National Storage Affiliates Trust (NSA) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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NSA Revenue Growth
Revenue Breakdown (FY 2025)
NSA's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
NSA Revenue Analysis (2014–2025)
As of May 6, 2026, National Storage Affiliates Trust (NSA) generated trailing twelve-month (TTM) revenue of $750.0 million, reflecting slight decline in growth of -1.6% year-over-year. The most recent quarter (Q1 2026) recorded $185.4 million in revenue, down 0.9% sequentially.
Looking at the longer-term picture, NSA's 5-year compound annual growth rate (CAGR) stands at +11.7%, indicating consistent double-digit revenue growth. The company achieved its highest annual revenue of $858.1 million in 2023.
Revenue diversification analysis shows NSA's business is primarily driven by Tenant Warranty Protection (39%), Tenant Insurance And Protection Plan Fees And Commissions (32%), and Property Management, Call Center, And Platform Fees (26%).
When compared to Real Estate sector peers including PSA (+2.9% YoY), EXR (+1.2% YoY), and CUBE (+5.0% YoY), NSA has underperformed the peer group in terms of revenue growth. Compare NSA vs PSA →
NSA Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NSACurrent | $750M | -1.6% | +11.7% | 37.0% | |
 PSA | $4.8B | +2.9% | +10.6% | 46.7% | |
 EXR | $3.4B | +1.2% | +19.6% | 44.1% | |
 CUBE | $1.1B | +5.0% | +10.6% | 40.0% | |
 SST | $266M | -22.6% | -11.0% | -23.3% | |
 SELF | $13M | +1.4% | +6.7% | 20.5% |
NSA Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $752.9M | -2.3% | $346.1M | 46.0% | $278.6M | 37.0% |
| 2024 | $770.3M | -10.2% | $558.5M | 72.5% | $297.2M | 38.6% |
| 2023 | $858.1M | +7.0% | $629.1M | 73.3% | $336.7M | 39.2% |
| 2022 | $801.6M | +36.9% | $590.5M | 73.7% | $289.5M | 36.1% |
| 2021 | $585.7M | +35.5% | $430.4M | 73.5% | $218.2M | 37.3% |
| 2020 | $432.2M | +12.9% | $308.7M | 71.4% | $0 | - |
| 2019 | $382.9M | +15.7% | $276.5M | 72.2% | $227.2M | 59.3% |
| 2018 | $330.9M | +23.4% | $227.0M | 68.6% | $101.7M | 30.7% |
| 2017 | $268.1M | +34.7% | $183.7M | 68.5% | $78.5M | 29.3% |
| 2016 | $199.0M | +48.6% | $134.2M | 67.4% | $57.7M | 29.0% |
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Start ComparisonNSA — Frequently Asked Questions
Quick answers to the most common questions about buying NSA stock.
Is NSA's revenue growth accelerating or slowing?
NSA revenue growth slowed to -1.6%, below the 5-year CAGR of +11.7%. TTM revenue is $750M. The deceleration marks a shift from historical growth rates.
What is NSA's long-term revenue growth rate?
National Storage Affiliates Trust's 5-year revenue CAGR of +11.7% reflects the variable expansion pattern. Current YoY growth of -1.6% is near this long-term average.
How is NSA's revenue distributed by segment?
NSA reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.