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NSA

National Storage Affiliates Trust

NSA

National Storage Affiliates Trust • NYSE
$29.45 ▼ -0.07% (-0.02)
Market Cap $2.27 B
52w High $45.28
52w Low $28.02
Dividend Yield 2.28%
P/E 48.28
Volume 271.14K
Outstanding Shares 76.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $188.702M ▼ $62.446M ▼ $18.427M ▼ 9.765% ▼ $0.17 ▼ $117.321M ▼
Q2-2025 $188.842M ▲ $64.916M ▼ $19.471M ▲ 10.311% ▲ $0.19 ▲ $119.959M ▲
Q1-2025 $188.354M ▼ $65.737M ▲ $12.994M ▼ 6.899% ▼ $0.1 ▼ $109.23M ▼
Q4-2024 $190.118M ▼ $64.138M ▼ $16.728M ▼ 8.799% ▼ $0.15 ▼ $115.101M ▼
Q3-2024 $193.621M $64.418M $18.701M 9.659% $0.18 $117.87M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.295M ▲ $5.142B ▼ $3.56B ▲ $973.125M ▼
Q2-2025 $26.121M ▲ $5.181B ▼ $3.544B ▼ $1.002B ▼
Q1-2025 $19.266M ▼ $5.255B ▼ $3.563B ▼ $1.034B ▼
Q4-2024 $50.408M ▼ $5.354B ▼ $3.591B ▲ $1.076B ▲
Q3-2024 $69.886M $5.39B $3.589B $986.869M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.016M ▼ $100.188M ▲ $-14.715M ▼ $-85.552M ▲ $-79K ▼ $87.857M ▲
Q2-2025 $30.958M ▲ $79.876M ▼ $35.222M ▲ $-107.328M ▼ $7.77M ▲ $73.538M ▼
Q1-2025 $19.519M ▼ $85.626M ▲ $-9.673M ▲ $-106.531M ▼ $-30.578M ▼ $79.806M ▲
Q4-2024 $26.131M ▼ $80.141M ▼ $-45.49M ▲ $-62.323M ▼ $-27.672M ▼ $74.265M ▲
Q3-2024 $29.771M $105.707M $-73.749M $-20.572M $11.386M $67.719M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Acquisition Fees
Acquisition Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Property Management Call Center And Platform Fees
Property Management Call Center And Platform Fees
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Retail Products And Supplies
Retail Products And Supplies
 $0 ▲$0 ▲$0 ▲$0 ▲
Tenant Insurance And Protection Plan Fees And Commissions
Tenant Insurance And Protection Plan Fees And Commissions
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Tenant Warranty Protection
Tenant Warranty Protection
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown meaningfully over the past several years, though it has recently pulled back from its peak, suggesting the fast growth phase has cooled. Profitability at the property level looks solid, but operating and financing costs are now eating into those gains more than before. Earnings and per‑share profits are still well above early‑period levels, yet they have drifted down from their highs, hinting at pressure from higher interest costs, integration expenses, or a more competitive rental environment. Overall, the business remains profitable, but momentum is softer and less predictable than it was a couple of years ago.

Balance Sheet

Balance Sheet The balance sheet shows a company that scaled up quickly, with assets expanding substantially compared with a few years ago, then flattening and edging down more recently. Debt has climbed a lot over the period and now represents a heavy part of the capital structure, while equity rose for a time and has since come down. Cash on hand is quite small, which is typical for a REIT but means NSA depends heavily on steady cash flows and access to financing markets. In short, the balance sheet supports a sizable portfolio but carries notable leverage and interest‑rate sensitivity.

Cash Flow

Cash Flow Cash flow from operations has improved considerably over the multi‑year period and comfortably covers the company’s relatively modest capital spending needs. Free cash flow has been consistently positive and has trended upward over time, though it appears to have plateaued and softened recently in line with earnings. The low level of required investment to maintain and upgrade properties is a plus, but the higher debt load means more cash is likely being directed toward interest and possibly debt management. Overall, cash generation is a strength, but it must work harder to support both leverage and any growth ambitions.

Competitive Edge

Competitive Edge NSA operates in a fragmented self‑storage market where scale, location, and brand recognition matter. It has moved from a relationship‑driven, regional partner model to a more centralized, corporate structure, trading some local flavor for efficiency and consistency. As a large player, it benefits from marketing reach, purchasing power, and the ability to spread technology investments over many properties, which smaller operators often cannot match. At the same time, it competes with other large self‑storage REITs that are also investing heavily in technology, so execution on this new centralized model will be crucial to maintaining differentiation.

Innovation and R&D

Innovation and R&D Most of NSA’s “R&D” is really about process and technology: a unified cloud‑based property system, a consolidated website, centralized call centers, and growing use of data analytics and AI. These tools aim to streamline operations, sharpen pricing, and make rentals almost entirely digital and self‑service, which can both reduce costs and improve convenience for customers. Management is clearly leaning into automation and data‑driven decisions, and the next phase could include more “smart” facility features and broader use of AI beyond the call center. The big opportunity is better margins and more consistent performance; the risk is the complexity and cost of rolling out and maintaining these systems across a large, diverse portfolio.

Summary

National Storage Affiliates has evolved from a fast‑growing, partnership‑heavy REIT into a more centralized, technology‑driven storage platform. Financially, it has much larger revenues and cash flows than a few years ago, but earnings have cooled from their peak and the company now carries a sizable debt load. The business model throws off steady cash and requires relatively modest ongoing investment, which is a structural advantage, but higher leverage makes interest rates and credit conditions more important. Competitively, NSA’s edge is shifting from local relationships to scale, brand reach, and tech‑enabled efficiency, putting execution on its new strategy at the center of its future performance.

NEWS

November 13, 2025 · 4:05 PM UTC

National Storage Affiliates Trust Announces Quarterly Dividends

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November 3, 2025 · 4:08 PM UTC

National Storage Affiliates Trust Reports Third Quarter 2025 Results

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November 3, 2025 · 4:05 PM UTC

National Storage Affiliates Trust Announces Preferred Equity Investment in Newly Formed Joint Venture

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October 8, 2025 · 4:05 PM UTC

National Storage Affiliates Trust Announces Date of Third Quarter 2025 Earnings Release and Conference Call

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