National Storage Affiliates Trust (NSA)
NYSE:NSA
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National Storage Affiliates
(NYSE:NSA)
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Rating:59Neutral
Price Target:
$44.00
â–²(1.66% Upside)
Action:Reiterated
Date:06/05/26
The score is primarily constrained by weakening financial performance (negative revenue momentum, compressed margins, and deteriorating free-cash-flow growth, with historically elevated leverage). Technicals are a support due to a constructive multi-month trend and neutral momentum. Valuation is a mild drag because the P/E is high, partly offset by a strong dividend yield.
Positive Factors
Recurring Revenue Model
The core self-storage business generates steady, recurring monthly rent and ancillary fees, creating predictable cash receipts. This business model is resilient across cycles, supports consistent FFO/distributions, and underpins medium-term ability to fund operations, maintenance and selective growth.
Negative Factors
Negative Revenue Momentum
Sustained negative revenue growth signals weakening occupancy or realized rates, eroding the top line that drives FFO and dividend coverage. If revenue pressure persists, it will constrain reinvestment and limit the company’s ability to stabilize margins and preserve payout levels over the coming months.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Revenue Model
The core self-storage business generates steady, recurring monthly rent and ancillary fees, creating predictable cash receipts. This business model is resilient across cycles, supports consistent FFO/distributions, and underpins medium-term ability to fund operations, maintenance and selective growth.
Read all positive factors
National Storage Affiliates Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue from different business segments, revealing which areas are driving growth and where there may be opportunities or challenges.
Breaks down revenue from different business segments, revealing which areas are driving growth and where there may be opportunities or challenges.
Data provided by:
The Fly
The FlyNational Storage Affiliates (NSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.76B
Dividend Yield8.28%
Average Volume (3M)913.91K
Price to Earnings (P/E)42.6
Beta (1Y)0.54
Revenue Growth-1.65%
EPS Growth27.25%
CountryUS
Employees1,466
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.76
Shares Outstanding77,212,530
10 Day Avg. Volume731,063
30 Day Avg. Volume913,911
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)2.29
Price to Sales (P/S)2.87
P/FCF Ratio7.21
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue8.93
Enterprise Value/Gross Profit26.39
Enterprise Value/Ebitda14.13
Forecast
1Y Price Target
$41.52Price Target Upside-4.07% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.61
Revenue Forecast (FY)$728.20M
National Storage Affiliates Business Overview & Revenue Model
Company Description
National 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 ...
How the Company Makes Money
NSA primarily makes money by renting self-storage units to customers and collecting recurring monthly rental income. Revenue is generated from occupancy (how many units are leased) and realized rental rates (the price per unit/space), which are in...
National Storage Affiliates Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive operational inflection: management highlighted clear sequential improvements in same-store revenue trends, occupancy inflection (including January YoY occupancy +20 bps), stronger rental volumes, payroll and expense discipline, and strategic portfolio actions (brand consolidation, dispositions, JV and preferred-equity activity). Key near-term headwinds remain — full-year same-store revenue was down 2.3%, some large MSAs still face supply pressure, move-in rates are expected to be negative early in 2026, leverage sits slightly above target and $375M of maturities create refinancing risk. On balance, the company presented more substantive positives around momentum and execution than negatives, with management providing a cautious but confident guide for gradual recovery through 2026.Positive Updates
Core FFO Beat and Full-Year Results
Reported core FFO per share of $0.57 for Q4 and $2.23 for the full year, at the high end of guidance and above consensus; full-year same-store NOI and same-store revenue finished at the high end of guidance ranges.
Negative Updates
Full-Year Same-Store Revenue Decline
Same-store revenues declined 2.3% for the full year, reflecting the ongoing recovery lift still required across parts of the portfolio despite sequential improvement in Q4.
Read all updates
Q4-2025 Updates
Positive
Negative
Core FFO Beat and Full-Year Results
Reported core FFO per share of $0.57 for Q4 and $2.23 for the full year, at the high end of guidance and above consensus; full-year same-store NOI and same-store revenue finished at the high end of guidance ranges.
Read all positive updates
Company Guidance
Management's 2026 guidance calls for same-store revenue growth of about 90 basis points, same-store operating expense growth of 3%, flat same-store NOI and core FFO per share of $2.19, with acquisition and disposition ranges of $50–$150 million (NSA share) that are roughly neutral at the midpoints; this follows Q4 core FFO/share of $0.57 and FY‑2025 core FFO/share of $2.23 (at the high end of guidance). For context, Q4 same-store revenue was down 70 bps (FY‑2025 down 2.3%), Q4 expenses were down 80 bps (FY +3.1%), payroll was down 4.1% in Q4 (‑2.8% FY) while marketing was up 37% in Q4 (31% FY), and rent roll‑downs are in the low‑to‑mid‑30s; balance sheet highlights include $375 million of 2026 maturities ($275M term loan due July, $100M unsecured notes in May/Oct), ~ $400M revolver balance with $550M availability, and net debt/EBITDA of 6.6x (versus a 5.5–6.5x target). Management expects occupancy to have inflected to +20 bps YoY in January, move‑in rates to be negative for ~4–5 months before turning neutral/positive in the back half, and a midpoint FFO decline of $0.04 (roughly $0.02 from higher G&A and $0.02 from refinancing/insurance captive headwinds).National Storage Affiliates Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
62
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 749.98M | 752.93M | 770.34M | 858.06M | 801.57M | 585.67M |
| Gross Profit | 253.90M | 346.06M | 558.48M | 629.08M | 590.54M | 430.41M |
| EBITDA | 474.23M | 471.14M | 531.15M | 626.72M | 532.21M | 379.00M |
| Net Income | 78.57M | 73.78M | 111.52M | 156.67M | 103.74M | 105.25M |
Balance Sheet | ||||||
| Total Assets | 5.03B | 5.08B | 5.35B | 5.93B | 6.07B | 5.56B |
| Cash, Cash Equivalents and Short-Term Investments | 27.65M | 23.64M | 50.41M | 64.98M | 35.31M | 25.01M |
| Total Debt | 3.44B | 3.43B | 3.47B | 3.68B | 3.58B | 2.96B |
| Total Liabilities | 3.56B | 3.55B | 3.59B | 3.81B | 3.68B | 3.08B |
| Stockholders Equity | 912.76M | 946.04M | 1.08B | 1.42B | 1.65B | 1.78B |
Cash Flow | ||||||
| Free Cash Flow | 296.85M | 299.81M | 342.49M | 406.03M | 400.12M | 303.35M |
| Operating Cash Flow | 340.31M | 338.50M | 363.06M | 441.58M | 443.85M | 331.35M |
| Investing Cash Flow | 28.09M | 19.86M | 425.42M | 161.10M | -584.16M | -2.00B |
| Financing Cash Flow | -360.21M | -385.47M | -825.42M | -557.19M | 154.64M | 1.67B |
National Storage Affiliates Technical Analysis
Positive
43.28
Price Trends
41.78
Positive
37.67
Positive
33.39
Positive
Market Momentum
0.28
Positive
58.12
Neutral
63.21
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NSA, the sentiment is Positive. The current price of 43.28 is above the 20-day moving average (MA) of 42.60, above the 50-day MA of 41.78, and above the 200-day MA of 33.39, indicating a bullish trend. The MACD of 0.28 indicates Positive momentum. The RSI at 58.12 is Neutral, neither overbought nor oversold. The STOCH value of 63.21 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NSA.
National Storage Affiliates Risk Analysis
National Storage Affiliates disclosed 43 risk factors in its most recent earnings report. National Storage Affiliates reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
National Storage Affiliates Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $53.83B | 28.57 | 20.48% | 4.63% | 2.90% | -3.92% | |
74 Outperform | $1.68B | 13.66 | 6.41% | 13.07% | -13.63% | -24.40% | |
73 Outperform | $32.19B | 32.46 | 6.97% | 5.01% | 4.16% | 3.52% | |
70 Outperform | $9.10B | 28.04 | 11.95% | 5.69% | 5.02% | -15.68% | |
67 Neutral | $58.14M | 29.00 | 4.19% | 5.63% | 1.03% | -19.56% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $5.76B | 42.61 | 8.20% | 8.28% | -1.65% | 27.25% |
* Real Estate Sector Average
NSA
National Storage Affiliates
43.43
12.06
38.45%
CUBE
Cubesmart
40.31
-0.67
-1.64%
EXR
Extra Space Storage
145.31
1.58
1.10%
PSA
Public Storage
309.68
19.39
6.68%
IIPR
Innovative Industrial Properties
58.56
9.58
19.56%
SELF
Global Self Storage
5.07
-0.28
-5.25%
National Storage Affiliates Corporate Events
Business Operations and StrategyM&A Transactions
National Storage Affiliates Agrees to Acquisition by Public Storage
Positive
Mar 17, 2026
On March 16, 2026, National Storage Affiliates Trust agreed to be acquired by fellow self-storage REIT Public Storage in a stock-for-unit merger that will fold the company and its operating partnership into Public Storage’s structure. Common...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
National Storage Affiliates to Merge with Public Storage
Positive
Mar 16, 2026
On March 16, 2026, Public Storage and National Storage Affiliates agreed to an all-stock merger valuing NSA at about $10.5 billion, giving NSA investors 0.14 PSA shares or units per NSA share and creating a self-storage giant with roughly $57 bill...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.