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
QuarterlyIQ Insights · NSA
How strong the business is — where it ranks within its sector on capital efficiency and cash generation, and how well management has been executing.
How this business ranks within real estate on a research-validated quality screen. As of 2026-07-31.
The screen ranks NSA against its sector on four durable signals: share dilution, return on capital, free-cash-flow yield, and FCF margin. Historically the highest-quality names tended toward better typical outcomes and fewer bad years over multi-year holds (strongest at three years, modest at one), and that pattern showed up even before the price moved. It characterizes business quality, not price direction.
Each leg is a sector-relative percentile (higher is better); 3 of 4 legs were available for this name. The composite is built from these four; the raw value follows each percentile for context.
A forward quality tilt, not a price prediction, and context for your own research rather than a recommendation. Not investment advice.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 2 of the last 3 quarter-over-quarter moves. Historically, Real Estate names rated neutral grew net income 51% of the time over the next year (vs 56% for the rest of the cohort, n=3706).
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
A guidance track record builds as the company issues and delivers on guidance.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Finalize the acquisition by Public Storage, expected to close around July 22, 2026, subject to shareholder approval and customary closing conditions.
Stated as a priority in 3 disclosures including 2026-Q1 earnings and July 2026 press releases. The merger with Public Storage is expected to close around July 22, 2026, following shareholder approval on July 14, 2026. Management has consistently emphasized this timeline and the transaction remains on track for completion in Q3 2026.
“The merger is expected to close in the third quarter of 2026, subject to the approval of the Company's equity holders.”
Continue paying a quarterly cash dividend of $0.57 per common share, including a special prorated dividend related to the pending merger.
Management stated this priority in 3 disclosures including 2025-Q4 and 2026-Q1 earnings and a July 2026 press release. The quarterly dividend remained steady at $0.57 per share through 2026-Q1, with a special prorated dividend of $0.0336 declared in July 2026 related to the pending merger. The dividend policy has been consistently maintained and adjusted appropriately for the transaction.
Deliver Core Funds From Operations per share within the guidance range of $2.13 to $2.25 for fiscal year 2026.
Management stated this priority in 2 disclosures including 2025-Q4 and 2026-Q1 earnings releases. The Core FFO per share guidance for 2026 is set between $2.13 and $2.25. Actual Core FFO per share was $2.23 in 2025, slightly below prior year, with guidance reflecting a narrow range. The trajectory is consistent with management's guidance, though 2026 results are pending due to the pending merger.
“The transaction is expected to be accretive to FFO per share within the first year and approximately $0.35-$0.50 per share accretive upon full realization of synergies in three to four years.”
Maintain or improve same store net operating income (NOI) growth, targeting positive or stable performance in 2026.
Management stated this priority in 2 quarters: 2025-Q4 and 2026-Q1. Same store NOI declined 0.7% in 2025-Q4 compared to 2024-Q4 but improved to a 2.0% increase in 2026-Q1 compared to 2025-Q1. This shows a positive trajectory with management delivering improved same store NOI growth in early 2026.
Continue acquiring and disposing of self storage properties to optimize portfolio size and quality, including joint ventures.
Management stated this priority in 2 quarters: 2025-Q4 and 2026-Q1. NSA acquired one property for $10.4 million in 2026-Q1 and sold three properties for $20.6 million in 2026-Q1 and $21.1 million in 2025-Q4. This reflects ongoing active portfolio management with acquisitions and dispositions consistent with stated priorities.
Over the trailing year it converted 2.27x of net income into operating cash flow. Historically, Real Estate names rated neutral grew net income 57% of the time over the next year (vs 46% for the rest of the cohort, n=2946).
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity (low R² over the window).
13 material management or governance events in the past 24 months, led by executive changes. Historically, Real Estate names rated neutral grew net income 56% of the time over the next year (vs 48% for the rest of the cohort, n=877).
Not investment advice. As of 2026-09-04.
“NSA's Board of Trustees declared a quarterly cash dividend of $0.57 per common share.”
“NSA's Board of Trustees declared a quarterly cash dividend of $0.57 per common share.”
“NSA reaffirms its previously provided Core FFO guidance estimates for the year ended December 31, 2025.”
“Reported an increase in same store net operating income of 2.0% for the first quarter of 2026 compared to the same period in 2025.”
“Reported a decrease in same store net operating income of 0.7% for the fourth quarter of 2025 compared to the same period in 2024.”
“Acquired one wholly-owned self storage property for approximately $10.4 million during the first quarter of 2026.”
“Completed the sale of three wholly-owned self storage properties for approximately $21.1 million.”