NYSE : NSA
National Storage Affiliates Trust — Financial statements
Real Estate · REIT - Industrial · United States
Last price 43.41 USD (At close: Jul 21, 2026) · Market cap 5.59B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 676.59M | 678.49M | 700.25M | 793.97M | 748.81M | 541.55M |
| Property Management Fees | 47.00M | 48.53M | 42.73M | 34.41M | 27.62M | 24.37M |
| Other Revenue | 29.54M | 18.58M | 11.29M | 37.24M | 32.88M | 25.04M |
| Total Revenue | 753.13M | 745.60M | 754.26M | 865.62M | 809.31M | 590.97M |
| Property Expenses | 174.44M | 179.57M | 181.32M | 196.35M | 203.77M | 150.61M |
| Selling, General & Administrative | 96.37M | 95.83M | 91.76M | 93.58M | 69.31M | 57.60M |
| Depreciation & Amortization | 185.75M | 189.32M | 189.85M | 221.99M | 233.16M | 158.31M |
| Other Operating Expenses | 14.10M | 16.29M | 13.87M | 11.63M | 2.15M | 2.85M |
| Total Operating Expenses | 470.66M | 481.01M | 476.80M | 523.55M | 508.39M | 369.37M |
| Operating Income | 282.47M | 264.59M | 277.46M | 342.07M | 300.93M | 221.59M |
| Interest Expense | -159.83M | -162.44M | -154.26M | -166.15M | -110.60M | -72.06M |
| Other Non-Operating Income | -347.00K | 934.00K | 314.00K | -1.02M | -951.00K | -906.00K |
| EBT Excluding Unusual Items | 122.29M | 103.08M | 123.52M | 174.90M | 189.38M | 148.62M |
| Merger & Restructuring Charges | -20.03M | |||||
| Gain (Loss) on Sale of Assets | 23.46M | 16.29M | 63.84M | 63.91M | 5.47M | |
| Other Unusual Items | -323.00K | -236.00K | -6.39M | |||
| Pretax Income | 129.34M | 119.38M | 187.04M | 238.58M | 188.45M | 148.62M |
| Income Tax Expense | 2.96M | 3.10M | 3.77M | 1.59M | 4.69M | 1.69M |
| Earnings From Continuing Operations | 126.38M | 116.27M | 183.27M | 236.99M | 183.76M | 146.94M |
| Minority Interest in Earnings | -46.39M | -42.49M | -71.75M | -80.32M | -80.03M | -41.68M |
| Net Income | 80.00M | 73.78M | 111.52M | 156.67M | 103.74M | 105.25M |
| Preferred Dividends & Other Adjustments | 20.65M | 20.52M | 20.49M | 19.08M | 13.48M | 13.16M |
| Net Income to Common | 59.35M | 53.27M | 91.03M | 137.59M | 90.25M | 92.09M |
| Basic Shares Outstanding | 77.06M | 76.64M | 76.84M | 86.85M | 91.24M | 81.19M |
| Diluted Shares Outstanding | 77.06M | 76.64M | 76.84M | 146.02M | 91.24M | 134.54M |
| EPS (Basic) | 0.77 | 0.70 | 1.18 | 1.58 | 0.99 | 1.13 |
| EPS (Diluted) | 0.77 | 0.69 | 1.18 | 1.48 | 0.99 | 0.98 |
| Dividend Per Share | 1.14 | 2.28 | 2.25 | 2.23 | 2.15 | 1.59 |
| Operating Margin | 37.51% | 35.49% | 36.79% | 39.52% | 37.18% | 37.50% |
| Profit Margin | 7.88% | 7.14% | 12.07% | 15.90% | 11.15% | 15.58% |
| EBITDA | 468.34M | 453.91M | 467.32M | 564.06M | 534.08M | 379.90M |
| EBITDA Margin | 62.19% | 60.88% | 61.96% | 65.16% | 65.99% | 64.28% |
| D&A For Ebitda | 185.87M | 189.32M | 189.85M | 221.99M | 233.16M | 158.31M |
| EBIT | 282.47M | 264.59M | 277.46M | 342.07M | 300.93M | 221.59M |
| EBIT Margin | 37.51% | 35.49% | 36.79% | 39.52% | 37.18% | 37.50% |
| Funds From Operations (FFO) | 282.84M | 295.00M | 304.12M | 341.53M | 353.89M | 255.39M |
| FFO Per Share | 2.18 | 2.40 | 2.67 | 2.74 | 2.24 | |
| Adjusted Funds From Operations (AFFO) | 295.00M | 304.12M | 341.53M | 353.89M | 255.39M | |
| FFO Payout Ratio | 59.29% | 56.50% | 55.90% | 55.30% | 51.57% | |
| Effective Tax Rate | 2.29% | 2.60% | 2.01% | 0.67% | 2.49% | 1.14% |
| Revenue as Reported | 746.99M | 752.93M | 770.34M | 858.06M | 801.57M | 585.67M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 4.56B | 4.62B | 4.84B | 4.94B | 5.64B | 5.24B |
| Cash & Equivalents | 29.64M | 23.33M | 50.41M | 64.98M | 35.31M | 25.01M |
| Accounts Receivable | 6.35M | 8.69M | 9.84M | 13.12M | 6.23M | |
| Other Receivables | 11.68M | 18.23M | 12.23M | 9.55M | 6.91M | |
| Goodwill | 8.18M | 8.18M | 8.18M | 8.18M | 8.18M | |
| Other Intangible Assets | 138.27M | 146.28M | 56.74M | 46.22M | 69.33M | |
| Restricted Cash | 1.13M | 310.00K | 345.00K | 22.71M | 6.89M | 2.86M |
| Other Current Assets | 26.76M | 11.39M | 564.94M | 26.16M | 9.55M | |
| Trading Asset Securities | 6.24M | 22.60M | 29.61M | 51.47M | ||
| Deferred Long-Term Charges | 1.45M | 2.89M | 5.63M | 8.44M | 1.39M | 2.43M |
| Other Long-Term Assets | 404.10M | 231.83M | 246.39M | 211.36M | 227.44M | 188.99M |
| Total Assets | 5.00B | 5.08B | 5.35B | 5.93B | 6.07B | 5.56B |
| Current Portion of Long-Term Debt | 374.43M | |||||
| Current Portion of Leases | 2.24M | 1.92M | ||||
| Long-Term Debt | 3.43B | 3.03B | 3.45B | 3.66B | 3.55B | 2.97B |
| Long-Term Leases | 22.02M | 20.38M | 22.89M | 24.20M | 25.74M | 22.06M |
| Accounts Payable | 99.79M | 94.63M | 98.66M | 92.77M | 80.38M | 59.26M |
| Long-Term Unearned Revenue | 21.02M | 19.93M | 20.01M | 27.35M | 23.21M | 22.21M |
| Total Liabilities | 3.57B | 3.55B | 3.59B | 3.81B | 3.68B | 3.08B |
| Preferred Stock, Redeemable | 347.87M | 341.13M | 340.89M | 340.65M | 225.44M | 218.42M |
| Common Stock | 779.00K | 771.00K | 763.00K | 823.00K | 898.00K | 912.00K |
| Additional Paid-In Capital | 1.25B | 1.25B | 1.25B | 1.51B | 1.78B | 1.87B |
| Distributions in Excess of Earnings | -712.25M | -652.24M | -530.65M | -449.91M | -396.65M | -291.26M |
| Comprehensive Income & Other | 8.67M | 4.42M | 15.55M | 21.06M | 40.53M | -19.61M |
| Total Common Equity | 547.09M | 604.91M | 735.09M | 1.08B | 1.42B | 1.56B |
| Minority Interest | 537.36M | 587.75M | 687.37M | 703.65M | 740.81M | 707.23M |
| Shareholders' Equity | 1.43B | 1.53B | 1.76B | 2.13B | 2.39B | 2.48B |
| Total Liabilities & Equity | 5.00B | 5.08B | 5.35B | 5.93B | 6.07B | 5.56B |
| Total Debt | 3.45B | 3.43B | 3.47B | 3.69B | 3.58B | 3.00B |
| Net Cash (Debt) | -3.42B | -3.40B | -3.40B | -3.59B | -3.49B | -2.97B |
| Net Cash Per Share | -44.35 | -44.39 | -44.24 | -24.59 | -38.26 | -22.10 |
| Filing Date Shares Outstanding | 77.83M | 77.09M | 76.38M | 79.96M | 89.88M | 91.36M |
| Total Common Shares Outstanding | 77.83M | 77.07M | 76.33M | 82.26M | 89.82M | 91.17M |
| Book Value Per Share | 7.03 | 7.85 | 9.63 | 13.15 | 15.84 | 17.08 |
| Tangible Book Value | 547.09M | 458.46M | 580.62M | 1.02B | 1.37B | 1.48B |
| Tangible Book Value Per Share | 7.03 | 5.95 | 7.61 | 12.36 | 15.24 | 16.23 |
| Land | 1.03B | 1.05B | 1.04B | 1.11B | 1.03B | |
| Buildings | 4.77B | 4.80B | 4.75B | 5.27B | 4.76B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 73.78M | 111.52M | 156.67M | 103.74M | 105.25M | |
| Depreciation & Amortization | 189.32M | 189.85M | 221.99M | 233.16M | 158.31M | |
| Other Amortization | 6.35M | 6.49M | 6.54M | 4.42M | 3.44M | |
| Gain (Loss) on Sale of Assets | -16.29M | -63.84M | -63.91M | -5.47M | ||
| Stock-Based Compensation | 12.19M | 8.31M | 6.68M | 6.26M | 5.46M | |
| Income (Loss) on Equity Investments | 27.58M | 39.38M | 16.08M | 15.79M | 14.35M | |
| Change in Accounts Payable | -3.91M | 5.32M | 12.23M | 16.52M | 8.40M | |
| Change in Other Net Operating Assets | 7.62M | 2.14M | 1.23M | -10.21M | -3.16M | |
| Other Operating Activities | 42.02M | 71.47M | 80.73M | 80.32M | 40.97M | |
| Operating Cash Flow | 338.50M | 363.06M | 441.58M | 443.85M | 331.35M | |
| Acquisition of Real Estate Assets | -63.19M | -85.35M | -84.27M | -540.08M | -2.00B | |
| Sale of Real Estate Assets | 95.89M | 616.81M | 262.30M | 10.96M | ||
| Net Sale / Acq. of Real Estate Assets | 32.70M | 531.46M | 178.03M | -529.12M | -2.00B | |
| Cash Acquisition | -32.74M | -16.92M | -2.87M | |||
| Investment in Marketable & Equity Securities | -12.85M | -74.22M | -55.04M | |||
| Other Investing Activities | 908.00K | |||||
| Investing Cash Flow | 19.86M | 425.42M | 161.10M | -584.16M | -2.00B | |
| Long-Term Debt Issued | 635.80M | 1.27B | 1.32B | 1.57B | 2.35B | |
| Long-Term Debt Repaid | -680.38M | -1.48B | -1.21B | -960.37M | -1.32B | |
| Net Debt Issued (Repaid) | -44.58M | -209.54M | 108.19M | 611.63M | 1.03B | |
| Issuance of Common Stock | 900.98M | |||||
| Repurchase of Common Stock | -275.19M | -310.15M | -90.11M | |||
| Common Dividends Paid | -174.91M | -171.82M | -190.91M | -195.70M | -131.71M | |
| Preferred Dividends Paid | -20.46M | -20.45M | -19.02M | -13.43M | -13.10M | |
| Total Dividends Paid | -195.37M | -192.26M | -209.93M | -209.12M | -144.81M | |
| Other Financing Activities | -145.52M | -148.43M | -145.29M | -157.75M | -109.62M | |
| Net Cash Flow | -27.11M | -36.94M | 45.49M | 14.32M | 6.17M | |
| Levered Free Cash Flow | 221.98M | 838.05M | -232.02M | 310.02M | 240.95M | |
| Unlevered Free Cash Flow | 317.16M | 927.97M | -134.71M | 374.72M | 282.55M | |
| Cash Interest Paid | 156.30M | 145.41M | 143.62M | 99.43M | 66.92M | |
| Change in Working Capital | 3.54M | -111.00K | 16.80M | 5.62M | 3.56M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 5.59B | 2.17B | 2.89B | 3.44B | 3.28B | 6.16B |
| Enterprise Value | 9.00B | 6.52B | 7.42B | 8.24B | 7.67B | 9.14B |
| Last Close Price | 43.41 | 27.35 | 34.26 | 35.52 | 29.13 | 53.32 |
| Price/FFO Ratio | 12.54 | 14.28 | 13.30 | 10.63 | 23.80 | |
| PE Ratio | 57.92 | 40.74 | 31.74 | 25.03 | 36.35 | 66.90 |
| PS Ratio | 7.46 | 2.91 | 3.83 | 3.98 | 4.05 | 10.43 |
| PB Ratio | 5.88 | 1.42 | 1.64 | 1.62 | 1.37 | 2.48 |
| P/OCF Ratio | 16.43 | 6.41 | 7.96 | 7.80 | 7.39 | 18.59 |
| EV/Sales Ratio | 12.00 | 8.74 | 9.84 | 9.52 | 9.48 | 15.47 |
| EV/EBITDA Ratio | 19.40 | 14.36 | 15.88 | 14.61 | 14.36 | 24.06 |
| EV/EBIT Ratio | 32.54 | 24.63 | 26.75 | 24.08 | 25.48 | 41.25 |
| Debt / Equity Ratio | 2.41 | 2.24 | 1.97 | 1.73 | 1.50 | 1.21 |
| Debt / EBITDA Ratio | 7.32 | 7.52 | 7.40 | 6.51 | 6.67 | 7.85 |
| Net Debt / Equity Ratio | 2.39 | 2.22 | 1.93 | 1.69 | 1.46 | 1.20 |
| Net Debt / EBITDA Ratio | 7.30 | 7.50 | 7.27 | 6.37 | 6.54 | 7.83 |
| Asset Turnover | 0.15 | 0.14 | 0.13 | 0.14 | 0.14 | 0.13 |
| Quick Ratio | 0.30 | 0.10 | 1.01 | 1.26 | 1.36 | 0.62 |
| Current Ratio | 0.31 | 0.16 | 1.13 | 7.59 | 1.77 | 0.83 |
| Return on Equity (ROE) | 8.23% | 7.05% | 9.43% | 10.50% | 7.54% | 7.51% |
| Return on Assets (ROA) | 3.47% | 3.17% | 3.07% | 3.56% | 3.23% | 3.05% |
| Return on Invested Capital (ROIC) | 5.64% | 5.05% | 4.92% | 5.77% | 5.13% | 4.91% |
| Earnings Yield | 1.04% | 3.40% | 3.86% | 4.55% | 3.16% | 1.71% |
| Dividend Yield | 5.25% | 8.10% | 5.94% | 5.33% | 5.88% | 2.35% |
| Payout Ratio | 304.19% | 264.79% | 172.41% | 133.99% | 201.59% | 137.59% |
| Buyback Yield / Dilution | -1.24% | 0.27% | 47.38% | -60.04% | 32.18% | -101.99% |
| Total Shareholder Return | 4.01% | 8.36% | 53.32% | -54.72% | 38.07% | -99.63% |