Reading the tape
NYSE: NSA
National Storage Affiliates Trust
Real Estate · REIT - Industrial
Market Cap
$3.21B
52w High
$44.02
52w Low
$27.43
P/E
43.43
Volume
248.25K
Outstanding Shares
77.11M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 10.24%Revenue (TTM): -2.26%FCF (TTM): -3.21%P/FCF: 49th pct
What changed
The stock rose 10.24% over the last year. Revenue declined 2.26% over the trailing twelve months. Operating margin moved from 38.57% to 37.01%. Free cash flow declined 3.21% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 37.01%. A decisive move in revenue — currently down 2.26% — would be the clearest signal to resolve the ambiguity.
Company profile
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.
CEODavid G. Cramer
SectorReal Estate
IndustryREIT - Industrial
Employees1,466
IPO dateApr 22, 2015
Valuation
Forward P/E—
EV/EBITDA11.81
Enterprise value$5.57B
Price / Book3.39
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth-1.62%
Gross margin45.96%▼36.60%vs FY2024
Operating margin37.01%▼4.06%vs FY2024
ROE7.8%▼24.75%vs FY2024
Analyst consensus
RatingHold
Target price$33.33▼19.96%
1
Buy
16
Hold
2
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 5, 2026
Q2 FY26 · EPS est $0.12 · Revenue est $181.69M
View
Dividends
$2.28/shareQuarterlyDividend Achiever · 10yrSafeNSA pays a dividend with a 5.48% dividend yield, 10 consecutive years of growth, growing at 10.72% annually, covered 1.5× by free cash flow.
Dividend Yield
5.48%
Annual Div / Share
$2.28
5yr CAGR
+10.72%
Doubles every ~6.8yr
FCF Coverage
1.5×
Safe
Dividend Growth Rate
3yr CAGR
+1.2%
5yr CAGR
+10.72%
10yr CAGR
+11.91%
Dividend Safety
8/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2025$2.28+0.9%
2024$2.26+0.9%
2023$2.24+1.8%
2022$2.20+26.4%
2021$1.74+27.0%
2020$1.37+5.4%
2019$1.30+10.2%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$55/yr
$5/mo
In 5 yrs
$91/yr+66%
$8/mo
In 10 yrs
$152/yr+177%
$13/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$55/yr $5/mo | $91/yr+66% $8/mo | $152/yr+177% $13/mo |
Yield-on-cost grows from 5.48% → 15.17% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
NSA has raised its dividend for 10 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 1.5× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 10.72% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.