National Storage Affiliates (NSA)

Real Estate · Self-storage real estate investment trust · NYSE

A nationally-scaled self-storage REIT with 1,063 properties across 37 states, leveraging integrated operations and regional expertise to capitalize on high barriers-to-entry markets.

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What National Storage Affiliates does

National Storage Affiliates Trust (NSA) is a fully integrated self-administered real estate investment trust (REIT) that owns, operates, and acquires self-storage properties predominantly located in the top 100 U.S. metropolitan statistical areas. As of December 31, 2025, NSA operated a geographically diversified portfolio of 1,063 self-storage properties across 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet. The company manages properties under regional brands including iStorage, Move It, Northwest, RightSpace, SecurCare, and Southern, and also earns management fees and other revenue from unconsolidated real estate ventures.

Themes: Self-storage real estate, REIT / real estate investment, Portfolio diversification across top MSAs, Property management operations, Strategic acquisitions and joint ventures

Fundamentals

Price$43.41 as of 2026-07-22 close
Market cap$3.4B as of 2026-07-22
1-year return+35.7% 2025-07-22 close $31.99 → 2026-07-22 close $43.41
P/E42.89 as of 2026-08-24
Net margin+10.5% as of 2026-08-24
ROE+8.2% as of 2026-08-24
Debt / equity3.74 as of 2026-08-24
Revenue growth (YoY)-1.6% as of 2026-08-24
Revenue CAGR (3y)-2.1% SEC XBRL
Beta-0.50 as of 2026-08-24
Last reported earnings2026-05-05 SEC EDGAR Form 8-K (Item 2.02)

Dividend: yield +5.1%; at least 5 years of non-decreasing per-share dividends (SEC XBRL) — we do not hold the year before it, so the real streak may be longer.

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How NSA compares in its sector

price-to-earnings ratiomiddle range 122 covered Real Estate peers, as of 2026-08-24
net profit marginmiddle range 161 covered Real Estate peers, as of 2026-08-24
operating margintop 25% 161 covered Real Estate peers, as of 2026-08-24
return on equitymiddle range 162 covered Real Estate peers, as of 2026-08-24
3-year revenue CAGRbottom 25% 155 covered Real Estate peers
indicated dividend yieldmiddle range 138 covered Real Estate peers, as of 2026-08-24

Position among covered Real Estate companies that report each metric (minimum 5 peers). A relative position within our covered catalog — not a valuation, quality, or investment judgment. A higher percentile is simply a higher value (for P/E, more expensive on earnings — never "better"). Informational only.

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Dividend coverage (FY2025)

Exceeded at least one reported measure. In FY2025, NSA's dividend exceeded at least one reported measure of what it earned or generated (earnings payout 237%, operating-cash-flow payout 52%). A payout above 100% in one year is not necessarily unsustainable, but it is not fully covered by that measure.

Earnings payout237% dividends / net income
Operating-cash-flow payout52% dividends / operating cash flow — capital spending was not reported, so this does not subtract it

Coverage derived from reported SEC EDGAR XBRL figures for FY2025 (dividends paid vs. net income and free cash flow, same fiscal year). This describes PAST coverage for one fiscal year — it does not predict whether a dividend will be maintained, raised, or cut, and a one-year payout ratio can be distorted by non-recurring items. Informational only — not financial advice.

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Analyst consensus

Consensus ratingHold (2.83 mean, 1=Strong Buy…5=Strong Sell) — 8 analysts
Mean price target$44.13 range $40.00 – $53.00; median $43.00

Analyst estimates, as of 2026-08-15. These are third-party analyst opinions and price targets, aggregated — not a recommendation, prediction, or advice from stocks-llm. Informational only.

Analyst EPS estimate for NSA

Consensus EPS estimate$0.06713 next reporting period, as of 2026-08-15

Change over time is not available yet: it needs two readings of the same reporting period at least 30 days apart, and we have been recording these estimates since 2026-08-04. An estimate for a DIFFERENT quarter is not a revision, so a reading from before the last report is never compared with one after it.

The consensus estimate for the next reporting period, and how it has moved between readings of that SAME period. A change is measured only between readings estimating one period — when a company reports, the consensus moves to the next quarter and the two numbers are not comparable. Informational only, not a forecast and not advice.

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Key risks (from latest filing)

["Revenue declined 1.65% year-over-year and rental revenue decreased from Q1 2025 to Q1 2026, indicating market or operational headwinds in the self-storage sector.","High debt financing of $3.4+ billion represents significant leverage relative to the company's market capitalization and could limit operational flexibility.","Integration risks from the internalization of the PRO structure (completed July 1, 2024) and ongoing merger/acquisition integration costs ($9.981 million in Q1 2026 alone)."]

See NSA's biggest risks from its latest 10-Q →

Insider activity (SEC Form 4)

No open-market insider purchases or sales are on record for NSA — recent Form 4 activity was compensation-related (awards, option exercises, or tax withholding), not open-market buying or selling.

View full insider trading history → View SEC Form 3/4/5 filings

Only open-market purchases (SEC code P) and sales (code S) are counted here. Option exercises, vesting/awards, gifts, and shares withheld for taxes are excluded — they are compensation or mechanical, not open-market conviction. Sales may be planned and non-discretionary (e.g. a Rule 10b5-1 plan) and are not necessarily bearish; open-market buying is not a recommendation to buy. Informational only — not financial advice.

Short interest (FINRA)

NSA had 4,597,575 shares of reported short interest as of the 2026-07-15 FINRA settlement date (delayed, bi-monthly; not real-time).

NSA had 5.95% of its shares outstanding sold short as of the 2026-07-15 FINRA settlement date (percent of FLOAT would be higher — float is not disclosed in the source). FINRA reported 4.38 days to cover at the same settlement.

Reported short interest (shares) 4,597,575
Short interest (% of shares outstanding) 5.95%
Prior settlement (shares) 4,159,603
Reported change 10.53%
Days to cover (reported) 4.38

Reported to FINRA as of the 2026-07-15 settlement date. Short interest is reported to FINRA and published on a delayed, bi-monthly schedule (as of a settlement date, disseminated roughly eight business days later) — it is NOT real-time, does not cover every venue or all US trading, and is not a short-squeeze prediction or investment advice. Days-to-cover is the value FINRA reports; percent of float is not shown because the source file carries no share-count denominator — where a percent appears it is of shares OUTSTANDING, the larger base, and is therefore a floor on percent of float. Informational only — not financial advice.

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Competitors & peers

AI-enriched competitor set. Linked names are companies covered by stocks-llm; other named peers are shown for reference only.

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Frequently asked questions

What does National Storage Affiliates (NSA) do?

What sector is National Storage Affiliates (NSA) in?

National Storage Affiliates (NSA) is classified in the Real Estate sector. Its industry is Self-storage real estate investment trust. It trades on NYSE.

Does NSA pay a dividend?

Yes — National Storage Affiliates (NSA) pays a dividend, with an indicated yield of about 5.12% and at least 5 years of non-decreasing per-share dividends (SEC EDGAR XBRL) — we do not hold the year before it, so the real streak may be longer (market data, as of 2026-08-24). Informational only — not financial advice.

Who are National Storage Affiliates's (NSA) competitors?

Notable peers of National Storage Affiliates (NSA) include Public Storage, Life Storage, CubeSmart, Extra Space Storage and Acadia Realty Trust. This peer set is informational only — not financial advice.

Where does stocks-llm's data on NSA come from?

Fundamentals and prices come from market data, as of 2026-08-24; company filings and profile facts come from SEC EDGAR. All figures are delayed daily-close data shown with their as-of date — informational only, not financial advice.

Fundamentals: market data, as of 2026-08-24. Filings: SEC EDGAR. Prices are delayed daily-close data.

Last updated 2026-07-22.

Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & market data, shown with their as-of date.