National Storage Affiliates Trust (NSA)
NYSEReal EstateReit - IndustrialSnapshot 2026-09-04
$43.410.00%
Close 2026-07-22 · 1-day change
NYSEReal EstateReit - IndustrialSnapshot 2026-09-04
Broken: Recent financial performance freshly dropped to the bottom half of its industry.
National Storage Affiliates Trust keeps paying a steady dividend of $0.57 per share. Core FFO per share is guided to about $2.19 for 2026. Earnings per share are expected near $0.98 in 2026. The company operates in top US metro areas with stable demand for storage.
Revenue growth is very weak, near zero or slightly negative. The stock trades at a very high PE of 60.6, far above peers at 13.8. Guidance is soft and earnings estimates have been revised down recently. Dividend sustainability could be at risk if cash flow weakens.
The price is about 26% above our fair value near $36 and 17% below the Street median near $44. Analysts expect about 1% revenue growth. We see the valuation as stretched given the weak growth outlook and soft guidance.
Breaks if: Core FFO per share falls below $2.13 in 2026
Breaks if: dividend per share falls below $0.57 in 2026
Breaks if: EPS falls below $0.93 in 2026
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a turnaround story in the Real Estate sector. The current thesis is weakened due to recent financial performance dropping and a challenging sector backdrop, which creates uncertainty around future growth.
The market appears to be pricing in a stretched valuation relative to peers, indicating that expectations may be high. The current environment suggests that investors are cautious, given the expensive valuation amidst sector turbulence.
Fundamentals are expected to remain neutral in the near term, as management focuses on completing the merger with Public Storage and maintaining the dividend. However, there is a low miss probability, although past erratic earnings surprises create some uncertainty.
The thesis hinges on several factors, including the successful completion of the merger and management's ability to meet Core FFO per share guidance. Additionally, broader market conditions, such as potential interest rate cuts by the Fed and performance of sector bellwethers, will influence the outlook.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. Recent financial performance dropped from the top half to the bottom half of its industry. This change indicates that the reason to own NSA has weakened. The latest earnings beat does not offset this decline in standing.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Breaks if: revenue growth falls below 0.9% YoY next 12 months
In the next 1 to 3 years, NSA's performance will depend on execution and external market conditions. Not investment advice.