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National Storage Affiliates
(NYSE:NSA)
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Rating:61Neutral
Price Target:
$47.00
â–²(8.60% Upside)
Action:Reiterated
Date:07/16/26
The score is primarily driven by mixed financial performance: weakening revenue and cash-flow momentum and historically high leverage temper otherwise solid profitability and positive cash generation. Technicals provide a supportive backdrop with a constructive price trend and neutral momentum. Valuation is a drag due to the very high P/E, partially offset by the strong dividend yield. Corporate events modestly boost the score due to the approved, near-term Public Storage acquisition, despite some legal/transaction complexity.
Positive Factors
Strategic acquisition by Public Storage
The imminent combination with Public Storage is a structural change that materially boosts scale and operational integration opportunities. Over months, access to a larger operator’s systems, capital and procurement can improve margins, accelerate integration of assets and reduce standalone execution risk.
Negative Factors
Weakening revenue trends
A multi-period decline in revenue growth signals weakening demand, rate pressure or competitive supply dynamics. Over a 2–6 month horizon this undermines earnings momentum, constrains reinvestment and acquisition funding, and raises risk to dividend sustainability absent recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic acquisition by Public Storage
The imminent combination with Public Storage is a structural change that materially boosts scale and operational integration opportunities. Over months, access to a larger operator’s systems, capital and procurement can improve margins, accelerate integration of assets and reduce standalone execution risk.
Read all positive factors
National Storage Affiliates Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue from different business segments, revealing which areas are driving growth and where there may be opportunities or challenges.
Breaks down revenue from different business segments, revealing which areas are driving growth and where there may be opportunities or challenges.
Data provided by:
The Fly
The FlyNational Storage Affiliates (NSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.98B
Dividend Yield5.24%
Average Volume (3M)921.60K
Price to Earnings (P/E)58.1
Beta (1Y)0.49
Revenue Growth-1.65%
EPS Growth27.25%
CountryUS
Employees1,458
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.76
Shares Outstanding77,625,565
10 Day Avg. Volume1,325,710
30 Day Avg. Volume921,603
Financial Highlights & Ratios
PEG Ratio-0.99
Price to Book (P/B)2.29
Price to Sales (P/S)2.87
P/FCF Ratio7.22
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$45.32Price Target Upside4.72% Upside
Rating ConsensusHold
Number of Analyst Covering5
EPS Forecast (FY)0.66
Revenue Forecast (FY)$677.80M
National Storage Affiliates Business Overview & Revenue Model
Company Description
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self-storage properties predominantly located within the top 100 metropolitan ...
How the Company Makes Money
NSA primarily makes money by renting self-storage units to customers and collecting recurring monthly rental income. Revenue is generated from occupancy (how many units are leased) and realized rental rates (the price per unit/space), which are in...
National Storage Affiliates Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
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.Positive Updates
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.
Negative Updates
Full-Year Same-Store Revenue Decline
Same-store revenues declined 2.3% for the full year, reflecting the ongoing recovery lift still required across parts of the portfolio despite sequential improvement in Q4.
Read all updates
Q4-2025 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management's 2026 guidance calls for same-store revenue growth of about 90 basis points, same-store operating expense growth of 3%, flat same-store NOI and core FFO per share of $2.19, with acquisition and disposition ranges of $50–$150 million (NSA share) that are roughly neutral at the midpoints; this follows Q4 core FFO/share of $0.57 and FY‑2025 core FFO/share of $2.23 (at the high end of guidance). For context, Q4 same-store revenue was down 70 bps (FY‑2025 down 2.3%), Q4 expenses were down 80 bps (FY +3.1%), payroll was down 4.1% in Q4 (‑2.8% FY) while marketing was up 37% in Q4 (31% FY), and rent roll‑downs are in the low‑to‑mid‑30s; balance sheet highlights include $375 million of 2026 maturities ($275M term loan due July, $100M unsecured notes in May/Oct), ~ $400M revolver balance with $550M availability, and net debt/EBITDA of 6.6x (versus a 5.5–6.5x target). Management expects occupancy to have inflected to +20 bps YoY in January, move‑in rates to be negative for ~4–5 months before turning neutral/positive in the back half, and a midpoint FFO decline of $0.04 (roughly $0.02 from higher G&A and $0.02 from refinancing/insurance captive headwinds).National Storage Affiliates Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
62
Positive
Cash Flow
57
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 749.98M | 752.93M | 770.34M | 858.06M | 801.57M | 585.67M |
| Gross Profit | 253.90M | 346.06M | 558.48M | 629.08M | 590.54M | 430.41M |
| EBITDA | 474.23M | 471.14M | 531.15M | 626.72M | 532.21M | 379.00M |
| Net Income | 78.57M | 73.78M | 111.52M | 156.67M | 103.74M | 105.25M |
Balance Sheet | ||||||
| Total Assets | 5.03B | 5.08B | 5.35B | 5.93B | 6.07B | 5.56B |
| Cash, Cash Equivalents and Short-Term Investments | 27.65M | 23.64M | 50.41M | 64.98M | 35.31M | 25.01M |
| Total Debt | 3.44B | 3.43B | 3.47B | 3.68B | 3.58B | 2.96B |
| Total Liabilities | 3.56B | 3.55B | 3.59B | 3.81B | 3.68B | 3.08B |
| Stockholders Equity | 912.76M | 946.04M | 1.08B | 1.42B | 1.65B | 1.78B |
Cash Flow | ||||||
| Free Cash Flow | 296.85M | 299.25M | 342.49M | 406.03M | 400.12M | 303.35M |
| Operating Cash Flow | 340.31M | 338.50M | 363.06M | 441.58M | 443.85M | 331.35M |
| Investing Cash Flow | 28.09M | 19.86M | 425.42M | 161.10M | -584.16M | -2.00B |
| Financing Cash Flow | -360.21M | -385.47M | -825.42M | -557.19M | 154.64M | 1.67B |
National Storage Affiliates Technical Analysis
Neutral
43.28
Price Trends
43.67
Positive
40.90
Positive
35.20
Positive
Market Momentum
0.24
Positive
48.05
Neutral
35.04
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NSA, the sentiment is Neutral. The current price of 43.28 is below the 20-day moving average (MA) of 44.95, below the 50-day MA of 43.67, and above the 200-day MA of 35.20, indicating a neutral trend. The MACD of 0.24 indicates Positive momentum. The RSI at 48.05 is Neutral, neither overbought nor oversold. The STOCH value of 35.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for NSA.
National Storage Affiliates Risk Analysis
National Storage Affiliates disclosed 43 risk factors in its most recent earnings report. National Storage Affiliates reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
National Storage Affiliates Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $1.87B | 16.13 | 6.41% | 13.07% | -13.63% | -24.40% | |
73 Outperform | $32.70B | 33.02 | 6.97% | 5.01% | 4.16% | 3.52% | |
71 Outperform | $9.53B | 29.28 | 11.95% | 5.69% | 5.02% | -15.68% | |
68 Neutral | $55.84B | 32.50 | 20.48% | 4.63% | 2.90% | -3.92% | |
66 Neutral | $58.48M | 29.98 | 4.19% | 5.63% | 1.03% | -19.56% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | $5.98B | 58.13 | 8.20% | 8.28% | -1.65% | 27.25% |
* Real Estate Sector Average
NSA
National Storage Affiliates
44.18
14.80
50.38%
CUBE
Cubesmart
41.58
2.80
7.22%
EXR
Extra Space Storage
147.28
6.06
4.29%
PSA
Public Storage
315.53
42.29
15.48%
IIPR
Innovative Industrial Properties
64.35
18.93
41.67%
SELF
Global Self Storage
5.09
>-0.01
-0.02%
National Storage Affiliates Corporate Events
M&A TransactionsShareholder Meetings
National Storage Affiliates Shareholders Approve Public Storage Merger
Positive
Jul 15, 2026
On July 14, 2026, National Storage Affiliates Trust reported that its common shareholders overwhelmingly approved the company’s acquisition by industry giant Public Storage at a special meeting. Roughly 99.9% of votes cast, representing more...
Delistings and Listing ChangesDividendsM&A TransactionsShareholder Meetings
National Storage Affiliates Nears Acquisition by Public Storage
Positive
Jul 10, 2026
National Storage Affiliates Trust, a major U.S. self-storage REIT with more than a thousand properties and inclusion in key equity indices, focuses on owning, operating and acquiring storage facilities in leading metropolitan markets. Its large fo...
Legal ProceedingsM&A TransactionsRegulatory Filings and ComplianceShareholder Meetings
National Storage Affiliates Issues Supplemental Merger Disclosures
Negative
Jul 8, 2026
National Storage Affiliates and Public Storage entered into a merger agreement on March 16, 2026, under which NSA will merge into a Public Storage subsidiary and its operating partnership will be combined with another Public Storage affiliate, sub...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.