A Business at a Glance
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National Storage Affiliates Trust
NSA
$3.4B
Mkt Cap
$43.41
+0.00%
National Storage Affiliates Trust (NSA) has a current P/E ratio of 62.9, 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 $3.3B. It is classified as a mid-cap stock.
Yes, National Storage Affiliates Trust (NSA) pays a dividend with a trailing twelve-month yield of 5.24%.
Based on historical P/E analysis, National Storage Affiliates Trust (NSA) appears expensive. The current P/E of 62.9 is 55% above its historical median of 40.5. The estimated fair value CAGR (P/E method) is 46.9%.
National Storage Affiliates Trust (NSA) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust that owns, operates, and acquires self-storage properties predominantly located in the top 100 metropolitan statistical areas throughout the United States. As of December 31, 2025, the company 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 69.4 million rentable square feet configured in approximately 548,000 storage units. The company operates through a consolidated property portfolio of 801 properties and manages an additional 262 unconsolidated real estate venture properties under brands including iStorage, Move It, Northwest, RightSpace, SecurCare, and Southern. NSA earns revenue from rental income on consolidated properties and management fees, tenant insurance proceeds, and tenant warranty protection program proceeds from unconsolidated ventures. The company targets well-located properties in high-quality sub-markets with strong supply-demand characteristics and multiple barriers to entry, such as zoning restrictions and high new construction costs, which provide stable cash flows less sensitive to economic fluctuations. NSA pursues growth through strategic acquisitions, joint venture partnerships with institutional investors, and portfolio optimization initiatives including brand consolidation and centralized management systems for revenue enhancement and cost optimization.
【Inflection in revenue growth ahead】 Management expects same-store revenue growth to inflect positively in 2026 following a challenging 2025, driven by solid contract rate growth and improved marketing effectiveness as the company's platform transition completes. The company anticipates that new supply will decline to levels well below historical averages over the next few years, supporting a notable shift in the supply-demand balance and improving sector fundamentals. Management is focused on maintaining operational momentum through the remainder of 2025 and into 2026, with expectations for sequential improvement in year-over-year revenue growth as the company realizes benefits from PRO internalization and leverages its consolidated operating platforms and upgraded pricing tools. The company expects to return to dividend coverage by the fourth quarter of 2026 as same-store NOI growth stabilizes and the business benefits from reduced leverage and improved market conditions.
| Metric | Target | Period |
|---|---|---|
| Same-store revenue growth | 90 basis points | FY2026 |
| Same-store operating expense growth | 3% | FY2026 |
| Same-store NOI growth | flat | FY2026 |
| Core FFO per share | $2.19 | FY2026 |
| Acquisition and disposition ranges | $50 million-$150 million | FY2026 |
Same-store revenue growth (FY2026): “same-store revenue growth of 90 basis points”
Same-store operating expense growth (FY2026): “same-store operating expense growth of 3%”
Same-store NOI growth (FY2026): “flat same-store NOI growth”
Core FFO per share (FY2026): “Core FFO per share of $2.19”
Acquisition and disposition ranges (FY2026): “acquisition and disposition ranges of $50 million-$150 million”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| 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 | 750M | 753M | 770M | 858M | 802M | 586M |
| Net Income | 58M | 53M | 91M | 138M | 90M | 92M |
| EPS | $0.75 | $0.69 | $1.18 | $1.48 | $0.99 | $0.98 |
| Free Cash Flow | 297M | 300M | 344M | 407M | 401M | 304M |
| ROIC | 0.0% | 6.5% | 7.7% | 10.4% | 5.5% | 5.5% |
| Gross Margin | - | 46.0% | 47.9% | 47.4% | 44.6% | 46.5% |
| Debt/Equity | 1.66 | 2.10 | 2.44 | 0.93 | 0.95 | 1.32 |
| Dividends/Share | $2.27 | $2.28 | $2.25 | $2.23 | $2.15 | $1.59 |
| Operating Income | 0 | 219M | 249M | 305M | 206M | 166M |
| Operating Margin | 0.0% | 29.1% | 32.3% | 35.6% | 25.6% | 28.3% |
| ROE | 6.4% | 5.3% | 7.3% | 9.0% | 5.3% | 6.7% |
| Shares Outstanding | 77M | 77M | 77M | 93M | 91M | 94M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 77M | 134M | 199M | 268M | 331M | 388M | 432M | 586M | 802M | 858M | 770M | 753M | 750M |
| Gross Margin | 32.8% | 35.7% | 39.8% | 40.5% | 41.7% | 44.5% | 44.3% | 46.5% | 44.6% | 47.4% | 47.9% | 46.0% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 8.2M | 16M | 22M | 30M | 36M | 44M | 44M | 51M | 59M | 59M | 58M | 51M | 51M |
| EBIT | 17M | 32M | 58M | 79M | 102M | 49M | 100M | 166M | 206M | 305M | 249M | 219M | 0 |
| Op. Margin | 22.2% | 23.6% | 29.0% | 29.3% | 30.7% | 12.7% | 23.1% | 28.3% | 25.6% | 35.6% | 32.3% | 29.1% | 0.0% |
| Net Income | N/A | 12M | 18M | 3.0M | 14M | -8.4M | 36M | 92M | 90M | 138M | 91M | 53M | 58M |
| Net Margin | N/A | 9.3% | 9.0% | 1.1% | 4.3% | -2.2% | 8.2% | 15.7% | 11.3% | 16.0% | 11.8% | 7.1% | 7.7% |
| Non-Recurring | 1.4M | 0 | 0 | 5.7M | 391K | 2.8M | 0 | 0 | 5.5M | 64M | 64M | 16M | 16M |
| Returns on Capital | |||||||||||||
| ROIC | N/A | 7.1% | 6.1% | 5.2% | 6.0% | 2.8% | 5.4% | 5.5% | 5.5% | 10.4% | 7.7% | 6.5% | 0.0% |
| ROE | N/A | 5.3% | 4.4% | 0.4% | 1.6% | -0.9% | 3.8% | 6.7% | 5.3% | 9.0% | 7.3% | 5.3% | 6.4% |
| ROA | N/A | 1.3% | 1.2% | 0.1% | 0.6% | -0.3% | 1.1% | 2.0% | 1.6% | 2.3% | 1.6% | 1.0% | 1.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 16M | 50M | 95M | 124M | 162M | 197M | 221M | 331M | 444M | 442M | 363M | 339M | 340M |
| Free Cash Flow | 13M | 46M | 83M | 110M | 143M | 176M | 204M | 304M | 401M | 407M | 344M | 300M | 297M |
| Owner Earnings | -8.8M | 6.7M | 37M | 45M | 69M | 87M | 99M | 168M | 204M | 213M | 165M | 137M | 141M |
| CapEx | 3.8M | 4.1M | 11M | 15M | 19M | 21M | 16M | 28M | 43M | 34M | 19M | 39M | 43M |
| Maint. CapEx | 24M | 41M | 55M | 75M | 89M | 105M | 117M | 158M | 233M | 222M | 190M | 189M | 187M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 24M | 41M | 55M | 75M | 89M | 105M | 117M | 158M | 233M | 222M | 190M | 189M | 187M |
| CapEx/OCF | N/A | 8.1% | 12.1% | 11.8% | 11.8% | 10.5% | 7.4% | 8.3% | 9.6% | 7.8% | 5.1% | 11.4% | 12.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 12M | 27M | 48M | 62M | 75M | 90M | 132M | 196M | 191M | 172M | 175M | 175M |
| Dividend Yield | N/A | 6.4% | 3.6% | 6.0% | 5.9% | 6.0% | 5.6% | 3.6% | 5.1% | 6.6% | 6.0% | 7.1% | 5.2% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 90M | 310M | 275M | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3.3% | 9.0% | 10.1% | N/A | 0.0% |
| Stock-Based Comp | 1.5M | 3.0M | 2.6M | 3.8M | 3.8M | 4.5M | 4.3M | 5.5M | 6.3M | 6.7M | 8.3M | 12M | 12M |
| Debt Repayment | 144M | 357M | 559M | 679M | 507M | 562M | 546M | 1.3B | 960M | 1.2B | 1.5B | 680M | 680M |
| Balance Sheet | |||||||||||||
| Net Debt | 364M | 252M | 800M | 748M | 809M | 801M | 911M | 2.3B | 1.5B | 1.3B | 2.6B | 2.0B | 1.5B |
| Cash & Equiv. | 9.0M | 6.7M | 13M | 13M | 13M | 21M | 19M | 25M | 35M | 65M | 50M | 23M | 28M |
| Long-Term Debt | 373M | 258M | 813M | 761M | 823M | 822M | 930M | 2.3B | 1.6B | 1.3B | 1.3B | 636M | 159M |
| Debt/Equity | N/A | 1.09 | 1.41 | 0.90 | 0.90 | 0.89 | 0.96 | 1.32 | 0.95 | 0.93 | 2.44 | 2.10 | 1.66 |
| Interest Coverage | 0.7 | 1.5 | 2.4 | 2.3 | 2.4 | 0.9 | 1.6 | 2.3 | 1.9 | 1.8 | 1.6 | 1.3 | 1.3 |
| Equity | 0 | 237M | 577M | 841M | 917M | 920M | 969M | 1.8B | 1.6B | 1.4B | 1.1B | 946M | 913M |
| Total Assets | 833M | 1.1B | 1.9B | 2.3B | 2.7B | 3.1B | 3.5B | 5.6B | 6.1B | 5.9B | 5.4B | 5.1B | 5.0B |
| Total Liabilities | 619M | 583M | 913M | 995M | 1.3B | 1.6B | 2.1B | 3.1B | 3.7B | 3.8B | 3.6B | 3.5B | 3.6B |
| Intangibles | 7.7M | 4.2M | N/A | N/A | 3.2M | 3.2M | 32M | 63M | 39M | 48M | 134M | 126M | 126M |
| Retained Earnings | 0 | 11K | -8.7M | -56M | -114M | -197M | -252M | -291M | -397M | -450M | -531M | -652M | -684M |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 98M |
| Per Share Data | |||||||||||||
| EPS | 0.00 | 0.54 | 0.31 | 0.06 | 0.25 | -0.15 | 0.53 | 0.98 | 0.99 | 1.48 | 1.18 | 0.69 | 0.75 |
| Owner EPS | -8,830.00 | 0.29 | 0.64 | 0.90 | 1.21 | 1.55 | 1.48 | 1.78 | 2.24 | 2.29 | 2.14 | 1.77 | 1.83 |
| Book Value | 0.00 | 10.28 | 9.96 | 16.73 | 16.18 | 16.41 | 14.46 | 18.88 | 18.07 | 15.29 | 13.94 | 12.24 | 11.83 |
| Cash Flow/Share | 16,423.00 | 2.19 | 1.63 | 2.47 | 2.86 | 3.51 | 3.29 | 3.52 | 4.87 | 4.75 | 4.70 | 4.38 | 3.18 |
| Dividends/Share | 0.00 | 0.54 | 0.46 | 1.04 | 1.16 | 1.27 | 1.35 | 1.59 | 2.15 | 2.23 | 2.25 | 2.28 | 2.27 |
| Shares Out. | 0.0M | 23.0M | 58.0M | 50.3M | 56.7M | 56.0M | 67.0M | 94.0M | 91.2M | 93.0M | 77.2M | 77.3M | 77.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 61.2 | 45.4 | N/A | 266.6 | N/A | 51.6 | 55.3 | 30.0 | 25.1 | 29.8 | 40.5 | 57.5 |
| P/FCF | N/A | 5.2 | 9.8 | 8.6 | 7.4 | 7.8 | 9.0 | 16.8 | 6.8 | 8.5 | 7.9 | 7.2 | 11.3 |
| EV/EBIT | N/A | 15.5 | 28.0 | 25.3 | 47.7 | N/A | 37.2 | 48.1 | 30.1 | 22.9 | 24.3 | 25.2 | N/A |
| Price/Book | N/A | 1.0 | 1.4 | 1.5 | 1.1 | 1.5 | 1.9 | 2.9 | 1.6 | 2.4 | 2.5 | 2.3 | 3.7 |
| Price/Sales | N/A | 1.5 | 3.7 | 3.9 | 3.0 | 3.2 | 3.7 | 6.3 | 4.8 | 3.4 | 3.7 | 3.3 | 4.5 |
| FCF Yield | N/A | 19.3% | 10.2% | 8.8% | 14.2% | 12.9% | 11.2% | 6.0% | 14.8% | 11.8% | 12.7% | 13.9% | 8.9% |
| Market Cap | N/A | 239M | 816M | 1.2B | 1.0B | 1.4B | 1.8B | 5.1B | 2.7B | 3.5B | 2.7B | 2.2B | 3.3B |
| Avg. Price | N/A | 8.45 | 12.69 | 15.86 | 18.71 | 22.08 | 24.17 | 39.04 | 41.85 | 30.96 | 36.90 | 31.98 | 43.41 |
| Year-End Price | N/A | 10.40 | 14.07 | 18.79 | 18.66 | 24.38 | 27.34 | 54.20 | 29.72 | 37.20 | 35.14 | 27.92 | 43.41 |
National Storage Affiliates Trust passes 4 of 9 quality checks, suggesting mixed fundamentals.
National Storage Affiliates Trust trades at 62.9x 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 11.2x 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 5.2%. At current prices, the estimated annualized return to fair value is +9.1%.
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.
Based on recent SEC filings and earnings disclosures, Management expects same-store revenue growth to inflect positively in 2026 following a challenging 2025, driven by solid contract rate growth and improved marketing effectiveness as the company's platform transition completes. The company anticipates that new supply will decline to levels well below historical averages over the next few years, supporting a notable shift in the supply-demand balance and improving sector fundamentals. Management is focused on maintaining operational momentum through the remainder of 2025 and into 2026, with expectations for sequential improvement in year-over-year revenue growth as the company realizes benefits from PRO internalization and leverages its consolidated operating platforms and upgraded pricing tools. The company expects to return to dividend coverage by the fourth quarter of 2026 as same-store NOI growth stabilizes and the business benefits from reduced leverage and improved market conditions.
Based on recent SEC filings and earnings calls, National Storage Affiliates Trust (NSA) has provided the following forward guidance: Same-store revenue growth: 90 basis points (FY2026); Same-store operating expense growth: 3% (FY2026); Same-store NOI growth: flat (FY2026); Core FFO per share: $2.19 (FY2026); Acquisition and disposition ranges: $50 million-$150 million (FY2026).