Earnings summaries and quarterly performance for National Storage Affiliates Trust.
Executive leadership at National Storage Affiliates Trust.
David Cramer
Detailed
Chief Executive Officer and President
CEO
AN
Arlen Nordhagen
Detailed
Vice Chairperson
BT
Brandon Togashi
Detailed
Executive Vice President, Chief Financial Officer and Treasurer
JE
John Esbenshade
Detailed
Chief Accounting Officer
TF
Tamara Fischer
Detailed
Executive Chairperson
TK
Tiffany Kenyon
Detailed
Executive Vice President, Chief Legal Officer and Secretary
WC
William Cowan
Detailed
Executive Vice President and Chief Strategy Officer
Board of directors at National Storage Affiliates Trust.
Research analysts who have asked questions during National Storage Affiliates Trust earnings calls.
Michael Goldsmith
UBS
7 questions for NSA
Also covers: ADC, AHR, AMH +39 more
RK
Ronald Kamdem
Morgan Stanley
7 questions for NSA
Also covers: AAT, ADC, AHR +37 more
Todd Thomas
KeyBanc Capital Markets
7 questions for NSA
Also covers: AAT, AKR, BRX +21 more
Eric Wolfe
Citi
6 questions for NSA
Also covers: AMH, AVB, CPT +13 more
OO
Omotayo Okusanya
Deutsche Bank AG
6 questions for NSA
Also covers: AMH, ARE, AVB +43 more
Samir Khanal
Bank of America
6 questions for NSA
Also covers: AKR, BRX, COLD +18 more
Juan Sanabria
BMO Capital Markets
5 questions for NSA
Also covers: AHR, AMH, BRX +22 more
Michael Griffin
Citigroup Inc.
5 questions for NSA
Also covers: AHR, ALX, ARE +35 more
RV
Ravi Vaidya
Mizuho
5 questions for NSA
Also covers: AAT, CUBE, EPRT +11 more
SM
Salil Mehta
Green Street
4 questions for NSA
Also covers: EXR
Brendan Lynch
Barclays
3 questions for NSA
Also covers: AMT, BXP, CCI +24 more
AA
Annabelle Ayer
Barclays
2 questions for NSA
Also covers: VNO
Jeffrey Spector
BofA Securities
2 questions for NSA
Also covers: AKR, AMH, AVB +25 more
Robin Haneland
BMO Capital Markets
2 questions for NSA
Also covers: GMRE, NHI
SA
Spenser Allaway
Green Street
2 questions for NSA
Also covers: ADC, BNL, CUBE +8 more
WG
Wes Golladay
Baird
2 questions for NSA
Also covers: AHR, CTRE, DOC +7 more
WG
Wesley Golladay
Robert W. Baird & Co.
2 questions for NSA
Also covers: ADC, AHR, ARE +25 more
Eric Luebchow
Wells Fargo
1 question for NSA
Also covers: AMT, CCI, CUBE +10 more
Jon Petersen
Jefferies
1 question for NSA
Also covers: AHH, CORZ, CUBE +12 more
NC
Nathan Crossett
Baird
1 question for NSA
Also covers: IRM
N[
Nathan [Last Name Inaudible]
Baird
1 question for NSA
SA
Samuel A.A. Ohiomah
Deutsche Bank
1 question for NSA
Also covers: ADC
SG
Spenser Glimcher
Green Street Advisors, LLC
1 question for NSA
Also covers: ADC, CUBE, EPR +4 more
Recent press releases and 8-K filings for NSA.
National Storage Affiliates Reports Q4 2025 Results and Provides 2026 Guidance
NSA
Earnings
Guidance Update
Debt Issuance
- National Storage Affiliates (NSA) reported Q4 2025 Core FFO per share of $0.57 and full-year 2025 Core FFO per share of $2.23, both at the high end of their guidance range.
- The company's portfolio performance showed a positive inflection, with Q4 2025 same-store revenue growth down 70 basis points (an improvement from Q3's 260 basis point decline) and year-over-year occupancy up 20 basis points in January 2026.
- For 2026, NSA guided to same-store revenue growth of 90 basis points, flat same-store NOI growth, and Core FFO per share of $2.19. The company anticipates covering 100% of its dividend by Q4 2026.
- NSA continued portfolio optimization in 2025, selling 15 properties for $97 million and acquiring 10 properties for $75 million. The company faces $375 million in debt maturities in 2026 and reported net debt to EBITDA of 6.6x at quarter-end.
2 days ago
National Storage Affiliates Trust Reports Q4 2025 Results and Provides 2026 Guidance
NSA
Earnings
Guidance Update
Revenue Acceleration/Inflection
- National Storage Affiliates Trust reported Core FFO per share of $0.57 for Q4 2025 and $2.23 for the full year 2025, reaching the high end of its guidance range.
- The company experienced a significant improvement in same-store revenue growth, declining 70 basis points in Q4 2025 compared to a 260 basis point decline in Q3 2025, with year-over-year occupancy improving to down 70 basis points at year-end and up 20 basis points in January 2026.
- For 2026, NSA issued guidance with a midpoint of $2.19 for Core FFO per share, 90 basis points for same-store revenue growth, and flat same-store NOI growth.
- The company plans to address $375 million in debt maturities in 2026 and projects $50 million-$150 million in both acquisitions and dispositions as part of its portfolio optimization efforts.
- Management anticipates move-in rates will be negative for the first four to five months of 2026 due to challenging prior-year comparisons, with an expected return to neutral to positive rates by mid-year.
2 days ago
NSA Reports Q4 2025 Results and Provides 2026 Guidance
NSA
Earnings
Guidance Update
Revenue Acceleration/Inflection
- National Storage Affiliates (NSA) reported Q4 2025 Core FFO per share of $0.57 and full-year 2025 Core FFO per share of $2.23, both at the high end of their guidance range.
- The company experienced a significant improvement in same-store revenue, which declined 70 basis points in Q4 2025, a substantial improvement from the 260 basis point decline in Q3 2025. Year-over-year occupancy improved to down 70 basis points at the end of 2025 and turned positive, up 20 basis points, in January 2026.
- For 2026, NSA provided guidance with midpoints including a Core FFO per share of $2.19, same-store revenue growth of 90 basis points, and flat same-store NOI growth.
- NSA's net debt to EBITDA was 6.6x at the end of Q4 2025, slightly above its target range. The company also has $375 million in debt maturities in 2026 and plans for $50 million-$150 million in acquisitions and dispositions.
2 days ago
National Storage Affiliates Trust Reports Fourth Quarter and Full Year 2025 Results
NSA
Earnings
Guidance Update
New Projects/Investments
- National Storage Affiliates Trust reported net income of $36.8 million and diluted earnings per share of $0.23 for the fourth quarter of 2025, an increase of 40.8% and 53.3% respectively, compared to the fourth quarter of 2024. For the full year 2025, net income was $116.3 million and diluted EPS was $0.69, representing decreases of 36.6% and 41.5% respectively from full year 2024.
- Core FFO per share decreased by 5.0% to $0.57 for the fourth quarter of 2025 and by 8.6% to $2.23 for full year 2025, compared to the respective periods in 2024.
- Same store net operating income (NOI) decreased by 0.7% for the fourth quarter of 2025 and by 4.5% for full year 2025, primarily driven by decreases in same store total revenues.
- The company provided 2026 guidance, projecting Core FFO per share between $2.13 and $2.25, and same store NOI growth ranging from (2.0)% to 2.0%.
3 days ago
National Storage Affiliates Trust Reports Q4 and Full Year 2025 Results
NSA
Earnings
Dividends
M&A
- National Storage Affiliates Trust reported net income of $36.8 million and diluted earnings per share of $0.23 for Q4 2025, an increase of 40.8% and 53.3% respectively, compared to Q4 2024. For the full year 2025, net income was $116.3 million and diluted EPS was $0.69, representing a decrease of 36.6% and 41.5% respectively from full year 2024.
- Core FFO per share decreased by 5.0% to $0.57 for Q4 2025 and decreased by 8.6% to $2.23 for full year 2025 compared to the respective periods in 2024, primarily due to a decrease in same-store Net Operating Income (NOI) and increased interest expense.
- Same store NOI decreased by 0.7% for Q4 2025 and 4.5% for full year 2025, driven by decreases in same store total revenues and, for the full year, an increase in property operating expenses. Same store period-end occupancy was 84.0% as of December 31, 2025, a decrease of 70 basis points year-over-year.
- During full year 2025, the company acquired four wholly-owned self-storage properties for approximately $24.9 million and three properties through unconsolidated ventures for approximately $50.0 million, while selling 15 wholly-owned properties for net proceeds of approximately $96.9 million. The Board of Trustees declared cash dividends of $2.28 per common share for full year 2025.
3 days ago
National Storage Affiliates Trust Reports Q3 2025 Earnings and Maintains 2025 Guidance
NSA
Earnings
Guidance Update
New Projects/Investments
- National Storage Affiliates Trust (NSA) reported Core FFO per share of $0.57 for Q3 2025, which was in line with expectations but represented an 8% decline from the prior year period, primarily due to a decrease in same-store Net Operating Income (NOI) and an increase in interest expense.
- Same-store revenues declined 2.6% in Q3 2025, which is a meaningful improvement from the first half of the year, with rental revenue down 2.2% year-over-year in Q3 compared to negative 3.2% in the first half of 2025.
- Occupancy ended October at 84.3%, down 170 basis points year-over-year, while contract rates were up 160 basis points in October compared to last year.
- The company maintained its 2025 guidance ranges for same-store growth and Core FFO per share, with the midpoint implying continued improvement in Q4 and positive momentum into 2026.
- NSA launched a preferred investment program and continues its capital recycling efforts, with its 2023 joint venture acquiring two properties for a total of $32 million.
Nov 4, 2025, 6:00 PM
National Storage Affiliates Trust Reports Third Quarter 2025 Results
NSA
Earnings
Dividends
Demand Weakening
- National Storage Affiliates Trust reported net income of $29.0 million and diluted earnings per share of $0.17 for the third quarter of 2025, representing a 2.5% decrease and a $0.01 decrease, respectively, compared to the third quarter of 2024.
- Core Funds From Operations (Core FFO) per share decreased 8.1% to $0.57 for the third quarter of 2025 compared to the third quarter of 2024.
- Same store net operating income (NOI) decreased 5.7% for the third quarter of 2025, driven by a 2.6% decrease in same store total revenues and a 4.9% increase in same store property operating expenses.
- The company declared a quarterly cash dividend of $0.57 per common share for the third quarter of 2025, which was paid on September 30, 2025.
- Management indicated that the majority of markets showed sequential improvement in same store revenue growth and expects an improvement in self storage fundamentals in 2026 and beyond.
Nov 3, 2025, 9:09 PM
National Storage Affiliates Trust Reports Third Quarter 2025 Results
NSA
Earnings
Guidance Update
New Projects/Investments
- National Storage Affiliates Trust reported net income of $29.0 million for the third quarter of 2025, a 2.5% decrease compared to the third quarter of 2024, with diluted earnings per share at $0.17.
- Core Funds From Operations (Core FFO) per share decreased 8.1% to $0.57 for the third quarter of 2025 compared to the same period in 2024.
- Same store net operating income (NOI) decreased 5.7% for the third quarter of 2025, driven by a 2.6% decrease in same store total revenues and a 4.9% increase in same store property operating expenses.
- The company reaffirmed its full-year 2025 Core FFO guidance in the range of $2.17 to $2.23 per share.
- During the third quarter of 2025, an unconsolidated real estate venture acquired two self-storage properties for approximately $32.0 million, with NSA contributing $8.0 million.
Nov 3, 2025, 9:08 PM
National Storage Affiliates Trust Announces New Joint Venture
NSA
New Projects/Investments
- National Storage Affiliates Trust (NSA) has formed a new joint venture with Investment Real Estate Management, LLC (IRE).
- The joint venture is anticipated to have a total buying power of approximately $350 million.
- NSA committed to providing 75% of the equity capital, up to $105 million, for a preferred equity stake, expecting a 10% preferred return per annum.
- The joint venture plans to deploy this capital over the next 24 months, primarily targeting value-add self storage investments.
Nov 3, 2025, 9:05 PM
Quarterly earnings call transcripts for National Storage Affiliates Trust.
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