National Storage Affiliates Trust (NSA) Revenue History
Annual and quarterly revenue from 2012 to present
NSA Revenue Over Time (2012–2025)
NSA Revenue Growth History
11 of 13 years with positive growth- FY2012 revenue growth
- N/A
- FY2013 revenue growth
- +37.2%
- FY2014 revenue growth
- +91.6%
- FY2015 revenue growth
- +74.0%
- FY2016 revenue growth
- +48.6%
- FY2017 revenue growth
- +34.7%
- FY2018 revenue growth
- +23.4%
- FY2019 revenue growth
- +15.7%
- FY2020 revenue growth
- +12.9%
- FY2021 revenue growth
- +35.5%
- FY2022 revenue growth
- +36.9%
- FY2023 revenue growth
- +7.0%
- FY2024 revenue growth
- -10.2%
- FY2025 revenue growth
- -2.3%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $185.4M | -1.6% |
| Q4 2025 | $187.0M | -1.6% |
| Q3 2025 | $188.7M | -2.5% |
| Q2 2025 | $188.8M | -0.8% |
| Q1 2025 | $188.4M | -4.0% |
| Q4 2024 | $190.1M | -11.7% |
| Q3 2024 | $193.6M | -11.6% |
| Q2 2024 | $190.4M | -12.4% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
NSA's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
NSA Revenue Analysis (2012–2025)
Current Revenue & Growth
As of June 21, 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.
Historical Growth Trajectory
NSA's 5-year compound annual growth rate (CAGR) stands at +11.7%, indicating consistent double-digit revenue growth. The 3-year CAGR of -2.1% is below the 5-year average, signalling a growth deceleration in recent years. National Storage Affiliates Trust's highest annual revenue of $858.1 million was recorded in 2023.
Revenue by Segment
NSA's revenue 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%). The diversified mix across segments reduces dependence on any single product line, which can support more resilient revenue in downturns.
Peer Comparison
Compared to Real Estate sector peers — including PSA (+2.9% YoY), EXR (+1.2% YoY), and CUBE (+5.0% YoY) — NSA has outperformed the peer group in 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 | -31.4% | -11.0% | -23.3% | |
 SELF | $13M | +1.0% | +6.7% | 20.5% |
NSA Historical Revenue Data (2012–2025)
| 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% |
| 2015 | $133.9M | +74.0% | $88.5M | 66.1% | $31.6M | 23.6% |
| 2014 | $77.0M | +91.6% | $49.1M | 63.7% | $17.1M | 22.2% |
| 2013 | $40.2M | +37.2% | $22.0M | 54.7% | $7.9M | 19.8% |
| 2012 | $29.3M | - | $17.6M | 59.9% | $11.8M | 40.4% |
Intrinsic Valuation
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Historical Returns
14+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
NSA — 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 is slowing. TTM revenue is $750M, up -1.6% year-over-year — below the 5-year CAGR of +11.7%. The deceleration suggests maturing end-markets or increased competition.
What is NSA's revenue history from 2012 to 2026?
National Storage Affiliates Trust (NSA) revenue history spans 2012 to 2026. TTM revenue as of 2026 is $750M, growing at -1.6% YoY. The 5-year CAGR is +11.7%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is NSA's long-term revenue growth rate (CAGR)?
National Storage Affiliates Trust's 5-year revenue CAGR of +11.7% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -1.6% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for NSA.
Why does NSA's quarterly revenue fluctuate?
NSA quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. National Storage Affiliates Trust's revenue data from 2012 to 2026 shows full historical quarterly detail on this page.
How is NSA's revenue distributed by segment?
NSA reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does NSA's revenue compare to industry peers?
National Storage Affiliates Trust (NSA) with TTM revenue of $750M and -1.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.