HIGHBuilt-inProperty_type
self storage properties
“10-K Item 1A: 'our property portfolio consists solely of self storage properties and is therefore subject to risks inherent in investments in a single industry'”
NSA · Concentration risk · 10-K extracted
National Storage Affiliates Tru (NSA) concentration risks
Updated
The most significant concentration National Storage Affiliates Tru discloses is self storage properties, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: National Storage Affiliates Tru’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM0
LOW3
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
LOWBuilt-inGeographic
19%
Texas
“10-K Item 1A: 'our markets in Texas, California, Florida, Oregon, and Georgia ... approximately 19%, 14%, 11%, 9%, and 5%, respectively, of our total rental and other property-related revenues'”
LOWBuilt-inGeographic
14%
California
“10-K Item 1A: 'our markets in Texas, California, Florida, Oregon, and Georgia ... approximately 19%, 14%, 11%, 9%, and 5%, respectively, of our total rental and other property-related revenues'”
LOWBuilt-inGeographic
11%
Florida
“10-K Item 1A: 'our markets in Texas, California, Florida, Oregon, and Georgia ... approximately 19%, 14%, 11%, 9%, and 5%, respectively, of our total rental and other property-related revenues'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a high-share property-type exposure with modest state-level geographic tilts. The portfolio consists solely of self-storage properties, a high-share structural concentration that makes the business fully subject to risks inherent in a single real estate sector. This is by design — it reflects a focused strategy rather than an inadvertent lack of diversification — but it means that a sustained deterioration in self-storage fundamentals would affect all assets simultaneously with no cushion from other property types. Within that single-property-type universe, the geographic distribution is relatively diffuse. Texas is the largest disclosed state at approximately 19% of total rental and other property-related revenues, a low-share concentration. California follows at approximately 14% of those revenues, also a low-share position, and Florida at approximately 11%. No single state approaches a share that would alone constitute a material idiosyncratic risk. Together, the picture is one of deliberate product concentration — all risk is confined to the self-storage sector — offset by reasonable geographic spread within that sector. The dominant variable for investors is the health of the self-storage end-market broadly; state-specific exposures add a secondary layer of differentiation but are individually modest. There is no disclosed customer or counterparty concentration beyond the property-type focus.
For the engine’s reasoning on NSA’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Industrial
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COLD | Americold Realty Trust, Inc. | 2 | 0 | 0 | 2 |
| FR | First Industrial Realty Trust, | 1 | 1 | 1 | 3 |
| NSA● | National Storage Affiliates Tru | 1 | 0 | 3 | 4 |
| EGP | EastGroup Properties, Inc. | 0 | 1 | 2 | 3 |
| CUBE | CubeSmart | 0 | 0 | 4 | 4 |
| EXR | Extra Space Storage Inc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.