National Storage Affiliates Trust (NYSE:NSA), a self-storage REIT with a market capitalization of $4.75 billion, has announced the promotion of John Esbenshade to the role of chief accounting officer, effective as of January 1, 2025. The internal elevation comes as the company's previous chief accounting officer, Brandon S. Togashi, stepped down from his role.
Esbenshade, 44, who has been with the company since March 2019, served as senior vice president and controller since September 2022 before his recent promotion. His experience includes a tenure at Prologis (NYSE:PLD), a global leader in logistics real estate, and over a decade at Deloitte in the audit practice.
With a Master of Science in Business Administration, focusing on accounting, and a Bachelor of Science in Business Administration, concentrating on finance from the University of Colorado Boulder, Esbenshade is also a certified public accountant and a member of the American Institute of Certified Public Accountants.
The company clarified that there are no family ties between Esbenshade and any trustee or executive officer at National Storage Affiliates Trust, nor is he involved in any transactions that would require disclosure under SEC regulations.
National Storage Affiliates Trust, listed on the New York Stock Exchange under the ticker NYSE:NSA, operates as a real estate investment trust specializing in self-storage properties. The company, which currently offers an attractive 6.09% dividend yield and has raised its dividend for 10 consecutive years, maintains its headquarters in Greenwood Village, Colorado. According to InvestingPro analysis, the company appears undervalued based on its Fair Value calculations, despite facing near-term revenue headwinds.
In other recent news, National Storage Affiliates Trust has reported several key developments. The company appointed John Esbenshade as the new Chief Accounting Officer, effective from January 1, 2025. In financial results, National Storage Affiliates reported a decrease in core Funds From Operations (FFO) per share and a drop in revenues for Q3, but also saw an increased occupancy in Florida following Hurricane Milton. The company declared Q4 dividends of $0.57 per common share and $0.375 per share for both its 6.000% Series A and Series B Cumulative Redeemable Preferred Shares.
National Storage Affiliates has also disclosed two portfolio transactions totaling approximately $148 million and plans to sell properties worth $100 million to $200 million in the upcoming months. The company has awarded special one-time grants of long-term incentive plan units (LTIP Units) to several of its executive officers.
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