NSA is no longer listed. Its last trade on record was Jul 21, 2026. The price and figures on this page are from its last trading day and final filings, and are no longer updated.
AFFO per share of $0.69 in 2026Q1 covered the $0.63 dividend with a thin 1.10x payout ratio, and operating cash flow varied from $72.8M to $105.7M in recent quarters, indicating working capital timing effects rather than operational deterioration.
National Storage Affiliates Trust (NSA) cash flow statement — 14-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 340.31M | 338.5M | 363.06M | 441.58M | 443.85M | 331.35M | 220.65M | 196.65M | 161.8M | 124.29M | 95.08M | 51.41M | 16.42M | 7.13M | 4.93M |
| Operating CF Growth % | -16.26% | -6.77% | -17.78% | -0.51% | 33.95% | 50.17% | 12.21% | 21.54% | 30.18% | 30.72% | 84.95% | 213.04% | 130.21% | 44.82% | - |
| Operating CF / Revenue % | 45.38% | 44.96% | 47.13% | 51.46% | 55.37% | 56.58% | 51.05% | 51.35% | 48.9% | 46.35% | 47.77% | 38.39% | 21.34% | 17.76% | 16.82% |
| Net Income | 78.57M | 122.48M | 183.27M | 236.99M | 183.76M | 146.94M | 79.48M | 66.01M | 56.33M | 46M | 24.87M | 4.8M | -16.36M | -1.25M | -3.45M |
| Depreciation & Amortization | 187.34M | 189.32M | 189.85M | 221.99M | 233.16M | 158.31M | 117.17M | 105.12M | 89.15M | 75.11M | 55.06M | 40.65M | 23.79M | 9.38M | 3.83M |
| Stock-Based Compensation | 11.54M | 12.19M | 8.31M | 6.68M | 6.26M | 5.46M | 4.28M | 4.53M | 3.84M | 3.76M | 2.6M | 3.03M | 1.47M | 1.1M | 0 |
| Other Non-Cash Items | 591K | 10.97M | -18.26M | -40.88M | 15.04M | 17.08M | 16.52M | 1.49M | 1.1M | 605K | -40K | 1.99M | 8.57M | -2.23M | 4.6M |
| Working Capital Changes | 10.21M | 3.54M | -111K | 16.8M | 5.63M | 3.56M | 3.2M | 3.41M | 2.17M | -2.91M | 10.25M | 467K | 47K | 136K | -52K |
| Cash from Investing | 28.09M | 19.86M | 425.42M | 161.1M | -584.16M | -2B | -509.68M | -393.03M | -514.49M | -409.29M | -642.87M | -176.91M | -232M | -102.33M | 2.82M |
| Acquisitions (Net) | -575K | -12.85M | -74.22M | -16.92M | -55.04M | -2.87M | -4.38M | -6.6M | -165.64M | -15.29M | -102.89M | 0 | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | -551.4M | 0 | 0 | -12.67M | -479.35M | -406.91M | -615.48M | -171.99M | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 10.96M | 0 | 7.56M | 5.36M | 5.26M | 17.53M | 4.84M | 141K | 0 | 0 | 0 |
| Other Investing | 72.13M | 71.95M | 552.95M | 213.58M | 55.04M | -1.97B | -512.5M | -357.66M | -329.43M | -378.76M | -528.03M | -172.42M | -228.01M | -99.93M | 3.7M |
| Cash from Financing | -360.21M | -385.47M | -825.42M | -557.19M | 154.64M | 1.67B | 286.45M | 204.29M | 352.65M | 286.07M | 553.69M | 123.16M | 213.39M | 107.15M | -8.73M |
| Dividends Paid | -195.8M | -195.37M | -192.26M | -209.93M | -209.12M | -144.81M | -103.24M | -86.94M | -72.5M | -49.97M | -26.7M | -12.43M | -12.57M | 0 | -623K |
| Common Dividends | -175.3M | -174.91M | -171.82M | -190.91M | -195.7M | -131.71M | -90.14M | -74.55M | -62.15M | -47.67M | -26.7M | -12.43M | 0 | 0 | 0 |
| Debt Issuance (Net) | 892K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K |
| Share Repurchases | -17.69M | -7.93M | -284.7M | -310.15M | -90.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -136.1M | -137.58M | -138.92M | -145.29M | -157.75M | -109.73M | -77.24M | -84.68M | -66.94M | -60.73M | -54.07M | -45.28M | -15.48M | 5.45M | -660K |
| Net Change in Cash | 8.19M | -27.11M | -36.94M | 45.49M | 14.32M | 6.17M | -2.58M | 7.91M | -44K | 1.07M | 5.91M | -2.34M | -2.19M | 11.96M | -986K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 23.64M | 50.75M | 87.69M | 42.2M | 27.88M | 21.7M | 24.28M | 16.36M | 16.41M | 15.34M | 6.67M | 9.01M | 11.2M | 2.77M | 3.75M |
| Cash at End | 28.37M | 23.64M | 50.75M | 87.69M | 42.2M | 27.88M | 21.7M | 24.28M | 16.36M | 16.41M | 12.57M | 6.67M | 9.01M | 14.72M | 2.77M |
| Free Cash Flow | 296.85M | 299.25M | 342.49M | 406.03M | 400.12M | 303.35M | 203.9M | 175.19M | 142.38M | 109.04M | 83.14M | 46.92M | 12.43M | 4.74M | 4.05M |
| FCF Growth % | -1.43% | -12.62% | -15.65% | 1.48% | 31.9% | 48.78% | 16.38% | 23.05% | 30.57% | 31.16% | 77.19% | 277.35% | 162.27% | 17.18% | - |
| FCF / Revenue % | 39.58% | 39.75% | 44.46% | 47.32% | 49.92% | 51.79% | 47.17% | 45.75% | 43.03% | 40.67% | 41.77% | 35.04% | 16.15% | 11.8% | 13.82% |
Quick answers to the most common questions about buying NSA stock.
National Storage Affiliates Trust (NSA) generated $338.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
National Storage Affiliates Trust (NSA) generated $299.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
National Storage Affiliates Trust (NSA) spent $39.2M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, National Storage Affiliates Trust (NSA) returned $195.4M to shareholders via cash dividends and spent $7.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Debt/Equity data anomaly
Metrics are mathematically derived from official filings.
AFFO Covers Dividend with Thin Buffer
AFFO per share of $0.69 in 2026Q1 covered the $0.63 dividend, a 1.10x payout ratio, according to NSA's reported figures. This thin margin suggests limited retained cash for growth or deleveraging.
The dividend payout ratio based on AFFO has hovered between 0.63x and 0.71x over the past year, indicating that NSA retains roughly 30-37% of AFFO after dividends. However, the absolute retained AFFO of approximately $4.2 million in 2026Q1 is modest relative to the company's capital needs. Investors should monitor whether this buffer can absorb potential declines in AFFO if revenue continues to contract.
Capex Spike Distorts AFFO
In 2024Q3, capital expenditures surged to $38.0 million, causing AFFO to drop to $28.4 million, as per financial statements. This one-time spike highlights the volatility in maintenance capex that can temporarily depress distributable cash flow.
Excluding the 2024Q3 anomaly, quarterly capex has averaged around $8 million, which appears consistent with a maintenance-heavy portfolio. The spike likely reflects a strategic investment or catch-up maintenance, but it underscores the importance of normalizing capex when assessing AFFO sustainability. The subsequent recovery in AFFO to $53-60 million suggests the spike was non-recurring, but investors should remain alert to similar fluctuations.
Depreciation Gap Widens
FFO exceeded net income by 4.92x in 2026Q1, according to NSA's financials, underscoring the massive non-cash depreciation charges typical of storage REITs. This gap highlights why FFO is the preferred earnings metric for valuation.
The FFO-to-net-income ratio has ranged from 1.36x to 6.59x over the past eight quarters, with the 2026Q1 ratio of 4.92x reflecting both high depreciation and relatively low net income. This distortion is expected in a REIT with a large property base, but the magnitude suggests that GAAP earnings significantly understate cash-generating ability. Analysts should rely on FFO and AFFO for cash flow analysis, as net income is not indicative of distributable cash.
Working Capital Swings Signal Timing
Operating cash flow varied from $72.8M to $105.7M in recent quarters, per NSA's cash flow statements, while net income remained stable, indicating working capital timing effects. These swings may reflect rent collections or payables timing, not operational deterioration.
The volatility in OCF relative to stable net income suggests that changes in working capital, such as tenant receivables or payables, are driving the differences. For instance, 2025Q3 OCF of $100.2M was significantly above net income, while 2025Q4 OCF of $72.8M was below, likely due to seasonal or timing factors. Investors should not over-interpret quarterly OCF fluctuations; instead, focus on the trend in FFO and AFFO, which smooth out these effects.
No External Funding Needed
NSA's dividend is fully covered by AFFO, with no reliance on external capital to fund distributions, based on reported figures. This self-funding capability is a positive sign for balance sheet stability.
The dividend payout ratio has consistently been below 1.0x, indicating that NSA generates sufficient internal cash flow to cover its dividend. This reduces the need for ATM issuances or debt raises to maintain distributions, which is particularly important given the company's elevated leverage concerns. However, if AFFO declines further, the buffer could erode, potentially forcing management to either cut the dividend or seek external funding.
Capex Normalization Hides True FCF
Reported FCF of $76.8M in 2026Q1 overstates true free cash flow, as it excludes recurring maintenance capex, according to NSA's cash flow data. AFFO of $53.3M provides a more conservative estimate of distributable cash.
The gap between FCF and AFFO, which averaged about $20 million per quarter, represents the recurring capital expenditures necessary to maintain the portfolio's quality. This includes tenant improvements, leasing commissions, and building maintenance, which are essential for sustaining occupancy and rental rates. Investors should focus on AFFO rather than FCF when evaluating NSA's ability to sustain its dividend, as FCF may be misleadingly high.