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NSA-PA

National Storage Affiliates Trust

NSA-PA

National Storage Affiliates Trust • NYSE
$21.32 ▲ 0.14% (+0.03)
Market Cap $2.15 B
52w High $23.98
52w Low $21.04
Dividend Yield 1.50%
P/E 20.72
Volume 2.10K
Outstanding Shares 100.90M

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 Q2-2024Q3-2024Q4-2024Q2-2025
Acquisition Fees
Acquisition Fees
 $0 ▲$0 ▲$0 ▲$0 ▲
Property Management Call Center And Platform Fees
Property Management Call Center And Platform Fees
 $0 ▲$0 ▲$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
 $0 ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement The business has grown meaningfully over the past several years, with revenue rising strongly from earlier levels, then easing slightly in the most recent year. Profitability remains positive, and operating performance looks relatively solid for a real estate platform. The latest year shows a dip in sales compared with the prior peak, but a noticeable improvement in profit margins, suggesting the company has managed costs and pricing reasonably well. Net income is positive but not large relative to the size of the business, which is typical for a REIT where depreciation weighs on reported earnings. Overall, the income statement tells a story of a mature growth phase with some recent cooling in top-line momentum but better efficiency per dollar of revenue.

Balance Sheet

Balance Sheet The balance sheet is clearly built around a large real estate portfolio that has expanded significantly over the last few years and then edged slightly lower most recently. Debt has climbed alongside that property growth, and borrowing now represents a substantial portion of the capital structure. Equity increased meaningfully during the heavy expansion period but has trended down since, pointing to pressure from payouts, valuation changes, or transaction-related impacts. Cash on hand is very modest, which is normal for REITs but means the company relies heavily on ongoing cash flow and capital markets. In simple terms, this is a fairly leveraged, asset-heavy balance sheet that depends on stable property cash flows to stay comfortable.

Cash Flow

Cash Flow Cash flow from operations has generally moved upward over time and remains healthy, reflecting the recurring, rent-like nature of self‑storage income. After capital spending, free cash flow has stayed positive and has grown, thanks to relatively modest investment needs for upkeep compared with cash generated from properties. Capital expenditures are present but not aggressive, suggesting a focus on maintaining and selectively improving the portfolio rather than heavy development. Overall, the cash flow profile looks stable and supportive of ongoing obligations, but continued strength depends on occupancy and pricing holding up in a changing economic and rate environment.

Competitive Edge

Competitive Edge National Storage Affiliates sits among the larger self‑storage operators in the country, operating at national scale while historically drawing on local expertise. It competes in a crowded field that includes very large, well‑capitalized rivals, but it differentiates itself with a focus on secondary and smaller markets where competition can be less intense and local knowledge matters more. The shift from a partner‑heavy structure to a more centralized model should make decision‑making and branding more consistent, but it also removes some of the structural uniqueness that originally set the company apart. Its scale helps with marketing, technology, and vendor negotiations, yet it must continue to execute well to avoid being squeezed between larger national giants and nimble local operators.

Innovation and R&D

Innovation and R&D Although this is not a technology company in the traditional sense, it is leaning heavily into operational and digital innovation. The move to the “NSA 2.0” model, with internalized regional operators, is a major strategic change aimed at simplification and cost savings. Rolling out a unified property management system across the portfolio, consolidating brands into a single website, and using a centralized call center all point toward a more data‑driven, tech‑enabled platform. These steps can enhance pricing, marketing efficiency, and customer experience if integrated well. Joint ventures in targeted markets and a leadership focus on digital marketing add to the innovation story. The main risk is execution: realizing the promised efficiencies and growth while managing the complexity of system rollouts and organizational change.

Summary

National Storage Affiliates Trust today looks like a scaled, cash‑generative self‑storage REIT that has transitioned from a fast expansion phase into a more efficiency‑focused stage. The income statement shows solid profitability with recent margin improvement, while the balance sheet carries meaningful leverage tied to a large property base. Cash generation is a key strength, supporting both operations and capital needs, though low cash balances and higher debt make ongoing access to financing and stable occupancy important. Competitively, the company benefits from national scale and experience in less crowded markets but still faces strong pressure from larger peers and local players. Its NSA 2.0 strategy, centered on internalization and technology, offers clear opportunities for better economics and stronger branding, but the outcome will depend on how smoothly these changes are executed in the coming years.