National Storage Affiliates Trust (NSA)
NYSE:NSA
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National Storage Affiliates
(NYSE:NSA)
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Rating:65Neutral
Price Target:
$46.00
â–²(6.28% Upside)
Action:ReiteratedDate:03/18/26
The score is driven primarily by mixed financial performance (solid cash generation but weakening recent revenue/margins and leverage uncertainty). Technicals are supportive with the stock above major moving averages, while valuation is balanced by a strong yield but a high P/E. The earnings outlook suggests a gradual recovery with meaningful refinancing and dividend-coverage headwinds, partially offset by the positive M&A catalyst from the announced Public Storage merger.
Positive Factors
Consistent cash generation
Consistently positive operating and free cash flow indicates durable cash conversion of earnings, supporting distributions, reinvestment and debt servicing. Even with slower growth, strong cash generation provides flexibility for capex, opportunistic M&A and managing refinancing timing over the next 2–6 months.
Negative Factors
Elevated leverage & maturities
Leverage above target and sizable near-term maturities create structural refinancing risk. Higher borrowing costs or limited market windows could pressure interest expense and distribution policy, constraining capital allocation and limiting upside until maturities are refinanced or deleveraging occurs.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Consistently positive operating and free cash flow indicates durable cash conversion of earnings, supporting distributions, reinvestment and debt servicing. Even with slower growth, strong cash generation provides flexibility for capex, opportunistic M&A and managing refinancing timing over the next 2–6 months.
Read all positive factors
National Storage Affiliates (NSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.70B
Dividend Yield8.28%
Average Volume (3M)2.27M
Price to Earnings (P/E)29.3
Beta (1Y)0.56
Revenue Growth-2.26%
EPS Growth-40.25%
CountryUS
Employees1,466
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.23
Shares Outstanding77,112,470
10 Day Avg. Volume832,318
30 Day Avg. Volume2,268,945
Financial Highlights & Ratios
PEG Ratio-0.72
Price to Book (P/B)2.29
Price to Sales (P/S)2.87
P/FCF Ratio7.21
Enterprise Value/Market Cap1.16
Enterprise Value/Revenue8.77
Enterprise Value/Gross Profit19.08
Enterprise Value/Ebitda14.01
Forecast
1Y Price Target
$38.50Price Target Upside-11.04% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)0.55
Revenue Forecast (FY)$719.88M
National Storage Affiliates Business Overview & Revenue Model
Company Description
National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As ...
How the Company Makes Money
NSA primarily makes money by generating rental income from self-storage units across its property portfolio. Customers rent storage space (generally on month-to-month agreements) and pay recurring rent, which represents the company’s core revenue ...
National Storage Affiliates Key Performance Indicators (KPIs)
Any
Ending Same-Store Occupancy
Indicates the percentage of storage units occupied at the end of a period in stores open for at least a year, reflecting demand stability and pricing power.
Indicates the percentage of storage units occupied at the end of a period in stores open for at least a year, reflecting demand stability and pricing power.
Data provided by:
The Fly
The FlyNational Storage Affiliates Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 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
58
Neutral
Balance Sheet
55
Neutral
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 752.93M | 770.34M | 858.06M | 801.57M | 585.67M |
| Gross Profit | 346.06M | 558.48M | 629.08M | 590.54M | 430.41M |
| EBITDA | 471.14M | 531.15M | 626.72M | 532.21M | 379.00M |
| Net Income | 73.78M | 111.52M | 156.67M | 103.74M | 105.25M |
Balance Sheet | |||||
| Total Assets | 5.08B | 5.35B | 5.93B | 6.07B | 5.56B |
| Cash, Cash Equivalents and Short-Term Investments | 23.64M | 50.41M | 64.98M | 35.31M | 25.01M |
| Total Debt | 3.43B | 3.47B | 3.68B | 3.58B | 2.96B |
| Total Liabilities | 3.55B | 3.59B | 3.81B | 3.68B | 3.08B |
| Stockholders Equity | 946.04M | 1.08B | 1.42B | 1.65B | 1.78B |
Cash Flow | |||||
| Free Cash Flow | 299.81M | 342.49M | 406.03M | 400.12M | 303.35M |
| Operating Cash Flow | 338.50M | 363.06M | 441.58M | 443.85M | 331.35M |
| Investing Cash Flow | 19.86M | 425.42M | 161.10M | -584.16M | -2.00B |
| Financing Cash Flow | -385.47M | -825.42M | -557.19M | 154.64M | 1.67B |
National Storage Affiliates Technical Analysis
Positive
43.28
Price Trends
36.13
Positive
32.80
Positive
31.14
Positive
Market Momentum
1.92
Negative
74.86
Negative
89.89
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NSA, the sentiment is Positive. The current price of 43.28 is above the 20-day moving average (MA) of 39.44, above the 50-day MA of 36.13, and above the 200-day MA of 31.14, indicating a bullish trend. The MACD of 1.92 indicates Negative momentum. The RSI at 74.86 is Negative, neither overbought nor oversold. The STOCH value of 89.89 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NSA.
National Storage Affiliates Risk Analysis
National Storage Affiliates disclosed 39 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $1.56B | 11.59 | 6.29% | 13.07% | -13.80% | -28.74% | |
74 Outperform | $31.33B | 28.69 | 6.97% | 5.01% | 4.16% | 3.52% | |
73 Outperform | $52.94B | 22.59 | 20.48% | 4.63% | 2.90% | -3.92% | |
71 Outperform | $9.19B | 25.18 | 11.96% | 5.69% | 5.02% | -15.68% | |
67 Neutral | $63.05M | 44.10 | 4.34% | 5.63% | 1.40% | -4.84% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
65 Neutral | $5.70B | 29.30 | 7.46% | 8.28% | -2.26% | -40.25% |
* Real Estate Sector Average
NSA
National Storage Affiliates
42.49
7.37
20.97%
CUBE
Cubesmart
40.14
-0.40
-0.98%
EXR
Extra Space Storage
142.02
-0.70
-0.49%
PSA
Public Storage
301.55
13.41
4.65%
IIPR
Innovative Industrial Properties
54.49
7.20
15.22%
SELF
Global Self Storage
5.56
0.64
12.96%
National Storage Affiliates Corporate Events
Business Operations and StrategyM&A Transactions
National Storage Affiliates Agrees to Acquisition by Public Storage
Positive
Mar 17, 2026
On March 16, 2026, National Storage Affiliates Trust agreed to be acquired by fellow self-storage REIT Public Storage in a stock-for-unit merger that will fold the company and its operating partnership into Public Storage’s structure. Common...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
National Storage Affiliates to Merge with Public Storage
Positive
Mar 16, 2026
On March 16, 2026, Public Storage and National Storage Affiliates agreed to an all-stock merger valuing NSA at about $10.5 billion, giving NSA investors 0.14 PSA shares or units per NSA share and creating a self-storage giant with roughly $57 bill...
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.