What National Storage Affiliates Trust told the SEC could break it.

U.S. and retaliatory tariffs could raise the cost of steel, lumber and other materials for NSA's expansion/redevelopment projects and disrupt supply of key inventories.

“International trade disputes, including threatened or implemented tariffs imposed by the U.S. and threatened or implemented tariffs imposed by foreign countries in retaliation, could result in inflationary pressures that directly impact our costs, such as costs for steel, lumber and other materials applicable to our expansions and redevelopment projects.”

Successful property-tax initiatives or state/local tax increases (sales tax, paid family leave, environmental conditions) could substantially raise NSA's operating costs and reduce distributable cash.

“While no such initiative has yet been successful, to the extent a similar future initiative is successful, our property tax expense could increase substantially, which could adversely impact our operating results, cash flow, and our ability to pay any expected dividends to our shareholders.”

NSA's revenue concentrates in five states — Texas (19%), California (14%), Florida (11%), Oregon (9%) and Georgia (5%) — so regional downturns in those markets can pressure occupancy and rents.

“Adverse economic or other conditions in the markets in which we do business, particularly in our markets in Texas, California, Florida, Oregon, and Georgia, which accounted for approximately 19%, 14%, 11%, 9%, and 5%, respectively, of our total rental and other property-related revenues for the year ended December 31, 2025, may lower our occupancy levels and limit our ability to maintain or increase rents or require us to offer rental discounts.”