A Business at a Glance
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National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015. We serve as the sole general partner of our operating partnership subsidiary, NSA OP, LP (our "operating partnership"), a Delaware limited partnership formed on February 13, 2013 to conduct our business, which is focused on the ownership, operation, and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas ("MSAs") throughout the United States. As of December 31, 2025, we held ownership interests in and operated a geographically diversified portfolio of 1,063 self storage properties located in 37 states and Puerto Rico, comprising approximately 69.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Management fees and other revenue | $24M | $28M | $34M | $43M | $49M | 33% |
Tenant warranty protection or tenant insurance | $7M | $10M | $17M | $23M | $28M | 19% |
Other property-related revenue | $20M | $25M | $30M | $27M | $26M | 18% |
Tenant insurance and tenant warranty protection plan | $15M | $20M | $24M | $23M | $23M | 16% |
Property management fees, call center fees, and platform fees | $15M | $17M | $17M | $18M | $19M | 13% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 753M | 753M | 770M | 858M | 802M | 586M |
| Net Income | 53M | 53M | 91M | 138M | 90M | 92M |
| EPS | $0.69 | $0.69 | $1.18 | $1.48 | $0.99 | $0.98 |
| Free Cash Flow | 300M | 300M | 344M | 407M | 401M | 304M |
| ROIC | 7.1% | 6.5% | 7.7% | 10.4% | 5.5% | 5.5% |
| Gross Margin | 46.0% | 46.0% | 47.9% | 47.4% | 44.6% | 46.5% |
| Debt/Equity | 2.10 | 2.10 | 2.44 | 0.93 | 0.95 | 1.32 |
| Dividends/Share | $2.26 | $2.28 | $2.25 | $2.23 | $2.15 | $1.59 |
| Operating Income | 219M | 219M | 249M | 305M | 206M | 166M |
| Operating Margin | 29.1% | 29.1% | 32.3% | 35.6% | 25.6% | 28.3% |
| ROE | 5.6% | 5.3% | 7.3% | 9.0% | 5.3% | 6.7% |
| Shares Outstanding | 77M | 77M | 77M | 93M | 91M | 94M |
National Storage Affiliates Trust passes 4 of 9 quality checks, suggesting mixed fundamentals.
National Storage Affiliates Trust trades at 60.0x trailing earnings, compared to its 15-year median P/E of 40.5x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 10.6x vs a median of 8.2x. The company's 5-year average ROIC is 7.1% with a gross margin of 46.5%. Total shareholder yield (dividends) is 5.5%. At current prices, the estimated annualized return to fair value is +9.9%.
National Storage Affiliates Trust (NSA) has a current P/E ratio of 60.0, compared to its historical median P/E of 40.5. The stock is currently considered Expensive based on its historical valuation range.
National Storage Affiliates Trust (NSA) has a 5-year average return on invested capital (ROIC) of 7.1%. This is below average and may indicate limited pricing power.
National Storage Affiliates Trust (NSA) has a market capitalization of $3.2B. It is classified as a mid-cap stock.
Yes, National Storage Affiliates Trust (NSA) pays a dividend with a trailing twelve-month yield of 5.47%.
Based on historical P/E analysis, National Storage Affiliates Trust (NSA) appears expensive. The current P/E of 60.0 is 48% above its historical median of 40.5. The estimated fair value CAGR (P/E method) is 58.5%.
National Storage Affiliates Trust (NSA) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
National Storage Affiliates Trust (NSA) reported annual revenue of $753 million in its most recent fiscal year, based on SEC EDGAR filings.
National Storage Affiliates Trust (NSA) has a net profit margin of 7.1%. This is a modest margin.
National Storage Affiliates Trust (NSA) generated $300 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
National Storage Affiliates Trust (NSA) has a debt-to-equity ratio of 2.10. This indicates higher leverage, which may increase financial risk.
National Storage Affiliates Trust (NSA) reported earnings per share (EPS) of $0.69 in its most recent fiscal year.
National Storage Affiliates Trust (NSA) has a return on equity (ROE) of 5.3%. This indicates moderate shareholder returns.
National Storage Affiliates Trust (NSA) has a 5-year average gross margin of 46.5%. This indicates decent pricing power.
The Ledger Terminal provides 13 years of financial data for National Storage Affiliates Trust (NSA), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
National Storage Affiliates Trust (NSA) has a book value per share of $12.24, based on its most recent annual SEC filing.