Company: NSA-PB
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001628280-25-015431
Chunk: 0

Company: National Storage Affiliates Trust
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 0
---
### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### WASHINGTON, D.C. 20549

#### SCHEDULE 14A
<div align='center'>(Rule 14a-101)</div>

### INFORMATION REQUIRED IN PROXY STATEMENT

#### SCHEDULE 14A INFORMATION

#### Proxy Statement Pursuant to Section 14(a) of the

#### Securities Exchange Act of 1934
<div align='center'>(Amendment No. )</div>

Filed by the Registrant x Filed by a Party other than the Registrant ¨

Check the appropriate box:

¨ Preliminary Proxy Statement

¨ Confidential, For Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

x Definitive Proxy Statement

¨ Definitive Additional Materials

¨ Soliciting Material under §240.14a-12

#### National Storage Affiliates Trust
<div align='center'>(Name of Registrant as Specified In Its Declaration of Trust)

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)</div>

Payment of Filing Fee (Check all boxes that apply):

x No fee required.

¨ Fee paid previously with preliminary materials.

¨ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

Dear fellow shareholders:

This year marks the 10 th anniversary of our IPO. We’ve grown tremendously as a company over the past decade, and in 2024 we were focused on positioning National Storage Affiliates to thrive in 2025 and beyond. While the fundamental environment has been challenging for the self storage sector due to elevated supply and muted transitory demand from historically low home sales, we focused on improvements to our operating platform and optimal capital deployment.

In 2024, we:

• Internalized our participating regional operator ("PRO") structure, which provides many benefits including: G&A savings, synergies from operational scalability, brand flexibility, pricing on a centralized platform, and a further broadening of our portfolio optimization strategy;

• Sold non-core assets and utilized proceeds to retire debt and acquire assets with better long-term growth prospects;

• Contributed properties to a new joint venture to better fund revenue-enhancing capital expenditures and access capital to buy back common shares; and

• Enhanced technology and customer platforms to improve operational efficiency and internal growth performance.

It was a very focused and busy year for our team and we appreciate the hard work