National Storage Affiliates Trust (NSA)

Over the past six months (August 2025 - February 2026), NSA reported its second-quarter 2025 results on August 4, 2025, showing a net income decrease year-over-year, a decrease in Core Funds From Operations (Core FFO) per share, and a decrease in same-store net operating income (NOI). NSA also announced quarterly cash dividends. On November 3, 2025, NSA reported its third-quarter 2025 results, with an EPS surpassing analyst estimates, but year-over-year same-store total revenue decreased. During Q3 2025, a joint venture acquired two self-storage properties, and NSA sold two wholly-owned self-storage properties. NSA also announced quarterly dividends. In December 2025, NSA's near-term outlook was challenged by lower occupancy, rising expenses, and a high dividend payout ratio. Wells Fargo lowered its price target for NSA in February 2026, and as of February 6, 2026, the stock closed at $32.17.

The self-storage sector, in which National Storage Affiliates Trust operates, generally performs well across various economic conditions. NSA's tenant behavior has been observed as durable, with no significant changes in length of stay patterns or ability to pay bills. The housing market plays an important role in NSA's business, and transitions within this market are considered beneficial for the company. The general resilience of the self-storage sector and its connection to housing market transitions suggest that demand can be influenced by factors such as moving trends and economic shifts. The focus on operational efficiencies in 2025 is critical given challenging market conditions that saw a decrease in same-store NOI.

National Storage Affiliates Trust (NSA) is a real estate investment trust (REIT) that specializes in the ownership, operation, and acquisition of self-storage properties across the United States, primarily focusing on properties within the top 100 metropolitan statistical areas. Headquartered in Greenwood Village, Colorado, NSA operates within the Real Estate sector, specifically in the Industrial REIT and Specialized REITs industries. NSA's major products and services include standard units, climate-controlled units, and vehicle storage, along with ancillary services such as packing and moving supplies and tenant insurance. The company utilizes a unique Participating Regional Operator (PRO) structure, allowing regional operators to maintain their local branding while benefiting from NSA's national scale and resources. Brands under NSA's management platform include iStorage, SecurCare, RightSpace, Northwest, and Move It.

As of September 30, 2025, National Storage Affiliates Trust held ownership interests in and operated 1,069 self-storage properties across 37 states and Puerto Rico, encompassing approximately 69.8 million rentable square feet. As of June 30, 2023, the company operated 1,117 self-storage properties in 42 states and Puerto Rico, with approximately 72.8 million rentable square feet. NSA is recognized as one of the largest owners and operators of self-storage properties among public and private companies in the United States.

National Storage Affiliates Trust maintains its brand reputation by operating under established local brands, which helps foster strong local identity and customer loyalty in its target markets. The company emphasizes integrity and compliance in its business dealings. NSA also demonstrates corporate responsibility through charity involvement, having donated the equivalent of over five million meals since 2022 through its partnership with Feeding America. In terms of internal reputation, 32% of team members identify as racially or ethnically diverse, and 32% of senior management are women. There were no specific events negatively impacting NSA's brand reputation reported in the past year.

Institutional investors hold a significant portion of National Storage Affiliates Trust's stock, with their collective stake increasing to 93.9% as of September 2025. As of February 4, 2026, there were 648 institutional owners holding a total of 85,751,473 shares. Major institutional owners include Vanguard Group Inc., BlackRock, Inc., Long Pond Capital, LP, and State Street Corp. Individual ownership is also present, with some sources indicating that individuals hold approximately 25.27% of the shares. Key individual owners include John Mina, Kevin Howard, David Lamb, Arlen Dale Nordhagen, and David Cramer.