National Storage Affiliates Trust

Listed Company

NSACIK 0001618563NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$752.93M

Net Income

$73.78M

Total Assets

—

Equity

—

Shares Out

77.21M

Op. Cash Flow

$338.50M

NSA$44.50+41.70% · past yearDBEQ Basic

Daily closing prices

Business

National Storage Affiliates Trust is a fully integrated, self-administered REIT that owns, operates, and acquires self-storage properties predominantly in the top 100 U.S. metropolitan areas under brands including iStorage, Move It, Northwest, RightSpace, SecurCare, and Southern. The company holds interests in consolidated properties it owns outright and unconsolidated real-estate ventures in which it maintains minority stakes. Growth is pursued through direct acquisitions, institutional joint ventures with promoted-return structures, and management fees from operating third-party properties.

Summary from 10-K filed 2026-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenue	678	700	794	749	542
Total revenue	753	770	858	802	586
Property operating expenses	218	212	229	211	155
General and administrative expenses	51	58	59	59	51
Depreciation and amortization	189	190	222	233	158
Other	16	14	11	9	3
Total operating expenses	474	473	521	512	367
Interest expense	−162	−154	−166	−111	—
Loss on early extinguishment of debt	0	−323,000	−758,000	0	0
Equity in (losses) earnings of unconsolidated real estate ventures	−7	−16	8	8	5
Acquisition and integration costs	−7	−4	−2	−3	—
Non-operating income (expense)	934,000	314,000	−1	−951,000	−906,000
Gain on sale of self storage properties	16	64	64	5	0
Other expense, net	−159	−110	−98	−101	−70
Income before income taxes	119	187	239	188	149
Income tax expense	−3	−4	−2	−5	−2
Net income	116	183	237	184	147
Net income attributable to noncontrolling interests	−42	−72	−80	−80	−42
Net income attributable to National Storage Affiliates Trust	74	112	157	104	105
Distributions to preferred shareholders	−20	−20	−19	−13	−13
Net income attributable to common shareholders	53	91	138	90	92
Earnings per share - basic (in dollars per share)	0.69	1.18	1.58	0.99	1.13
Earnings per share - diluted (in dollars per share)	0.69	1.18	1.48	0.99	0.98
Weighted average shares outstanding - basic (in shares)	77	77	87	91	81
Weighted average shares outstanding - diluted (in shares)	77	77	146	91	135

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Self storage properties	5,815	5,864	5,792	6,392	5,798
Less accumulated depreciation	−1,214	−1,052	−874	−773	−579
Self storage properties, net	4,601	4,812	4,918	5,619	5,219
Cash and cash equivalents	23	50	65	35	25
Restricted cash	310,000	345,000	23	7	3
Debt issuance costs, net	3	6	8	1	2
Investment in unconsolidated real estate ventures	232	246	211	227	188
Other assets, net	185	218	134	156	102
Assets held for sale, net	15	0	550	0	—
Operating lease right-of-use assets	21	21	22	24	22
Total assets	5,080	5,354	5,932	6,070	5,563
Debt financing	3,405	3,449	3,658	3,551	2,941
Accounts payable and accrued liabilities	95	99	93	80	59
Interest rate swap liabilities	4	471,000	3	483,000	34
Operating lease liabilities	23	23	24	26	24
Deferred revenue	20	20	27	23	22
Total liabilities	3,546	3,591	3,806	3,681	3,080
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred Stock, Value, Outstanding	341	341	341	225	218
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 77,089,734 and 76,344,661 shares issued and outstanding at December 31, 2025 and 2024, respectively	771,000	763,000	823,000	898,000	912,000
Additional paid-in capital	1,252	1,249	1,510	1,778	1,867
Distributions in excess of earnings	−652	−531	−450	−397	−291
Accumulated other comprehensive income	4	16	21	41	−20
Total shareholders' equity	946	1,076	1,422	1,648	1,775
Noncontrolling interests	588	687	704	741	707
Total equity	1,534	1,763	2,126	2,389	2,482
Total liabilities and equity	5,080	5,354	5,932	6,070	5,563

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	189	190	222	233	158
Amortization of debt issuance costs	6	6	7	4	3
Amortization of debt discount and premium, net	−470,000	−610,000	−561,000	−698,000	−708,000
Gain on sale of self storage properties	−16	−64	−64	−5	0
Other	0	323,000	969,000	992,000	0
Equity-based compensation expense	12	8	7	6	5
Distributions from unconsolidated real estate ventures	20	23	24	24	20
Other assets	8	2	1	−10	−3
Accounts payable and accrued liabilities	−4	5	12	17	8
Deferred revenue	−175,000	−8	3	−688,000	−2
Net Cash Provided by Operating Activities	339	363	442	444	331
Acquisition of self storage properties	−24	−65	−49	−496	−1,966
Capital expenditures	−39	−19	−34	−43	−28
Deposits and advances for self storage property and other acquisitions	−172,000	−198,000	0	0	−800,000
Investment in unconsolidated real estate ventures	−13	−74	0	−55	0
Expenditures for corporate furniture, equipment and other	−561,000	−2	−1	−928,000	−426,000
Acquisition of intangible assets from our former PROs	0	−33	−17	0	−3
Other	0	908,000	0	0	—
Net proceeds from sale of self storage properties	96	617	262	11	0
Net Cash Provided by Investing Activities	20	425	161	−584	−1,998
Borrowings under debt financings	636	1,270	1,319	1,572	2,349
Redemption of OP equity	−8	−10	0	0	—
Repurchase of common shares	0	−275	−310	−90	0
Principal payments under debt financings	−680	−1,480	−1,211	−960	−1,322
Payment of dividends to common shareholders	−175	−172	−191	−196	−132
Payment of dividends to preferred shareholders	−20	−20	−19	−13	−13
Distributions to noncontrolling interests	−134	−135	−141	−141	−102
Debt issuance costs	−3	−4	−4	−16	−5
Equity offering costs	−583,000	−699,000	0	−772,000	−2
Net Cash Used in Financing Activities	−385	−825	−557	155	1,673
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash	−27	−37	45	14	6
Cash paid for interest	156	145	144	99	67
Issuance of Series A-1 preferred units, OP units, LTIP units, and subordinated performance units	0	0	67	72	195
Issuance of Series B preferred shares	0	0	113	0	1
Other net liabilities assumed	117,000	296,000	185,000	3	14
Issuance of OP units for acquisition of intangible assets from our former PROs	0	62	0	0	—
Change in accrued capital spending	−1	957,000	1	57,000	−2

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro

Frequently asked questions

What is National Storage Affiliates Trust's CIK number?

National Storage Affiliates Trust's SEC CIK number is 0001618563 (1618563). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find National Storage Affiliates Trust's SEC filings?

All of National Storage Affiliates Trust's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did National Storage Affiliates Trust last report earnings?

National Storage Affiliates Trust (NSA) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001628280-26-030498). This is National Storage Affiliates Trust's most recent earnings filing of record — not a forecast of its next earnings date.

What is National Storage Affiliates Trust's most recent earnings 8-K?

National Storage Affiliates Trust's latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001628280-26-030498. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View National Storage Affiliates Trust's latest earnings 8-K →
Look up any company's CIK number →