Exhibit 25.1




securities and exchange commission

Washington, D.C. 20549






Statement of Eligibility Under

The Trust Indenture Act of 1939 of a

Corporation Designated to Act as Trustee

Check if an Application to Determine Eligibility of

a Trustee Pursuant to Section 305(b)(2) ¨





(Exact name of Trustee as specified in its charter)



I.R.S. Employer Identification No.


800 Nicollet Mall

Minneapolis, Minnesota



(Address of principal executive offices) (Zip Code)


Daniel Boyers

U.S. Bank National Association

425 Walnut Street

Cincinnati, OH 45202

(513) 632-2077

(Name, address and telephone number of agent for service)


National Storage Affiliates Trust

(Issuer with respect to the Securities)


Maryland 46-5053858
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)


8400 East Prentice Avenue; 9th Floor
Greenwood Village, CO



(Address of Principal Executive Offices) (Zip Code)


Debt Securities

(Title of the Indenture Securities)









Item 1.   GENERAL INFORMATION. Furnish the following information as to the Trustee.


a)    Name and address of each examining or supervising authority to which it is subject.

Comptroller of the Currency

Washington, D.C.


b)   Whether it is authorized to exercise corporate trust powers.



Item 2.   AFFILIATIONS WITH THE OBLIGOR. If the obligor is an affiliate of the Trustee, describe each such affiliation.



Items 3-15     Items 3-15 are not applicable because to the best of the Trustee's knowledge, the obligor is not in default under any Indenture for which the Trustee acts as Trustee.


Item 16. LIST OF EXHIBITS: List below all exhibits filed as a part of this statement of eligibility and qualification.


1.   A copy of the Articles of Association of the Trustee.*


2.   A copy of the certificate of authority of the Trustee to commence business, attached as Exhibit 2.


3.   A copy of the certificate of authority of the Trustee to exercise corporate trust powers, attached as Exhibit 3.


4.    A copy of the existing bylaws of the Trustee.**


5.    A copy of each Indenture referred to in Item 4. Not applicable.


6.    The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939, attached as Exhibit 6.


7.     Report of Condition of the Trustee as of December 31, 2020 published pursuant to law or the requirements of its supervising or examining authority, attached as Exhibit 7.


* Incorporated by reference to Exhibit 25.1 to Amendment No. 2 to registration statement on S-4, Registration Number 333-128217 filed on November 15, 2005.


** Incorporated by reference to Exhibit 25.1 to registration statement on form S-3ASR, Registration Number 333-199863 filed on November 5, 2014.







Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the Trustee, U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility and qualification to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of Cincinnati, State of Ohio on the 26th of February, 2021.


  By: /s/ Daniel Boyers
    Daniel Boyers
    Vice President





Exhibit 2







Exhibit 3







Exhibit 6




In accordance with Section 321(b) of the Trust Indenture Act of 1939, the undersigned, U.S. BANK NATIONAL ASSOCIATION hereby consents that reports of examination of the undersigned by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.


Dated: February 26, 2021


  By: /s/ Daniel Boyers
    Daniel Boyers
    Vice President





Exhibit 7

U.S. Bank National Association

Statement of Financial Condition

As of 12/31/2020




Cash and Balances Due From Depository Institutions  $62,424,852 
Securities   135,372,305 
Federal Funds   149 
Loans & Lease Financing Receivables   299,153,643 
Fixed Assets   7,454,095 
Intangible Assets   12,786,750 
Other Assets   27,582,366 
Total Assets  $544,774,160 
Deposits  $442,835,836 
Fed Funds   1,175,229 
Treasury Demand Notes   0 
Trading Liabilities   1,036,903 
Other Borrowed Money   29,719,033 
Acceptances   0 
Subordinated Notes and Debentures   3,850,000 
Other Liabilities   14,494,315 
Total Liabilities  $491,385,123 
Common and Preferred Stock   18,200 
Surplus   14,266,915 
Undivided Profits   38,303,668 
Minority Interest in Subsidiaries   800,323 
Total Equity Capital  $53,389,106 
Total Liabilities and Equity Capital  $544,774,160