National Storage Affiliates Trust (NSA) 10-Year Financial Performance & Capital Metrics

NSA • • REIT / Real Estate

Real EstateIndustrial REITsSelf-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/Share 3.43 -12.5%
FFO Payout 66.48% +16.6%
FFO per Share 3.43 -12.5%
NOI Margin 45.96% -36.6%
FFO Margin 34.94% -10.7%
ROE 4.48% -22.0%
ROA 1.41% -28.4%
Debt/Assets 0.45% -99.3%
Net Debt/EBITDA -0.00 -100.0%
Book Value/Share 20.01 -12.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 66.5%

✗Weaknesses

✗FFO declining 12.7% TTM

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.85%

5Y11.74%

3Y-2.07%

TTM-2.26%

Profit (Net Income) CAGR

10Y19.49%

5Y8.7%

3Y-10.74%

TTM-33.84%

EPS CAGR

10Y13.93%

5Y5.72%

3Y-10.91%

TTM-39.47%

ROCE

10Y Avg5.44%

5Y Avg5.67%

3Y Avg5.89%

Latest5.67%

Peer Comparison

Self-Storage REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSANational Storage Affiliates Trust	2.7B	35.02	50.03	-2.26%	9.8%	4.81%	11.11%	0.01
EXRExtra Space Storage Inc.	32.06B	151.03	37.48	27.64%	28.88%	6.57%	5.82%	0.88
PSAPublic Storage	53.89B	307.06	34.08	2.74%	39.53%	20.11%	5.91%	1.10
SELFGlobal Self Storage, Inc.	57.82M	5.10	26.84	2.79%	14.14%	3.84%	7.35%	0.34
CUBECubeSmart	9.38B	41.14	23.92	1.51%	32.21%	12.5%	6.73%	1.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	199.05M	268.13M	330.9M	382.93M	432.22M	585.67M	801.57M	858.06M	770.34M	752.93M
Revenue Growth %	48.63%	34.71%	23.41%	15.72%	12.87%	35.5%	36.86%	7.05%	-10.22%	-2.26%
Property Operating Expenses	64.8M	84.45M	103.88M	106.46M	123.49M	155.26M	211.03M	228.99M	211.85M	406.87M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	76.59M	105.17M	125.37M	49.23M	308.74M	212.17M	301.01M	292.38M	261.33M	67.42M
G&A Expenses	21.53M	30.06M	35.92M	48.93M	43.64M	51M	59.31M	59.28M	57.61M	51.13M
EBITDA+	196.37M	265.82M	332.71M	332.35M	260.92M	376.55M	522.7M	558.69M	487.01M	467.96M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	138.71M	187.32M	231.06M	105.12M	117.17M	158.31M	233.16M	221.99M	189.85M	189.32M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	57.66M	78.5M	101.65M	227.23M	0	218.24M	289.54M	336.69M	297.16M	278.64M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	24.11M	34.07M	42.72M	56.46M	62.59M	72.06M	110.6M	166.15M	154.26M	162.44M
Interest Coverage	2.39x	2.30x	2.38x	4.02x	-	3.03x	2.62x	2.03x	1.93x	1.72x
Non-Operating Income	8.31M	-2.73M	1.79M	106.67M	-143.74M	-2.45M	-9.52M	-68.03M	-44.14M	-3.18M
Pretax Income+	24.87M	47.16M	57.14M	67.36M	81.15M	148.63M	188.45M	238.58M	187.04M	119.38M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	13.58M	1.16M	818K	1.35M	1.67M	1.69M	4.69M	1.59M	3.77M	3.1M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	17.96M	2.96M	14.11M	3.98M	48.61M	105.25M	103.74M	156.67M	111.52M	73.78M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	44.41%	-83.52%	376.49%	-71.77%	1120.41%	116.53%	-1.44%	51.03%	-28.82%	-33.84%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	195.11%	21.45%	28.84%	-55.5%	51.95%	58.98%	27.82%	12.4%	-20.41%	-12.7%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.31	0.01	0.26	1.13	0.53	1.09	0.99	1.48	1.18	0.70
EPS Growth %	63.16%	-96.77%	2500%	334.62%	-53.1%	105.66%	-9.17%	49.49%	-20.27%	-40.68%
EPS (Basic)	0.60	0.01	0.26	1.13	0.53	1.13	0.99	2.48	1.18	0.70
Diluted Shares Outstanding	78.75M	44.42M	53.29M	58.21M	66.61M	134.54M	91.24M	146.02M	76.84M	76.64M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	1.89B	2.27B	2.73B	3.08B	3.51B	5.56B	6.07B	5.93B	5.35B	5.08B
Asset Growth %	71.72%	19.8%	20.41%	13.01%	13.92%	58.32%	9.12%	-2.28%	-9.73%	-5.12%
Real Estate & Other Assets+	44.73M	52.62M	75.05M	-52.17M	3.58M	5.22B	5.67B	4.96B	4.84B	0
PP&E (Net)	1.72M	6.49M	22.55M	25.23M	3.22B	24.43M	25.37M	24.96M	24.02M	20.57M
Investment Securities	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K	0
Total Current Assets+	29.27M	17.96M	16.36M	0	40.33M	50.56M	91.03M	674.71M	89.06M	23.33M
Cash & Equivalents	12.57M	13.37M	13.18M	24.28M	18.72M	25.01M	35.31M	64.98M	50.41M	23.33M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Assets	4.65M	6.99M	7.45M	-34.62M	18.88M	2.86M	33.04M	587.65M	11.74M	0
Intangible Assets	23.05M	19.55M	16.32M	0	38.58M	69.33M	46.22M	56.74M	146.28M	0
Total Liabilities	913.02M	995.24M	1.33B	1.63B	2.08B	3.08B	3.68B	3.81B	3.59B	3.55B
Total Debt+	878.95M	958.1M	1.28B	1.56B	2.02B	2.96B	3.58B	3.68B	3.47B	22.62M
Net Debt	866.38M	944.73M	1.26B	1.53B	2B	2.94B	3.54B	3.62B	3.42B	-708K
Long-Term Debt	632.45M	0	0	1.49B	1.99B	2.45B	3.06B	3.28B	3.01B	0
Short-Term Borrowings	0	0	0	39.49M	0	490M	496M	381M	443.3M	22.62M
Capital Lease Obligations	0	0	0	24.66M	24.76M	23.98M	25.74M	24.2M	22.89M	0
Total Current Liabilities+	280.57M	125.65M	188.36M	0	48.96M	571.47M	599.59M	501.12M	561.97M	42.55M
Accounts Payable	21.62M	24.46M	33.13M	0	47.04M	59.26M	0	0	0	0
Deferred Revenue	12.45M	12.69M	15.73M	15.52M	0	22.21M	23.21M	27.35M	20.01M	19.93M
Other Liabilities	255.66M	856.91M	1.12B	-1.53B	16.41M	33.76M	483K	3.45M	471K	3.5B
Total Equity+	979.07M	1.27B	1.4B	1.45B	1.43B	2.48B	2.39B	2.13B	1.76B	1.53B
Equity Growth %	89.72%	29.87%	10.29%	3.55%	-1.49%	73.54%	-3.76%	-11.02%	-17.05%	-13.02%
Shareholders Equity	577.1M	841.02M	916.84M	919.63M	968.96M	1.78B	1.65B	1.42B	1.08B	946.04M
Minority Interest	401.97M	430.46M	485.46M	532.47M	461.52M	707.23M	740.81M	703.65M	687.37M	587.75M
Common Stock	431K	503K	567K	597K	713K	912K	898K	823K	763K	771K
Additional Paid-in Capital	576.37M	711.47M	844.28M	905.76M	1.05B	1.87B	1.78B	1.51B	1.25B	0
Retained Earnings	-8.72M	-55.73M	-114.12M	-197.07M	0	-291.26M	-396.65M	-449.91M	-530.65M	0
Preferred Stock	0	172.5M	172.5M	218.18M	218.32M	218.42M	225.44M	340.65M	340.89M	0
Return on Assets (ROA)	1.2%	0.14%	0.56%	0.14%	1.47%	2.32%	1.78%	2.61%	1.98%	1.41%
Return on Equity (ROE)	2.4%	0.26%	1.06%	0.28%	3.37%	5.38%	4.26%	6.94%	5.73%	4.48%
Debt / Assets	46.45%	42.27%	46.83%	50.54%	57.48%	53.3%	58.93%	62.08%	64.84%	0.45%
Debt / Equity	0.90x	0.75x	0.91x	1.07x	1.41x	1.19x	1.50x	1.73x	1.97x	0.01x
Net Debt / EBITDA	4.41x	3.55x	3.80x	4.62x	7.67x	7.81x	6.78x	6.47x	7.03x	-0.00x
Book Value per Share	12.43	28.62	26.31	24.95	21.48	18.45	26.18	14.56	22.95	20.01

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	95.08M	124.29M	161.8M	196.65M	220.65M	331.35M	443.85M	441.58M	363.06M	338.5M
Operating CF Growth %	84.95%	30.72%	30.18%	21.54%	12.21%	50.17%	33.95%	-0.51%	-17.78%	-6.77%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	24.87M	46M	56.33M	66.01M	79.48M	146.94M	183.76M	236.99M	183.27M	122.48M
Depreciation & Amortization	55.06M	75.11M	89.15M	105.12M	117.17M	158.31M	233.16M	221.99M	189.85M	189.32M
Stock-Based Compensation	2.6M	3.76M	3.84M	4.53M	4.28M	5.46M	6.26M	6.68M	8.31M	12.19M
Other Non-Cash Items	-40K	605K	1.1M	1.49M	16.52M	17.08M	15.04M	-40.88M	-18.26M	14.51M
Working Capital Changes	10.25M	-2.91M	2.17M	3.41M	3.2M	3.56M	5.63M	16.8M	-111K	0
Cash from Investing+	-642.87M	-409.29M	-514.49M	-393.03M	-509.68M	-2B	-584.16M	161.1M	425.42M	19.86M
Acquisitions (Net)	-102.89M	-15.29M	-165.64M	-6.6M	-4.38M	-2.87M	-55.04M	-16.92M	-74.22M	0
Purchase of Investments	-615.48M	-406.91M	-479.35M	-12.67M	0	0	-551.4M	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	0	0	0
Other Investing	-528.03M	-378.76M	-329.43M	-357.66M	-512.5M	-1.97B	55.04M	213.58M	552.95M	58.54M
Cash from Financing+	553.69M	286.07M	352.65M	204.29M	286.45M	1.67B	154.64M	-557.19M	-825.42M	-385.47M
Dividends Paid	-26.7M	-49.97M	-72.5M	-86.94M	-103.24M	-144.81M	-209.12M	-209.93M	-192.26M	-174.91M
Common Dividends	-26.7M	-47.67M	-62.15M	-74.55M	-90.14M	-131.71M	-195.7M	-190.91M	-171.82M	0
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	0
Share Repurchases	0	0	0	0	0	0	-90.11M	-310.15M	-284.7M	0
Other Financing	-54.07M	-60.73M	-66.94M	-84.68M	-77.24M	-109.73M	-157.75M	-145.29M	-138.92M	-210.56M
Net Change in Cash+	5.91M	1.07M	-44K	7.91M	-2.58M	6.17M	14.32M	45.49M	-36.94M	-27.11M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	6.67M	15.34M	16.41M	16.36M	24.28M	21.7M	27.88M	42.2M	87.69M	0
Cash at End	12.57M	16.41M	16.36M	24.28M	21.7M	27.88M	42.2M	87.69M	50.75M	0
Free Cash Flow+	83.14M	109.04M	142.38M	175.19M	203.9M	303.35M	400.12M	406.03M	342.49M	299.81M
FCF Growth %	77.19%	31.16%	30.57%	23.05%	16.38%	48.78%	31.9%	1.48%	-15.65%	-12.46%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	1.99	4.28	4.6	1.87	2.49	1.96	3.69	2.59	3.92	3.43
FFO Payout Ratio	17.04%	25.05%	25.35%	68.33%	54.37%	49.97%	58.09%	50.42%	57.01%	66.48%
NOI Margin	67.45%	68.5%	68.61%	72.2%	71.43%	73.49%	73.67%	73.31%	72.5%	45.96%
Net Debt / EBITDA	4.41x	3.55x	3.80x	4.62x	7.67x	7.81x	6.78x	6.47x	7.03x	-0.00x
Debt / Assets	46.45%	42.27%	46.83%	50.54%	57.48%	53.3%	58.93%	62.08%	64.84%	0.45%
Interest Coverage	2.39x	2.30x	2.38x	4.02x	-	3.03x	2.62x	2.03x	1.93x	1.72x
Book Value / Share	12.43	28.62	26.31	24.95	21.48	18.45	26.18	14.56	22.95	20.01
Revenue Growth	48.63%	34.71%	23.41%	15.72%	12.87%	35.5%	36.86%	7.05%	-10.22%	-2.26%

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National Storage Affiliates Trust (NSA) 10-Year Financial Performance & Capital Metrics

NSA • • REIT / Real Estate

Real EstateIndustrial REITsSelf-Storage REITs

Revenue $753M -2.3%
FFO $263M -12.7%
FFO/Share 3.43 -12.5%
FFO Payout 66.48% +16.6%
FFO per Share 3.43 -12.5%
NOI Margin 45.96% -36.6%
FFO Margin 34.94% -10.7%
ROE 4.48% -22.0%
ROA 1.41% -28.4%
Debt/Assets 0.45% -99.3%
Net Debt/EBITDA -0.00 -100.0%
Book Value/Share 20.01 -12.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong Piotroski F-Score: 7/9
✓Sustainable FFO payout ratio of 66.5%

✗Weaknesses

✗FFO declining 12.7% TTM

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y18.85%

5Y11.74%

3Y-2.07%

TTM-2.26%

Profit (Net Income) CAGR

10Y19.49%

5Y8.7%

3Y-10.74%

TTM-33.84%

EPS CAGR

10Y13.93%

5Y5.72%

3Y-10.91%

TTM-39.47%

ROCE

10Y Avg5.44%

5Y Avg5.67%

3Y Avg5.89%

Latest5.67%

Peer Comparison

Self-Storage REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NSANational Storage Affiliates Trust	2.7B	35.02	50.03	-2.26%	9.8%	4.81%	11.11%	0.01
EXRExtra Space Storage Inc.	32.06B	151.03	37.48	27.64%	28.88%	6.57%	5.82%	0.88
PSAPublic Storage	53.89B	307.06	34.08	2.74%	39.53%	20.11%	5.91%	1.10
SELFGlobal Self Storage, Inc.	57.82M	5.10	26.84	2.79%	14.14%	3.84%	7.35%	0.34
CUBECubeSmart	9.38B	41.14	23.92	1.51%	32.21%	12.5%	6.73%	1.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	199.05M	268.13M	330.9M	382.93M	432.22M	585.67M	801.57M	858.06M	770.34M	752.93M
Revenue Growth %	48.63%	34.71%	23.41%	15.72%	12.87%	35.5%	36.86%	7.05%	-10.22%	-2.26%
Property Operating Expenses	64.8M	84.45M	103.88M	106.46M	123.49M	155.26M	211.03M	228.99M	211.85M	406.87M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	76.59M	105.17M	125.37M	49.23M	308.74M	212.17M	301.01M	292.38M	261.33M	67.42M
G&A Expenses	21.53M	30.06M	35.92M	48.93M	43.64M	51M	59.31M	59.28M	57.61M	51.13M
EBITDA+	196.37M	265.82M	332.71M	332.35M	260.92M	376.55M	522.7M	558.69M	487.01M	467.96M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	138.71M	187.32M	231.06M	105.12M	117.17M	158.31M	233.16M	221.99M	189.85M	189.32M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	57.66M	78.5M	101.65M	227.23M	0	218.24M	289.54M	336.69M	297.16M	278.64M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	24.11M	34.07M	42.72M	56.46M	62.59M	72.06M	110.6M	166.15M	154.26M	162.44M
Interest Coverage	2.39x	2.30x	2.38x	4.02x	-	3.03x	2.62x	2.03x	1.93x	1.72x
Non-Operating Income	8.31M	-2.73M	1.79M	106.67M	-143.74M	-2.45M	-9.52M	-68.03M	-44.14M	-3.18M
Pretax Income+	24.87M	47.16M	57.14M	67.36M	81.15M	148.63M	188.45M	238.58M	187.04M	119.38M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	13.58M	1.16M	818K	1.35M	1.67M	1.69M	4.69M	1.59M	3.77M	3.1M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	17.96M	2.96M	14.11M	3.98M	48.61M	105.25M	103.74M	156.67M	111.52M	73.78M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	44.41%	-83.52%	376.49%	-71.77%	1120.41%	116.53%	-1.44%	51.03%	-28.82%	-33.84%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	195.11%	21.45%	28.84%	-55.5%	51.95%	58.98%	27.82%	12.4%	-20.41%	-12.7%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.31	0.01	0.26	1.13	0.53	1.09	0.99	1.48	1.18	0.70
EPS Growth %	63.16%	-96.77%	2500%	334.62%	-53.1%	105.66%	-9.17%	49.49%	-20.27%	-40.68%
EPS (Basic)	0.60	0.01	0.26	1.13	0.53	1.13	0.99	2.48	1.18	0.70
Diluted Shares Outstanding	78.75M	44.42M	53.29M	58.21M	66.61M	134.54M	91.24M	146.02M	76.84M	76.64M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	1.89B	2.27B	2.73B	3.08B	3.51B	5.56B	6.07B	5.93B	5.35B	5.08B
Asset Growth %	71.72%	19.8%	20.41%	13.01%	13.92%	58.32%	9.12%	-2.28%	-9.73%	-5.12%
Real Estate & Other Assets+	44.73M	52.62M	75.05M	-52.17M	3.58M	5.22B	5.67B	4.96B	4.84B	0
PP&E (Net)	1.72M	6.49M	22.55M	25.23M	3.22B	24.43M	25.37M	24.96M	24.02M	20.57M
Investment Securities	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K	0
Total Current Assets+	29.27M	17.96M	16.36M	0	40.33M	50.56M	91.03M	674.71M	89.06M	23.33M
Cash & Equivalents	12.57M	13.37M	13.18M	24.28M	18.72M	25.01M	35.31M	64.98M	50.41M	23.33M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Assets	4.65M	6.99M	7.45M	-34.62M	18.88M	2.86M	33.04M	587.65M	11.74M	0
Intangible Assets	23.05M	19.55M	16.32M	0	38.58M	69.33M	46.22M	56.74M	146.28M	0
Total Liabilities	913.02M	995.24M	1.33B	1.63B	2.08B	3.08B	3.68B	3.81B	3.59B	3.55B
Total Debt+	878.95M	958.1M	1.28B	1.56B	2.02B	2.96B	3.58B	3.68B	3.47B	22.62M
Net Debt	866.38M	944.73M	1.26B	1.53B	2B	2.94B	3.54B	3.62B	3.42B	-708K
Long-Term Debt	632.45M	0	0	1.49B	1.99B	2.45B	3.06B	3.28B	3.01B	0
Short-Term Borrowings	0	0	0	39.49M	0	490M	496M	381M	443.3M	22.62M
Capital Lease Obligations	0	0	0	24.66M	24.76M	23.98M	25.74M	24.2M	22.89M	0
Total Current Liabilities+	280.57M	125.65M	188.36M	0	48.96M	571.47M	599.59M	501.12M	561.97M	42.55M
Accounts Payable	21.62M	24.46M	33.13M	0	47.04M	59.26M	0	0	0	0
Deferred Revenue	12.45M	12.69M	15.73M	15.52M	0	22.21M	23.21M	27.35M	20.01M	19.93M
Other Liabilities	255.66M	856.91M	1.12B	-1.53B	16.41M	33.76M	483K	3.45M	471K	3.5B
Total Equity+	979.07M	1.27B	1.4B	1.45B	1.43B	2.48B	2.39B	2.13B	1.76B	1.53B
Equity Growth %	89.72%	29.87%	10.29%	3.55%	-1.49%	73.54%	-3.76%	-11.02%	-17.05%	-13.02%
Shareholders Equity	577.1M	841.02M	916.84M	919.63M	968.96M	1.78B	1.65B	1.42B	1.08B	946.04M
Minority Interest	401.97M	430.46M	485.46M	532.47M	461.52M	707.23M	740.81M	703.65M	687.37M	587.75M
Common Stock	431K	503K	567K	597K	713K	912K	898K	823K	763K	771K
Additional Paid-in Capital	576.37M	711.47M	844.28M	905.76M	1.05B	1.87B	1.78B	1.51B	1.25B	0
Retained Earnings	-8.72M	-55.73M	-114.12M	-197.07M	0	-291.26M	-396.65M	-449.91M	-530.65M	0
Preferred Stock	0	172.5M	172.5M	218.18M	218.32M	218.42M	225.44M	340.65M	340.89M	0
Return on Assets (ROA)	1.2%	0.14%	0.56%	0.14%	1.47%	2.32%	1.78%	2.61%	1.98%	1.41%
Return on Equity (ROE)	2.4%	0.26%	1.06%	0.28%	3.37%	5.38%	4.26%	6.94%	5.73%	4.48%
Debt / Assets	46.45%	42.27%	46.83%	50.54%	57.48%	53.3%	58.93%	62.08%	64.84%	0.45%
Debt / Equity	0.90x	0.75x	0.91x	1.07x	1.41x	1.19x	1.50x	1.73x	1.97x	0.01x
Net Debt / EBITDA	4.41x	3.55x	3.80x	4.62x	7.67x	7.81x	6.78x	6.47x	7.03x	-0.00x
Book Value per Share	12.43	28.62	26.31	24.95	21.48	18.45	26.18	14.56	22.95	20.01

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	95.08M	124.29M	161.8M	196.65M	220.65M	331.35M	443.85M	441.58M	363.06M	338.5M
Operating CF Growth %	84.95%	30.72%	30.18%	21.54%	12.21%	50.17%	33.95%	-0.51%	-17.78%	-6.77%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	24.87M	46M	56.33M	66.01M	79.48M	146.94M	183.76M	236.99M	183.27M	122.48M
Depreciation & Amortization	55.06M	75.11M	89.15M	105.12M	117.17M	158.31M	233.16M	221.99M	189.85M	189.32M
Stock-Based Compensation	2.6M	3.76M	3.84M	4.53M	4.28M	5.46M	6.26M	6.68M	8.31M	12.19M
Other Non-Cash Items	-40K	605K	1.1M	1.49M	16.52M	17.08M	15.04M	-40.88M	-18.26M	14.51M
Working Capital Changes	10.25M	-2.91M	2.17M	3.41M	3.2M	3.56M	5.63M	16.8M	-111K	0
Cash from Investing+	-642.87M	-409.29M	-514.49M	-393.03M	-509.68M	-2B	-584.16M	161.1M	425.42M	19.86M
Acquisitions (Net)	-102.89M	-15.29M	-165.64M	-6.6M	-4.38M	-2.87M	-55.04M	-16.92M	-74.22M	0
Purchase of Investments	-615.48M	-406.91M	-479.35M	-12.67M	0	0	-551.4M	0	0	0
Sale of Investments	1000K	1000K	1000K	1000K	1000K	0	1000K	0	0	0
Other Investing	-528.03M	-378.76M	-329.43M	-357.66M	-512.5M	-1.97B	55.04M	213.58M	552.95M	58.54M
Cash from Financing+	553.69M	286.07M	352.65M	204.29M	286.45M	1.67B	154.64M	-557.19M	-825.42M	-385.47M
Dividends Paid	-26.7M	-49.97M	-72.5M	-86.94M	-103.24M	-144.81M	-209.12M	-209.93M	-192.26M	-174.91M
Common Dividends	-26.7M	-47.67M	-62.15M	-74.55M	-90.14M	-131.71M	-195.7M	-190.91M	-171.82M	0
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	0
Share Repurchases	0	0	0	0	0	0	-90.11M	-310.15M	-284.7M	0
Other Financing	-54.07M	-60.73M	-66.94M	-84.68M	-77.24M	-109.73M	-157.75M	-145.29M	-138.92M	-210.56M
Net Change in Cash+	5.91M	1.07M	-44K	7.91M	-2.58M	6.17M	14.32M	45.49M	-36.94M	-27.11M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	6.67M	15.34M	16.41M	16.36M	24.28M	21.7M	27.88M	42.2M	87.69M	0
Cash at End	12.57M	16.41M	16.36M	24.28M	21.7M	27.88M	42.2M	87.69M	50.75M	0
Free Cash Flow+	83.14M	109.04M	142.38M	175.19M	203.9M	303.35M	400.12M	406.03M	342.49M	299.81M
FCF Growth %	77.19%	31.16%	30.57%	23.05%	16.38%	48.78%	31.9%	1.48%	-15.65%	-12.46%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	1.99	4.28	4.6	1.87	2.49	1.96	3.69	2.59	3.92	3.43
FFO Payout Ratio	17.04%	25.05%	25.35%	68.33%	54.37%	49.97%	58.09%	50.42%	57.01%	66.48%
NOI Margin	67.45%	68.5%	68.61%	72.2%	71.43%	73.49%	73.67%	73.31%	72.5%	45.96%
Net Debt / EBITDA	4.41x	3.55x	3.80x	4.62x	7.67x	7.81x	6.78x	6.47x	7.03x	-0.00x
Debt / Assets	46.45%	42.27%	46.83%	50.54%	57.48%	53.3%	58.93%	62.08%	64.84%	0.45%
Interest Coverage	2.39x	2.30x	2.38x	4.02x	-	3.03x	2.62x	2.03x	1.93x	1.72x
Book Value / Share	12.43	28.62	26.31	24.95	21.48	18.45	26.18	14.56	22.95	20.01
Revenue Growth	48.63%	34.71%	23.41%	15.72%	12.87%	35.5%	36.86%	7.05%	-10.22%	-2.26%

National Storage Affiliates Trust (NSA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

Balance Sheet

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Deep Dive Analysis

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Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

National Storage Affiliates Trust (NSA) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare NSA vs Peers

vs PSA

vs EXR

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios