NSA - National Storage Affiliates Tru

National Storage Affiliates Trust is a real estate investment trust (REIT) that owns and operates self-storage facilities under brand names including iStorage, Northwest Self Storage, and SecurCare Self Storage across the United States. The business model is direct-to-consumer and small business rentals of storage units on month-to-month leases, with revenue driven by occupancy rates and rental rate increases across its portfolio. NSA generates approximately $900M in annual revenue, with operations concentrated in the continental United States, particularly in Sun Belt and Pacific Northwest markets. The company operates through a unique affiliated partnership structure where local operators retain partial ownership stakes in their contributed properties.

Past Year Trends

• NSA reported full-year 2025 Core FFO of $2.23 per share, down 8.6% year-over-year, driven by same-store NOI declining 4.5% and same-store revenues falling 2.3% as occupancy dropped 170 basis points to 84.0% at year-end. (Bearish)
• In September 2024, NSA issued $350 million in senior unsecured notes across three tranches (5.40% due 2028, 5.55% due 2031, 5.74% due 2034) with a weighted average maturity of 7.6 years, successfully eliminating all 2025 debt maturities and extending the company's maturity runway. (Bullish)
• NSA reversed its operational decline in Q1 2026, posting same-store NOI growth of +2.0% and period-end occupancy of 84.5% (up 70 basis points year-over-year), marking the company's first positive same-store NOI quarter after multiple quarters of contraction. (Bullish)

Next Year Trends

• Public Storage announced on March 16, 2026 an all-stock acquisition of NSA at an implied price of $41.68 per NSA share (0.14 PSA shares per NSA share), valuing NSA's enterprise at approximately $10.5 billion; the deal is expected to close in Q3 2026, and until closing NSA shares trade at a discount-to-deal-value, capping upside but providing downside protection if the merger closes as announced. (Neutral)
• NSA faces approximately $375 million in principal debt maturities in 2026 plus roughly $360 million in joint venture debt due in October 2026 (NSA's 25% share already incorporated in guidance), which must be refinanced or addressed prior to or as part of the Public Storage merger closing. (Bearish)
• New self-storage supply deliveries are projected to decrease in 2026 after the elevated 2024-2025 construction cycle, which, combined with NSA's April 30, 2026 occupancy already recovering to 84.9% (up 90 basis points year-over-year), positions same-store revenue to inflect positively under NSA's 2026 guidance midpoint of +0.9% revenue growth — assuming the merger timeline holds. (Bullish)

Red Flags

No severe red flags identified as of August 2025.