National Storage Affiliates Trust NSA
National Storage Affiliates Trust is a self-administered real estate investment trust that owns, operates, and acquires self storage properties throughout the United States. As of December 31, 2025, the company held ownership interests in and operated 1,063 self storage properties located in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet configured in approximately 548,000 storage units. The company's consolidated portfolio consisted of 801 self storage properties located in 33 states and Puerto Rico with approximately 51.1 million rentable square feet and approximately 403,000 storage units, while its unconsolidated real estate ventures included 262 properties with approximately 3.2 million rentable square feet and approximately 24,000 storage units. The company operates its properties primarily under the brands iStorage, Move It, Northwest, RightSpace, SecurCare and Southern, and manages its property operations through a centralized national platform.
Business overview written from the company's own Form 10-K (Item 1), filed 2026-02-26 — refreshed whenever it files a new one. The figures above are current; see its SEC filings. ✓ From the 10-K
Plain-English: the Snapshot is the quick read — what it pays you (yield, dividend), how its cash flow looks (FFO/AFFO, Price/OCF) and how much debt it carries. Switch to Expert in the header to hide these explanations.
Snapshot
Reported FFO / Core FFO / leverage are from the Q1 2026 earnings release (filed 2026-05-05) — 8-K, EX-99.1 ✓ Verified to filing.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
$10,000 invested
Illustrative income only, at today's price and latest declared dividend — it excludes price changes, dividend cuts and taxes. Not a forecast.
Model NSA yourself — any amount, shares, per-payment & a multi-year DRIP projection →
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $752.93M | $73.78M | $189.32M | $471.14M | $338.50M |
| 2024 | $770.34M | $111.52M | $189.85M | $531.15M | $363.06M |
| 2023 | $858.06M | $156.67M | $221.99M | $626.72M | $441.58M |
| 2022 | $801.57M | $103.74M | $233.16M | $532.21M | $443.85M |
| 2021 | $585.67M | $105.25M | $158.31M | $379.00M | $331.35M |
| 2020 | $432.22M | $48.61M | $117.17M | $260.92M | $220.65M |
Dividends
Recent regular dividends per share (special distributions excluded), oldest → newest.
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-15 | 2026-06-15 | 2026-06-30 | 2026-05-14 | $0.57 | Quarterly |
| 2026-03-13 | 2026-03-13 | 2026-03-31 | 2026-02-12 | $0.57 | Quarterly |
| 2025-12-15 | 2025-12-15 | 2025-12-31 | 2025-11-13 | $0.57 | Quarterly |
| 2025-09-15 | 2025-09-15 | 2025-09-30 | 2025-08-13 | $0.57 | Quarterly |
| 2025-06-13 | 2025-06-13 | 2025-06-30 | 2025-05-15 | $0.57 | Quarterly |
| 2025-03-14 | 2025-03-14 | 2025-03-31 | 2025-02-13 | $0.57 | Quarterly |
| 2024-12-13 | 2024-12-13 | 2024-12-31 | 2024-11-14 | $0.57 | Quarterly |
| 2024-09-13 | 2024-09-13 | 2024-09-30 | 2024-08-15 | $0.56 | Quarterly |
| 2024-06-14 | 2024-06-14 | 2024-06-28 | 2024-05-16 | $0.56 | Quarterly |
| 2024-03-14 | 2024-03-15 | 2024-03-29 | 2024-02-15 | $0.56 | Quarterly |
| 2023-12-14 | 2023-12-15 | 2023-12-29 | 2023-11-08 | $0.56 | Quarterly |
| 2023-09-14 | 2023-09-15 | 2023-09-29 | 2023-08-17 | $0.56 | Quarterly |
| 2023-06-14 | 2023-06-15 | 2023-06-30 | 2023-05-25 | $0.56 | Quarterly |
| 2023-03-14 | 2023-03-15 | 2023-03-30 | 2023-02-22 | $0.55 | Quarterly |
| 2022-12-14 | 2022-12-15 | 2022-12-30 | 2022-11-09 | $0.55 | Quarterly |
| 2022-09-14 | 2022-09-15 | 2022-09-30 | 2022-08-25 | $0.55 | Quarterly |
| 2022-06-14 | 2022-06-15 | 2022-06-30 | 2022-05-25 | $0.55 | Quarterly |
| 2022-03-14 | 2022-03-15 | 2022-03-31 | 2022-02-24 | $0.50 | Quarterly |
| 2021-12-14 | 2021-12-15 | 2021-12-30 | 2021-11-18 | $0.45 | Quarterly |
| 2021-09-14 | 2021-09-15 | 2021-09-30 | 2021-08-26 | $0.41 | Quarterly |
| 2021-06-14 | 2021-06-15 | 2021-06-30 | 2021-05-27 | $0.38 | Quarterly |
| 2021-03-12 | 2021-03-15 | 2021-03-31 | 2021-02-25 | $0.35 | Quarterly |
| 2020-12-14 | 2020-12-15 | 2020-12-31 | 2020-11-12 | $0.35 | Quarterly |
| 2020-09-14 | 2020-09-15 | 2020-09-30 | 2020-08-20 | $0.34 | Quarterly |
Coverage (payout of operating cash flow): 51.62%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Recent news — NSA
Molina Healthcare Set to Join S&P MidCap 400 and Construction Partners to Join S&P SmallCap 600
Public Storage Announces Anticipated Closing Date of Pending Acquisition of National Storage Affiliates Following Approval by NSA Shareholders
National Storage Affiliates Trust Announces Common Shareholder Approval of Acquisition by Public Storage
National House Prices Reach New High in Slow Motion, According to First American Data & Analytics Monthly Home Price Index Report
National Storage Investor Alert: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of National Storage Affiliates Trust - NSA
Zelis® Launches AI-Native Solution to Help Payers Address Rising IDR Challenges
National Storage Affiliates: I'm Holding Through The Merger
SHAREHOLDER ALERT: The M&A Class Action Firm Continues to Investigate the Merger--CZNL, NSA, CNBN, and ESQ
Headlines via Financial Modeling Prep; links open the original publisher in a new tab. Not an endorsement or investment advice.
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Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.