NSAHIGH SIGNALOPERATIONAL10-K

NSA completed a major structural transformation by internalizing its PRO (Property Rights Offering) structure while simultaneously reducing its property portfolio from 1,074 to 1,063 properties across fewer states.

The company has fundamentally changed its business model by eliminating the PRO structure that "contributed significantly to our growth over the last decade," representing a strategic pivot away from a decentralized regional management approach. This operational restructuring, combined with portfolio rationalization and geographic consolidation (reducing from 42 to 37 states), suggests management is prioritizing operational efficiency over growth expansion.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Despite a dramatic 270% surge in operating income to $101.7M, net income fell 34% to $73.8M due to a 50% spike in interest expense to $166.1M, indicating either significant new debt or rising borrowing costs. The company's financial flexibility deteriorated with cash plummeting 54% to just $23.3M and stockholders' equity declining 12% to $946M. This financial profile suggests the operational restructuring came at a significant cost, leaving the company with constrained liquidity despite improved operating performance.

FINANCIAL STATEMENT CHANGES
Operating Income
P&L
+269.5%
$27.5M→$101.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Cash & Equivalents
Balance Sheet
-53.7%
$50.4M→$23.3M

Cash declined 53.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Interest Expense
P&L
+50.2%
$110.6M→$166.1M

Interest expense surged 50.2% — significant debt increase or rising rates materially impacting earnings.

Net Income
P&L
-33.8%
$111.5M→$73.8M

Net income declined 33.8% — review whether driven by operations, interest costs, or non-recurring items.

Stockholders Equity
Balance Sheet
-12.1%
$1.1B→$946.0M

Equity decreased 12.1% — buybacks or losses reducing book value, monitor solvency ratios.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
As of February 20, 2026, 77,112,475 common shares of beneficial interest, $0.01 par value per share, were outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 33 7A.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 50 9A.
economy generally or in specific geographic regions, states, territories or municipalities; the impact of a shutdown of the U.S.
federal income tax purposes ("REIT"); availability of qualified personnel; the risks of investing through joint ventures, including whether the anticipated benefits from a joint venture are realized or may take longer to realize than expected; risks related to or a consequence of natural disasters or acts of violence, major public health events, active shooters, terrorism, insurrection or war that affect the markets in which we operate; estimates relating to our ability to make distributions to our shareholders in the future; and our understanding of our competition.
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REMOVED
As of February 24, 2025, 76,402,059 common shares of beneficial interest, $0.01 par value per share, were outstanding.
Management's Discussion and Analysis of Financial Condition and Results of Operations 32 7A.
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 49 9A.
As of December 31, 2024, we held ownership interests in and operated a geographically diversified portfolio of 1,074 self storage properties located in 42 states and Puerto Rico, comprising approximately 70.2 million rentable square feet, configured in approximately 552,000 storage units.
Although the PRO structure contributed significantly to our growth over the last decade, the internalization of the PRO structure has always been a part of our long term vision.
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