National Storage Affiliates (NSA)
Real Estate · Self-storage real estate investment trust
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.
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$44.63 as of 2026-07-09 close
- Market cap$6.1B as of 2026-07-10
- 1-year return+39.9% as of 2026-07-09 close
- P/E77.10 as of 2026-07-10
- Net margin+10.5% as of 2026-07-10
- ROE+8.2% as of 2026-07-10
- Debt / equity3.74 as of 2026-07-10
- Revenue growth (YoY)-1.6% as of 2026-07-10
- Revenue CAGR (3y)-2.1% SEC XBRL
- Beta1.05 as of 2026-07-10
Dividend: yield +5.1%; 5-year non-decreasing per-share dividend streak (SEC XBRL).
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)."]
Competitors & peers
- Public Storage (PSA)
- Life Storage (LSI)
- CubeSmart (CUBE)
- Extra Space Storage (EXR)
- Acadia Realty Trust (AKR)
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.