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NSANational Storage Affiliates Trust
$45.94$3.5B
Overview & Verdict
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NSA logoNational Storage Affiliates Trust(NSA)Earnings, Financials & Key Ratios

NSA•NYSE•REIT / Real Estate
$45.94
65.6× P/E·Price updated Jul 7, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustrySelf-Storage REITs
AboutNational Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States.Show more
  • Revenue$753M-2.3%
  • FFO$263M-12.7%
  • FFO/Share3.43-12.5%
  • FFO Payout66.48%+16.6%
  • FFO per Share3.43-12.5%
  • NOI Margin45.96%-36.6%
  • FFO Margin34.94%-10.7%
  • ROE4.48%-22.0%
  • ROA1.41%-28.4%

NSA Price & Volume

National Storage Affiliates Trust (NSA) stock price & volume — 10-year historical chart

Loading chart...

Decentralized PRO Model Faces Structural Earnings Volatility

Investment Thesis • Updated 2026Q1

VerdictNegative
Growth:Contracting
Profitability:Strained
Financial:Strained
Cash Flow:Deteriorating
Primary Risk:PRO structure earnings volatility

Key Thesis Takeaways

  • National Storage Affiliates Trust faces significant headwinds as its decentralized PRO structure struggles to maintain consistent revenue growth, evidenced by a -1.6% decline in 2026Q1.
  • The company's reliance on complex subordinated performance units obscures true economic earnings, while elevated leverage and tightening dividend coverage ratios create a precarious outlook for common shareholders.
  • Investors should remain cautious as the firm navigates a period of contracting margins and liquidity constraints that may limit future capital allocation flexibility.

Verdict Logic

the company's high P/E TTM of 64.90 combined with a tightening dividend buffer and persistent revenue contraction suggests that the current valuation does not adequately reflect the underlying operational risks.

NSA Growth Metrics

National Storage Affiliates Trust (NSA) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years18.85%
5 Years11.74%
3 Years-2.07%
TTM-1.65%

Profit CAGR

10 Years19.49%
5 Years8.7%
3 Years-10.74%
TTM36.56%

EPS CAGR

10 Years13.93%
5 Years5.72%
3 Years-10.91%
TTM28.81%

Return on Capital

10 Years5.46%
5 Years5.71%
3 Years5.95%
Last Year5.87%

NSA Recent Earnings

National Storage Affiliates Trust (NSA) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 7/12 qtrs (58%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 5, 2026
Metric
Actual
Est
EPS
$0.57+388.0%
$0.12
Rev
$168M-7.5%
$182M
Q1 2026
Feb 25, 2026
Metric
Actual
Est
EPS
$0.57+3.6%
$0.55
Rev
$169M-8.3%
$185M
Q4 2025
Nov 3, 2025
Metric
Actual
Est
EPS
$0.57+1.8%
$0.56
Rev
$189M+2.6%
$184M
Q3 2025
Aug 4, 2025
Metric
Actual
Est
EPS
$0.55-5.2%
$0.58
Rev
$189M+0.1%
$189M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 5, 2026
$0.57vs $0.12+388.0%
$168Mvs $182M-7.5%
Q1 2026Feb 25, 2026
$0.57vs $0.55+3.6%
$169Mvs $185M-8.3%
Q4 2025Nov 3, 2025
$0.57vs $0.56+1.8%
$189Mvs $184M+2.6%
Q3 2025Aug 4, 2025
$0.55vs $0.58-5.2%
$189Mvs $189M+0.1%
Based on last 12 quarters of dataView full earnings history →

Latest NSA News

Recent stock market news and headlines for National Storage Affiliates Trust (NSA)

GuruFocus·Jun 30, 2026
National House Prices Reach New High in Slow Motion, According to First American Data & Analytics Monthly Home Price Index Report

[url="]First American Data and Analytics[/url], a leading national provider of property-centric information, risk management and valuation solutions and a divisi

Business Wire·Jun 24, 2026
Zelis® Launches AI-Native Solution to Help Payers Address Rising IDR Challenges

BOSTON--(BUSINESS WIRE)--Zelis®, a leading provider of healthcare technology solutions, today announces Zelis NSA Claim Advantage℠, an AI-native solution designed to help health insurance payers manage rising Independent Dispute Resolution (IDR) complexity under the No Surprises Act (NSA). As dispute volume, compliance requirements and process deadlines pressure payer operations, Zelis NSA Claim Advantage brings automation, predictive intelligence and embedded expert validation into a unified w.

Seeking Alpha·Jun 21, 2026
National Storage Affiliates: I'm Holding Through The Merger

National Storage Affiliates is being acquired by Public Storage in a stock-for-stock deal, valuing NSA near $45 per share. I view this as a fair exit for National Storage Affiliates shareholders. The self-storage sector's defensive characteristics and declining new construction support a bullish outlook, especially if long-term interest rates fall.

Peers Comparison

Key metrics vs top competitors for National Storage Affiliates Trust (NSA)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
NSA logoNSANational Storage Affiliates TrustCurrent
$45.94$3.54B65.63-2.26%9.8%4.48%4.97%
PSA logoPSAPublic Storage
$328.69$57.7B36.482.74%39.16%20.27%—
EXR logoEXRExtra Space Storage Inc.
$147.73$31.21B32.191.19%27.82%6.54%—
CUBE logoCUBECubeSmart
$40.88$9.32B28.005.33%28.93%11.7%—
SST logoSSTSystem1, Inc.
$2.57$25.61M-0.31-22.62%-42.18%-584.15%—
SELF logoSELFGlobal Self Storage, Inc.
$5.17$59.05M28.721.4%15.37%4.19%—

Compare NSA vs Peers

National Storage Affiliates Trust (NSA) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PSA

Most directly comparable listed peer for NSA.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare NSA against a more recognizable public peer.

Peer Set

Compare Top 5

vs PSA, EXR, CUBE, SST

NSA SEC Filings & Documents

National Storage Affiliates Trust (NSA) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 5, 2026·SEC

Material company update

Mar 17, 2026·SEC

Material company update

Mar 16, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 26, 2026·SEC

FY 2025

Feb 27, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 5, 2026·SEC

FY 2025

Nov 4, 2025·SEC

FY 2025

Aug 5, 2025·SEC

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NSA Frequently Asked Questions

National Storage Affiliates Trust (NSA) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is National Storage Affiliates Trust's revenue?

National Storage Affiliates Trust (NSA) reported $750.0M in revenue for fiscal year 2025. This represents a 2461% increase from $29.3M in 2012.

How fast is National Storage Affiliates Trust growing?

National Storage Affiliates Trust (NSA) saw revenue decline by 2.3% over the past year.

Is NSA profitable?

Yes, National Storage Affiliates Trust (NSA) is profitable, generating $89.4M in net income for fiscal year 2025 (9.8% net margin).

Dividend & Returns
Does NSA pay dividends?

Yes, National Storage Affiliates Trust (NSA) pays a dividend with a yield of 4.97%. This makes it attractive for income-focused investors.

What is NSA's return on equity?

National Storage Affiliates Trust (NSA) has a return on equity (ROE) of 4.5%. This is below average, suggesting room for improvement.

Industry Metrics
What is National Storage Affiliates Trust's FFO?

National Storage Affiliates Trust (NSA) generated Funds From Operations (FFO) of $276.8M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Is NSA a good dividend stock?

National Storage Affiliates Trust (NSA) offers a 4.97% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in NSA back in 2012?

Total return calculator · dividends reinvested · 14+ years of data

See returns →