National Storage Affiliates Trust (NSA) Stock Overview
A real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. More details
| Snowflake Score | |
|---|---|
| Valuation | 0/6 |
| Future Growth | 2/6 |
| Past Performance | 4/6 |
| Financial Health | 0/6 |
| Dividends | 6/6 |
NSA Community Fair Values
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Analyst Price Targets
National Storage Affiliates Trust Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | US$41.87 |
| 52 Week High | US$44.02 |
| 52 Week Low | US$27.43 |
| Beta | 1.09 |
| 1 Month Change | -1.46% |
| 3 Month Change | 22.21% |
| 1 Year Change | 23.44% |
| 3 Year Change | 14.03% |
| 5 Year Change | -13.95% |
| Change since IPO | 222.08% |
Recent News & Updates
Recent updates
Narrative Update • May 21
NSA: Fairly Valued Merger Outlook Will Balance Integration Risks And Opportunities
Analysts lifted the fair value estimate for National Storage Affiliates Trust by about $2.37 to $40.97, reflecting a series of recent price target increases into the low $40s from several firms and updated assumptions around margins, discount rate, and expected P/E. Analyst Commentary Recent Street research around National Storage Affiliates Trust has clustered in a tight range in the low US$40s, which lines up closely with the updated fair value estimate of US$40.97.
New Narrative • May 10
Persistent Supply Pressure And Flat NOI Will Limit Self Storage Earnings Potential
Catalysts About National Storage Affiliates Trust National Storage Affiliates Trust owns and operates self storage properties across multiple U.S. markets. What are the underlying business or industry changes driving this perspective?Narrative Update • Apr 27
NSA: All Stock Merger Timing And Integration Risks Will Pressure Future Returns
The analyst price target for National Storage Affiliates Trust has been raised by about $0.90 to reflect updated fair value inputs and recent research in which several firms lifted their $41 targets and shifted views toward more neutral ratings following sector model revisions and corporate activity. Analyst Commentary Recent Street research around National Storage Affiliates Trust has clustered around a price target of about $41, with several firms revising their views following sector model updates and corporate activity in self storage.Narrative Update • Apr 11
NSA: All Stock Merger And 2026 Storage Fundamentals Will Guide Future Returns
The analyst price target for National Storage Affiliates Trust has been lifted by approximately $1 to about $37.68, as analysts factor in slightly lower discount rate assumptions, modestly higher profit margin expectations, and a reduced future P/E multiple following a series of recent target hikes and rating upgrades toward the $38 to $41 range. Analyst Commentary Recent research on National Storage Affiliates Trust has centered on shifting price targets into the high $30s to low $40s range, along with several rating upgrades as analysts reassess valuation, deal implications, and self storage fundamentals.Narrative Update • Mar 27
NSA: All Stock Deal And 2026 Storage Outlook Will Shape Future Returns
Analysts increased the fair value estimate for National Storage Affiliates Trust by approximately $3.34 to $36.59, reflecting a series of recent price target raises into the $38 to $41 range as firms update models following sector reviews and the announced all-stock deal with Public Storage. Analyst Commentary Recent research on National Storage Affiliates Trust clusters around the proposed all stock acquisition by Public Storage and updated self storage real estate investment trust models.Narrative Update • Mar 11
NSA: 2026 Storage Fundamentals And Mixed REIT Backdrop Will Guide Returns
Analysts have nudged their price expectations for National Storage Affiliates Trust higher, with the updated analyst price target moving from $32.54 to $33.25 as they refresh self storage REIT models following recent sector research and company updates. Analyst Commentary Recent Street research on National Storage Affiliates Trust shows a mix of cautious and constructive views, with several firms updating models around their 2026 REIT outlooks and post Q4 reporting.Narrative Update • Feb 25
NSA: 2026 REIT Backdrop And Storage Fundamentals Will Shape Returns
The consensus analyst price target for National Storage Affiliates Trust has been adjusted slightly as recent changes, including cuts and raises in the $29 to $33 range, reflect analysts balancing sector-wide REIT views with mixed macro and valuation considerations. Analyst Commentary Recent Street research on National Storage Affiliates Trust points to a mixed but engaged analyst view, with modest price target moves in both directions and a cluster of Neutral ratings.Narrative Update • Feb 11
NSA: Mixed 2026 REIT Backdrop And Execution Will Shape Returns
Analysts have trimmed their price target on National Storage Affiliates Trust by about $0.63 to reflect updated fair value and profit margin assumptions, while incorporating a mix of recent target increases and decreases from major firms and a higher future P/E outlook. Analyst Commentary Recent research on National Storage Affiliates Trust shows a mix of optimism and caution, with several firms adjusting price targets in both directions and keeping ratings largely in the Neutral range.Narrative Update • Jan 25
NSA: Joint Venture Preferred Equity And 2026 REIT Backdrop Will Shape Returns
Narrative Update: National Storage Affiliates Trust Analyst Price Target The updated analyst price target for National Storage Affiliates Trust edges slightly lower to about $33.17 from $33.30 as analysts refresh their assumptions on discount rate, modest revenue growth, profit margin, and future P/E in light of mixed but generally constructive storage focused REIT sector research. Analyst Commentary Recent research on National Storage Affiliates Trust has been fairly balanced, with some analysts nudging price targets higher and others trimming them, all while keeping ratings around Neutral or Equal Weight.Narrative Update • Jan 09
NSA: Joint Venture And 2026 REIT Backdrop Are Expected To Support Upside
Analysts trimmed their price target on National Storage Affiliates Trust to $29 from $30, tying the move to a slightly lower discount rate, modest tweaks to long term growth and margin assumptions, and a cautious view on REITs ahead of a potential sector turnaround in 2026. Analyst Commentary Bullish Takeaways Bullish analysts point to expected total returns in the 9% to 11% range for REITs in 2026 as a supportive backdrop for National Storage Affiliates Trust, suggesting the current valuation already reflects a fair amount of caution.Narrative Update • Dec 25
NSA: Joint Venture Expansion Will Support Future Upside Despite Earnings Headwinds
Analysts have nudged their price target for National Storage Affiliates Trust slightly lower, trimming fair value by about $0.27 to roughly $33.30 as they incorporate a modestly higher discount rate and softer long term revenue growth assumptions, partly offset by slightly improved profit margin and valuation expectations. What's in the News NSA reaffirmed 2025 guidance, continuing to project total revenue growth between negative 3.0% and negative 2.0% and diluted EPS of $0.71 to $0.74, signaling ongoing top line pressure but stable earnings expectations (company guidance).Seeking Alpha • Dec 23
National Storage Affiliates Trust: In-Depth Credit Analysis And Risk Assessment
Summary National Storage Affiliates Trust receives a Baa3 credit rating using Moody's methodology, reflecting both strengths and leverage concerns. NSA's diversified portfolio spans 1,069 properties across 37 states, with 70% of assets unencumbered and a market-adjusted asset coverage ratio of 271%. High leverage (net debt/EBITDA of 8.33) and total debt plus preferred stock at 61% of assets constrain credit quality, despite solid market positioning. Preferred shares trade below par with NSA.PR.B offering a yield to worst near 7%. Read the full article on Seeking AlphaNarrative Update • Dec 11
NSA: Joint Venture Pipeline Will Support Future Upside Despite Rate Headwinds
Analysts have marginally raised their price target on National Storage Affiliates Trust to approximately $33.57 from about $33.43, reflecting a slightly lower discount rate, modestly improved profit margin expectations, and a recalibration of fair value despite recent target reductions such as UBS moving to $32. Analyst Commentary Analyst sentiment on National Storage Affiliates Trust remains mixed, with recent target revisions reflecting a recalibrated outlook on both valuation and execution risk.Narrative Update • Nov 27
NSA: Joint Venture And Efficient Operations Will Drive Upside Potential
Analysts have recently lowered their price target for National Storage Affiliates Trust from approximately $33.77 to $33.43, citing updated growth forecasts, modestly higher discount rates, and reassessed profit margin expectations. Analyst Commentary Market watchers have updated their assessments on National Storage Affiliates Trust, reflecting mixed sentiment regarding the company's outlook following the recent adjustment in price targets.Narrative Update • Oct 27
Urban Migration Trends And Digital Shifts Will Shape Storage Recovery Ahead
The analyst price target for National Storage Affiliates Trust has been reduced from $34.50 to approximately $33.77. This change reflects updated analyst expectations for fundamentals and moderate industry growth.Narrative Update • Sep 05
Urban Migration And Digital Advances Will Revitalize Self Storage
Analysts have adopted a more cautious outlook on National Storage Affiliates Trust due to muted near-term growth and a decline in move-in rates, leading to a consensus price target that remains unchanged at $34.50 but reflects tempered expectations for gradual fundamental improvement. Analyst Commentary Bearish analysts point to muted near-term growth expectations and a recent decline in move-in rates, despite some signs of fundamentals bottoming.Seeking Alpha • Feb 11
National Storage Affiliates: Core FFO May Reach $2.55/Share In 2025
Summary National Storage Affiliates is a storage REIT with 66% exposure to the Sunbelt region. The company only has 5% floating rate debt, which coupled with ongoing refinancing of fixed-rate debt indicates little benefits from Fed rate cuts. That said, occupancy appears to be stabilizing, which could allow net operating income to return to growth in 2025. I think the company's preferred shares offer better value at the moment thanks to a sizable equity cushion, well-covered distributions, and capital appreciation potential. Key risks to consider are no stabilization in operating performance in 2025 and lower-than-expected population growth in the Sunbelt region. Read the full article on Seeking AlphaSeeking Alpha • Nov 20
National Storage Affiliates: A Sunbelt Star To Buy At The Right Price
Summary National Storage Affiliates has delivered an outsized total return since March, outperforming the S&P 500's 13% rise over the same period. NSA's unique PRO structure and focus on the Sunbelt market have driven strong long-term returns, despite recent near-term pressures on revenue and occupancy. NSA's internalization of management on PRO properties and limited new supply in key markets position it for future growth, but the current valuation appears fully priced. I recommend a 'Hold' rating for NSA at the current price, with a more attractive entry point at a 10% discount from the current price. Read the full article on Seeking AlphaSeeking Alpha • Sep 06
National Storage: No More Upside (Rating Downgrade)
Summary While I previously found NSA undervalued and made successful investments, it is now time to enjoy the 6%+ yield from dividends as the buying opportunity has passed. NSA was previously rated as a "Buy", but now the company has reached its upside potential and is no longer considered a buyable company. Despite historical support for higher valuations, factors like earnings growth and FFO growth do not support further rise in valuation. Read the full article on Seeking Alpha
New Narrative • Aug 30
Operational Risks And Market Challenges Threaten Revenue And Margin Growth
Transitioning PRO managed stores to NSA's platform and pushing early electronic customer rate increases carry operational risks and depend on customer acceptance.Seeking Alpha • Jul 05
National Storage: Upside Remains After My Last Article
Summary National Storage Affiliates (NSA) has seen over 20% outperformance since the last update. NSA is executing strategic initiatives, including asset rotation and JV partnerships, to improve portfolio concentration and generate capital. Despite projected FFO decline, NSA remains appealing due to valuation, potential growth, and historical performance. Read the full article on Seeking AlphaShareholder Returns
| NSA | US Specialized REITs | US Market | |
|---|---|---|---|
| 7D | -2.0% | -1.3% | 1.2% |
| 1Y | 23.4% | 1.1% | 27.0% |
Return vs Industry: NSA exceeded the US Specialized REITs industry which returned 1.9% over the past year.
Return vs Market: NSA underperformed the US Market which returned 28.2% over the past year.
Price Volatility
| NSA volatility | |
|---|---|
| NSA Average Weekly Movement | 9.3% |
| Specialized REITs Industry Average Movement | 3.6% |
| Market Average Movement | 7.2% |
| 10% most volatile stocks in US Market | 16.9% |
| 10% least volatile stocks in US Market | 3.0% |
Stable Share Price: NSA has not had significant price volatility in the past 3 months compared to the US market.
Volatility Over Time: NSA's weekly volatility (9%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2013 | 1,458 | Dave Cramer | www.nationalstorageaffiliates.com |
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2026, the Company held ownership interests in and operated 1,061 self storage properties, located in 37 states and Puerto Rico with approximately 69.3 million rentable square feet, excluding three properties classified as held for sale, that were sold to a third party in April 2026. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States.
National Storage Affiliates Trust Fundamentals Summary
| NSA fundamental statistics | |
|---|---|
| Market cap | US$5.31b |
| Earnings (TTM) | US$58.01m |
| Revenue (TTM) | US$749.54m |
55.7x
P/E Ratio4.3x
P/S RatioIs NSA overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| NSA income statement (TTM) | |
|---|---|
| Revenue | US$749.54m |
| Cost of Revenue | US$174.05m |
| Gross Profit | US$575.49m |
| Other Expenses | US$517.48m |
| Earnings | US$58.01m |
Last Reported Earnings
Mar 31, 2026
Next Earnings Date
n/a
| Earnings per share (EPS) | 0.75 |
| Gross Margin | 76.78% |
| Net Profit Margin | 7.74% |
| Debt/Equity Ratio | 231.7% |
How did NSA perform over the long term?
See historical performance and comparisonDividends
5.4%
Current Dividend Yield68%
Payout RatioDoes NSA pay a reliable dividends?
See NSA dividend history and benchmarks| National Storage Affiliates Trust dividend dates | |
|---|---|
| Ex Dividend Date | Jun 15 2026 |
| Dividend Pay Date | Jun 30 2026 |
| Days until Ex dividend | 11 days |
| Days until Dividend pay date | 26 days |
Does NSA pay a reliable dividends?
See NSA dividend history and benchmarksCompany Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/02 11:30 |
| End of Day Share Price | 2026/06/02 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
National Storage Affiliates Trust is covered by 27 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Wesley Golladay | Baird |
| Brendan Lynch | Barclays |
| Keegan Carl | Berenberg |