Revenue contraction remains a persistent challenge, with year-over-year growth declining to -1.6% in 2026Q1 alongside highly erratic FFO performance that saw a 42.5% drop in 2025Q1.
| 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 | 351.76M | 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) | 398.21M | 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 % | 53.1% | 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 | 53.72M | 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 | 426.63M | 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 % | 56.89% | 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 | 239.29M | 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 % | 31.91% | 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 | 2M | 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 | -9.58M | -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 | 1.5M | 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 % | 1.18% | 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 | 89.43M | 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 % | 11.92% | 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 % | 36.56% | -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) | 276.77M | 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 % | 36.9% | 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 % | 33.25% | -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 | 3.59 | 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 % | 47.45% | 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) | 1.16 | 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 |
Persistent negative revenue growth
As reported in recent financial statements, NSA has experienced a consistent trend of negative year-over-year revenue growth, culminating in a -1.6% decline in 2026Q1, which suggests that the company's decentralized PRO model is currently struggling to maintain pricing power within its secondary market portfolio.
The persistent top-line decline indicates that the company may be facing significant headwinds in its core storage rental operations. Investors should monitor whether this trend reflects a broader softening in demand across its Sunbelt-heavy footprint or if the PRO structure is losing its competitive edge in sourcing accretive growth.
Based on the provided quarterly data, NSA's NOI margin exhibited extreme volatility, including an anomalous -28.7% figure in 2025Q4, which warrants further investigation into the company's property-level expense management and the potential impact of non-recurring charges on its operational profitability metrics.
The fluctuation in NOI margins suggests that the company's cost structure may be less predictable than that of its larger, centralized peers. This instability complicates the assessment of property-level efficiency and may imply that the PRO model introduces unique accounting complexities that obscure true operating performance.
According to the company's reported figures, FFO per share has shown significant inconsistency, with growth rates swinging from a 42.5% decline in 2025Q1 to a 22.4% increase in 2026Q1, suggesting that earnings quality may be heavily influenced by non-recurring items or timing of PRO unit buyouts.
The erratic nature of FFO growth makes it difficult to establish a reliable baseline for dividend safety or long-term valuation. Analysts should scrutinize the reconciliation between Core FFO and GAAP net income to determine how much of this volatility is driven by the complex profit-sharing arrangements inherent in the PRO structure.
As indicated by the discrepancy between GAAP net income and FFO, the company's reliance on subordinated performance units creates a structural layer of complexity that may mask the true economic earnings available to common shareholders, necessitating a cautious approach to headline profitability metrics.
The potential for dilution from these performance units appears to be a significant risk factor that is often overlooked in standard valuation models. Investors should monitor the pace of PRO internalization, as this transition may fundamentally alter the company's risk profile and the transparency of its future earnings reports.
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.