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1. Company Snapshot

1.a. 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 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.

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1.b. Last Insights on NSA

National Storage Affiliates Trust's recent performance was driven by the announced acquisition by Public Storage in an all-stock transaction valued at approximately $10.5 billion. The deal, expected to close in the third quarter of 2026, will see NSA shareholders receive 0.14 shares of PSA stock for each NSA share. According to Public Storage, the acquisition will create significant value for all stakeholders (Source: Public Storage). Several law firms, including Halper Sadeh LLC and Kahn Swick & Foti, LLC, are investigating the proposed sale to ensure fair price and process for shareholders.

1.c. Company Highlights

2. National Storage Affiliates' Q4 2025 Earnings: A Closer Look

National Storage Affiliates (NSA) reported a core FFO per share of $0.57 in the fourth quarter of 2025, beating analyst estimates of $0.55. The company's same-store revenue declined by 70 basis points, primarily due to lower average occupancy. However, this decline was partially offset by a 100 basis point increase in average revenue per square foot. For the full year, same-store revenues declined by 2.3%. Expenses declined by 80 basis points in the fourth quarter, while growing 3.1% for the year. The company's actual EPS came in at line with the reported core FFO per share.

Publication Date: Mar -02

📋 Highlights
  • Q4 Core FFO Per Share:: $0.57 at the top of guidance, with 90 bps same-store revenue growth expected in 2026 and $2.19 core FFO/share guidance.
  • Portfolio Optimization:: Sold 15 properties ($97M) and acquired 10 ($75M), exiting 5 states, with $50M deployed in a preferred equity program.
  • Liquidity & Leverage:: $550M liquidity availability, net debt/EBITDA at 6.6x (target: 5.5-6.5x), and $375M debt maturities in 2026 at blended 4.25% rates.
  • Occupancy & Pricing:: January occupancy up 20 bps YoY, with expected occupancy gains in 2026 and ECRIs driving modest rate improvements despite supply challenges.
  • Regional Performance:: Markets like Colorado Springs, Wichita, and Portland show sequential growth, while Phoenix faces oversupply, and RevPath trends align with ECRI gains.

Guidance and Outlook

The company provided 2026 guidance, expecting same-store revenue growth of 90 basis points, same-store operating expense growth of 3%, and core FFO per share of $2.19. This guidance implies a payout ratio that does not cover the dividend this year, but the company expects to cover 100% of the dividend by the fourth quarter of this year and into 2027. Analysts estimate next year's revenue growth at 2.8%.

Portfolio Optimization and Liquidity

NSA has made significant progress in its portfolio optimization program, exiting 5 states and selling 15 properties totaling $97 million, while acquiring 10 properties totaling $75 million. The company has ample liquidity, with $375 million of maturities this year and a current revolver balance of approximately $400 million, giving them $550 million of availability. Their leverage continues to come down with net debt to EBITDA of 6.6x, and the company's leverage target is 5.5-6.5x.

Valuation Metrics

NSA's current valuation metrics include a P/E Ratio of 36.52, P/B Ratio of 2.85, and EV/EBITDA of 5.72. The Dividend Yield is 6.51%, and the Free Cash Flow Yield is 11.12%. These metrics suggest that the market is pricing in a certain level of growth and stability for the company. With the company's efforts to optimize its portfolio and reduce leverage, these metrics may be expected to improve in the future.

Operational Highlights

The company is experiencing a supply issue, making it challenging to achieve pricing power until the demand profile improves. However, some unit types are seeing pricing power due to balanced supply and demand. Move-in rates narrowed on a year-over-year spread in Q4 and are expected to be negative for the first 5 months of the year, with a return to neutral to positive in June or July. ECRIs are being implemented at a similar cadence, but with a greater magnitude on a year-over-year basis.

3. NewsRoom

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National Storage Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of National Storage Affiliates Trust - NSA

Mar -18

Source: businesswire.com

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SHAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of National Storage Affiliates Trust (NYSE: NSA)

Mar -17

Source: prnewswire.com

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America's biggest public storage company is about to get even bigger

Mar -17

Source: fastcompany.com

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Public Storage to Buy NSA: Is This a Smart Growth Move for Investors?

Mar -17

Source: zacks.com

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Why National Storage Affiliates Stock Soared Today

Mar -16

Source: fool.com

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Shareholder Alert: The Ademi Firm investigates whether National Storage Affiliates Trust is obtaining a Fair Price for its Public Shareholders

Mar -16

Source: prnewswire.com

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Public Storage to acquire National Storage Affiliates in $10.5B deal

Mar -16

Source: proactiveinvestors.com

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NSA Stock Alert: Halper Sadeh LLC is Investigating Whether National Storage Affiliates Trust is Obtaining a Fair Price for its Shareholders

Mar -16

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.97%)

6. Segments

Rental - Same Store Portfolio

Expected Growth: 3.0%

National Storage Affiliates Trust's 3.0% same-store rental portfolio growth is driven by a combination of factors, including increasing demand for storage units, strategic pricing, and high occupancy rates. Additionally, the company's focus on operational efficiencies, cost savings, and accretive acquisitions also contribute to the growth. Furthermore, the growing need for storage solutions among baby boomers and millennials, as well as the increasing popularity of online shopping, support the upward trend.

Rental - Non-same Store Portfolio

Expected Growth: 2.8%

National Storage Affiliates Trust's 2.8% growth in Rental - Non-same Store Portfolio is driven by strategic acquisitions, increasing occupancy rates, and rent growth. Additionally, the company's diversified portfolio across 38 states and 74% of revenue from non-major markets contribute to its resilience and growth potential.

Management Fees and Other

Expected Growth: 3.2%

National Storage Affiliates Trust's 3.2% growth in Management Fees and Other is driven by increasing same-store NOI, expansion of third-party management platform, and rising demand for storage solutions. Additionally, strategic acquisitions and cost synergies also contribute to the growth.

Other Property-related - Same Store Portfolio

Expected Growth: 2.9%

National Storage Affiliates Trust's 2.9% growth in Other Property-related - Same Store Portfolio is driven by increasing rental rates, high occupancy levels, and a strong demand for storage units. Additionally, the company's focus on cost control, efficient operations, and strategic acquisitions have contributed to the growth.

Other Property-related - Non-same Store Portfolio

Expected Growth: 2.7%

National Storage Affiliates Trust's 2.7% growth in Other Property-related - Non-same Store Portfolio is driven by strategic acquisitions, increasing rental rates, and high occupancy levels. Additionally, the company's diversified portfolio and expansion into new markets contribute to its growth. Effective cost management and a strong balance sheet also support the company's ability to invest in growth initiatives.

7. Detailed Products

Self Storage Units

National Storage Affiliates Trust offers a range of self storage units in various sizes to cater to individual and business needs, providing a secure and convenient way to store belongings.

Climate-Controlled Storage

Climate-controlled storage units that maintain a consistent temperature and humidity level, ideal for storing sensitive items such as electronics, artwork, and important documents.

Drive-Up Storage

Convenient drive-up storage units that allow for easy access and loading/unloading of items, ideal for storing large or heavy items.

RV and Boat Storage

Secure and convenient storage solutions for recreational vehicles and boats, providing a safe and protected environment.

Business Storage

Customized storage solutions for businesses, providing a secure and convenient way to store inventory, equipment, and documents.

Moving and Packing Supplies

A range of moving and packing supplies, including boxes, tape, and bubble wrap, available for purchase at National Storage Affiliates Trust facilities.

8. National Storage Affiliates Trust's Porter Forces

Forces Ranking

Threat Of Substitutes

National Storage Affiliates Trust operates in a highly competitive industry, but the threat of substitutes is mitigated by the company's diversified portfolio of storage facilities and its ability to adapt to changing market conditions.

Bargaining Power Of Customers

National Storage Affiliates Trust's customers have limited bargaining power due to the company's large market share and the fragmented nature of the self-storage industry.

Bargaining Power Of Suppliers

National Storage Affiliates Trust has a diversified supplier base, which reduces the bargaining power of individual suppliers. Additionally, the company's scale and market position give it negotiating power over suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the self-storage industry, including the need for significant capital investment and regulatory approvals.

Intensity Of Rivalry

The self-storage industry is highly competitive, with many established players competing for market share. National Storage Affiliates Trust must continually innovate and improve its operations to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 72.14%
Debt Cost 4.54%
Equity Weight 27.86%
Equity Cost 8.36%
WACC 5.61%
Leverage 258.92%

11. Quality Control: National Storage Affiliates Trust passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Growth: 5.4

Quality: 6.5

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Momentum: 7.0

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National Storage

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

37.12$

Current Price

37.12$

Potential

-0.00%

Expected Cash-Flows