NSA · National Storage Affiliates Trust - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $185.40M | - | $188.70M | $188.84M | $188.35M | - | $193.62M | $190.45M | $196.15M | - |
| Cost of Revenue | $52.03M | - | $55.35M | $55.63M | $55.10M | - | $52.71M | $52.20M | $54.69M | - |
| Gross Profit | $133.37M | - | $133.35M | $133.22M | $133.25M | - | $140.91M | $138.25M | $141.45M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $13.23M | - | $11.46M | $12.80M | $13.14M | - | $13.11M | $16.19M | $15.67M | - |
| Total Operating Expenses | $114.50M | - | $117.79M | $120.54M | $120.84M | - | $117.13M | $118.47M | $121.19M | - |
| D&A | $46.14M | - | $46.88M | $47.61M | $48.12M | - | $47.66M | $46.71M | $47.33M | - |
| Operating Income | $28.16M | - | $29.89M | $31.08M | $20.64M | - | $30.63M | $32.82M | $95.97M | - |
| Interest Expense | $39.26M | - | $40.55M | $41.27M | $38.12M | - | $39.58M | $37.23M | $38.12M | - |
| Income Tax | $479.0K | - | $871.0K | $120.0K | $1.12M | - | $863.0K | $541.0K | $886.0K | - |
| Net Income | $17.78M | - | $18.43M | $19.47M | $12.99M | - | $18.70M | $17.06M | $59.03M | - |
| EPS - Basic | $0.16 | - | $0.17 | $0.19 | $0.10 | - | $0.18 | $0.16 | $0.67 | - |
| EPS - Diluted | $0.16 | - | $0.17 | $0.19 | $0.10 | - | $0.18 | $0.16 | $0.65 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $27.65M | $23.33M | $26.30M | $26.12M | $19.27M | $50.41M | $69.89M | $58.98M | $64.23M | $64.98M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $5.03B | $5.08B | $5.14B | $5.18B | $5.26B | $5.35B | $5.39B | $5.32B | $5.37B | $5.93B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $3.56B | $3.55B | $3.56B | $3.54B | $3.56B | $3.59B | $3.59B | $3.50B | $3.42B | $3.81B |
| Stockholders' Equity | $912.76M | $946.04M | $973.13M | $1.00B | $1.03B | $1.08B | $986.87M | $1.19B | $1.28B | $1.42B |
| Retained Earnings | ($683.58M) | ($652.24M) | ($626.12M) | ($595.63M) | ($566.35M) | ($530.65M) | ($498.79M) | ($469.77M) | ($439.74M) | ($449.91M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $87.44M | - | - | - | $85.63M | - | - | - | $94.00M | - |
| Investing Cash Flow | ($1.44M) | - | - | - | ($9.67M) | - | - | - | $567.40M | - |
| Financing Cash Flow | ($81.27M) | - | - | - | ($106.53M) | - | - | - | ($660.01M) | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 71.9% | - | 70.7% | 70.5% | 70.7% | - | 72.8% | 72.6% | 72.1% | - |
| Operating margin | 15.2% | - | 15.8% | 16.5% | 11.0% | - | 15.8% | 17.2% | 48.9% | - |
| EBITDA margin | 40.1% | - | 40.7% | 41.7% | 36.5% | - | 40.4% | 41.8% | 73.1% | - |
| Net margin | 9.6% | - | 9.8% | 10.3% | 6.9% | - | 9.7% | 9.0% | 30.1% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 7.1% | - | 6.1% | 6.8% | 7.0% | - | 6.8% | 8.5% | 8.0% | - |
| Effective tax rate | 2.6% | - | 4.5% | 0.6% | 7.9% | - | 4.4% | 3.1% | 1.5% | - |
| Return on assets | 0.4% | - | 0.4% | 0.4% | 0.2% | - | 0.3% | 0.3% | 1.1% | - |
| Return on equity | 1.9% | - | 1.9% | 1.9% | 1.3% | - | 1.9% | 1.4% | 4.6% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 0.7x | - | 0.7x | 0.8x | 0.5x | - | 0.8x | 0.9x | 2.5x | - |
| Equity multiplier | 5.51 | 5.37 | 5.28 | 5.17 | 5.08 | 4.98 | 5.46 | 4.47 | 4.20 | 4.17 |
| Liabilities / Assets | 0.71 | 0.70 | 0.69 | 0.68 | 0.68 | 0.67 | 0.67 | 0.66 | 0.64 | 0.64 |
| Efficiency | ||||||||||
| Asset turnover | 0.04 | - | 0.04 | 0.04 | 0.04 | - | 0.04 | 0.04 | 0.04 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 235.9x | - | 177.8x | 168.4x | 394.0x | - | 267.8x | 257.6x | 60.2x | - |
| P / B | 3.2x | - | 2.4x | 2.4x | 2.9x | - | 3.7x | 2.6x | 4.2x | - |
| P / S | 15.7x | - | 12.3x | 13.0x | 16.0x | - | 18.9x | 16.3x | 27.6x | - |
| EV / EBITDA | 38.8x | - | 29.9x | 30.8x | 43.5x | - | 45.7x | 38.2x | 37.3x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -1.6% | - | -2.5% | -0.8% | -4.0% | - | -11.6% | -11.6% | -5.7% | - |
| Revenue CAGR (3y) | -3.8% | - | -3.0% | -1.7% | 0.2% | - | 8.7% | 11.3% | 16.8% | - |
| Revenue CAGR (5y) | 8.6% | - | 11.5% | 12.6% | 12.6% | - | 13.8% | 14.8% | 16.7% | - |
| Gross profit growth (YoY) | 0.1% | - | -5.4% | -3.6% | -5.8% | - | -12.2% | -12.7% | -6.6% | - |
| Operating income growth (YoY) | 36.4% | - | -2.4% | -5.3% | -78.5% | - | -30.4% | -29.0% | 130.8% | - |
| Net income growth (YoY) | 36.8% | - | -1.5% | 14.1% | -78.0% | - | -36.0% | -42.1% | 103.8% | - |
| EPS growth (YoY) | 60.0% | - | -5.6% | 18.8% | -84.6% | - | -30.8% | -42.9% | 170.8% | - |
| EPS CAGR (3y) | -12.6% | - | -6.8% | -7.5% | -25.3% | - | -11.5% | -13.8% | 121.3% | - |
| EPS CAGR (5y) | 21.7% | - | - | - | - | - | - | - | 52.0% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -11.7% | -12.1% | -1.4% | -15.9% | -19.0% | -24.3% | -32.2% | -26.7% | -21.9% | -13.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$752.93M totalReportable Segment$752.93M · 100.0%
Product / service
$145.74M totalManagement Fees And Other$48.53M · 33.3%
Tenant Warranty Protection$28.00M · 19.2%
Property Related Other$25.91M · 17.8%
Tenant Insurance And Protection Plan Fees And Commissions$22.70M · 15.6%
Property Management Call Center And Platform Fees$18.80M · 12.9%
Retail Products And Supplies$1.50M · 1.0%
Acquisition Fees$300.0K · 0.2%
Peer comparison
Same SIC group: Real Estate Investment Trusts
Comparing National Storage Affiliates Trust against the 5 most active filers in the same SIC group.
Dividends
$2.28/share trailing 12 months · +0.9% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.5700 |
| Dec 15, 2025 | $0.5700 |
| Sep 15, 2025 | $0.5700 |
| Jun 13, 2025 | $0.5700 |
| Mar 14, 2025 | $0.5700 |
| Dec 13, 2024 | $0.5700 |
| Sep 13, 2024 | $0.5600 |
| Jun 14, 2024 | $0.5600 |
| Mar 14, 2024 | $0.5600 |
| Dec 14, 2023 | $0.5600 |
| Sep 14, 2023 | $0.5600 |
| Jun 14, 2023 | $0.5600 |
| Mar 14, 2023 | $0.5500 |
| Dec 14, 2022 | $0.5500 |
| Sep 14, 2022 | $0.5500 |
| Jun 14, 2022 | $0.5500 |
| Mar 14, 2022 | $0.5000 |
| Dec 14, 2021 | $0.4500 |
| Sep 14, 2021 | $0.4100 |
| Jun 14, 2021 | $0.3800 |
| Mar 12, 2021 | $0.3500 |
| Dec 14, 2020 | $0.3500 |
| Sep 14, 2020 | $0.3400 |
| Jun 12, 2020 | $0.3300 |