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 The price and figures on this page are from its last trading day and final filings, and are no longer updated.
Revenue declined 2.3% year-over-year in 2026Q1, marking the fifth consecutive quarter of negative growth, while NOI margin swung dramatically from 70.7% in 2025Q3 to -28.7% in 2025Q4, then recovered to 22.2% in 2026Q1, suggesting potential one-time charges or accounting adjustments.
National Storage Affiliates Trust (NSA) annual income statement — 14-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 749.98M | 752.93M | 770.34M | 858.06M | 801.57M | 585.67M | 432.22M | 382.93M | 330.9M | 268.13M | 199.05M | 133.92M | 76.97M | 40.16M | 29.28M |
| Revenue Growth % | -1.65% | -2.26% | -10.22% | 7.05% | 36.86% | 35.5% | 12.87% | 15.72% | 23.41% | 34.71% | 48.63% | 73.99% | 91.64% | 37.18% | - |
| Property Operating Expenses | 496.08M | 406.87M | 211.85M | 228.99M | 211.03M | 155.26M | 123.49M | 106.46M | 103.88M | 84.45M | 64.8M | 45.41M | 27.91M | 18.2M | 11.73M |
| Net Operating Income (NOI) | 253.9M | 346.06M | 558.48M | 629.08M | 590.54M | 430.41M | 308.74M | 276.46M | 227.02M | 183.68M | 134.25M | 88.51M | 49.06M | 21.97M | 17.55M |
| NOI Margin % | 33.85% | 45.96% | 72.5% | 73.31% | 73.67% | 73.49% | 71.43% | 72.2% | 68.61% | 68.5% | 67.45% | 66.09% | 63.74% | 54.7% | 59.94% |
| Operating Expenses | -28.13M | 67.42M | 261.33M | 292.38M | 301.01M | 212.17M | 308.74M | 49.23M | 125.37M | 105.17M | 76.59M | 56.92M | 31.97M | 14.1M | 5.71M |
| G&A Expenses | 51.22M | 51.13M | 57.61M | 59.28M | 59.31M | 51M | 43.64M | 48.93M | 35.92M | 30.06M | 21.53M | 16.27M | 9.89M | 4.66M | 2.76M |
| EBITDA | 469.37M | 467.96M | 487.01M | 558.69M | 522.7M | 376.55M | 260.92M | 332.35M | 332.71M | 265.82M | 196.37M | 72.24M | 40.87M | 17.31M | 15.66M |
| EBITDA Margin % | 62.58% | 62.15% | 63.22% | 65.11% | 65.21% | 64.29% | 60.37% | 86.79% | 100.55% | 99.14% | 98.65% | 53.94% | 53.1% | 43.1% | 53.49% |
| Depreciation & Amortization | 187.34M | 189.32M | 189.85M | 221.99M | 233.16M | 158.31M | 117.17M | 105.12M | 231.06M | 187.32M | 138.71M | 40.65M | 23.79M | 9.38M | 3.83M |
| D&A / Revenue % | 24.98% | 25.14% | 24.65% | 25.87% | 29.09% | 27.03% | 27.11% | 27.45% | 69.83% | 69.86% | 69.69% | 30.35% | 30.9% | 23.34% | 13.07% |
| Operating Income | 282.03M | 278.64M | 297.16M | 336.69M | 289.54M | 218.24M | 0 | 227.23M | 101.65M | 78.5M | 57.66M | 31.59M | 17.08M | 7.93M | 11.84M |
| Operating Margin % | 37.6% | 37.01% | 38.57% | 39.24% | 36.12% | 37.26% | 0% | 59.34% | 30.72% | 29.28% | 28.97% | 23.59% | 22.19% | 19.75% | 40.42% |
| Interest Expense | 4M | 162.44M | 154.26M | 166.15M | 110.6M | 72.06M | 62.59M | 56.46M | 42.72M | 34.07M | 24.11M | 20.78M | 23.03M | 0 | 17.05M |
| Interest Coverage | - | 1.73x | 2.21x | 2.44x | 2.70x | 3.06x | 2.30x | 2.14x | 2.34x | 2.38x | 2.05x | 1.24x | 0.29x | - | 0.80x |
| Non-Operating Income | -4.85M | -3.18M | -44.14M | -68.03M | -9.52M | -2.45M | -143.74M | 106.67M | 1.79M | -2.73M | 8.31M | 5.83M | 10.41M | 0 | -1.77M |
| Pretax Income | 126.9M | 119.38M | 187.04M | 238.58M | 188.45M | 148.63M | 81.15M | 67.36M | 57.14M | 47.16M | 24.87M | 4.8M | -16.36M | -11.73M | -3.45M |
| Pretax Margin % | 16.92% | 15.85% | 24.28% | 27.8% | 23.51% | 25.38% | 18.77% | 17.59% | 17.27% | 17.59% | 12.49% | 3.58% | -21.25% | -29.22% | -11.79% |
| Income Tax | 2.46M | 3.1M | 3.77M | 1.59M | 4.69M | 1.69M | 1.67M | 1.35M | 818K | 1.16M | 13.58M | -1.97M | -16.36M | 0 | 0 |
| Effective Tax Rate % | 1.94% | 2.6% | 2.01% | 0.67% | 2.49% | 1.14% | 2.06% | 2.01% | 1.43% | 2.46% | 54.62% | -40.97% | 100% | 0% | 0% |
| Net Income | 78.57M | 73.78M | 111.52M | 156.67M | 103.74M | 105.25M | 48.61M | 3.98M | 14.11M | 2.96M | 17.96M | 12.44M | 0 | -1.25M | -3.45M |
| Net Margin % | 10.48% | 9.8% | 14.48% | 18.26% | 12.94% | 17.97% | 11.25% | 1.04% | 4.26% | 1.1% | 9.03% | 9.29% | 0% | -3.12% | -11.79% |
| Net Income Growth % | 19.98% | -33.84% | -28.82% | 51.03% | -1.44% | 116.53% | 1120.41% | -71.77% | 376.49% | -83.52% | 44.41% | - | 100% | 63.7% | - |
| Funds From Operations (FFO) | 265.91M | 263.1M | 301.37M | 378.66M | 336.89M | 263.56M | 165.78M | 109.1M | 245.17M | 190.28M | 156.68M | 53.09M | 23.79M | 8.12M | 374K |
| FFO Margin % | 35.46% | 34.94% | 39.12% | 44.13% | 42.03% | 45% | 38.36% | 28.49% | 74.09% | 70.97% | 78.71% | 39.64% | 30.9% | 20.22% | 1.28% |
| FFO Growth % | 15.48% | -12.7% | -20.41% | 12.4% | 27.82% | 58.98% | 51.95% | -55.5% | 28.84% | 21.45% | 195.11% | - | - | 2071.66% | - |
| FFO per Share | 3.45 | 3.43 | 3.92 | 2.59 | 3.69 | 1.96 | 2.49 | 1.87 | 4.60 | 4.28 | 1.99 | 0.80 | 1.19 | 0.41 | 0.02 |
| FFO Payout Ratio % | 65.92% | 66.48% | 57.01% | 50.42% | 58.09% | 49.97% | 54.37% | 68.33% | 25.35% | 25.05% | 17.04% | 23.41% | 0% | 0% | 166.58% |
| EPS (Diluted) | 1.02 | 0.70 | 1.18 | 1.48 | 0.99 | 1.09 | 0.53 | 1.13 | 0.26 | 0.01 | 0.31 | 0.19 | 0.00 | -0.06 | -0.17 |
| EPS Growth % | 28.81% | -40.68% | -20.27% | 49.49% | -9.17% | 105.66% | -53.1% | 334.62% | 2500% | -96.77% | 63.16% | - | 100% | 62.94% | - |
| EPS (Basic) | - | 0.70 | 1.18 | 2.48 | 0.99 | 1.13 | 0.53 | 1.13 | 0.26 | 0.01 | 0.60 | 0.80 | 0.00 | -0.06 | -0.17 |
| Diluted Shares Outstanding | 77.09M | 76.64M | 76.84M | 146.02M | 91.24M | 134.54M | 66.61M | 58.21M | 53.29M | 44.42M | 78.75M | 66.64M | 20M | 20M | 20M |
Quick answers to the most common questions about buying NSA stock.
For fiscal year 2025, National Storage Affiliates Trust (NSA) reported total revenue of $752.9M. This represents a 2471.6% increase compared to $29.3M in 2012.
National Storage Affiliates Trust (NSA) is profitable, generating $73.8M in net income for the fiscal year ending 2025 with a net profit margin of 9.8%.
National Storage Affiliates Trust (NSA) reported an operating income of $278.6M, resulting in an operating profit margin of 37.0%. This margin reflects the operational efficiency of the business before interest and taxes.
National Storage Affiliates Trust (NSA) generated $346.1M in gross profit for the year, representing a gross profit margin of 46.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Debt/Equity data anomaly
Metrics are mathematically derived from official filings.
Revenue Contraction Persists
NSA's revenue declined 2.3% year-over-year in 2026Q1, marking the fifth consecutive quarter of negative growth, according to the latest financial statements. This trend suggests ongoing demand softening or pricing pressure across its self-storage portfolio.
The revenue decline has been consistent, with quarterly YoY growth ranging from -0.8% to -12.4% over the past two years. This appears to reflect a combination of lower occupancy and reduced rental rates, particularly in Sunbelt markets where new supply has been delivered. The lack of long-term leases amplifies sensitivity to market rate fluctuations, and the negative trajectory may persist if demand remains weak.
NOI Margin Volatility Raises Questions
NOI margin swung from 70.7% in 2025Q3 to -28.7% in 2025Q4, then recovered to 22.2% in 2026Q1, based on reported figures. This extreme volatility suggests potential one-time charges or accounting adjustments that obscure underlying property-level profitability.
The dramatic margin swings are not typical of self-storage operations, which usually exhibit stable NOI margins in the 70% range. The negative NOI in 2025Q4 likely reflects a significant impairment or non-cash charge, while the 22.2% margin in 2026Q1 is far below the historical norm. Investors should scrutinize the components of NOI to determine if this is a data anomaly or a structural deterioration in cost structure.
FFO Per Share Shows Resilience
FFO per share grew 4.6% year-over-year in 2026Q1 to $0.83, despite revenue contraction, as reported in the earnings release. This suggests that cost controls or non-operating items are supporting earnings, but the sustainability of this divergence warrants monitoring.
FFO per share has remained relatively stable, ranging from $0.80 to $0.90 over the past year, even as revenue declined. This may indicate that the company is benefiting from lower interest expenses or reduced G&A, but it also raises questions about the quality of earnings. The gap between FFO and AFFO (about $10 million quarterly) reflects recurring capital expenditures, which appear manageable. However, if revenue continues to fall, FFO growth may turn negative.
Depreciation Distorts Net Income
GAAP net income for 2026Q1 was $17.8 million, significantly below FFO of $63.9 million, highlighting the impact of depreciation charges, as per the income statement. This gap underscores why FFO is the preferred metric for REIT valuation.
The difference between net income and FFO is substantial, with depreciation and amortization consuming a large portion of earnings. This is typical for REITs, but the magnitude suggests that the portfolio's assets are being depreciated on a straight-line basis that may not reflect economic depreciation. Investors should focus on FFO and AFFO to assess cash-generating ability, as net income understates the company's operational performance.
Same-Store Metrics Under Pressure
With overall revenue down 2.3% year-over-year, same-store NOI likely declined, as indicated by the negative revenue growth in the latest quarter. This suggests organic performance is weakening, which may be a leading indicator of further deterioration.
The revenue decline is not solely due to dispositions; it appears to reflect lower rental rates and occupancy in the existing portfolio. The company's ability to push through rate increases on renewals may be limited in a competitive environment. If same-store NOI continues to decline, it could pressure FFO and dividend coverage, though the current dividend yield of 1.5% suggests the market is not pricing in imminent risk.
Earnings Quality Questioned
The reported Debt/Equity ratio of 2.23% is implausibly low for a REIT, suggesting a data error or a definition that excludes significant liabilities, as noted in the financial data. This anomaly undermines confidence in the accuracy of other reported metrics.
A debt-to-equity ratio of 2.23% would imply almost no leverage, which is inconsistent with NSA's capital structure and the typical REIT model. This could be a typo or a misreporting of total debt. Investors should verify the company's actual leverage from the balance sheet before drawing conclusions about financial risk. Additionally, the narrow gap between gross margin (45.96%) and operating margin (37.01%) suggests that property-level expenses are consuming a large portion of revenue, leaving little room for corporate overhead and debt service, which may indicate structural cost pressures.