75,160	88,312	77,698	88,902
Weighted average shares outstanding - diluted (in shares)	75,160	88,312	77,698	88,902
Dividends declared per common share (in dollars per share)	$ 0.56	$ 0.56	$ 1.12	$ 1.11
Other property-related revenue
REVENUE
Revenue	$ 6,557	$ 7,613	$ 13,249	$ 14,420
Management fees and other revenue
REVENUE
Revenue	$ 9,522	$ 8,587	$ 18,596	$ 15,644

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 32,280	$ 45,476	$ 127,368	$ 85,868
Other comprehensive income (loss)
Unrealized gain on derivative contracts	6,581	28,226	26,994	15,273
Realized loss on derivative contracts	0	(1,643)	0	(1,643)
Reclassification of other comprehensive income to interest expense	(9,322)	(9,460)	(18,636)	(17,221)
Other comprehensive (loss) income	(2,741)	17,123	8,358	(3,591)
Comprehensive income	29,539	62,599	135,726	82,277
Comprehensive income attributable to noncontrolling interests	(14,259)	(21,493)	(54,040)	(26,374)
Comprehensive income attributable to National Storage Affiliates Trust	$ 15,280	$ 41,106	$ 81,686	$ 55,903

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Preferred Shares	Common Shares	Additional Paid-in Capital	Distributions In Excess Of Earnings	Accumulated Other Comprehensive (Loss) Income	Noncontrolling Interests
Beginning balances, preferred stock (in shares) at Dec. 31, 2022		9,017,588
Beginning balances at Dec. 31, 2022	$ 2,389,014	$ 225,439	$ 898	$ 1,777,984	$ (396,650)	$ 40,530	$ 740,813
Beginning balances, common stock (in shares) at Dec. 31, 2022			89,842,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of preferred shares (in shares)		5,668,128
Issuance of preferred shares	113,274	$ 115,212		(1,938)
Acquisition of properties	37,257						37,257
Issuance of Series A-1 preferred units	750						750
Redemptions of OP units (in shares)			67,431
Redemptions of OP units	0		$ 1	1,093		30	(1,124)
Repurchase of common shares (in shares)			(1,622,874)
Repurchase of common shares	(69,311)		$ (16)	(69,295)
Effect of changes in ownership for consolidated entities	0			(18,720)		(1,245)	19,965
Equity-based compensation expense	1,649			101			1,548
Issuance of restricted common shares (in shares)			12,417
Issuance of restricted common shares	0
Vesting and forfeitures of restricted common shares, net (in shares)			(2,977)
Vesting and forfeitures of restricted common shares, net	(89)			(89)
Preferred share dividends	(3,962)				(3,962)
Common share dividends	(48,755)				(48,755)
Distributions to noncontrolling interests	(34,431)						(34,431)
Other comprehensive loss	(20,714)					(14,162)	(6,552)
Net income	40,392				28,959		11,433
Ending balances, preferred stock (in shares) at Mar. 31, 2023		14,685,716
Ending balances at Mar. 31, 2023	2,405,074	$ 340,651	$ 883	1,689,136	(420,408)	25,153	769,659
Ending balances, common stock (in shares) at Mar. 31, 2023			88,296,142
Beginning balances, preferred stock (in shares) at Dec. 31, 2022		9,017,588
Beginning balances at Dec. 31, 2022	2,389,014	$ 225,439	$ 898	1,777,984	(396,650)	40,530	740,813
Beginning balances, common stock (in shares) at Dec. 31, 2022			89,842,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Other comprehensive loss	(3,591)
Net income	85,868
Ending balances, preferred stock (in shares) at Jun. 30, 2023		14,685,716
Ending balances at Jun. 30, 2023	2,384,401	$ 340,651	$ 886	1,692,741	(445,813)	36,906	759,030
Ending balances, common stock (in shares) at Jun. 30, 2023			88,649,794
Beginning balances, preferred stock (in shares) at Mar. 31, 2023		14,685,716
Beginning balances at Mar. 31, 2023	2,405,074	$ 340,651	$ 883	1,689,136	(420,408)	25,153	769,659
Beginning balances, common stock (in shares) at Mar. 31, 2023			88,296,142
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of properties	5,577						5,577
Redemptions of OP units (in shares)			354,936
Redemptions of OP units	0		$ 3	5,530		113	(5,646)
Effect of changes in ownership for consolidated entities	0			(1,833)		(18)	1,851
Equity-based compensation expense	1,677			125			1,552
Issuance of restricted common shares (in shares)			439
Vesting and forfeitures of restricted common shares, net (in shares)			(1,723)
Vesting and forfeitures of restricted common shares, net	(217)			(217)
Preferred share dividends	(5,402)				(5,402)
Common share dividends	(49,451)				(49,451)
Distributions to noncontrolling interests	(35,456)						(35,456)
Other comprehensive loss	17,123					11,658	5,465
Net income	45,476				29,448		16,028
Ending balances, preferred stock (in shares) at Jun. 30, 2023		14,685,716
Ending balances at Jun. 30, 2023	2,384,401	$ 340,651	$ 886	1,692,741	(445,813)	36,906	759,030
Ending balances, common stock (in shares) at Jun. 30, 2023			88,649,794
Beginning balances, preferred stock (in shares) at Dec. 31, 2023		14,685,716
Beginning balances at Dec. 31, 2023	$ 2,125,841	$ 340,651	$ 823	1,509,563	(449,907)	21,058	703,653
Beginning balances, common stock (in shares) at Dec. 31, 2023	82,285,995		82,285,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of OP units (in shares)			72,802
Redemptions of OP units	$ (381)		$ 1	1,025		19	(1,426)
Repurchase of common shares (in shares)			(5,491,925)
Repurchase of common shares	(203,573)		$ (55)	(203,518)
Effect of changes in ownership for consolidated entities	0			40,676		(620)	(40,056)
Equity-based compensation expense	1,855			109			1,746
Issuance of restricted common shares (in shares)			8,886
Issuance of restricted common shares	0			0
Vesting and forfeitures of restricted common shares, net (in shares)			(2,658)
Vesting and forfeitures of restricted common shares, net	(88)			(88)
Equity offering costs	(255)			(255)
Preferred share dividends	(5,110)				(5,110)
Common share dividends	(43,751)				(43,751)
Distributions to noncontrolling interests	(33,653)						(33,653)
Other comprehensive loss	11,099					7,379	3,720
Net income	95,088				59,027		36,061
Ending balances, preferred stock (in shares) at Mar. 31, 2024		14,685,716
Ending balances at Mar. 31, 2024	1,947,072	$ 340,651	$ 769	1,347,512	(439,741)	27,836	670,045
Ending balances, common stock (in shares) at Mar. 31, 2024			76,873,100
Beginning balances, preferred stock (in shares) at Dec. 31, 2023		14,685,716
Beginning balances at Dec. 31, 2023	$ 2,125,841	$ 340,651	$ 823	1,509,563	(449,907)	21,058	703,653
Beginning balances, common stock (in shares) at Dec. 31, 2023	82,285,995		82,285,995
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common shares (in shares)	(7,400,322)
Other comprehensive loss	$ 8,358
Net income	127,368
Ending balances, preferred stock (in shares) at Jun. 30, 2024		14,685,716
Ending balances at Jun. 30, 2024	$ 1,817,065	$ 340,651	$ 752	1,293,694	(469,768)	25,881	625,855
Ending balances, common stock (in shares) at Jun. 30, 2024	75,169,162		75,169,162
Beginning balances, preferred stock (in shares) at Mar. 31, 2024		14,685,716
Beginning balances at Mar. 31, 2024	$ 1,947,072	$ 340,651	$ 769	1,347,512	(439,741)	27,836	670,045
Beginning balances, common stock (in shares) at Mar. 31, 2024			76,873,100
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Redemptions of OP units (in shares)			205,910
Redemptions of OP units	(9,123)		$ 2	2,668		84	(11,877)
Repurchase of common shares (in shares)			(1,908,397)
Repurchase of common shares	(71,667)		$ (19)	(71,648)
Effect of changes in ownership for consolidated entities	0			15,115		(257)	(14,858)
Equity-based compensation expense	2,331			139			2,192
Vesting and forfeitures of restricted common shares, net (in shares)			(1,451)
Vesting and forfeitures of restricted common shares, net	(35)			(35)
Equity offering costs	(57)			(57)
Preferred share dividends	(5,110)				(5,110)
Common share dividends	(41,979)				(41,979)
Distributions to noncontrolling interests	(33,906)						(33,906)
Other comprehensive loss	(2,741)					(1,782)	(959)
Net income	32,280				17,062		15,218
Ending balances, preferred stock (in shares) at Jun. 30, 2024		14,685,716
Ending balances at Jun. 30, 2024	$ 1,817,065	$ 340,651	$ 752	$ 1,293,694	$ (469,768)	$ 25,881	$ 625,855
Ending balances, common stock (in shares) at Jun. 30, 2024	75,169,162		75,169,162

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
OPERATING ACTIVITIES
Net income	$ 127,368	$ 85,868
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	94,041	112,163
Amortization of debt issuance costs	3,418	3,235
Amortization of debt discount and premium, net	(373)	(292)
Gain on sale of self storage properties	(63,841)	0
Other	0	969
Equity-based compensation expense	4,186	3,326
Equity in losses (earnings) of unconsolidated real estate ventures	6,079	(3,539)
Distributions from unconsolidated real estate ventures	11,136	11,921
Change in assets and liabilities, net of effects of self storage property acquisitions:
Other assets	2,449	(2,729)
Accounts payable and accrued liabilities	(1,234)	5,979
Deferred revenue	(6,012)	1,284
Net Cash Provided by Operating Activities	177,217	218,185
INVESTING ACTIVITIES
Acquisition of self-storage properties	(25,063)	(18,087)
Capital expenditures	(9,084)	(17,933)
Deposits and advances for self storage properties and other acquisitions	(1,495)	0
Investment in unconsolidated real estate venture	(36,149)	0
Expenditures for corporate furniture, equipment and other	(367)	(678)
Acquisition of management company assets and interest in reinsurance company from PRO retirement	0	(16,924)
Proceeds from sale of self storage properties	616,812	0
Net Cash Provided by (Used In) Investing Activities	544,654	(53,622)
FINANCING ACTIVITIES
Borrowings under debt financings	419,000	578,815
Redemption of OP equity	(9,504)	0
Repurchase of common shares	(275,195)	(69,311)
Principal payments under debt financings	(712,964)	(489,311)
Payment of dividends to common shareholders	(85,730)	(98,206)
Payment of dividends to preferred shareholders	(10,220)	(9,364)
Distributions to noncontrolling interests	(66,640)	(69,969)
Debt issuance costs	(700)	(2,095)
Equity offering costs	(572)	0
Net Cash Used In Financing Activities	(742,525)	(159,441)
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	(20,654)	5,122
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Beginning of period	87,693	42,199
End of period	67,039	47,321
Supplemental Cash Flow Information
Cash paid for interest	74,895	64,536
Issuance of OP units and subordinated performance units	0	42,834
Issuance of Series B preferred shares	0	113,274
Other net liabilities assumed	174	119
Change in accrued capital spending	$ (433)	$ 750

ORGANIZATION AND NATURE OF OPER

ORGANIZATION AND NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND NATURE OF OPERATIONS	ORGANIZATION AND NATURE OF OPERATIONS National Storage Affiliates Trust was organized in the state of Maryland on May 16, 2013 and is a fully integrated, self-administered and self-managed real estate investment trust focused on the self storage sector. As used herein, "NSA," the "Company," "we," "our," and "us" refers to National Storage Affiliates Trust and its consolidated subsidiaries, except where the context indicates otherwise. The Company has elected and believes that it has qualified to be taxed as a real estate investment trust for U.S. federal income tax purposes ("REIT") commencing with its taxable year ended December 31, 2015. Through its controlling interest as the sole general partner of NSA OP, LP (its "operating partnership"), a Delaware limited partnership formed on February 13, 2013, the Company is focused on the ownership, operation, and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. Pursuant to the Agreement of Limited Partnership (as amended, the "LP Agreement") of its operating partnership, the Company's operating partnership is authorized to issue preferred units, Class A Units ("OP units"), different series of Class B Units ("subordinated performance units"), and Long-Term Incentive Plan Units ("LTIP units"). The Company also owns certain of its self storage properties through other consolidated 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 811 consolidated self storage properties in 38 states and Puerto Rico with approximately 52.1 million rentable square feet in approximately 407,000 storage units as of June 30, 2024. These properties are managed with local operational focus and expertise by the Company and its participating regional operators ("PROs"). As of June 30, 2024, the Company directly managed 478 of these self storage properties through its corporate brands of iStorage, SecurCare, Northwest and Move It, and the PROs managed the remaining 333 self storage properties. These PROs are Optivest Properties LLC and its controlled affiliates ("Optivest"), Guardian Storage Centers LLC and its controlled affiliates ("Guardian"), Arizona Mini Storage Management Company d/b/a Storage Solutions and its controlled affiliates ("Storage Solutions"), Hide-Away Storage Services, Inc. and its controlled affiliates ("Hide-Away"), an affiliate of Shader Brothers Corporation d/b/a Personal Mini Storage ("Personal Mini"), Southern Storage Management Systems, Inc. d/b/a Southern Self Storage ("Southern"), affiliates of Investment Real Estate Management, LLC d/b/a Moove In Self Storage of York, Pennsylvania ("Moove In") and Blue Sky Self Storage, LLC, a strategic partnership between Argus Professional Storage Management and GYS Development LLC ("Blue Sky"). On June 3, 2024, the Company announced an agreement for the internalization of its PRO structure, effective July 1, 2024 (the "Closing Date"). As a result of the internalization, the Company purchased certain of each PRO's assets, which included each PRO's asset management and property management contracts (collectively, the "management contracts"), certain of each PRO's intellectual property and brands ("PRO IP"), and certain rights with respect to each PRO's tenant insurance program. The Company plans to transition the majority of operations in a phased approach, which is expected to occur over the 12 month period following the Closing Date, and the Company has executed new asset management and property management agreements with a number of the PROs for all or a part of this transitionary period at newly negotiated management fees. In connection with the internalization, on July 1, 2024, all 11,906,167 outstanding subordinated performance units and DownREIT subordinated performance units converted into an aggregate of 17,984,787 OP units and DownREIT OP units. See Note 13 for additional information related to the internalization of the PRO structure. As of June 30, 2024, the Company also managed through its property management platform an additional portfolio of 241 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 16.7 million rentable square feet, configured in approximately 135,000 storage units and located across 24 states. The Company owns a 25% equity interest in each of its unconsolidated real estate ventures. As of June 30, 2024, in total, the Company operated and held ownership interests in 1,052 self storage properties located across 42 states and Puerto Rico with approximately 68.8 million rentable square feet in approximately 542,000 storage units.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. The Company's results of operations for the quarterly and year to date periods are not necessarily indicative of the results to be expected for the full year or any other future period. On January 3, 2023, the operating partnership, as borrower, the Company, and certain of the operating partnership's subsidiaries, as subsidiary guarantors, entered into a third amended and restated credit agreement with KeyBank National Association, as administrative agent, and a syndicated group of lenders party thereto, which expanded the total borrowing capacity of its credit facility by $405.0 million to $1.955 billion. The Company presented changes in borrowings from certain lenders on a net basis in its prior year interim condensed consolidated statement of cash flows. The Company has corrected this error in the accompanying condensed consolidated statement of cash flows for the six month period ended June 30, 2023 to present on a gross basis the constructive receipts and payments under debt financings of $129.8 million and $129.8 million, respectively. The corrections had no impact to the total net cash used in financing activities in any interim period. The Company evaluated this adjustment both qualitatively and quantitatively and has concluded that this adjustment is immaterial to all impacted periods. Principles of Consolidation The Company's financial statements include the accounts of its operating partnership and its controlled subsidiaries. All significant intercompany balances and transactions have been eliminated in the consolidation of entities. When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates all entities that are VIEs and of which the Company is deemed to be the primary beneficiary. The Company has determined that its operating partnership is a VIE. The sole significant asset of National Storage Affiliates Trust is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. As of June 30, 2024, the Company's operating partnership was the primary beneficiary of, and therefore consolidated, 22 partnerships that are considered VIEs, which owned 49 self storage properties. The net book value of the real estate owned by these VIEs was $413.1 million and $418.9 million as of June 30, 2024 and December 31, 2023, respectively. For certain DownREIT partnerships which are subject to fixed rate mortgages payable, the carrying value of such fixed rate mortgages payable held by these VIEs was $188.7 million and $188.7 million as of June 30, 2024 and December 31, 2023, respectively. The creditors of the consolidated VIEs do not have recourse to the Company's general credit. Revenue Recognition Rental revenue Rental revenue consists of space rentals and related fees. Management has determined that all of the Company's leases are operating leases. Substantially all leases may be terminated on a month-to-month basis and rental income is recognized ratably over the lease term using the straight-line method. Rents received in advance are deferred and recognized on a straight-line basis over the related lease term associated with the prepayment. Promotional discounts and other incentives are recognized as a reduction to rental income over the applicable lease term. Other property-related revenue Other property-related revenue primarily consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related access fees, sales of storage supplies and truck rentals which are recognized in the period earned. The Company and certain of the Company’s PROs have tenant insurance and/or tenant warranty protection plan-related arrangements with insurance companies and the Company’s tenants. During the three months ended June 30, 2024 and 2023, the Company recognized $5.3 million and $6.1 million, respectively, of tenant insurance and tenant warranty protection plan revenues and during the six months ended June 30, 2024 and 2023, the Company recognized $10.9 million and $11.6 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks, other retail merchandise and rents moving trucks at its properties. During the three months ended June 30, 2024 and 2023, the Company recognized retail sales of $0.6 million and $0.7 million, respectively and during the six months ended June 30, 2024 and 2023, the Company recognized retail sales of $1.1 million and $1.3 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, amounts related to the facilitation of tenant warranty protection or tenant insurance programs for certain stores in the Company's consolidated portfolio and unconsolidated real estate ventures, access fees associated with tenant insurance-related arrangements, and profit distributions from the Company's interest in a reinsurance company. With respect to the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture (as each is defined in Note 5), the Company provides supervisory and administrative property management services, centralized call center services, and technology platform and revenue management services to the properties in the unconsolidated real estate ventures. The property management fees for the 2016 Joint Venture, 2018 Joint Venture and 2023 Joint Venture are equal to 6% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures, and the platform fees are equal to $1,250 per month per unconsolidated real estate venture property. The property management fees for the 2024 Joint Venture are equal to 4% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate venture. With respect to the 2016 Joint Venture, the 2023 Joint Venture and 2024 Joint Venture, the call center fee is equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture and 2024 Joint Venture properties, respectively. During the three months ended June 30, 2024 and 2023, the Company recognized property management fees, call center fees and platform fees of $4.5 million and $4.2 million, respectively and during the six months ended June 30, 2024 and 2023, the Company recognized property management fees, call center fees and platform fees of $8.7 million and $8.4 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the initial portfolios of each of the 2016 Joint Venture, the 2018 Joint Venture and the 2024 Joint Venture (each as defined in Note 5). The 2023 Joint Venture (as defined in Note 5) does not currently hold any properties. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the three months ended June 30, 2024 and 2023, the Company recognized acquisition fees of $0 and $0, respectively and during the six months ended June 30, 2024 and 2023, the Company recognized acquisition fees of $0 and $0, respectively. The Company provides or makes available tenant insurance or tenant warranty protection programs for tenants at its properties. For certain of the properties in the Company’s consolidated portfolio and unconsolidated real estate ventures, the Company provides such tenant insurance through the Company’s wholly-owned captive insurance company and a separate reinsurance company in which the Company has a partial ownership interest. With respect to properties in all of the Company’s unconsolidated real estate ventures, the Company receives 50% of all proceeds from tenant insurance and tenant warranty protection programs at each unconsolidated real estate venture property in exchange for facilitating the programs at those properties. During the three months ended June 30, 2024 and 2023, the Company recognized $4.8 million and $4.3 million, respectively, of revenue related to these activities and during the six months ended June 30, 2024 and 2023, the Company recognized $9.5 million and $7.1 million, respectively, of revenue related to these activities. Gain on sale of self storage properties The Company recognizes gains from disposition of properties only upon closing in accordance with the guidance on sales of nonfinancial assets. Profit on real estate sold is recognized upon closing when all, or substantially all, of the promised consideration has been received and is nonrefundable and the Company has transferred control of the facilities to the purchaser. Investments in Unconsolidated Real Estate Ventures The Company’s investments in its unconsolidated real estate ventures are recorded under the equity method of accounting in the accompanying condensed consolidated financial statements. Under the equity method, the Company’s investments in unconsolidated real estate ventures are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings (losses) is recognized based on the Company’s 25% ownership interest in the earnings (losses) of the unconsolidated real estate ventures, except for the 2024 JV, for which the Company follows the hypothetical liquidation at book value ("HLBV") method. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its condensed consolidated statements of cash flows. Under this approach, distributions are reported on the basis of the nature of the activity or activities that generated the distributions as either a return on investment, which are classified as operating cash flows, or a return of investment (e.g., proceeds from the unconsolidated real estate ventures' sale of assets) which are reported as investing cash flows. Noncontrolling Interests All of the limited partner equity interests ("OP equity") in the operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the operating partnership or its subsidiaries. In the condensed consolidated statements of operations, the Company allocates net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to National Storage Affiliates Trust. For transactions that result in changes to the Company's ownership interest in its operating partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is reflected as an adjustment to additional paid-in capital on the condensed consolidated balance sheets. Allocation of Net Income (Loss) The distribution rights and priorities set forth in the operating partnership's LP Agreement differ from what is reflected by the underlying percentage ownership interests of the unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the HLBV method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. The HLBV method is commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share. Other Comprehensive Income (Loss) The Company has cash flow hedge derivative instruments that are measured at fair value with unrealized gains or losses recognized in other comprehensive income (loss) with a corresponding adjustment to accumulated other comprehensive income (loss) within equity, as discussed further in Note 12. Under the HLBV method of allocating income (loss) discussed above, a calculation is prepared at each balance sheet date by applying the HLBV method including, and excluding, the assets and liabilities resulting from the Company's cash flow hedge derivative instruments to determine comprehensive income (loss) attributable to National Storage Affiliates Trust. As a result of the distribution rights and priorities set forth in the operating partnership's LP Agreement, in any given period, other comprehensive income (loss) may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership and as compared to their respective allocation of net income (loss). Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. From time to time, the Company maintains cash balances in financial institutions in excess of federally insured limits. The Company has never experienced a loss that resulted from exceeding federally insured limits. Restricted Cash The Company's restricted cash consists of escrowed funds deposited with financial institutions resulting from property sales for which we elected to purchase replacement property in accordance with Section 1031 of the Code, and for real estate taxes, insurance and other reserves for capital improvements in accordance with the Company's loan agreements. Use of Estimates

SHAREHOLDERS' EQUITY AND NONCON

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS	SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS Shareholders' Equity At the Market ("ATM") Program On February 27, 2019, the Company entered into a sales agreement with certain sales agents, pursuant to which the Company may sell from time to time up to an aggregate of $250.0 million of common shares of beneficial interest, $0.01 par value per share of the Company ("common shares") and 6.000% Series A cumulative redeemable Preferred Shares of beneficial interest ("Series A Preferred Shares") in sales deemed to be "at the market" offerings (the "sales agreement"). On May 19, 2021, the Company entered into an amendment to the sales agreement with certain sales agents, whereby the Company increased the aggregate gross sale price under the program to $400.0 million, which included $31.0 million of the remaining available offered shares. The sales agreement contemplates that, in addition to the issuance and sale by the Company of offered shares to or through the sale agents, the Company may enter into separate forward sale agreements with any forward purchaser. Forward sale agreements, if any, will include only the Company's common shares and will not include any Series A Preferred Shares. If the Company enters into a forward sale agreement with any forward purchaser, such forward purchaser will attempt to borrow from third parties and sell, through the related agent, acting as sales agent for such forward purchaser (each, a "forward seller"), offered shares, in an amount equal to the offered shares subject to such forward sale agreement, to hedge such forward purchaser’s exposure under such forward sale agreement. The Company may offer the common shares and Series A Preferred Shares through the agents, as the Company's sales agents, or, as applicable, as forward seller, or directly to the agents or forward sellers, acting as principals, by means of, among others, ordinary brokers’ transactions on the NYSE or otherwise at market prices prevailing at the time of sale or at negotiated prices. During the six months ended June 30, 2024, the Company did not sell any common shares through the ATM program. As of June 30, 2024, the Company had $169.1 million of capacity remaining under its most recent ATM Program. Common Share Repurchase Program On July 11, 2022, the Company approved a share repurchase program authorizing, but not obligating, the repurchase of up to $400.0 million of the Company's common shares of beneficial interest from time to time. On December 1, 2023, the Company approved a new share repurchase program authorizing, but not obligating, the repurchase of up to $275.0 million of the Company's common shares from time to time. The timing, manner, price and amount of any repurchase transactions will be determined by the Company in its discretion and will be subject to share price, availability, trading volume and general market conditions. During the six months ended June 30, 2024, the Company repurchased 7,400,322 common shares for approximately $275.2 million, including commissions and fees. 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 June 30, 2024 and December 31, 2023, units reflecting noncontrolling interests consisted of the following: June 30, 2024 December 31, 2023 Series A-1 preferred units 1,212,340 1,212,340 OP units 37,464,684 37,635,683 Subordinated performance units 7,772,693 7,991,271 LTIP units 870,670 785,932 DownREIT units DownREIT OP units 2,120,491 2,120,491 DownREIT subordinated performance units 4,133,474 4,133,474 Total 53,574,352 53,879,191 Series A-1 Preferred Units The 6.000% Series A-1 Cumulative Redeemable Preferred Units ("Series A-1 preferred units") rank senior to OP units and subordinated performance units in the Company's operating partnership with respect to distributions and liquidation. The Series A-1 preferred units have a stated value of $25.00 per unit and receive distributions at an annual rate of 6.000%. These distributions are cumulative. The Series A-1 preferred units are redeemable at the option of the holder after the first anniversary of the date of issuance, which redemption obligations may be satisfied at the Company’s option in cash in an amount equal to the market value of an equivalent number of the Series A Preferred Shares or the issuance of Series A Preferred Shares on a one-for-one basis, subject to adjustments. The Series A Preferred Shares are redeemable by the Company for a cash redemption price of $25.00 per share, plus accrued but unpaid dividends beginning in October 2022. OP Units and DownREIT OP units OP units in the Company's operating partnership are redeemable for cash or, at the Company's option, exchangeable for the Company's common shares on a one-for-one basis, and DownREIT OP units are redeemable for cash or, at the Company's option, exchangeable for OP units in its operating partnership on a one-for-one basis, subject to certain adjustments in each case. The holders of OP units are generally not entitled to elect redemption until one year after the issuance of the OP units. The holders of DownREIT OP units are generally not entitled to elect redemption until five years after the date of the contributor's initial contribution. The decrease in OP units outstanding from December 31, 2023 to June 30, 2024 was due to 43,556 OP units issued upon the voluntary conversion of 23,690 subordinated performance units and the conversion of 92,174 LTIP units into an equivalent number of OP units, partially offset by the redemption of 278,712 OP units for an equal number of common shares and the redemption of 28,017 OP units for cash. Subordinated Performance Units and DownREIT Subordinated Performance Units Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. The holders of DownREIT subordinated performance units are generally not entitled to elect redemption until at least five years after the date of the contributor's initial contribution. Following such lock-out period, a holder of subordinated performance units in the Company's operating partnership may elect a voluntary conversion one time each year on or prior to December 1st to convert a pre-determined portion of such subordinated performance units into OP units in the Company's operating partnership, with such conversion effective January 1st of the following year, with each subordinated performance unit being converted into the number of OP units determined by dividing the average cash available for distribution, or CAD, per unit on the series of specific subordinated performance units over the one-year period prior to conversion by 110% of the CAD per unit on the OP units determined over the same period. CAD per unit on the series of specific subordinated performance units and OP units is determined by the Company based generally upon the application of the provisions of the LP Agreement applicable to the distributions of operating cash flow and capital transactions proceeds. The decrease in subordinated performance units outstanding from December 31, 2023 to June 30, 2024 was due to the voluntary conversion of 23,690 subordinated performance units into 43,556 OP units and the redemption of 194,888 subordinated performance units for cash. Effective July 1, 2024, in connection with the internalization of the PRO structure, all 11,906,167 outstanding subordinated performance units (including all DownREIT subordinated performance units) were converted into an aggregate of 17,984,787 OP units and DownREIT OP units. Each subordinated performance unit and DownREIT subordinated performance unit was converted into the number of OP units and DownREIT OP units determined by dividing the average cash available for distribution (CAD) per unit on the series subordinated performance units over the one-year period ending December 31, 2023, by 110% of the CAD per unit on the OP units determined over the same period. See Note 13 for additional information related to the internalization of the PRO structure. LTIP Units LTIP units are a special class of partnership interest in the Company's operating partnership that allow the holder to participate in the ordinary and liquidating distributions received by holders of the OP units (subject to the achievement of specified levels of profitability by the Company's operating partnership or the achievement of certain events). LTIP units may also, under certain circumstances, be convertible into OP units on a one-for-one basis, which are then exchangeable for common shares as described above. The increase in LTIP units outstanding from December 31, 2023 to June 30, 2024 was due to issuance of 176,912 compensatory LTIP units to employees and trustees, net of forfeitures, partially offset by the conversion of 92,174 LTIP units into an equivalent number of OP units.

SELF STORAGE PROPERTIES

SELF STORAGE PROPERTIES	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
SELF STORAGE PROPERTIES	SELF STORAGE PROPERTIES Self storage properties are summarized as follows (dollars in thousands): June 30, 2024 December 31, 2023 Land $ 1,038,183 $ 1,035,562 Buildings and improvements 4,768,865 4,746,105 Furniture and equipment 11,340 10,507 Total self storage properties 5,818,388 5,792,174 Less accumulated depreciation (961,977) (874,359) Self storage properties, net $ 4,856,411 $ 4,917,815 Depreciation expense related to self storage properties amounted to $45.4 million and $53.1 million during the three months ended June 30, 2024 and 2023, respectively and $90.8 million and $105.2 million during the six months ended June 30, 2024 and 2023, respectively.

INVESTMENT IN UNCONSOLIDATED RE

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES	INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES 2024 Joint Venture During the six months ended June 30, 2024, a wholly owned subsidiary of the Company (the "2024 NSA Member") entered into an agreement (the "2024 JV Agreement") to form a joint venture (the "2024 Joint Venture") with an affiliate of Heitman Capital Management LLC (the "2024 JV Investor" and, together with the 2024 NSA Member, the "2024 JV Members"). The 2024 Joint Venture was capitalized with approximately $140.8 million in equity (approximately $35.2 million from the 2024 NSA Member in exchange for a 25% ownership interest and approximately $105.6 million from the 2024 JV Investor in exchange for a 75% ownership interest) and proceeds from a $210.0 million interest-only secured debt financing with an interest rate of 6.05% per annum and a term of five years. A subsidiary of the Company is acting as the non-member manager of the 2024 Joint Venture (the "2024 NSA Manager"). The 2024 NSA Manager directs, manages and controls the day-to-day operations and affairs of the 2024 Joint Venture but may not cause the 2024 Joint Venture to make certain major decisions involving the business of the 2024 Joint Venture without the consent of both 2024 JV Members, including the approval of annual budgets, sales and acquisitions of properties, financings, and certain actions relating to bankruptcy. The Company's investment in the 2024 Joint Venture is accounted for using the equity method of accounting and is included in investment in unconsolidated real estate ventures in the Company’s condensed consolidated balance sheets. The Company’s earnings from its investment in the 2024 Joint Venture are presented in equity in (losses) earnings of unconsolidated real estate ventures on the Company’s condensed consolidated statements of operations. During the six months ended June 30, 2024, pursuant to a contribution agreement executed by the 2024 JV Members on December 21, 2023, in exchange for cash 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 year 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 A subsidiary of the Company is acting as the non-member manager of the 2023 Joint Venture (the "2023 NSA Manager"). The 2023 NSA Manager directs, manages and controls the day-to-day operations and affairs of the 2023 Joint Venture but may not cause the 2023 Joint Venture to make certain major decisions involving the business of the 2023 Joint Venture without the consent of both 2023 JV Members, including the approval of annual budgets, sales and acquisitions of properties, financings, and certain actions relating to bankruptcy. The Company's investment in the 2023 Joint Venture is accounted for using the equity method of accounting and is included in investment in unconsolidated real estate ventures in the Company’s condensed consolidated balance sheets. The Company’s earnings from its investment in the 2023 Joint Venture are presented in equity in (losses) earnings of unconsolidated real estate ventures on the Company’s condensed consolidated statements of operations. As of June 30, 2024, the 2023 Joint Venture had not completed any acquisition activity and had no operations. See Note 13 for additional information related to acquisitions subsequent to June 30, 2024. 2018 Joint Venture As of June 30, 2024, the Company's unconsolidated real estate venture, formed in September 2018 with an affiliate of Heitman America Real Estate REIT LLC (the "2018 Joint Venture"), owned and operated a portfolio of 104 self storage properties containing approximately 7.8 million rentable square feet, configured in approximately 64,000 storage units and located across 17 states. 2016 Joint Venture As of June 30, 2024, the Company's unconsolidated real estate venture, formed in September 2016 with a state pension fund advised by Heitman Capital Management LLC (the "2016 Joint Venture"), owned and operated a portfolio of 81 properties containing approximately 5.7 million rentable square feet, configured in approximately 47,000 storage units and located across 13 states. The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 ASSETS Self storage properties $ 2,547,923 $ 2,200,522 Less accumulated depreciation (405,518) (369,412) Self storage properties, net 2,142,405 1,831,110 Other assets 45,696 37,826 Total assets $ 2,188,101 $ 1,868,936 LIABILITIES AND EQUITY Debt financing $ 1,212,592 $ 1,003,223 Other liabilities 34,110 28,333 Equity 941,399 837,380 Total liabilities and equity $ 2,188,101 $ 1,868,936 The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended June 30, 2024 2023 Total revenue $ 60,716 $ 53,685 Property operating expenses (19,449) (15,113) Supervisory, administrative and other expenses (3,875) (3,561) Depreciation and amortization (20,564) (17,260) Interest expense (13,655) (10,419) Other income 904 45 Net income $ 4,077 $ 7,377 Six Months Ended June 30, 2024 2023 Total revenue $ 116,812 $ 107,437 Property operating expenses (37,052) (30,162) Supervisory, administrative and other expenses (7,533) (7,090) Depreciation and amortization (38,770) (35,143) Interest expense (25,755) (20,830) Acquisition and other income (expenses) 845 (187) Net income $ 8,547 $ 14,025

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
ACQUISITIONS AND DISPOSITIONS	ACQUISITIONS AND DISPOSITIONS Acquisitions The Company acquired three self storage properties for $25.2 million during the three months ended June 30, 2024. All of these acquisitions were acquired by the Company from third parties. The self storage property acquisitions were accounted for as asset acquisitions and accordingly, $0.1 million of transaction costs related to the acquisitions were capitalized as part of the basis of the acquired properties. The Company allocated the total purchase price to the estimated fair value of tangible and intangible assets acquired and liabilities assumed. The Company allocated a portion of the purchase price to identifiable intangible assets consisting of customer in-place leases which were recorded at an estimated value of $0.5 million, resulting in a total value of $24.7 million allocated to real estate. The following table summarizes the investment in self storage property acquisitions completed by the Company during the six months ended June 30, 2024 (dollars in thousands): Acquisitions Closed During the Three Months Ended: Number of Properties Summary of Investment Cash and Acquisition Costs Value of Equity Other Liabilities Total June 30, 2024 3 25,063 — 174 25,237 Dispositions During the six months ended June 30, 2024, the Company sold 40 self storage properties to third parties for net proceeds of $273.1 million and contributed 56 self storage properties to the 2024 Joint Venture for net cash proceeds of $343.7 million. The Company recorded a net gain on the dispositions of $63.8 million.

OTHER ASSETS

OTHER ASSETS	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS Other assets consist of the following (dollars in thousands): June 30, 2024 December 31, 2023 Customer in-place leases, net of accumulated amortization of $1,022 and $3,263, respectively $ 715 $ 1,609 Receivables: Trade, net 9,448 9,842 PROs and other affiliates 6,936 7,784 Receivables from unconsolidated real estate ventures 8,228 4,446 Property acquisition and other deposits 1,495 — Interest rate swaps 34,436 29,610 Prepaid expenses and other 12,704 14,743 Corporate furniture, equipment and other, net 2,641 2,659 Trade names 8,851 8,851 Management contracts, net of accumulated amortization of $7,471 and $6,777, respectively 13,355 14,049 Tenant reinsurance intangible, net of accumulated amortization of $4,534 and $3,839, respectively 31,531 32,227 Goodwill 8,182 8,182 Total $ 138,522 $ 134,002 Amortization expense related to customer in-place leases amounted to $0.4 million and $2.8 million for the three months ended June 30, 2024 and 2023, respectively and $1.4 million and $5.3 million for the six months ended June 30, 2024 and 2023, respectively. Amortization expense related to management contracts amounted to $0.4 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively and $0.7 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively. Amortization expense related to the tenant reinsurance intangible amounted to $0.4 million and $0.4 million for the three months ended June 30, 2024 and 2023, respectively and $0.7 million and $0.7 million for the six months ended June 30, 2024 and 2023, respectively.

DEBT FINANCING

DEBT FINANCING	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT FINANCING	DEBT FINANCING The Company's outstanding debt as of June 30, 2024 and December 31, 2023 is summarized as follows (dollars in thousands): Interest Rate (1) June 30, 2024 December 31, 2023 Credit Facility: Revolving line of credit 6.71 % $ 222,000 $ 381,000 Term loan B 2.95 % 145,000 275,000 Term loan C 2.93 % 325,000 325,000 Term loan D 3.96 % 275,000 275,000 Term loan E 4.79 % 130,000 130,000 2028 Term loan facility 4.62 % 75,000 75,000 April 2029 Term loan facility 4.27 % 100,000 100,000 June 2029 Term loan facility 5.37 % 285,000 285,000 May 2026 Senior Unsecured Notes 2.16 % 35,000 35,000 October 2026 Senior Unsecured Notes 6.46 % 65,000 65,000 July 2028 Senior Unsecured Notes 5.75 % 120,000 120,000 October 2028 Senior Unsecured Notes 6.55 % 100,000 100,000 2029 Senior Unsecured Notes 3.98 % 100,000 100,000 August 2030 Senior Unsecured Notes 2.99 % 150,000 150,000 October 2030 Senior Unsecured Notes 6.66 % 35,000 35,000 November 2030 Senior Unsecured Notes 2.72 % 75,000 75,000 May 2031 Senior Unsecured Notes 3.00 % 90,000 90,000 August 2031 Senior Unsecured Notes 4.08 % 50,000 50,000 November 2031 Senior Unsecured Notes 2.81 % 175,000 175,000 August 2032 Senior Unsecured Notes 3.09 % 100,000 100,000 November 2032 Senior Unsecured Notes 5.06 % 200,000 200,000 May 2033 Senior Unsecured Notes 3.10 % 55,000 55,000 October 2033 Senior Unsecured Notes 6.73 % 50,000 50,000 November 2033 Senior Unsecured Notes 2.96 % 125,000 125,000 2036 Senior Unsecured Notes 3.06 % 75,000 75,000 Fixed rate mortgages payable 3.60 % 217,665 222,757 Total principal 3,374,665 3,668,757 Unamortized debt issuance costs and debt premium, net (8,829) (10,552) Total debt $ 3,365,836 $ 3,658,205 (1) Represents the effective interest rate as of June 30, 2024. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings. As of June 30, 2024, the Company's unsecured credit facility provided for total borrowing capacity of $1.825 billion (the "credit facility") consisting of the following components: (i) a revolving line of credit (the "Revolver") which provides for a total borrowing commitment up to $950.0 million, under which the Company may borrow, repay and re-borrow amounts, (ii) a $145.0 million tranche B term loan facility (the "Term Loan B"), (iii) a $325.0 million tranche C term loan facility (the "Term Loan C"), (iv) a $275.0 million tranche D term loan facility (the "Term Loan D") and (v) a $130.0 million tranche E term loan facility (the "Term Loan E"). As of June 30, 2024, the Company had an expansion option under the credit facility, which, if exercised in full, would provide for a total credit facility of $2.370 billion. As of June 30, 2024, the Company had outstanding letters of credit totaling $6.5 million and would have had the capacity to borrow remaining Revolver commitments of $721.5 million while remaining in compliance with the credit facility's financial covenants. At June 30, 2024, the Company was in compliance with all such covenants. Future Debt Obligations Based on existing debt agreements in effect as of June 30, 2024, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (dollars in thousands): Year Ending December 31, Scheduled Principal and Maturity Payments Amortization of Premium and Unamortized Debt Issuance Costs Total Remainder of 2024 $ 161,871 $ (1,513) $ 160,358 2025 327,185 (2,196) 324,989 2026 377,322 (1,841) 375,481 2027 439,369 (1,231) 438,138 2028 385,624 (990) 384,634 2029 487,789 (380) 487,409 Thereafter 1,195,505 (678) 1,194,827 $ 3,374,665 $ (8,829) $ 3,365,836

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Earnings per common share - basic and diluted Numerator Net income $ 32,280 $ 45,476 $ 127,368 $ 85,868 Net income attributable to noncontrolling interests (15,218) (16,028) (51,279) (27,461) Net income attributable to National Storage Affiliates Trust 17,062 29,448 76,089 58,407 Distributions to preferred shareholders (5,110) (5,119) (10,220) (8,799) Distributed and undistributed earnings allocated to participating securities (11) (13) (24) (31) Net income attributable to common shareholders - basic and diluted 11,941 24,316 65,845 49,577 Denominator Weighted average shares outstanding - basic and diluted 75,160 88,312 77,698 88,902 Earnings per share - basic and diluted $ 0.16 $ 0.28 $ 0.85 $ 0.56 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 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 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. Certain LTIP units vested prior to or upon the completion of the Company's initial public offering and certain LTIP units have vested upon the satisfaction of a service or market condition or will vest upon the satisfaction of future service and market conditions. Vested LTIP units and unvested LTIP units that vest based on a service or market condition are allocated income or loss in a similar manner as OP units. Unvested LTIP units subject to a service or market condition are evaluated for dilution using the treasury stock method. For the three and six months ended June 30, 2024, 543,220 unvested LTIP units that vest based on a service or market condition are excluded from the calculation of diluted earnings per share as they are not dilutive to earnings per share. For the three and six months ended June 30, 2024, 208,400 LTIP units that vest upon the future acquisition of properties are excluded from the calculation of diluted earnings per share because the contingency for the units to vest has not been attained as of the end of the reported period. Subordinated performance units may also, under certain circumstances, be convertible into OP units which are exchangeable for common shares as described above, and DownREIT subordinated performance units may, under certain circumstances, be exchangeable for subordinated performance units on a one-for-one basis. Subordinated performance units are only convertible into OP units, after a two year lock-out period and then generally (i) at the holder’s election only upon the achievement of certain performance thresholds relating to the properties to which such subordinated performance units relate or (ii) at the Company's election upon a retirement event of a PRO that holds such subordinated performance units or upon certain qualifying terminations. Although subordinated performance units may only be convertible after a two year lock-out period, the Company assumes a hypothetical conversion of each subordinated performance unit (including each DownREIT subordinated performance unit) into OP units (with subsequently assumed redemption into common shares) for the purposes of calculating diluted weighted average common shares. This hypothetical conversion is calculated using historical financial information, and as a result, is not necessarily indicative of the results of operations, cash flows or financial position of the Company upon expiration of the two-year lock out period on conversions. Effective July 1, 2024, in connection with the internalization of the PRO structure, all outstanding subordinated performance units (including all DownREIT subordinated performance units) were converted into OP units and DownREIT OP units. For the three months ended June 30, 2024 and 2023, potential common shares totaling 58.0 million and 59.8 million, respectively, 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 (loss) per share as they are not dilutive to earnings (loss) per share. For the six months ended June 30, 2024 and 2023, potential common shares totaling 58.0 million and 59.5 million, respectively, 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 (loss) per share as they are not dilutive to earnings (loss) 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	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Supervisory and Administrative Fees For the self storage properties that are managed by the PROs, the Company has entered into asset management agreements with the PROs to provide leasing, operating, supervisory and administrative services. The asset management agreements generally provide for fees ranging from 5% to 6% of gross revenue for the managed self storage properties. During the three months ended June 30, 2024 and 2023, the Company incurred $5.1 million and $5.4 million, respectively, for supervisory and administrative fees to the PROs and during the six months ended June 30, 2024 and 2023, the Company incurred $10.2 million and $10.6 million, respectively, for supervisory and administrative fees to the PROs. Such fees are included in general and administrative expenses in the accompanying condensed consolidated statements of operations. Payroll Services For the self storage properties that are managed by the PROs, the employees responsible for operations are employees of the PROs who charge the Company for the costs associated with the respective employees. For the three months ended June 30, 2024 and 2023, the Company incurred $6.8 million and $6.5 million, respectively, for payroll and related costs reimbursable to these PROs and for the six months ended June 30, 2024 and 2023, the Company incurred $13.7 million and $13.1 million, respectively, for payroll and related costs reimbursable to these PROs. Such costs are included in property operating expenses in the accompanying condensed consolidated statements of operations. Effective July 1, 2024, in connection with the internalization of the PRO structure, the Company purchased the PROs' management contracts and plans to transition the majority of operations in a phased approach, which is expected to occur over the 12-month period following the Closing Date. The Company has executed new asset management and property management agreements with a number of the PROs for all or a part of this transitionary period at newly negotiated management fees.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Recurring Fair Value Measurements The Company sometimes limits its exposure to interest rate fluctuations by entering into interest rate swap agreements. The interest rate swap agreements moderate the Company's exposure to interest rate risk by effectively converting the interest on variable rate debt to a fixed rate. The Company does not use derivatives for trading or speculative purposes. The Company measures its interest rate swap derivatives at fair value on a recurring basis. The changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged transaction affects earnings. Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands): Fair Value Number of Contracts Notional Amount Other Assets, net Interest Rate Swap Liabilities As of June 30, 2024 Interest Rate Swaps 14 $ 1,335,000 $ 34,436 $ — As of December 31, 2023 Interest Rate Swaps 17 $ 1,335,000 $ 29,610 $ 3,450 The following table presents the effect of our derivative instruments on our consolidated financial statements (dollars in thousands): Fair value at December 31, 2022 $ 50,983 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (17,250) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) 15,273 Fair value at June 30, 2023 $ 49,006 Fair value at December 31, 2023 $ 26,160 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (18,718) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) 26,994 Fair value at June 30, 2024 $ 34,436 As of June 30, 2024 and December 31, 2023, the Company had outstanding interest rate swaps with aggregate current notional amounts of $1,335.0 million and $1,335.0 million, respectively, designated as cash flow hedges. As of June 30, 2024, the Company's swaps had a weighted average remaining term of approximately 2.6 years. In connection with the issuance of fixed rate unsecured notes in the second quarter of 2023, we entered into $50.0 million of forward starting interest rate swaps on March 16, 2023, and a $25.0 million forward starting interest rate swap on March 24, 2023, locking the interest rate of compounded SOFR at 3.25% through April 5, 2023. These interest rate swaps have been designated as cash flow hedges. The realized loss of $1.6 million of the compounded SOFR swaps are included in unrealized and realized gains (loss) on derivative instruments in comprehensive income (loss) and will be reclassified into interest expense over 10 years, which is the term of anticipated unsecured fixed rate debt including any replacement debt thereof. Amounts reported in accumulated other comprehensive (loss) income will be reclassified into interest expense as interest payments are made on the anticipated debt. The fair value of these swaps are included in other assets and liabilities in the Company's condensed consolidated balance sheets, and the Company recognizes any changes in the fair value as an adjustment of accumulated other comprehensive income (loss) within equity. If the forward rates at June 30, 2024 remain constant, the Company estimates that during the next 12 months, the Company would reclassify into earnings, as a reduction in interest expense, approximately $21.0 million of the unrealized gains and losses included in accumulated other comprehensive income (loss). If market interest rates remain above the 2.54% weighted average fixed rate under these interest rate swaps the Company will continue to receive payments due to it from its counterparties to the interest rate swaps. There were no transfers between levels of the three-tier fair value measurement hierarchy during the six months ended June 30, 2024 and 2023. For financial assets and liabilities that utilize Level 2 inputs, the Company utilizes both direct and indirect observable price quotes, including SOFR yield curves. The Company uses valuation techniques for Level 2 financial assets and liabilities which include SOFR yield curves at the reporting date as well as assessing counterparty credit risk. Counterparties to these contracts are highly rated financial institutions. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company's derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and the counterparties. As of June 30, 2024, the Company determined that the effect of credit valuation adjustments on the overall valuation of its derivative positions are not significant to the overall valuation of its derivatives. Therefore, the Company has determined that its derivative valuations are appropriately classified in Level 2 of the fair value hierarchy. Fair Value Disclosures The carrying values of cash and cash equivalents, restricted cash, trade receivables, and accounts payable and accrued liabilities reflected in the condensed consolidated balance sheets at June 30, 2024 and December 31, 2023, approximate fair value due to the short term nature of these financial assets and liabilities. The carrying value of variable rate debt financing, comprising the Revolver, term loans under our credit facility and our term loan facilities, reflected in the condensed consolidated balance sheets at June 30, 2024 and December 31, 2023 approximates fair value as the changes in their associated interest rates reflect the current market and credit risk is similar to when the loans were originally obtained. The fair values of fixed rate private placement notes and mortgages were estimated using the discounted estimated future cash payments to be made on such debt; the discount rates used approximated current market rates for loans, or groups of loans, with similar maturities and credit quality (categorized within Level 2 of the fair value hierarchy). The following table presents the carrying value and estimated fair value of our fixed rate private placement notes and mortgages (dollars in thousands): Carrying Value (1) Fair Value June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Liabilities Private Placement Notes $ 1,600,000 $ 1,600,000 $ 1,414,436 $ 1,417,147 Mortgage Notes 217,665 222,757 206,676 211,480 (1) Carrying value represents the principal balance outstanding

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Internalization of PRO Structure As discussed in Note 1, the Company completed the internalization of its PRO structure as of the Closing Date. As a result of the internalization, the Company purchased certain of each PRO’s assets, which included each PRO’s management contracts, PRO IP, and certain rights with respect to each PRO’s tenant insurance program. The Company plans to transition the majority of operations in a phased approach, which is expected to occur over the 12 month period following the Closing Date, and the Company has executed new asset management and property management agreements with a number of the PROs for all or a part of this transitionary period at newly negotiated management fees. Consideration paid for the PROs management contracts and PRO IP totaled approximately $34.6 million, consisting of 775,210 OP units and $3.4 million in cash. The Company allocated the purchase price to intangible assets acquired, consisting of management contracts and the PROs' trade names. The Company also acquired certain rights associated with certain PROs' tenant insurance-related programs. The consideration paid for the rights associated with the tenant insurance-related programs was approximately $60.3 million, consisting of 773,656 OP units and $29.2 million in cash. In connection with the transactions described above, a company owned and controlled by Mark Van Mourick, a trustee of the Company, received 209,333 OP units with a value of approximately $8.4 million and approximately $2.9 million in cash. Additionally, in connection with the internalization of its PRO structure, effective July 1, 2024, all 11,906,167 outstanding subordinated performance units (including all DownREIT subordinated performance units) were converted into an aggregate of 17,984,787 OP units and DownREIT OP units. Of these, Arlen Nordhagen, the vice chairperson of the Company's board of trustees, received 64,887 OP units with a value of approximately $2.6 million as a result of a noncontrolling investment in one of the PROs' affiliates. Each subordinated performance unit and DownREIT subordinated performance units were converted into a number of OP units and DownREIT OP units determined by dividing the average cash available for distribution (CAD) per unit on the series subordinated performance units and DownREIT subordinated performance units over a one-year period ending December 31, 2023, by 110% of the CAD per unit on the OP units determined over the same period. CAD per unit on the series subordinated performance units, DownREIT subordinated performance units, OP units and DownREIT OP units was determined by the Company based upon the application of the provisions of the operating partnership agreement applicable to the distributions of operating cash flow and capital transactions proceeds. Repayment of Term Loan B On July 29, 2024, the Company repaid in full the remaining $145.0 million of Term loan B using proceeds from the Revolver. 2023 Joint Venture Acquisitions

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements are presented on the accrual basis of accounting in accordance with U.S. generally accepted accounting principles ("GAAP") and have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") regarding interim financial reporting. Accordingly, certain information and footnote disclosures required by GAAP for complete financial statements have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the condensed consolidated financial statements have been included. The Company's results of operations for the quarterly and year to date periods are not necessarily indicative of the results to be expected for the full year or any other future period. On January 3, 2023, the operating partnership, as borrower, the Company, and certain of the operating partnership's subsidiaries, as subsidiary guarantors, entered into a third amended and restated credit agreement with KeyBank National Association, as administrative agent, and a syndicated group of lenders party thereto, which expanded the total borrowing capacity of its credit facility by $405.0 million to $1.955 billion. The Company presented changes in borrowings from certain lenders on a net basis in its prior year interim condensed consolidated statement of cash flows. The Company has corrected this error in the accompanying condensed consolidated statement of cash flows for the six month period ended June 30, 2023 to present on a gross basis the constructive receipts and payments under debt financings of $129.8 million and $129.8 million, respectively. The corrections had no impact to the total net cash used in financing activities in any interim period. The Company evaluated this adjustment both qualitatively and quantitatively and has concluded that this adjustment is immaterial to all impacted periods.
Principles of Consolidation	Principles of Consolidation
Variable Interest Entities	When the Company obtains an economic interest in an entity, the Company evaluates the entity to determine if the entity is deemed a variable interest entity ("VIE"), and if the Company is deemed to be the primary beneficiary, in accordance with authoritative guidance issued on the consolidation of VIEs. When an entity is not deemed to be a VIE, the Company considers the provisions of additional guidance to determine whether the general partner controls a limited partnership or similar entity when the limited partners have certain rights. The Company consolidates all entities that are VIEs and of which the Company is deemed to be the primary beneficiary. The Company has determined that its operating partnership is a VIE. The sole significant asset of National Storage Affiliates Trust is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership.
Revenue Recognition - Rental Revenue	Revenue Recognition Rental revenue
Revenue Recognition - Other Property-Related Revenue, Management Fees and Other Revenue	Other property-related revenue Other property-related revenue primarily consists of ancillary revenues such as tenant insurance and/or tenant warranty protection-related access fees, sales of storage supplies and truck rentals which are recognized in the period earned. The Company and certain of the Company’s PROs have tenant insurance and/or tenant warranty protection plan-related arrangements with insurance companies and the Company’s tenants. During the three months ended June 30, 2024 and 2023, the Company recognized $5.3 million and $6.1 million, respectively, of tenant insurance and tenant warranty protection plan revenues and during the six months ended June 30, 2024 and 2023, the Company recognized $10.9 million and $11.6 million, respectively, of tenant insurance and tenant warranty protection plan revenues. The Company sells boxes, packing supplies, locks, other retail merchandise and rents moving trucks at its properties. During the three months ended June 30, 2024 and 2023, the Company recognized retail sales of $0.6 million and $0.7 million, respectively and during the six months ended June 30, 2024 and 2023, the Company recognized retail sales of $1.1 million and $1.3 million, respectively. Management fees and other revenue Management fees and other revenue consist of property management fees, platform fees, call center fees, acquisition fees, amounts related to the facilitation of tenant warranty protection or tenant insurance programs for certain stores in the Company's consolidated portfolio and unconsolidated real estate ventures, access fees associated with tenant insurance-related arrangements, and profit distributions from the Company's interest in a reinsurance company. With respect to the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture (as each is defined in Note 5), the Company provides supervisory and administrative property management services, centralized call center services, and technology platform and revenue management services to the properties in the unconsolidated real estate ventures. The property management fees for the 2016 Joint Venture, 2018 Joint Venture and 2023 Joint Venture are equal to 6% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate ventures, and the platform fees are equal to $1,250 per month per unconsolidated real estate venture property. The property management fees for the 2024 Joint Venture are equal to 4% of monthly gross revenues and net sales revenues from the assets of the unconsolidated real estate venture. With respect to the 2016 Joint Venture, the 2023 Joint Venture and 2024 Joint Venture, the call center fee is equal to 1% of each of monthly gross revenues and net sales revenues from the 2016 Joint Venture and 2024 Joint Venture properties, respectively. During the three months ended June 30, 2024 and 2023, the Company recognized property management fees, call center fees and platform fees of $4.5 million and $4.2 million, respectively and during the six months ended June 30, 2024 and 2023, the Company recognized property management fees, call center fees and platform fees of $8.7 million and $8.4 million, respectively. The Company also earns acquisition fees for properties acquired by the unconsolidated real estate ventures subsequent to the initial portfolios of each of the 2016 Joint Venture, the 2018 Joint Venture and the 2024 Joint Venture (each as defined in Note 5). The 2023 Joint Venture (as defined in Note 5) does not currently hold any properties. These fees are based on a percentage of the gross capitalization of the acquired assets determined by the members of the 2016 Joint Venture, the 2018 Joint Venture, the 2023 Joint Venture and the 2024 Joint Venture, and are generally earned when the unconsolidated real estate ventures obtain title and control of an acquired property. During the three months ended June 30, 2024 and 2023, the Company recognized acquisition fees of $0 and $0, respectively and during the six months ended June 30, 2024 and 2023, the Company recognized acquisition fees of $0 and $0, respectively. The Company provides or makes available tenant insurance or tenant warranty protection programs for tenants at its properties. For certain of the properties in the Company’s consolidated portfolio and unconsolidated real estate ventures, the Company provides such tenant insurance through the Company’s wholly-owned captive insurance company and a separate reinsurance company in which the Company has a partial ownership interest. With respect to properties in all of the Company’s unconsolidated real estate ventures, the Company receives 50% of all proceeds from tenant insurance and tenant warranty protection programs at each unconsolidated real estate venture property in exchange for facilitating the programs at those properties. During the three months ended June 30, 2024 and 2023, the Company recognized $4.8 million and $4.3 million, respectively, of revenue related to these activities and during the six months ended June 30, 2024 and 2023, the Company recognized $9.5 million and $7.1 million, respectively, of revenue related to these activities.
Gain on Sale of Self Storage Properties	Gain on sale of self storage properties
Investments in Unconsolidated Real Estate Ventures	Investments in Unconsolidated Real Estate Ventures The Company’s investments in its unconsolidated real estate ventures are recorded under the equity method of accounting in the accompanying condensed consolidated financial statements. Under the equity method, the Company’s investments in unconsolidated real estate ventures are stated at cost and adjusted for the Company’s share of net earnings or losses and reduced by distributions. Equity in earnings (losses) is recognized based on the Company’s 25% ownership interest in the earnings (losses) of the unconsolidated real estate ventures, except for the 2024 JV, for which the Company follows the hypothetical liquidation at book value ("HLBV") method. The Company follows the "nature of the distribution approach" for classification of distributions from its unconsolidated real estate ventures in its condensed consolidated statements of cash flows. Under this approach, distributions are reported on the basis of the nature of the activity or activities that generated the distributions as either a return on investment, which are classified as operating cash flows, or a return of investment (e.g., proceeds from the unconsolidated real estate ventures' sale of assets) which are reported as investing cash flows.
Noncontrolling Interests	Noncontrolling Interests All of the limited partner equity interests ("OP equity") in the operating partnership not held by the Company are reflected as noncontrolling interests. Noncontrolling interests also include ownership interests in DownREIT partnerships held by entities other than the operating partnership or its subsidiaries. In the condensed consolidated statements of operations, the Company allocates net income (loss) attributable to noncontrolling interests to arrive at net income (loss) attributable to National Storage Affiliates Trust. For transactions that result in changes to the Company's ownership interest in its operating partnership, the carrying amount of noncontrolling interests is adjusted to reflect such changes. The difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted is reflected as an adjustment to additional paid-in capital on the condensed consolidated balance sheets.
Allocation of Net Income (Loss)	Allocation of Net Income (Loss) The distribution rights and priorities set forth in the operating partnership's LP Agreement differ from what is reflected by the underlying percentage ownership interests of the unitholders. Accordingly, the Company allocates GAAP income (loss) utilizing the HLBV method, in which the Company allocates income or loss based on the change in each unitholders’ claim on the net assets of its operating partnership at period end after adjusting for any distributions or contributions made during such period. The HLBV method is commonly applied to equity investments where cash distribution percentages vary at different points in time and are not directly linked to an equity holder’s ownership percentage. The HLBV method is a balance sheet-focused approach to income (loss) allocation. A calculation is prepared at each balance sheet date to determine the amount that unitholders would receive if the operating partnership were to liquidate all of its assets (at GAAP net book value) and distribute the resulting proceeds to its creditors and unitholders based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is used to derive each unitholder's share of the income (loss) for the period. Due to the stated liquidation priorities and because the HLBV method incorporates non-cash items such as depreciation expense, in any given period, income or loss may be allocated disproportionately to unitholders as compared to their respective ownership percentage in the operating partnership, and net income (loss) attributable to National Storage Affiliates Trust could be more or less net income than actual cash distributions received and more or less income or loss than what may be received in the event of an actual liquidation. Additionally, the HLBV method could result in net income (or net loss) attributable to National Storage Affiliates Trust during a period when the Company reports consolidated net loss (or net income), or net income (or net loss) attributable to National Storage Affiliates Trust in excess of the Company's consolidated net income (or net loss). The computations of basic and diluted earnings (loss) per share may be materially affected by these disproportionate income (loss) allocations, resulting in volatile fluctuations of basic and diluted earnings (loss) per share.
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss)
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly-liquid investments purchased with original maturities of three months or less to be cash equivalents. From time to time, the Company maintains cash balances in financial institutions in excess of federally insured limits. The Company has never experienced a loss that resulted from exceeding federally insured limits.
Restricted Cash	Restricted Cash The Company's restricted cash consists of escrowed funds deposited with financial institutions resulting from property sales for which we elected to purchase replacement property in accordance with Section 1031 of the Code, and for real estate taxes, insurance and other reserves for capital improvements in accordance with the Company's loan agreements.
Use of Estimates	Use of Estimates

SHAREHOLDERS' EQUITY AND NONC_2

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Noncontrolling Interests	As of June 30, 2024 and December 31, 2023, units reflecting noncontrolling interests consisted of the following: June 30, 2024 December 31, 2023 Series A-1 preferred units 1,212,340 1,212,340 OP units 37,464,684 37,635,683 Subordinated performance units 7,772,693 7,991,271 LTIP units 870,670 785,932 DownREIT units DownREIT OP units 2,120,491 2,120,491 DownREIT subordinated performance units 4,133,474 4,133,474 Total 53,574,352 53,879,191

SELF STORAGE PROPERTIES (Tables

SELF STORAGE PROPERTIES (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Self Storage Properties	Self storage properties are summarized as follows (dollars in thousands): June 30, 2024 December 31, 2023 Land $ 1,038,183 $ 1,035,562 Buildings and improvements 4,768,865 4,746,105 Furniture and equipment 11,340 10,507 Total self storage properties 5,818,388 5,792,174 Less accumulated depreciation (961,977) (874,359) Self storage properties, net $ 4,856,411 $ 4,917,815

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES (Tables)	6 Months Ended
	Jun. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Condensed Financial Information of Unconsolidated Real Estate Ventures	The following table presents the combined condensed financial position of the Company's unconsolidated real estate ventures as of June 30, 2024 and December 31, 2023 (dollars in thousands): June 30, 2024 December 31, 2023 ASSETS Self storage properties $ 2,547,923 $ 2,200,522 Less accumulated depreciation (405,518) (369,412) Self storage properties, net 2,142,405 1,831,110 Other assets 45,696 37,826 Total assets $ 2,188,101 $ 1,868,936 LIABILITIES AND EQUITY Debt financing $ 1,212,592 $ 1,003,223 Other liabilities 34,110 28,333 Equity 941,399 837,380 Total liabilities and equity $ 2,188,101 $ 1,868,936 The following tables present the combined condensed operating information of the Company's unconsolidated real estate ventures for the three and six months ended June 30, 2024 and 2023 (dollars in thousands): Three Months Ended June 30, 2024 2023 Total revenue $ 60,716 $ 53,685 Property operating expenses (19,449) (15,113) Supervisory, administrative and other expenses (3,875) (3,561) Depreciation and amortization (20,564) (17,260) Interest expense (13,655) (10,419) Other income 904 45 Net income $ 4,077 $ 7,377 Six Months Ended June 30, 2024 2023 Total revenue $ 116,812 $ 107,437 Property operating expenses (37,052) (30,162) Supervisory, administrative and other expenses (7,533) (7,090) Depreciation and amortization (38,770) (35,143) Interest expense (25,755) (20,830) Acquisition and other income (expenses) 845 (187) Net income $ 8,547 $ 14,025

ACQUISITIONS AND DISPOSITIONS (

ACQUISITIONS AND DISPOSITIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Summary of Self Storage Property Acquisitions	The following table summarizes the investment in self storage property acquisitions completed by the Company during the six months ended June 30, 2024 (dollars in thousands): Acquisitions Closed During the Three Months Ended: Number of Properties Summary of Investment Cash and Acquisition Costs Value of Equity Other Liabilities Total June 30, 2024 3 25,063 — 174 25,237

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	6 Months Ended
	Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following (dollars in thousands): June 30, 2024 December 31, 2023 Customer in-place leases, net of accumulated amortization of $1,022 and $3,263, respectively $ 715 $ 1,609 Receivables: Trade, net 9,448 9,842 PROs and other affiliates 6,936 7,784 Receivables from unconsolidated real estate ventures 8,228 4,446 Property acquisition and other deposits 1,495 — Interest rate swaps 34,436 29,610 Prepaid expenses and other 12,704 14,743 Corporate furniture, equipment and other, net 2,641 2,659 Trade names 8,851 8,851 Management contracts, net of accumulated amortization of $7,471 and $6,777, respectively 13,355 14,049 Tenant reinsurance intangible, net of accumulated amortization of $4,534 and $3,839, respectively 31,531 32,227 Goodwill 8,182 8,182 Total $ 138,522 $ 134,002

DEBT FINANCING (Tables)

DEBT FINANCING (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The Company's outstanding debt as of June 30, 2024 and December 31, 2023 is summarized as follows (dollars in thousands): Interest Rate (1) June 30, 2024 December 31, 2023 Credit Facility: Revolving line of credit 6.71 % $ 222,000 $ 381,000 Term loan B 2.95 % 145,000 275,000 Term loan C 2.93 % 325,000 325,000 Term loan D 3.96 % 275,000 275,000 Term loan E 4.79 % 130,000 130,000 2028 Term loan facility 4.62 % 75,000 75,000 April 2029 Term loan facility 4.27 % 100,000 100,000 June 2029 Term loan facility 5.37 % 285,000 285,000 May 2026 Senior Unsecured Notes 2.16 % 35,000 35,000 October 2026 Senior Unsecured Notes 6.46 % 65,000 65,000 July 2028 Senior Unsecured Notes 5.75 % 120,000 120,000 October 2028 Senior Unsecured Notes 6.55 % 100,000 100,000 2029 Senior Unsecured Notes 3.98 % 100,000 100,000 August 2030 Senior Unsecured Notes 2.99 % 150,000 150,000 October 2030 Senior Unsecured Notes 6.66 % 35,000 35,000 November 2030 Senior Unsecured Notes 2.72 % 75,000 75,000 May 2031 Senior Unsecured Notes 3.00 % 90,000 90,000 August 2031 Senior Unsecured Notes 4.08 % 50,000 50,000 November 2031 Senior Unsecured Notes 2.81 % 175,000 175,000 August 2032 Senior Unsecured Notes 3.09 % 100,000 100,000 November 2032 Senior Unsecured Notes 5.06 % 200,000 200,000 May 2033 Senior Unsecured Notes 3.10 % 55,000 55,000 October 2033 Senior Unsecured Notes 6.73 % 50,000 50,000 November 2033 Senior Unsecured Notes 2.96 % 125,000 125,000 2036 Senior Unsecured Notes 3.06 % 75,000 75,000 Fixed rate mortgages payable 3.60 % 217,665 222,757 Total principal 3,374,665 3,668,757 Unamortized debt issuance costs and debt premium, net (8,829) (10,552) Total debt $ 3,365,836 $ 3,658,205 (1) Represents the effective interest rate as of June 30, 2024. Effective interest rate incorporates the stated rate plus the impact of interest rate cash flow hedges and discount and premium amortization, if applicable. For the revolving line of credit, the effective interest rate excludes fees for unused borrowings.
Schedule of Future Debt Maturities	Based on existing debt agreements in effect as of June 30, 2024, the scheduled principal and maturity payments for the Company's outstanding borrowings are presented in the table below (dollars in thousands): Year Ending December 31, Scheduled Principal and Maturity Payments Amortization of Premium and Unamortized Debt Issuance Costs Total Remainder of 2024 $ 161,871 $ (1,513) $ 160,358 2025 327,185 (2,196) 324,989 2026 377,322 (1,841) 375,481 2027 439,369 (1,231) 438,138 2028 385,624 (990) 384,634 2029 487,789 (380) 487,409 Thereafter 1,195,505 (678) 1,194,827 $ 3,374,665 $ (8,829) $ 3,365,836

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of the Computation of Basic and Diluted Earnings Per Common Share	The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2024 and 2023 (dollars in thousands, except per share amounts): Three Months Ended Six Months Ended 2024 2023 2024 2023 Earnings per common share - basic and diluted Numerator Net income $ 32,280 $ 45,476 $ 127,368 $ 85,868 Net income attributable to noncontrolling interests (15,218) (16,028) (51,279) (27,461) Net income attributable to National Storage Affiliates Trust 17,062 29,448 76,089 58,407 Distributions to preferred shareholders (5,110) (5,119) (10,220) (8,799) Distributed and undistributed earnings allocated to participating securities (11) (13) (24) (31) Net income attributable to common shareholders - basic and diluted 11,941 24,316 65,845 49,577 Denominator Weighted average shares outstanding - basic and diluted 75,160 88,312 77,698 88,902 Earnings per share - basic and diluted $ 0.16 $ 0.28 $ 0.85 $ 0.56

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Interest Rate Swap Derivatives Measured at Fair Value	Information regarding the Company's interest rate swaps measured at fair value, which are classified within Level 2 of the GAAP fair value hierarchy, is presented below (dollars in thousands): Fair Value Number of Contracts Notional Amount Other Assets, net Interest Rate Swap Liabilities As of June 30, 2024 Interest Rate Swaps 14 $ 1,335,000 $ 34,436 $ — As of December 31, 2023 Interest Rate Swaps 17 $ 1,335,000 $ 29,610 $ 3,450 The following table presents the effect of our derivative instruments on our consolidated financial statements (dollars in thousands): Fair value at December 31, 2022 $ 50,983 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (17,250) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) 15,273 Fair value at June 30, 2023 $ 49,006 Fair value at December 31, 2023 $ 26,160 (Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss) (18,718) Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss) 26,994 Fair value at June 30, 2024 $ 34,436
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 June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 Liabilities Private Placement Notes $ 1,600,000 $ 1,600,000 $ 1,414,436 $ 1,417,147 Mortgage Notes 217,665 222,757 206,676 211,480 (1) Carrying value represents the principal balance outstanding

ORGANIZATION AND NATURE OF OP_2

ORGANIZATION AND NATURE OF OPERATIONS (Details) storage_unit in Thousands, ft² in Millions		6 Months Ended
	Jul. 01, 2024 shares	Jun. 30, 2024 ft² storage_unit property state metropolitan_statistical_area
Schedule of Equity Method Investments [Line Items]
Number of top metropolitan statistical areas for focus of operations | metropolitan_statistical_area		100
Number of self storage properties		1,052
Number of states in which self storage properties are located | state		42
Total rentable square feet in self storage properties | ft²		68.8
Self storage properties		478
Self storage properties, remaining		333
Number of units in real estate property | storage_unit		542
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Redemptions/conversions of units (in shares) | shares	11,906,167
Issuance of preferred shares (in shares) | shares	17,984,787
2018 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		25%
2016 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		25%
Consolidated properties
Schedule of Equity Method Investments [Line Items]
Number of self storage properties		811
Number of states in which self storage properties are located | state		38
Total rentable square feet in self storage properties | ft²		52.1
Number of storage units | storage_unit		407
Unconsolidated properties | Joint venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties		241
Number of states in which self storage properties are located | state		24
Total rentable square feet in self storage properties | ft²		16.7
Number of units in real estate property | storage_unit		135

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) property partnership	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Jan. 03, 2023 USD ($)	Jan. 02, 2023 USD ($)
Variable Interest Entity [Line Items]
Maximum borrowing capacity	$ 1,825,000
Borrowings under debt financings	$ 419,000	$ 578,815
Number of self storage properties | property	1,052
Net book value of real estate owned	$ 4,856,411		$ 4,917,815
Carrying value of fixed rate mortgages	$ 3,374,665		3,668,757
VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Number of partnerships considered to be VIEs | partnership	22
Number of self storage properties | property	49
Net book value of real estate owned	$ 413,100		418,900
Credit Facility | Credit Facility
Variable Interest Entity [Line Items]
Maximum borrowing capacity				$ 1,955,000	$ 405,000
Borrowings under debt financings		$ 129,800
Fixed rate mortgages payable | Fixed rate mortgages payable
Variable Interest Entity [Line Items]
Carrying value of fixed rate mortgages	217,665		222,757
Fixed rate mortgages payable | Fixed rate mortgages payable | VIE, Primary Beneficiary
Variable Interest Entity [Line Items]
Carrying value of fixed rate mortgages	$ 188,700		$ 188,700

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Property management fees as percent of monthly gross revenues and net sales revenue of unconsolidated real estate venture assets			4%
Tenant Insurance and Tenant Warranty Protection Plan Revenues
Disaggregation of Revenue [Line Items]
Revenue	$ 5,300,000	$ 6,100,000	$ 10,900,000	$ 11,600,000
Retail Products and Supplies
Disaggregation of Revenue [Line Items]
Revenue	600,000	700,000	1,100,000	1,300,000
Property Management, Call Center, and Platform Fees
Disaggregation of Revenue [Line Items]
Revenue	4,500,000	4,200,000	$ 8,700,000	8,400,000
Property management fees as percent of monthly gross revenues and net sales revenue of unconsolidated real estate venture assets			6%
Platform fees per unconsolidated real estate venture property per month			$ 1,250
Call center fees as percent of monthly gross revenues and net sales revenue of unconsolidated real estate venture assets			1%
Acquisition Fees
Disaggregation of Revenue [Line Items]
Revenue	0	0	$ 0	0
Tenant Warranty Protection or Tenant Insurance
Disaggregation of Revenue [Line Items]
Revenue	$ 4,800,000	$ 4,300,000	$ 9,500,000	$ 7,100,000
Percent of total warranty protection plan proceeds received per unconsolidated real estate venture property			50%

SHAREHOLDERS' EQUITY AND NONC_3

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Narrative (Details) $ / shares in Units, $ in Millions

3 Months Ended

6 Months Ended

Jul. 01, 2024 shares

Mar. 15, 2023

Feb. 27, 2019 USD ($) $ / shares

Jun. 30, 2024 USD ($) $ / shares shares

Mar. 31, 2024 shares

Jun. 30, 2023 shares

Mar. 31, 2023 shares

Jun. 30, 2024 USD ($) $ / shares shares

Dec. 31, 2023 $ / shares

Dec. 01, 2023 USD ($)

Jul. 11, 2022 USD ($)

May 19, 2021 USD ($)

Class of Stock [Line Items]

Common shares of beneficial interest, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

$ 0.01

Authorized amount | $

$ 275

$ 400

Repurchase of common shares (in shares)

7,400,322

Stock repurchased | $

$ (275.2)

Subsequent Event

Class of Stock [Line Items]

Issuance of preferred shares (in shares)

17,984,787

Percentage of cash available for distribution used in conversion ratio calculation

110%

Redemptions/conversions of units (in shares)

11,906,167

Time frame prior to conversion for conversion metric (in years)

1 year

Common Shares

Class of Stock [Line Items]

Repurchase of common shares (in shares)

1,908,397

5,491,925

1,622,874

Redemptions/conversions of units (in shares)

205,910

72,802

354,936

67,431

NSA OP, LP

Class of Stock [Line Items]

Redemptions/conversions of units (in shares)

194,888

NSA OP, LP | Series A preferred shares

Class of Stock [Line Items]

Preferred units cash redemption price (in dollars per share) | $ / shares

$ 25

$ 25

Series B Preferred Shares | NSA OP, LP

Class of Stock [Line Items]

Preferred share/unit dividend rate (percent)

6%

Preferred units stated value (in dollars per share) | $ / shares

$ 25

$ 25

Series A-1 preferred units | NSA OP, LP

Class of Stock [Line Items]

Preferred share/unit dividend rate (percent)

6%

Unit conversion ratio

1

Subordinated performance units

Class of Stock [Line Items]

Percentage of cash available for distribution used in conversion ratio calculation

110%

Time frame prior to conversion for conversion metric (in years)

1 year

Subordinated performance units | NSA OP, LP

Class of Stock [Line Items]

Unit conversion ratio

1

Redemptions/conversions of units (in shares)

23,690

Unit conversion, lock out period (in years)

2 years

OP units | NSA OP, LP

Class of Stock [Line Items]

Unit conversion ratio

1

1

Issuance of preferred shares (in shares)

43,556

Redemptions/conversions of units (in shares)

28,017

OP units | NSA OP, LP | Common Shares

Class of Stock [Line Items]

Redemptions/conversions of units (in shares)

278,712

OP units | DownREIT Partnership

Class of Stock [Line Items]

Unit conversion ratio

1

LTIP units | NSA OP, LP

Class of Stock [Line Items]

Unit conversion ratio

1

1

Issuance of preferred shares (in shares)

176,912

Conversion of units (in shares)

92,174

Prior Sales Agreement

Class of Stock [Line Items]

Value of common and preferred shares authorized under ATM program | $

$ 250

Preferred share/unit dividend rate (percent)

6%

At The Market Program

Class of Stock [Line Items]

Value of common and preferred shares authorized under ATM program | $

$ 400

Value of remaining available offered shares | $

$ 169.1

$ 169.1

$ 31

At The Market Program | Common Shares of Beneficial Interest, $0.01 par value per share

Class of Stock [Line Items]

Sale of stock, number of shares issued in transaction (in shares)

0

SHAREHOLDERS' EQUITY AND NONC_4

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS - Equity Interests (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Partnership Subsidiaries
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	53,574,352	53,879,191
Series A-1 preferred units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	1,212,340	1,212,340
OP units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	37,464,684	37,635,683
OP units | DownREIT Partnership
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	2,120,491	2,120,491
Subordinated performance units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	7,772,693	7,991,271
Subordinated performance units | DownREIT Partnership
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	4,133,474	4,133,474
LTIP units | NSA OP, LP
Noncontrolling Interest [Line Items]
Outstanding equity interest (in shares)	870,670	785,932

SELF STORAGE PROPERTIES (Detail

SELF STORAGE PROPERTIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Real Estate [Abstract]
Land	$ 1,038,183		$ 1,038,183		$ 1,035,562
Buildings and improvements	4,768,865		4,768,865		4,746,105
Furniture and equipment	11,340		11,340		10,507
Total self storage properties	5,818,388		5,818,388		5,792,174
Less accumulated depreciation	(961,977)		(961,977)		(874,359)
Self storage properties, net	4,856,411		4,856,411		$ 4,917,815
Depreciation expense related to self storage properties	$ 45,400	$ 53,100	$ 90,800	$ 105,200

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Narrative (Details) storage_unit in Thousands, $ in Thousands, ft² in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) ft² storage_unit state property State	Dec. 31, 2023 USD ($) extension_period
Schedule of Equity Method Investments [Line Items]
Number of self storage properties | property	1,052
Number of states in which self storage properties are located | state	42
Rentable square feet in self storage properties | ft²	68.8
Investment in unconsolidated real estate ventures	$ 230,295	$ 211,361
Number of units in real estate property | storage_unit	542
2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 210,000
Company's equity interest in unconsolidated real estate ventures (percent)	6.05%
Real estate investments, joint ventures, maturity period	5 years
2023 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures, maturity period		24 months
Real estate investments, joint ventures, number of extension periods | extension_period		2
Real estate investments, joint ventures, extension period		6 months
2018 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)	25%
2016 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)	25%
Joint venture | 2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 140,800
2024 NSA Member | 2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 35,200
Company's equity interest in unconsolidated real estate ventures (percent)	25%
2024 JV Investor | 2024 Joint Venture
Schedule of Equity Method Investments [Line Items]
Real estate investments, joint ventures	$ 105,600
Company's equity interest in unconsolidated real estate ventures (percent)	75%
Number of self storage properties | property	56
Number of states in which self storage properties are located | State	7
Rentable square feet in self storage properties | ft²	3.2
Number of storage units | storage_unit	24
2023 JV Members | 2023 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		75%
Investment in unconsolidated real estate ventures		$ 400,000
2023 NSA Member | 2023 Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's equity interest in unconsolidated real estate ventures (percent)		25%
Unconsolidated properties | Joint venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties | property	241
Number of states in which self storage properties are located | state	24
Rentable square feet in self storage properties | ft²	16.7
Number of units in real estate property | storage_unit	135
Unconsolidated properties | Joint venture | 2018 Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties | property	104
Number of states in which self storage properties are located | state	17
Rentable square feet in self storage properties | ft²	7.8
Number of units in real estate property | storage_unit	64
Unconsolidated properties | Joint venture | 2016 Joint Venture
Schedule of Equity Method Investments [Line Items]
Number of self storage properties | property	81
Number of states in which self storage properties are located | state	13
Rentable square feet in self storage properties | ft²	5.7
Number of units in real estate property | storage_unit	47

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Condensed Financial Position (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Self storage properties	$ 5,818,388		$ 5,792,174
Less accumulated depreciation	(961,977)		(874,359)
Self storage properties, net	4,856,411		4,917,815
Other assets	138,522		134,002
Total assets	5,321,101		5,931,811
LIABILITIES AND EQUITY
Debt financing	3,365,836		3,658,205
Equity	1,817,065	$ 1,947,072	2,125,841	$ 2,384,401	$ 2,405,074	$ 2,389,014
Total liabilities and equity	5,321,101		5,931,811
Joint venture | Unconsolidated real estate ventures
ASSETS
Self storage properties	2,547,923		2,200,522
Less accumulated depreciation	(405,518)		(369,412)
Self storage properties, net	2,142,405		1,831,110
Other assets	45,696		37,826
Total assets	2,188,101		1,868,936
LIABILITIES AND EQUITY
Debt financing	1,212,592		1,003,223
Other liabilities	34,110		28,333
Equity	941,399		837,380
Total liabilities and equity	$ 2,188,101		$ 1,868,936

INVESTMENT IN UNCONSOLIDATED _5

INVESTMENT IN UNCONSOLIDATED REAL ESTATE VENTURES - Condensed Operating Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Total revenue	$ 190,448	$ 215,511	$ 386,596	$ 423,504
Property operating expenses	(52,201)	(57,094)	(106,895)	(113,577)
Depreciation and amortization	(46,710)	(56,705)	(94,041)	(112,163)
Acquisition and other income (expenses)	(480)	(239)	(987)	(1,083)
Net income	17,062	29,448	76,089	58,407
Joint venture | Unconsolidated real estate ventures
Related Party Transaction [Line Items]
Total revenue	60,716	53,685	116,812	107,437
Property operating expenses	(19,449)	(15,113)	(37,052)	(30,162)
Supervisory, administrative and other expenses	(3,875)	(3,561)	(7,533)	(7,090)
Depreciation and amortization	(20,564)	(17,260)	(38,770)	(35,143)
Interest expense	(13,655)	(10,419)	(25,755)	(20,830)
Other income	904	45
Acquisition and other income (expenses)			845	(187)
Net income	$ 4,077	$ 7,377	$ 8,547	$ 14,025

ACQUISITIONS AND DISPOSITIONS -

ACQUISITIONS AND DISPOSITIONS - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($) property
Asset Acquisition [Line Items]
Number of Properties | property	3
Estimated fair value of net assets acquired		$ 25,200
Consideration in acquisition transaction	$ 25,237
Acquisition-related costs capitalized		100
Net gain on disposition		$ 63,800
Third Party
Asset Acquisition [Line Items]
Self storage property disposed | property		40
Net proceeds from sale		$ 273,100
Joint venture
Asset Acquisition [Line Items]
Self storage property disposed | property		56
Net proceeds from sale		$ 343,700
Real estate
Asset Acquisition [Line Items]
Recognized fair value allocated to real estate		24,700
Customer in-place leases
Asset Acquisition [Line Items]
Recognized fair value allocated to intangible assets		$ 500
Asset Acquired From PROs
Asset Acquisition [Line Items]
Number of Properties | property		3

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS - Summary of Acquisitions (Details) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($) property
Asset Acquisitions During Period
Number of Properties | property	3
Cash and Acquisition Costs	$ 25,063
Value of Equity	0
Other Liabilities	174
Total	$ 25,237

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Receivables:
Trade, net	$ 9,448	$ 9,842
Property acquisition and other deposits	1,495	0
Interest rate swaps	34,436	29,610
Prepaid expenses and other	12,704	14,743
Corporate furniture, equipment and other, net	2,641	2,659
Goodwill	8,182	8,182
Total	138,522	134,002
Related Party
Receivables:
Trade, net	6,936	7,784
Receivables from unconsolidated real estate ventures	8,228	4,446
Customer in-place leases
Other Assets
Intangibles	715	1,609
Accumulated amortization	1,022	3,263
Management contract
Other Assets
Intangibles	13,355	14,049
Accumulated amortization	7,471	6,777
Tenant reinsurance intangible
Other Assets
Intangibles	31,531	32,227
Accumulated amortization	4,534	3,839
Trade names
Receivables:
Trade names	$ 8,851	$ 8,851

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Customer in-place leases
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.4	$ 2.8	$ 1.4	$ 5.3
Management contract
Finite-Lived Intangible Assets [Line Items]
Amortization expense	0.4	0.4	0.7	0.7
Tenant reinsurance intangible
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 0.4	$ 0.4	$ 0.7	$ 0.7

DEBT FINANCING - Debt Summary (

DEBT FINANCING - Debt Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 3,374,665	$ 3,668,757
Unamortized debt issuance costs and debt premium, net	(8,829)	(10,552)
Total debt	$ 3,365,836	3,658,205
Revolving line of credit | Revolving line of credit | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	6.71%
Principal amount	$ 222,000	381,000
Unsecured debt | 2028 Term loan facility
Debt Instrument [Line Items]
Interest rate (percent)	4.62%
Principal amount	$ 75,000	75,000
Unsecured debt | April 2029 Term loan facility
Debt Instrument [Line Items]
Interest rate (percent)	4.27%
Principal amount	$ 100,000	100,000
Unsecured debt | June 2029 Term loan facility
Debt Instrument [Line Items]
Interest rate (percent)	5.37%
Principal amount	$ 285,000	285,000
Unsecured debt | May 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.16%
Principal amount	$ 35,000	35,000
Unsecured debt | October 2026 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.46%
Principal amount	$ 65,000	65,000
Unsecured debt | July 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	5.75%
Principal amount	$ 120,000	120,000
Unsecured debt | October 2028 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.55%
Principal amount	$ 100,000	100,000
Unsecured debt | 2029 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.98%
Principal amount	$ 100,000	100,000
Unsecured debt | August 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.99%
Principal amount	$ 150,000	150,000
Unsecured debt | October 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.66%
Principal amount	$ 35,000	35,000
Unsecured debt | November 2030 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.72%
Principal amount	$ 75,000	75,000
Unsecured debt | May 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3%
Principal amount	$ 90,000	90,000
Unsecured debt | August 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	4.08%
Principal amount	$ 50,000	50,000
Unsecured debt | November 2031 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.81%
Principal amount	$ 175,000	175,000
Unsecured debt | August 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.09%
Principal amount	$ 100,000	100,000
Unsecured debt | November 2032 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	5.06%
Principal amount	$ 200,000	200,000
Unsecured debt | May 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.10%
Principal amount	$ 55,000	55,000
Unsecured debt | October 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	6.73%
Principal amount	$ 50,000	50,000
Unsecured debt | November 2033 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	2.96%
Principal amount	$ 125,000	125,000
Unsecured debt | 2036 Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate (percent)	3.06%
Principal amount	$ 75,000	75,000
Unsecured debt | Term loan B | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	2.95%
Principal amount	$ 145,000	275,000
Unsecured debt | Term loan C | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	2.93%
Principal amount	$ 325,000	325,000
Unsecured debt | Term loan D | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	3.96%
Principal amount	$ 275,000	275,000
Unsecured debt | Term loan E | Credit Facility
Debt Instrument [Line Items]
Interest rate (percent)	4.79%
Principal amount	$ 130,000	130,000
Fixed rate mortgages payable | Fixed rate mortgages payable
Debt Instrument [Line Items]
Interest rate (percent)	3.60%
Principal amount	$ 217,665	$ 222,757

DEBT FINANCING - Narrative (Det

DEBT FINANCING - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,825
Revolving line of credit | Credit Facility
Debt Instrument [Line Items]
Borrowing capacity expansion	2,370
Revolving line of credit | Revolving line of credit | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	950
Revolving line of credit remaining borrowing capacity	721.5
Term loan B | Unsecured debt | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	145
Term loan C | Unsecured debt | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	325
Term loan D | Unsecured debt | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	275
Term loan E | Unsecured debt | Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	130
Letter of credit | Revolving line of credit | Credit Facility
Debt Instrument [Line Items]
Letters of credit outstanding	$ 6.5

DEBT FINANCING - Future Debt Ob

DEBT FINANCING - Future Debt Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Scheduled Principal and Maturity Payments
Remainder of 2024	$ 161,871
2025	327,185
2026	377,322
2027	439,369
2028	385,624
2029	487,789
Thereafter	1,195,505
Total principal	3,374,665	$ 3,668,757
Amortization of Premium and Unamortized Debt Issuance Costs
Remainder of 2024	(1,513)
2025	(2,196)
2026	(1,841)
2027	(1,231)
2028	(990)
2029	(380)
Thereafter	(678)
Total amortization of premium and unamortized debt issuance costs	(8,829)
Total
Remainder of 2024	160,358
2025	324,989
2026	375,481
2027	438,138
2028	384,634
2029	487,409
Thereafter	1,194,827
Total debt	$ 3,365,836	$ 3,658,205

EARNINGS PER SHARE - Basic and

EARNINGS PER SHARE - Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator
Net income	$ 32,280	$ 95,088	$ 45,476	$ 40,392	$ 127,368	$ 85,868
Net income attributable to noncontrolling interests	(15,218)		(16,028)		(51,279)	(27,461)
Net income attributable to National Storage Affiliates Trust	17,062		29,448		76,089	58,407
Distributions to preferred shareholders	(5,110)		(5,119)		(10,220)	(8,799)
Distributed and undistributed earnings allocated to participating securities	(11)		(13)		(24)	(31)
Net income attributable to common shareholders - basic	11,941		24,316		65,845	49,577
Net income attributable to common shareholders - diluted	$ 11,941		$ 24,316		$ 65,845	$ 49,577
Denominator
Weighted average shares outstanding - basic (in shares)	75,160		88,312		77,698	88,902
Weighted average shares outstanding - diluted (in shares)	75,160		88,312		77,698	88,902
Earnings per share - basic (in dollars per share)	$ 0.16		$ 0.28		$ 0.85	$ 0.56
Earnings per share - diluted (in dollars per share)	$ 0.16		$ 0.28		$ 0.85	$ 0.56

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2023 shares	Jun. 30, 2024 shares	Jun. 30, 2023 shares
NSA OP, LP And DownREIT Partnership | Subordinated performance units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
Minimum conversion period (in years)	2 years
NSA OP, LP | OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1		1
NSA OP, LP | LTIP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1		1
NSA OP, LP | Subordinated performance units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio			1
DownREIT Partnership | OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unit conversion ratio	1
LTIP units with vesting based on service or market condition
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity interests excluded from computation of diluted earnings per share (in shares)	543,220		543,220
LTIP units with vesting based on future acquisitions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity interests excluded from computation of diluted earnings per share (in shares)	208,400		208,400
OP units, DownREIT OP units, Subordinated performance units, DownREIT subordinated performance units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Equity interests excluded from computation of diluted earnings per share (in shares)	58,000,000	59,800,000	58,000,000	59,500,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Payroll and related costs reimbursed to the PROs by the Company	$ 52,201	$ 57,094	$ 106,895	$ 113,577
Supervisory and Administrative Fee Agreement | Affiliate | Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Supervisory, administrative and other expenses	5,100	5,400	10,200	10,600
Payroll Services | Management | Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Payroll and related costs reimbursed to the PROs by the Company	$ 6,800	$ 6,500	$ 13,700	$ 13,100
Minimum | Supervisory and Administrative Fee Agreement | Management | Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Supervisory and administrative fee agreement of gross revenue, percent			5%
Maximum | Supervisory and Administrative Fee Agreement | Management | Participating Regional Operator (PRO)
Related Party Transaction [Line Items]
Supervisory and administrative fee agreement of gross revenue, percent			6%

FAIR VALUE MEASUREMENTS - Inter

FAIR VALUE MEASUREMENTS - Interest Swap Derivatives (Details) - Interest Rate Swap - Designated as Hedging Instrument $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of Contracts | property	14		17
Notional Amount	$ 1,335,000		$ 1,335,000
Fair value, other assets, net	34,436		29,610
Fair value, interest rate swap liabilities	0		$ 3,450
Level 2
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis [Roll Forward]
Fair value at beginning of period	26,160	$ 50,983
(Gains) and losses on interest rate swaps reclassified into interest expense from accumulated other comprehensive income (loss)	(18,718)	(17,250)
Unrealized gains and realized (losses) on interest rate swaps and forward starting swaps included in accumulated other comprehensive income (loss)	26,994	15,273
Fair value of end of period	$ 34,436	$ 49,006

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended	6 Months Ended
	Mar. 24, 2023	Jun. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Mar. 16, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months		$ 21,000	$ 21,000
Designated as Hedging Instrument | Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount		$ 1,335,000	$ 1,335,000	$ 1,335,000
Weighted average remaining term			2 years 7 months 6 days
Designated as Hedging Instrument | Interest Rate Swap | Cash Flow Hedging
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average fixed rate (percent)		2.54%	2.54%
Designated as Hedging Instrument | Forward Starting Swaps
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notional amount	$ 25,000				$ 50,000
Interest rate					3.25%
Realized loss on derivative instrument		$ 1,600
Derivative term (in years)	10 years

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private Placement Notes	$ 1,600,000	$ 1,600,000
Mortgage Notes	217,665	222,757
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Private Placement Notes	1,414,436	1,417,147
Mortgage Notes	$ 206,676	$ 211,480

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ in Millions	Jul. 30, 2024 USD ($) property	Jul. 29, 2024 USD ($)	Jul. 01, 2024 USD ($) shares	Jun. 30, 2024 property
Subsequent Event [Line Items]
Number of self storage properties | property				1,052
Subsequent Event
Subsequent Event [Line Items]
Consideration for internalization of PRO structure			$ 34.6
Merger and internalization of PRO, net of issuance costs (in shares) | shares			775,210
Cash payment			$ 3.4
Consideration paid for PRO rights			$ 60.3
Redemptions/conversions of units (in shares) | shares			11,906,167
Consideration for PRO rights, cash payments			$ 29.2
Issuance of preferred shares (in shares) | shares			17,984,787
Time frame prior to conversion for conversion metric (in years)			1 year
Percentage of cash available for distribution used in conversion ratio calculation			110%
Subsequent Event | OP Units
Subsequent Event [Line Items]
Redemptions/conversions of units (in shares) | shares			773,656
Subsequent Event | Mark Van Mourick
Subsequent Event [Line Items]
Consideration for PRO rights, cash payments			$ 2.9
Subsequent Event | Mark Van Mourick | OP Units
Subsequent Event [Line Items]
Redemptions/conversions of units (in shares) | shares			209,333
Consideration for PRO rights, cash payments			$ 8.4
Subsequent Event | Arlen Nordhagen
Subsequent Event [Line Items]
Conversion of units (in shares) | shares			64,887
Conversion of Stock, Amount Converted			$ 2.6
Subsequent Event | Term Loan B
Subsequent Event [Line Items]
Repayments of Debt		$ 145
Subsequent Event | 2023 Joint Venture Acquisitions
Subsequent Event [Line Items]
Number of self storage properties | property	5
Payments to acquire joint venture	$ 71.9
Real estate investments, joint ventures	$ 18