Tearsheet

National Storage Affiliates Trust (NSA)

Market Price (11/9/2025): $30.72 | Market Cap: $2.4 Bil
Sector: Real Estate | Industry: Self-Storage REITs

National Storage Affiliates Trust (NSA)

Market Price (11/8/2025): $30.72
Market Cap: $2.4 Bil
Sector: Real Estate
Industry: Self-Storage REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield is 13%	Weak multi-year price returns 2Y Excs Rtn is -42%, 3Y Excs Rtn is -85%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 144%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -2.5%
2	Low stock price volatility Vol 12M is 28%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 10%, Dividend Yield is 7.4%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 6.1%, FCF Yield is 13%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 42%
2	Low stock price volatility Vol 12M is 28%
3	Weak multi-year price returns 2Y Excs Rtn is -42%, 3Y Excs Rtn is -85%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 144%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -5.0%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.1%, Rev Chg QQuarterly Revenue Change % is -2.5%

Market Valuation & Key Metrics

	11/8/25	2024	2023	2022	2021
Share Price CYE	$30.72	$36.04	$37.36	$30.64	$56.08
Market Cap CYE ($ Bil)	2.4	2.7	3.1	2.8	5.0
Total Debt ($ Bil)	3.4	3.5	3.7	3.6	3.0
Total Cash ($ Bil)	0.0	0.1	0.1	0.0	0.0
Enterprise Value ($ Bil)	5.8	6.2	6.8	6.4	8.0
Valuation Ratios
P/S TTM	3.1	3.8	4.2	4.1	9.6
P/EBIT TTM	8.7	8.5	8.9	11.0	25.5
P/E TTM	34.9	26.1	23.0	31.8	53.4
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2	4.4	6.6
P/EBIT TTM (Sector)	11.4	12.6	13.1	13.1	16.2
P/E TTM (Sector)	16.1	19.1	19.2	18.0	23.4

	11/8/25	2024	2023
Share Price CYE	$30.72	$36.04	$37.36
Market Cap CYE ($ Bil)	2.4	2.7	3.1
Total Debt ($ Bil)	3.4	3.5	3.7
Total Cash ($ Bil)	0.0	0.1	0.1
Enterprise Value ($ Bil)	5.8	6.2	6.8
Valuation Ratios
P/S TTM	3.1	3.8	4.2
P/EBIT TTM	8.7	8.5	8.9
P/E TTM	34.9	26.1	23.0
Sector Ratios
P/S TTM (Sector)	3.7	4.0	4.2
P/EBIT TTM (Sector)	11.4	12.6	13.1
P/E TTM (Sector)	16.1	19.1	19.2

	NSA	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.8
Rev Chg Q	-2.5%	7.2%
Rev Chg LTM	-5.0%	6.0%
Rev Chg 3Y Avg	-0.1%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.3
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	37.1%	18.8%
CFO/Rev LTM	45.7%	20.5%
Net Inc Mgn	8.9%	13.0%
VALUATION	HIGH
P/S	3.1	3.2
P/CFO	6.8	15.2
P/FCF	7.5	20.0
P/E	34.9	23.6

AI Generated Analysis | Feedback

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NSA Stock

Return (1M): -0.16%

Factor Drivers of Stock Movement

The 5.1% change in NSA stock from 8/8/2025 to 11/7/2025 was primarily driven by a 5.9% change in the company's P/E Multiple.

	8082025	11072025	Change
Stock Price ($)	29.23	30.71	5.07%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	760.93	756.02	-0.65%
Net Income Margin (%)	8.92%	8.94%	0.24%
P/E Multiple	32.92	34.85	5.87%
Shares Outstanding (Mil)	76.47	76.75	-0.36%
Cumulative Contribution			5.07%

LTM = Last Twelve Months as of date shown

The -13.2% change in NSA stock from 5/9/2025 to 11/7/2025 was primarily driven by a -15.5% change in the company's P/E Multiple.

	5092025	11072025	Change
Stock Price ($)	35.38	30.71	-13.20%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	762.54	756.02	-0.86%
Net Income Margin (%)	8.59%	8.94%	4.15%
P/E Multiple	41.26	34.85	-15.53%
Shares Outstanding (Mil)	76.37	76.75	-0.49%
Cumulative Contribution			-13.20%

LTM = Last Twelve Months as of date shown

The -23.8% change in NSA stock from 11/7/2024 to 11/7/2025 was primarily driven by a -56.6% change in the company's Net Income Margin (%).

	11072024	11072025	Change
Stock Price ($)	40.32	30.71	-23.83%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	795.63	756.02	-4.98%
Net Income Margin (%)	20.59%	8.94%	-56.56%
P/E Multiple	18.64	34.85	86.94%
Shares Outstanding (Mil)	75.76	76.75	-1.30%
Cumulative Contribution			-23.84%

LTM = Last Twelve Months as of date shown

The -2.0% change in NSA stock from 11/8/2022 to 11/7/2025 was primarily driven by a -30.0% change in the company's Net Income Margin (%).

	11082022	11072025	Change
Stock Price ($)	31.33	30.71	-1.97%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	766.44	756.02	-1.36%
Net Income Margin (%)	12.78%	8.94%	-30.01%
P/E Multiple	29.26	34.85	19.14%
Shares Outstanding (Mil)	91.47	76.75	16.10%
Cumulative Contribution			-4.51%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

AI Generated Analysis | Feedback

Here are the key points for why National Storage Affiliates Trust (NSA) stock moved by 6.1% during the approximate time period from July 31, 2025, to November 8, 2025:

1. National Storage Affiliates Trust (NSA) reported third-quarter 2025 Funds From Operations (FFO) that exceeded analyst expectations. The company announced FFO of $0.57 per share, beating the Zacks Consensus Estimate of $0.56 per share.

2. The company demonstrated sequential operational improvement in its third-quarter 2025 results. National Storage Affiliates Trust saw a sequential improvement of 40 basis points in both same-store revenue and net operating income compared to the second quarter of 2025. Additionally, occupancy rates improved by 80 basis points, an unusual seasonal trend for the storage sector.

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
NSA Return	12%	98%	-45%	22%	-4%	-17%	18%
Peers Return	13%	89%	-33%	16%	-1%	-11%	47%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
NSA Win Rate	58%	83%	25%	42%	58%	30%
Peers Win Rate	58%	81%	31%	42%	61%	33%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
NSA Max Drawdown	-31%	-5%	-46%	-18%	-15%	-20%
Peers Max Drawdown	-28%	-6%	-34%	-19%	-15%	-15%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PSA, EXR, NSA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique Key	Event	NSA	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-59.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	143.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-40.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	67.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	323 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-23.0%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	29.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	312 days	120 days

Compare to PSA, EXR, NSA

In The Past

National Storage Affiliates Trust's stock fell -59.0% during the 2022 Inflation Shock from a high on 12/31/2021. A -59.0% loss requires a 143.7% gain to breakeven.

Preserve Wealth

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Asset Allocation

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About National Storage Affiliates Trust (NSA)

National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States.

AI Generated Analysis | Feedback

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Better Bets than National Storage Affiliates Trust (NSA)

	NSA	Better Performance than NSA
Metric	Value	Industry (Self-Storage REITs)
Rev Chg LTM	-5.0%	PSA (2.3%), EXR (3.4%)
Rev Chg 3Y Avg	-0.1%	PSA (6.1%), EXR (22.9%)
Op Mgn LTM	37.1%	PSA (47.0%), EXR (43.5%)
CFO/Rev LTM	45.7%	PSA (67.3%), EXR (56.6%)
FCF/Rev LTM	41.7%	PSA (61.2%), EXR (56.0%)
Total Yield	10.3%

	NSA	Better Performance than NSA
Metric	Value	Sector (Real Estate)
Rev Chg LTM	-5.0%	WELL (32.6%), PLD (10.7%), AMT (4.2%), EQIX (5.4%), SPG (4.2%)
Rev Chg 3Y Avg	-0.1%	WELL (20.9%), PLD (18.1%), AMT (0.1%), EQIX (8.5%), SPG (5.7%)
Op Mgn LTM	37.1%	PLD (39.8%), AMT (46.4%), SPG (50.7%), O (45.7%), PSA (47.0%)
CFO/Rev LTM	45.7%	PLD (59.3%), AMT (50.1%), SPG (65.3%), O (67.1%), PSA (67.3%)
FCF/Rev LTM	41.7%	PLD (59.3%), SPG (50.7%), O (67.1%), PSA (61.2%), VICI (62.0%)
Total Yield	10.3%	VICI (14.2%), SUI (12.3%), GLPI (12.9%), HST (11.1%), NNN (10.9%)

	NSA	Better Performance than NSA
Metric	Value	All Other Sectors
Rev Chg LTM	-5.0%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-0.1%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	37.1%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), META (43.2%), LLY (43.0%)
CFO/Rev LTM	45.7%	NVDA (46.6%), MSFT (50.0%), META (56.8%), MA (56.1%), V (57.6%)
FCF/Rev LTM	41.7%	NVDA (43.6%), MA (52.5%), V (53.9%), PLTR (46.0%), BAC (57.3%)
Total Yield	10.3%	BABA (37.9%), TM (2207.0%), MRK (12.6%), T (12.5%), VZ (18.5%)

		Best Bets In Real Estate Sector
	NSA	CTRE	WPC	ADC	NNN	OHI	O	EPRT	GLPI	EPR	FCPT
What You Pay
P/E	34.9	29.3	40.7	42.2	19.5	23.9	54.0	25.2	16.4	19.4	23.0
P/EBIT	8.7	25.5	21.4	25.2	13.0	16.3	24.3	17.7	10.8	11.8	15.6
What You Get
Rev Chg Q	-2.5%	82.4%	8.5%	18.7%	5.3%	12.9%	9.1%	23.7%	3.2%	4.3%	11.0%
Rev Chg LTM	-5.0%	47.6%	5.6%	14.7%	4.5%	13.7%	14.7%	24.2%	4.4%	4.2%	8.3%
Rev Chg 3Y Avg	-0.1%	21.2%	5.6%	19.5%	6.0%	6.3%	21.5%	24.2%	7.4%	3.9%	9.5%
FCF/Rev 3Y Avg	42.6%	88.9%	84.4%	73.1%	73.6%	71.6%	69.5%	69.3%	65.4%	63.9%	61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	National Storage Affiliates Trust Earnings Notes
2	National Storage Affiliates Trust Stock Rallied 5.6% - Have You Assessed the Risk	Return
3	How Does NSA Stack Up Against Its Peers?	Peer Comparison
4	Better Bet Than NSA Stock: Pay Less Than National Storage Affiliates Trust To Get More From UNH, SLB
5	Better Bet Than NSA Stock: Pay Less Than National Storage Affiliates Trust To Get More From HHH
6	Why National Storage Affiliates Trust Stock Moved: NSA Stock Has Lost 45% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
7	NSA Dip Buy Analysis
8	National Storage Affiliates Trust (NSA) Valuation Ratios Comparison	Financials
9	Time To Buy National Storage Affiliates Trust Stock?	Buy or Fear
10	National Storage Affiliates Trust (NSA) Operating Cash Flow Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to NSA. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.9%	-1.9%	-5.8%
NSA_9302022_Dip_Buyer_FCFYield	09302022	NSA	National Storage Affiliates Trust	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	-19.0%	-19.7%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
MPW_10312025_Short_Squeeze	10312025	MPW	Medical Properties Trust	Special	Short Squeeze PotentialShort Squeeze Potential Has potential for a short squeeze. High short interest, rising short interest and high debt.	-1.9%	-1.9%	-5.8%
NSA_9302022_Dip_Buyer_FCFYield	09302022	NSA	National Storage Affiliates Trust	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	3.3%	-19.0%	-19.7%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-58.9%	57.4%
ASPN	Aspen Aerogels	0.3	-52.6%	-67.5%
BHVN	Biohaven	0.8	-52.0%	-77.9%
DD	DuPont de Nemours	16.7	-51.3%	-46.9%
SOC	Sable Offshore	0.5	-48.9%	-76.7%
BLZE	Backblaze	0.3	-43.7%	-3.7%
CCOI	Cogent Communications	1.1	-43.1%	-67.5%
NVTS	Navitas Semiconductor	1.6	-41.8%	119.6%
AIRS	AirSculpt Technologies	0.4	-41.2%	17.9%
ACVA	ACV Auctions	0.9	-40.5%	-75.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.6	207.2%	118.6%
INBX	Inhibrx Biosciences	1.2	130.5%	424.0%
VTYX	Ventyx Biosciences	0.6	127.2%	300.5%
TERN	Terns Pharmaceuticals	1.7	117.3%	233.4%
PUMP	ProPetro	1.1	95.6%	15.1%
SNDK	SanDisk	34.7	84.7%
REPL	Replimune	0.8	79.5%	-31.4%
CSIQ	Canadian Solar	1.9	78.3%	156.0%
VICR	Vicor	3.9	66.2%	80.9%
ESTA	Establishment Labs	1.9	62.0%	41.1%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-72.8%	-76.7%
NTLA	Intellia Therapeutics	1.0	-62.6%	-18.4%
QURE	uniQure	1.5	-56.3%	57.4%
FMC	FMC	1.8	-53.2%	-69.9%
BHVN	Biohaven	0.8	-52.1%	-77.9%
ASPN	Aspen Aerogels	0.3	-51.4%	-67.5%
LRN	Stride	3.1	-50.3%	-30.7%
FI	Fiserv	35.1	-49.4%	-69.0%
WOLF	Wolfspeed	2.8	-49.3%
ELF	e.l.f. Beauty	4.2	-49.1%	-41.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%	-18.4%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	123.6%	233.4%
GDEN	Golden Entertainment	0.8	44.7%	-4.9%
FSLY	Fastly	1.7	39.4%	22.5%
GMED	Globus Medical	11.3	38.9%	1.4%
CSIQ	Canadian Solar	1.9	37.1%	156.0%
HAE	Haemonetics	3.3	36.7%	-12.4%
ESTA	Establishment Labs	1.9	35.6%	41.1%
APPN	Appian	3.0	34.6%	22.2%
XMTR	Xometry	3.3	33.1%	51.9%
ORGO	Organogenesis	0.7	32.5%	75.9%

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Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
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Peer Comparisons for National Storage Affiliates Trust

Financials

	NSA	PSA	EXR	Median
Name	National.	Public S.	Extra Sp.
Mkt Price	30.71	278.05	133.18	133.18
Mkt Cap	2.4	48.8	28.2	28.2
Rev LTM	756	4,786	3,342	3,342
Op Inc LTM	280	2,247	1,454	1,454
FCF LTM	315	2,929	1,870	1,870
FCF 3Y Avg	342	2,791	1,669	1,669
CFO LTM	346	3,221	1,891	1,891
CFO 3Y Avg	388	3,188	1,687	1,687

Growth & Margins

	NSA	PSA	EXR	Median
Name	National.	Public S.	Extra Sp.
Rev Chg LTM	-5.0%	2.3%	3.4%	2.3%
Rev Chg 3Y Avg	-0.1%	6.1%	22.9%	6.1%
Rev Chg Q	-2.5%	3.1%	4.1%	3.1%
QoQ Delta Rev Chg LTM	-0.6%	0.8%	1.0%	0.8%
Op Mgn LTM	37.1%	47.0%	43.5%	43.5%
Op Mgn 3Y Avg	38.3%	49.2%	46.0%	46.0%
QoQ Delta Op Mgn LTM	-0.5%	-0.0%	0.2%	-0.0%
CFO/Rev LTM	45.7%	67.3%	56.6%	56.6%
CFO/Rev 3Y Avg	48.3%	68.8%	57.4%	57.4%
FCF/Rev LTM	41.7%	61.2%	56.0%	56.0%
FCF/Rev 3Y Avg	42.6%	60.2%	56.8%	56.8%

Valuation

	NSA	PSA	EXR	Median
Name	National.	Public S.	Extra Sp.
Mkt Cap	2.4	48.8	28.2	28.2
P/S	3.1	10.2	8.4	8.4
P/EBIT	8.7	22.1	17.0	17.0
P/E	34.9	25.8	29.7	29.7
P/CFO	6.8	15.1	14.9	14.9
Total Yield	10.3%	3.9%	8.2%	8.2%
Dividend Yield	7.4%	0.0%	4.9%	4.9%
FCF Yield 3Y Avg	12.2%	5.3%	5.5%	5.5%
D/E	1.5	0.2	0.5	0.5
Net D/E	1.4	0.2	0.5	0.5

Returns

	NSA	PSA	EXR	Median
Name	National.	Public S.	Extra Sp.
1M Rtn	0.3%	-5.1%	-6.5%	-5.1%
3M Rtn	5.1%	-0.3%	-1.2%	-0.3%
6M Rtn	-13.2%	-6.7%	-8.3%	-8.3%
12M Rtn	-23.8%	-13.2%	-15.3%	-15.3%
3Y Rtn	-2.0%	9.2%	-1.6%	-1.6%
1M Excs Rtn	-0.1%	-5.3%	-6.8%	-5.3%
3M Excs Rtn	-0.4%	-5.2%	-6.0%	-5.2%
6M Excs Rtn	-32.1%	-25.6%	-27.2%	-27.2%
12M Excs Rtn	-41.1%	-31.4%	-33.8%	-33.8%
3Y Excs Rtn	-85.5%	-68.3%	-83.5%	-83.5%

Comparison Analyses

	Title
0	How Does NSA Stack Up Against Its Peers?

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/4/2025	2/27/2025	2/28/2024	2/27/2023	2/25/2022	2/26/2021	2/26/2020
Key Financials
Total Revenue	756	770	858	802	586	432	388
Net Income	68	112	157	104	105	49	4
EPS	0.61	1.18	1.58	0.99	1.13	0.53	-0.15
Growth Rates
Total Revenue Growth	-5.0%	-10.2%	7.0%	36.9%	35.5%	11.4%	17.2%
Net Income Growth	-58.7%	-28.8%	51.0%	-1.4%	116.5%	1120.4%	-71.8%
Margins
Net Income Margin	8.9%	14.5%	18.3%	12.9%	18.0%	11.2%	1.0%
Cash & Debt
Total Cash	26	50	65	35	25	19	21
Total Debt	3,426	3,472	3,682	3,577	2,965	1,942	1,559
Net Debt / (Cash)	3,399	3,422	3,617	3,542	2,940	1,923	1,538
Cash Flows
Net Cash from Operations	346	363	442	444	331	221	197
Free Cash from Operations	315	310	389	400	303	204	175
Returns to Shareholders
Dividends	174	192	210	209	145	103	87
Share Repurchases	3	285	310	90	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/4/2025	8/5/2025	5/6/2025	2/27/2025	10/31/2024	8/5/2024	5/2/2024	2/28/2024	11/2/2023	8/8/2023	5/2/2023	2/27/2023
Key Financials Quarterly
Total Revenue	189	189	188	190	194	190	196	215	219	216	208	209
Net Income	18	19	13	17	19	17	59	69	29	29	29	31
EPS	0.17	0.19	0.10	0.15	0.18	0.16	0.67	0.75	0.28	0.28	0.28	0.31
Key Financials TTM
Total Revenue TTM	756	761	763	770	796	821	846	858	851	839	822	802
Net Income TTM	68	68	65	112	164	174	187	157	119	112	107	104
Growth Rates Quarterly
Total Revenue Growth	-2.5%	-0.8%	-4.0%	-11.7%	-11.6%	-11.6%	-5.7%	3.2%	6.0%	8.4%	11.1%	20.2%
Net Income Growth	-1.5%	14.1%	-78.0%	-75.8%	-36.0%	-42.1%	103.8%	120.8%	31.6%	17.6%	14.8%	22.7%
Margins Quarterly
Net Income Margin	9.8%	10.3%	6.9%	8.8%	9.7%	9.0%	30.1%	32.0%	13.3%	13.7%	13.9%	15.0%
Cash & Debt
Total Cash	26	26	19	50	70	59	64	65	59	44	44	35
Total Debt	3,426	3,425	3,449	3,472	3,452	3,390	3,310	3,682	3,872	3,665	3,669	3,577
Net Debt / (Cash)	3,399	3,399	3,430	3,422	3,382	3,331	3,245	3,617	3,813	3,621	3,625	3,542
Cash Flows Quarterly
FCF from Operations	100	80	86	80	106	83	94	94	129	108	110	94
Cash Flows TTM
FCF from Operations TTM	346	351	355	363	377	401	426	442	441	435	444	444
Returns to Shareholders Quarterly
Dividends	44	44	44	43	43	42	44	46	47	49	49	50
Share Repurchases	3	0	-0	-0	-0	81	204	27	213	-0	69	40
Return on Invested Capital (ROIC) Quarterly
ROIC	5.5%	5.4%	5.1%	5.6%	6.1%	5.7%	6.0%	6.3%	5.8%	5.8%	5.5%	5.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	5.4%	5.5%	5.6%	5.8%	6.4%	6.4%	6.7%	6.1%	5.6%	5.4%	5.2%	5.1%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Owning and managing self storage properties	858
Management fees and other revenue		28	24	23	21
Other property-related revenue		25	20	15	12
Rental revenue		749	542	395	355
Total	858	802	586	432	388

Price Behavior

Price Behavior

Market Price	$30.71
Market Cap ($ Bil)	2.3
First Trading Date	04/23/2015
Distance from 52W High	-27.8%
	50 Days	200 Days
DMA Price	$30.91	$32.98
DMA Trend	down	indeterminate
Distance from DMA	-0.6%	-6.9%
	3M	1YR
Volatility	24.3%	27.8%
Downside Capture	-17.50	62.46
Upside Capture	13.89	26.48
Correlation (SPY)	20.0%	42.5%

NSA Betas & Captures as of 10/31/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.46	0.50	0.29	0.51	0.59	0.77
Up Beta	1.74	2.09	1.60	0.43	0.61	0.76
Down Beta	1.25	1.03	0.67	1.31	0.78	0.77
Up Capture	-61%	-50%	-21%	-6%	14%	32%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	12	19	30	59	122	379
Down Capture	-27%	7%	-45%	76%	72%	98%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	11	25	35	67	127	366

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of NSA With Other Asset Classes (Last 1Y)
	NSA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-22.0%	-2.0%	18.9%	45.7%	0.7%	-1.3%	49.7%
Annualized Volatility	28.1%	17.8%	19.6%	19.9%	16.1%	18.0%	37.2%
Sharpe Ratio	-0.89	-0.26	0.76	1.78	-0.14	-0.22	0.85
Correlation With Other Assets		78.7%	41.1%	12.1%	11.8%	79.2%	11.0%

ETFs used for asset classes: Sector ETF = XLRE, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of NSA With Other Asset Classes (Last 5Y)
	NSA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.1%	7.3%	17.1%	15.9%	13.8%	7.2%	49.2%
Annualized Volatility	28.5%	19.3%	17.1%	15.6%	18.9%	19.1%	49.3%
Sharpe Ratio	0.14	0.29	0.81	0.82	0.61	0.29	0.76
Correlation With Other Assets		76.4%	47.6%	12.8%	10.0%	76.8%	14.9%

Based On 10-Year Data

		Comparison of NSA With Other Asset Classes (Last 10Y)
	NSA	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	12.5%	6.4%	14.3%	12.9%	5.1%	5.3%	77.5%
Annualized Volatility	29.8%	20.7%	18.0%	14.7%	17.7%	20.9%	56.2%
Sharpe Ratio	0.46	0.28	0.69	0.72	0.22	0.23	0.95
Correlation With Other Assets		70.2%	46.5%	11.6%	15.4%	71.8%	10.8%

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	6,134,373
Short Interest: % Change Since 9302025	1.9%
Average Daily Volume	1,214,117
Days-to-Cover Short Interest	5.05
Basic Shares Quantity	76,746,000
Short % of Basic Shares	8.0%

Returns Analyses

	Title
0	National Storage Affiliates Trust Stock Rallied 5.6% - Have You Assessed the Risk

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/3/2025	2.6%
8/4/2025	2.9%	1.0%	9.5%
2/26/2025	2.0%	1.5%	1.7%
10/30/2024	-0.8%	-0.4%	6.2%
8/5/2024	-0.2%	0.4%	9.9%
2/28/2024	0.8%	3.7%	11.9%
11/1/2023	3.5%	8.7%	21.0%
8/7/2023	-2.7%	-2.0%	2.6%
...
SUMMARY STATS
# Positive	11	12	13
# Negative	10	9	8
Median Positive	2.6%	2.4%	6.2%
Median Negative	-2.3%	-3.9%	-2.9%
Max Positive	5.3%	8.7%	21.0%
Max Negative	-9.5%	-11.4%	-33.7%

	Forward Returns
11/3/2025	2.6%
8/4/2025	2.9%	1.0%	9.5%
2/26/2025	2.0%	1.5%	1.7%
10/30/2024	-0.8%	-0.4%	6.2%
8/5/2024	-0.2%	0.4%	9.9%
2/28/2024	0.8%	3.7%	11.9%
11/1/2023	3.5%	8.7%	21.0%
8/7/2023	-2.7%	-2.0%	2.6%
2/27/2023	2.7%	6.5%	-2.9%
11/2/2022	-4.5%	-4.7%	-0.2%
8/3/2022	-2.4%	4.2%	-5.5%
5/4/2022	-3.6%	-11.3%	-10.1%
2/22/2022	-0.1%	1.0%	6.2%
11/2/2021	-2.3%	-3.7%	-2.7%
8/3/2021	0.2%	0.1%	5.8%
5/4/2021	-0.6%	-3.9%	4.4%
2/22/2021	4.8%	1.1%	5.1%
11/5/2020	0.3%	4.0%	-0.6%
8/6/2020	5.3%	3.3%	8.4%
5/11/2020	-9.5%	-11.4%	8.9%
2/24/2020	0.1%	-3.8%	-33.7%
SUMMARY STATS
# Positive	11	12	13
# Negative	10	9	8
Median Positive	2.6%	2.4%	6.2%
Median Negative	-2.3%	-3.9%	-2.9%
Max Positive	5.3%	8.7%	21.0%
Max Negative	-9.5%	-11.4%	-33.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11042025	10-Q 9/30/2025
6302025	8052025	10-Q 6/30/2025
3312025	5062025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	8052024	10-Q 6/30/2024
3312024	5022024	10-Q 3/31/2024
12312023	2282024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5022023	10-Q 3/31/2023
12312022	2272023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

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External Quote Links

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National Storage Affiliates Trust (NSA)

Market Price (11/9/2025): $30.72 | Market Cap: $2.4 BilSector: Real Estate | Industry: Self-Storage REITs

National Storage Affiliates Trust (NSA)

Market Price (11/8/2025): $30.72Market Cap: $2.4 BilSector: Real EstateIndustry: Self-Storage REITs

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NSA Stock

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Price Returns Compared

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In The Past

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About National Storage Affiliates Trust (NSA)

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Based On 1-Year Data

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Market Price (11/9/2025): $30.72 | Market Cap: $2.4 Bil
Sector: Real Estate | Industry: Self-Storage REITs

Market Price (11/8/2025): $30.72
Market Cap: $2.4 Bil
Sector: Real Estate
Industry: Self-Storage REITs