SCHEDULE: Wasatch Advisors Discloses 2.4% Stake in National Storage Affiliates

Wasatch Advisors LP has filed an amended Schedule 13G, reporting a 2.4% beneficial ownership stake in National Storage Affiliates Trust as of September 30, 2025.

Summary

• Wasatch Advisors LP, an investment adviser, reported beneficial ownership of 1,845,950 Common Shares of Beneficial Interest in National Storage Affiliates Trust.
• This ownership represents 2.4% of the total class of securities.
• Wasatch Advisors LP holds sole voting power over 1,232,967 shares and sole dispositive power over 1,845,950 shares.
• The filing certifies that the securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. The filing is a routine disclosure of an institutional investor's stake, which is generally a positive sign of confidence, but it contains no new operational or financial news from the company itself.

Positives

• Wasatch Advisors LP, a Delaware-based investment adviser, holds a significant stake, indicating confidence in National Storage Affiliates Trust.
• The filing explicitly states the shares are held in the ordinary course of business, not for control purposes, suggesting a passive investment.

Future Outlook

This filing is a disclosure of current ownership and does not contain forward-looking statements or guidance from National Storage Affiliates Trust or Wasatch Advisors LP regarding future performance or strategy.

Management Comments

• The filing includes a certification from Wasatch Advisors LP's CEO, Mike Yeates, stating that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of the issuer.

Industry Context

This Schedule 13G filing indicates a passive investment by an institutional investor in a Real Estate Investment Trust (REIT) specializing in self-storage. Such filings are routine disclosures of significant ownership stakes and do not typically provide insights into broader industry trends or competitive positioning, beyond confirming continued institutional interest in the self-storage REIT sector.

Comparison to Industry Standards

• This filing is a standard regulatory disclosure of an institutional investor's stake and does not provide performance metrics for comparison to industry standards or specific comparable companies. It merely reports Wasatch Advisors LP's 2.4% ownership in National Storage Affiliates Trust.

Stakeholder Impact

• Shareholders: Provides transparency regarding a significant institutional investor's stake, potentially reinforcing confidence.
• Management: Awareness of a significant passive institutional holder.

Next Steps

• The filing does not mention any specific future actions, events, or milestones for National Storage Affiliates Trust or Wasatch Advisors LP beyond the routine regulatory requirements for future ownership disclosures.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of a passive ownership stake by an investment adviser. It does not provide new fundamental information about National Storage Affiliates Trust's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The 2.4% stake by Wasatch Advisors LP is a notable institutional holding but does not, by itself, suggest a 'buy' or 'sell' action. Investors should continue to 'hold' and monitor the company's core business performance and broader market conditions.

Keywords

National Storage Affiliates Trust, NSA, Wasatch Advisors LP, Schedule 13G, Beneficial Ownership, Investment Adviser, REIT, Self-Storage