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National Storage Affiliates Trust (NSA)
NYSE:NSA
Earnings Data
Report Date
May 06, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
0.14Last Year’s EPS
0.1Same Quarter Last Year
Based on 9 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a constructive operational inflection: management highlighted clear sequential improvements in same-store revenue trends, occupancy inflection (including January YoY occupancy +20 bps), stronger rental volumes, payroll and expense discipline, and strategic portfolio actions (brand consolidation, dispositions, JV and preferred-equity activity). Key near-term headwinds remain — full-year same-store revenue was down 2.3%, some large MSAs still face supply pressure, move-in rates are expected to be negative early in 2026, leverage sits slightly above target and $375M of maturities create refinancing risk. On balance, the company presented more substantive positives around momentum and execution than negatives, with management providing a cautious but confident guide for gradual recovery through 2026.Company Guidance
Core FFO Beat and Full-Year Results
Reported core FFO per share of $0.57 for Q4 and $2.23 for the full year, at the high end of guidance and above consensus; full-year same-store NOI and same-store revenue finished at the high end of guidance ranges.
Sequential Same-Store Revenue and Occupancy Improvement
Same-store revenue decline narrowed to -70 basis points in Q4 (versus -260 bps in Q3) with sequential monthly improvement; year-end occupancy down 70 basis points (improved from -140 bps at Q3 end); January occupancy was +20 basis points year-over-year and that trend continued into February.
Average Revenue Per Square Foot Growth
Average revenue per occupied square foot grew ~100 basis points year-over-year in Q4, partially offsetting occupancy headwinds and contributing to improved RevPath.
Strong Rental Volume and Conversion
Rental volume improved materially (sq ft basis ~11% higher year-over-year in Q4), with management citing higher top-of-funnel activity, improved conversion rates and successful marketing/AI-driven pricing and promotions.
Expense Control and Payroll Savings
Operating expenses declined ~80 basis points in Q4; payroll costs decreased 4.1% in Q4 and 2.8% for the full year due to hours/operations optimization and call center/digital efficiencies.
Marketing Investments Driving Growth
Marketing spend increased 37% in Q4 and 31% for the full year as management prioritized customer acquisition where returns were evident, helping drive improved rental volumes and search/conversion performance.
Portfolio Optimization and Brand Consolidation
Continued portfolio optimization: consolidated another brand (down to six), exited 5 states and sold 15 properties totaling $97 million (full year); acquired 10 properties totaling $75 million across JVs and on-balance sheet; Q4 sales of $24M plus subsequent $21M, and a $10M acquisition post-quarter.
Liquidity and Access to Capital
Maintained liquidity with ~$400M revolver balance and ~$550M availability; management believes it has optionality to address $375M of 2026 maturities and access to term loan, private placement and secured markets.
New Preferred Equity Platform Off to a Start
Launched a preferred equity investments platform (2-year target deployment); already has 3 properties under contract totaling over $50M, providing an additional growth channel alongside JVs.
NSA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
NSA Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Feb 25, 2026 | $34.36 | $34.47 | +0.32% |
Nov 03, 2025 | $28.55 | $29.29 | +2.59% |
Aug 04, 2025 | $28.36 | $29.18 | +2.89% |
May 05, 2025 | $35.78 | $34.08 | -4.75% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does National Storage Affiliates Trust (NSA) report earnings?
National Storage Affiliates Trust (NSA) is schdueled to report earning on May 06, 2026, After Close (Confirmed).
What is National Storage Affiliates Trust (NSA) earnings time?
National Storage Affiliates Trust (NSA) earnings time is at May 06, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is NSA EPS forecast?
NSA EPS forecast for the fiscal quarter 2026 (Q1) is 0.14.