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NSANational Storage Affiliates Trust
$44.45$3.4B
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NSA logoNational Storage Affiliates Trust(NSA)Earnings, Financials & Key Ratios

NSA•NYSE•REIT / Real Estate
63.5× P/E·Price updated Jun 19, 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 Key Insights

National Storage Affiliates Trust (NSA) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓FFO growing 8.1% TTM
  • ✓Sustainable FFO payout ratio of 66.5%
  • ✓11 consecutive years of dividend growth
  • ✓Momentum leader: RS Rating 83 (top 17%)
  • ✓Healthy dividend yield of 5.1%
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗High debt to equity ratio of 2.2x
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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NSA Price & Volume

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

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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 →

NSA Peer Comparison

National Storage Affiliates Trust (NSA) competitors in Self-Storage REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PSA logoPSAPublic StorageDirect Competitor55.84B318.1235.312.74%39.16%20.27%1.10
EXR logoEXRExtra Space Storage Inc.Direct Competitor30.69B145.3331.661.19%28.84%6.69%1.05
CUBE logoCUBECubeSmartDirect Competitor9.26B40.6227.825.33%28.93%11.7%1.27
SST logoSSTSystem1, Inc.Direct Competitor28.4M2.85-0.34-22.62%-42.18%-5.84%0.55
SELF logoSELFGlobal Self Storage, Inc.Product Competitor58.02M5.0828.221.4%15.37%4.19%0.34
NNN logoNNNNNN REIT, Inc.Product Competitor8.56B45.0021.746.55%41.38%8.81%1.09
SPG logoSPGSimon Property Group, Inc.Product Competitor68.65B211.3314.956.72%70.4%97.99%4.35
URI logoURIUnited Rentals, Inc.Supply Chain67.46B1076.8127.894.91%15.32%27.88%1.84

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 Income Statement

National Storage Affiliates Trust (NSA) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
268.13M330.9M382.93M432.22M585.67M801.57M858.06M770.34M752.93M749.98M
Revenue Growth %
34.71%23.41%15.72%12.87%35.5%36.86%7.05%-10.22%-2.26%-1.65%
Property Operating Expenses
84.45M103.88M106.46M123.49M155.26M211.03M228.99M211.85M406.87M351.76M
Net Operating Income (NOI)
183.68M▲ 0%
227.02M▲ 23.6%
276.46M▲ 21.8%
308.74M▲ 11.7%
430.41M▲ 39.4%
590.54M▲ 37.2%
629.08M▲ 6.5%
558.48M▼ 11.2%
346.06M▼ 38.0%
398.21M▲ 0%
NOI Margin %
68.5%68.61%72.2%71.43%73.49%73.67%73.31%72.5%45.96%53.1%
Operating Expenses
105.17M125.37M49.23M308.74M212.17M301.01M292.38M261.33M67.42M53.72M
G&A Expenses
30.06M35.92M48.93M43.64M51M59.31M59.28M57.61M51.13M51.22M
EBITDA
265.82M332.71M332.35M260.92M376.55M522.7M558.69M487.01M467.96M426.63M
EBITDA Margin %
99.14%100.55%86.79%60.37%64.29%65.21%65.11%63.22%62.15%56.89%
Depreciation & Amortization
187.32M231.06M105.12M117.17M158.31M233.16M221.99M189.85M189.32M187.34M
D&A / Revenue %
69.86%69.83%27.45%27.11%27.03%29.09%25.87%24.65%25.14%24.98%
Operating Income
78.5M▲ 0%
101.65M▲ 29.5%
227.23M▲ 123.5%
0▼ 100.0%
218.24M▲ 0%
289.54M▲ 32.7%
336.69M▲ 16.3%
297.16M▼ 11.7%
278.64M▼ 6.2%
239.29M▲ 0%
Operating Margin %
29.28%30.72%59.34%0%37.26%36.12%39.24%38.57%37.01%31.91%
Interest Expense
34.07M42.72M56.46M62.59M72.06M110.6M166.15M154.26M162.44M2M
Interest Coverage
2.38x2.34x2.14x2.30x3.06x2.70x2.44x2.21x1.73x-
Non-Operating Income
-2.73M1.79M106.67M-143.74M-2.45M-9.52M-68.03M-44.14M-3.18M-9.58M
Pretax Income
47.16M▲ 0%
57.14M▲ 21.2%
67.36M▲ 17.9%
81.15M▲ 20.5%
148.63M▲ 83.2%
188.45M▲ 26.8%
238.58M▲ 26.6%
187.04M▼ 21.6%
119.38M▼ 36.2%
126.9M▲ 0%
Pretax Margin %
17.59%17.27%17.59%18.77%25.38%23.51%27.8%24.28%15.85%16.92%
Income Tax
1.16M818K1.35M1.67M1.69M4.69M1.59M3.77M3.1M1.5M
Effective Tax Rate %
2.46%1.43%2.01%2.06%1.14%2.49%0.67%2.01%2.6%1.18%
Net Income
2.96M▲ 0%
14.11M▲ 376.5%
3.98M▼ 71.8%
48.61M▲ 1120.4%
105.25M▲ 116.5%
103.74M▼ 1.4%
156.67M▲ 51.0%
111.52M▼ 28.8%
73.78M▼ 33.8%
89.43M▲ 0%
Net Margin %
1.1%4.26%1.04%11.25%17.97%12.94%18.26%14.48%9.8%11.92%
Net Income Growth %
-83.52%376.49%-71.77%1120.41%116.53%-1.44%51.03%-28.82%-33.84%36.56%
Funds From Operations (FFO)
190.28M▲ 0%
245.17M▲ 28.8%
109.1M▼ 55.5%
165.78M▲ 52.0%
263.56M▲ 59.0%
336.89M▲ 27.8%
378.66M▲ 12.4%
301.37M▼ 20.4%
263.1M▼ 12.7%
276.77M▲ 0%
FFO Margin %
70.97%74.09%28.49%38.36%45%42.03%44.13%39.12%34.94%36.9%
FFO Growth %
21.45%28.84%-55.5%51.95%58.98%27.82%12.4%-20.41%-12.7%33.25%
FFO per Share
4.284.601.872.491.963.692.593.923.433.59
FFO Payout Ratio %
25.05%25.35%68.33%54.37%49.97%58.09%50.42%57.01%66.48%47.45%
EPS (Diluted)
0.01▲ 0%
0.26▲ 2500.0%
1.13▲ 334.6%
0.53▼ 53.1%
1.09▲ 105.7%
0.99▼ 9.2%
1.48▲ 49.5%
1.18▼ 20.3%
0.70▼ 40.7%
1.16▲ 0%
EPS Growth %
-96.77%2500%334.62%-53.1%105.66%-9.17%49.49%-20.27%-40.68%28.81%
EPS (Basic)
0.010.261.130.531.130.992.481.180.70-
Diluted Shares Outstanding
44.42M53.29M58.21M66.61M134.54M91.24M146.02M76.84M76.64M77.09M

NSA Balance Sheet

National Storage Affiliates Trust (NSA) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
2.27B2.73B3.08B3.51B5.56B6.07B5.93B5.35B5.08B5.03B
Asset Growth %
19.8%20.41%13.01%13.92%58.32%9.12%-2.28%-9.73%-5.12%-16.55%
Real Estate & Other Assets
52.62M75.05M-52.17M3.58M5.22B5.67B4.96B4.84B-4.95B0
PP&E (Net)
6.49M22.55M25.23M3.22B24.43M25.37M24.96M24.02M20.57M20.26M
Investment Securities
1000K1000K01000K1000K1000K1000K1000K1000K0
Total Current Assets
17.96M16.36M040.33M50.56M91.03M674.71M89.06M41.67M27.65M
Cash & Equivalents
13.37M13.18M24.28M18.72M25.01M35.31M64.98M50.41M23.64M27.65M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K0
Other Current Assets
6.99M7.45M-34.62M18.88M2.86M33.04M587.65M11.74M00
Intangible Assets
19.55M16.32M038.58M69.33M46.22M56.74M146.28M107.06M0
Total Liabilities
995.24M1.33B1.63B2.08B3.08B3.68B3.81B3.59B3.55B3.56B
Total Debt
958.1M1.28B1.56B2.02B2.96B3.58B3.68B3.47B3.43B22.32M
Net Debt
944.73M1.26B1.53B2B2.94B3.54B3.62B3.42B3.4B-5.33M
Long-Term Debt
001.49B1.99B2.45B3.06B3.28B3.01B3.03B0
Short-Term Borrowings
0039.49M0490M496M381M443.3M376.67M22.32M
Capital Lease Obligations
0024.66M24.76M23.98M25.74M24.2M22.89M20.38M65.46M
Total Current Liabilities
125.65M188.36M048.96M571.47M599.59M501.12M561.97M376.67M42.98M
Accounts Payable
24.46M33.13M047.04M59.26M00000
Deferred Revenue
12.69M15.73M15.52M022.21M23.21M27.35M20.01M19.93M20.66M
Other Liabilities
856.91M1.12B-1.53B16.41M33.76M483K3.45M471K98.68M3.52B
Total Equity
1.27B▲ 0%
1.4B▲ 10.3%
1.45B▲ 3.6%
1.43B▼ 1.5%
2.48B▲ 73.5%
2.39B▼ 3.8%
2.13B▼ 11.0%
1.76B▼ 17.1%
1.53B▼ 13.0%
1.48B▲ 0%
Equity Growth %
29.87%10.29%3.55%-1.49%73.54%-3.76%-11.02%-17.05%-13.02%-47.87%
Shareholders Equity
841.02M916.84M919.63M968.96M1.78B1.65B1.42B1.08B946.04M912.76M
Minority Interest
430.46M485.46M532.47M461.52M707.23M740.81M703.65M687.37M587.75M562.33M
Common Stock
503K567K597K713K912K898K823K763K771K771K
Additional Paid-in Capital
711.47M844.28M905.76M1.05B1.87B1.78B1.51B1.25B1.25B0
Retained Earnings
-55.73M-114.12M-197.07M0-291.26M-396.65M-449.91M-530.65M-652.24M0
Preferred Stock
172.5M172.5M218.18M218.32M218.42M225.44M340.65M340.89M341.13M0
Return on Assets (ROA)
0.14%0.56%0.14%1.47%2.32%1.78%2.61%1.98%1.41%1.75%
Return on Equity (ROE)
0.26%1.06%0.28%3.37%5.38%4.26%6.94%5.73%4.48%5.74%
Debt / Assets
42.27%46.83%50.54%57.48%53.3%58.93%62.08%64.84%67.47%0.44%
Debt / Equity
0.75x0.91x1.07x1.41x1.19x1.50x1.73x1.97x2.23x0.02x
Net Debt / EBITDA
3.55x3.80x4.62x7.67x7.81x6.78x6.47x7.03x7.27x-0.01x
Book Value per Share
28.6226.3124.9521.4818.4526.1814.5622.9520.0119.13

NSA Cash Flow Statement

National Storage Affiliates Trust (NSA) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
124.29M161.8M196.65M220.65M331.35M443.85M441.58M363.06M338.5M340.31M
Operating CF Growth %
30.72%30.18%21.54%12.21%50.17%33.95%-0.51%-17.78%-6.77%-16.26%
Operating CF / Revenue %
46.35%48.9%51.35%51.05%56.58%55.37%51.46%47.13%44.96%45.38%
Net Income
46M56.33M66.01M79.48M146.94M183.76M236.99M183.27M122.48M89.43M
Depreciation & Amortization
75.11M89.15M105.12M117.17M158.31M233.16M221.99M189.85M189.32M187.34M
Stock-Based Compensation
3.76M3.84M4.53M4.28M5.46M6.26M6.68M8.31M12.19M11.54M
Other Non-Cash Items
605K1.1M1.49M16.52M17.08M15.04M-40.88M-18.26M10.97M11.63M
Working Capital Changes
-2.91M2.17M3.41M3.2M3.56M5.63M16.8M-111K3.54M-835K
Cash from Investing
-409.29M-514.49M-393.03M-509.68M-2B-584.16M161.1M425.42M19.86M28.09M
Acquisitions (Net)
-15.29M-165.64M-6.6M-4.38M-2.87M-55.04M-16.92M-74.22M00
Purchase of Investments
-406.91M-479.35M-12.67M00-551.4M0000
Sale of Investments
17.53M5.26M5.36M7.56M010.96M0000
Other Investing
-378.76M-329.43M-357.66M-512.5M-1.97B55.04M213.58M552.95M58.54M71.46M
Cash from Financing
286.07M352.65M204.29M286.45M1.67B154.64M-557.19M-825.42M-385.47M-360.21M
Dividends Paid
-49.97M-72.5M-86.94M-103.24M-144.81M-209.12M-209.93M-192.26M-195.37M-190.65M
Common Dividends
-47.67M-62.15M-74.55M-90.14M-131.71M-195.7M-190.91M-171.82M-174.91M-131.34M
Debt Issuance (Net)
1000K1000K1000K1000K1000K1000K1000K-1000K-1000K-193K
Share Repurchases
00000-90.11M-310.15M-284.7M0-3.26M
Other Financing
-60.73M-66.94M-84.68M-77.24M-109.73M-157.75M-145.29M-138.92M-142.57M-144.66M
Net Change in Cash
1.07M▲ 0%
-44K▼ 104.1%
7.91M▲ 18084.1%
-2.58M▼ 132.5%
6.17M▲ 339.8%
14.32M▲ 132.0%
45.49M▲ 217.6%
-36.94M▼ 181.2%
-27.11M▲ 26.6%
8.19M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
15.34M16.41M16.36M24.28M21.7M27.88M42.2M87.69M50.75M23.64M
Cash at End
16.41M16.36M24.28M21.7M27.88M42.2M87.69M50.75M23.64M28.37M
Free Cash Flow
109.04M▲ 0%
142.38M▲ 30.6%
175.19M▲ 23.0%
203.9M▲ 16.4%
303.35M▲ 48.8%
400.12M▲ 31.9%
406.03M▲ 1.5%
342.49M▼ 15.6%
299.81M▼ 12.5%
296.95M▲ 0%
FCF Growth %
31.16%30.57%23.05%16.38%48.78%31.9%1.48%-15.65%-12.46%-1.4%
FCF / Revenue %
40.67%43.03%45.75%47.17%51.79%49.92%47.32%44.46%39.82%39.59%

NSA Key Ratios

National Storage Affiliates Trust (NSA) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
4.284.61.872.491.963.692.593.923.433.59
FFO Payout Ratio
25.05%25.35%68.33%54.37%49.97%58.09%50.42%57.01%66.48%47.45%
NOI Margin
68.5%68.61%72.2%71.43%73.49%73.67%73.31%72.5%45.96%53.1%
Net Debt / EBITDA
3.55x3.80x4.62x7.67x7.81x6.78x6.47x7.03x7.27x-0.01x
Debt / Assets
42.27%46.83%50.54%57.48%53.3%58.93%62.08%64.84%67.47%0.44%
Interest Coverage
2.38x2.34x2.14x2.30x3.06x2.70x2.44x2.21x1.73x-
Book Value / Share
28.6226.3124.9521.4818.4526.1814.5622.9520.0119.13
Revenue Growth
34.71%23.41%15.72%12.87%35.5%36.86%7.05%-10.22%-2.26%-1.65%
Related:NSA Dividend History·NSA Revenue History·NSA Price History·NSA P/E History·NSA Financial Ratios·NSA Institutional Holders

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

NSA Frequently Asked Questions

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

Growth & Financials

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

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

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

Dividend & Returns

Yes, National Storage Affiliates Trust (NSA) pays a dividend with a yield of 5.13%. This makes it attractive for income-focused investors.

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

Industry Metrics

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.

National Storage Affiliates Trust (NSA) offers a 5.13% 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

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How much would $100/month in NSA be worth today?

Dollar cost averaging calculator · DCA vs lump sum

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