National Storage Affiliates Trust (NSA) Financials

$33.47 -0.83 (-2.41%)

As of 10:36 AM Eastern

Annual Income Statements for National Storage Affiliates Trust

This table shows National Storage Affiliates Trust's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	91	138	90	92	36	-8.41	3.76	0.66	18	12
Consolidated Net Income / (Loss)	183	237	184	147	79	66	56	46	25	4.80
Net Income / (Loss) Continuing Operations	183	237	156	147	79	66	56	46	25	4.80
Total Pre-Tax Income	187	239	188	149	81	67	57	47	25	4.98
Total Operating Income	297	337	262	218	147	127	102	79	58	32
Total Gross Profit	558	629	563	430	309	278	227	184	134	134
Total Revenue	770	858	802	586	432	388	331	268	199	134
Operating Revenue	770	858	774	586	432	388	331	268	199	130
Total Cost of Revenue	212	229	211	155	123	110	104	84	65	0.00
Operating Cost of Revenue	212	229	211	155	123	110	104	84	65	-
Total Operating Expenses	261	292	301	212	162	151	125	105	77	102
Selling, General & Admin Expense	71	70	68	54	44	46	36	30	22	16
Depreciation Expense	190	222	233	158	117	105	89	75	55	41
Total Other Income / (Expense), net	-110	-98	-101	-70	-66	-59	-45	-31	-32	-27
Interest Expense	155	167	111	72	63	56	43	34	24	22
Interest & Investment Income	-16	7.55	7.75	5.29	0.27	-4.97	-1.42	-2.34	-1.48	0.00
Other Income / (Expense), net	61	61	1.77	-2.85	-3.64	1.95	-0.36	5.06	-6.69	-4.92
Income Tax Expense	3.77	1.59	4.69	1.69	1.67	1.35	0.82	1.16	0.37	0.19
Preferred Stock Dividends Declared	20	19	13	13	13	12	10	2.30	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	72	80	80	42	31	62	42	43	6.90	-7.64
Basic Earnings per Share	$1.18	$1.58	$0.99	$1.13	$0.53	($0.15)	$0.07	$0.01	$0.60	$0.80
Weighted Average Basic Shares Outstanding	76.84M	86.85M	91.24M	81.20M	66.55M	58.21M	53.29M	44.42M	29.89M	15.46M
Diluted Earnings per Share	$1.18	$1.48	$0.99	$0.98	$0.53	($0.15)	$0.07	$0.01	$0.31	$0.17
Weighted Average Diluted Shares Outstanding	76.84M	146.02M	91.24M	134.54M	66.61M	58.21M	53.29M	44.42M	78.75M	45.41M
Weighted Average Basic & Diluted Shares Outstanding	76.40M	79.98M	89.91M	91.39M	71.36M	58.21M	53.29M	44.42M	43.26M	23.02M
Cash Dividends to Common per Share	$2.25	$2.23	$2.15	$1.59	$1.35	$1.27	$1.16	$1.04	$0.88	$0.54

This table shows National Storage Affiliates Trust's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	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	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	7.88	12	14	12	54	64	24	24	25	28	19
Consolidated Net Income / (Loss)	20	26	30	32	95	108	43	45	40	50	40
Net Income / (Loss) Continuing Operations	-128	26	30	32	95	108	43	45	40	23	40
Total Pre-Tax Income	21	28	31	33	96	107	44	46	42	51	42
Total Operating Income	-123	74	76	72	75	87	85	84	80	55	69
Total Gross Profit	-55	138	141	138	141	159	161	158	152	128	152
Total Revenue	0.00	190	194	190	196	215	219	216	208	209	207
Operating Revenue	0.00	190	194	190	196	215	219	216	208	181	207
Total Cost of Revenue	55	52	53	52	55	57	59	57	56	53	55
Operating Cost of Revenue	55	52	53	52	55	57	59	57	56	53	55
Total Operating Expenses	68	64	64	66	66	72	75	74	71	72	82
Selling, General & Admin Expense	18	16	17	20	19	18	19	18	16	17	22
Depreciation Expense	48	48	48	47	47	54	56	57	55	58	60
Restructuring Charge	2.45	-	-	-	-	-	-	-	-	-	1.14
Total Other Income / (Expense), net	-3.95	-46	-46	-39	21	20	-42	-38	-38	-30	-28
Interest & Investment Income	-5.74	-5.28	-4.71	-4.45	-1.63	2.08	1.93	1.86	1.68	2.16	2.13
Other Income / (Expense), net	1.79	-1.50	-1.25	2.53	61	63	-0.37	-0.04	-1.44	0.79	-0.23
Income Tax Expense	1.12	1.48	0.86	0.54	0.89	-1.27	0.92	0.74	1.20	1.04	2.07
Preferred Stock Dividends Declared	5.11	5.11	5.11	5.11	5.11	4.83	5.11	5.12	3.96	3.38	3.38
Net Income / (Loss) Attributable to Noncontrolling Interest	6.53	9.40	11	15	36	39	14	16	11	19	18
Basic Earnings per Share	$0.10	$0.17	$0.18	$0.16	$0.67	$0.74	$0.28	$0.28	$0.28	$0.30	$0.21
Weighted Average Basic Shares Outstanding	76.37M	76.84M	75.76M	75.16M	80.24M	86.85M	87.00M	88.31M	89.50M	91.24M	91.47M
Diluted Earnings per Share	$0.10	$0.19	$0.18	$0.16	$0.65	$0.70	$0.26	$0.28	$0.24	$0.30	$0.21
Weighted Average Diluted Shares Outstanding	76.37M	76.84M	75.76M	75.16M	138.15M	146.02M	146.12M	88.31M	148.62M	91.24M	91.47M
Weighted Average Basic & Diluted Shares Outstanding	76.49M	76.40M	76.24M	75.97M	74.96M	79.98M	83.08M	89.24M	88.30M	89.91M	90.87M
Cash Dividends to Common per Share	$0.57	-	$0.56	$0.56	$0.56	-	$0.56	$0.56	$0.55	-	$0.55

This table details how cash moves in and out of National Storage Affiliates Trust's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-37	45	14	6.17	-2.58	7.91	-0.04	1.07	5.96	-1.75
Net Cash From Operating Activities	363	442	444	331	221	197	162	124	95	50
Net Cash From Continuing Operating Activities	363	442	444	331	221	197	162	124	95	50
Net Income / (Loss) Continuing Operations	183	237	184	147	79	66	56	46	25	4.80
Consolidated Net Income / (Loss)	183	237	184	147	79	66	56	46	25	4.80
Depreciation Expense	190	222	233	158	117	105	89	75	55	41
Amortization Expense	5.88	5.97	3.73	2.73	2.01	1.49	1.10	0.61	-0.10	0.97
Non-Cash Adjustments To Reconcile Net Income	-16	-41	17	0.17	19	21	13	5.48	4.22	4.46
Changes in Operating Assets and Liabilities, net	0.21	18	6.62	23	3.20	3.41	2.17	-2.91	11	-0.54
Net Cash From Investing Activities	425	161	-584	-1,998	-510	-393	-514	-409	-642	-175
Net Cash From Continuing Investing Activities	425	161	-584	-1,998	-510	-393	-514	-409	-642	-175
Purchase of Property, Plant & Equipment	-21	-36	-44	-28	-17	-21	-19	-15	-12	-4.49
Acquisitions	-172	-17	-551	-3.67	-5.47	-11	-21	-20	-103	0.00
Sale of Property, Plant & Equipment	617	262	11	0.00	0.00	6.34	5.26	18	4.82	0.00
Other Investing Activities, net	0.91	-49	0.00	-1,966	-497	-371	-314	-392	-	-0.74
Net Cash From Financing Activities	-825	-557	155	1,673	286	204	353	286	554	123
Net Cash From Continuing Financing Activities	-825	-557	155	1,673	286	204	353	286	553	123
Repayment of Debt	-1,483	-1,214	-976	-1,327	-549	-570	-510	-681	-564	-359
Repurchase of Common Equity	-276	-310	-91	-2.22	-0.97	-0.18	-0.73	-1.03	-1.40	-5.44
Payment of Dividends	-327	-351	-350	-247	-177	-163	-136	-107	-74	-50
Issuance of Debt	1,270	1,319	1,572	2,349	930	822	823	761	813	258
Other Financing Activities, net	-9.50	-	0.00	0.10	0.66	1.27	1.21	1.15	1.34	1.79
Cash Interest Paid	145	144	99	67	59	53	40	33	23	20

This table details how cash moves in and out of National Storage Affiliates Trust's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	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	9/30/2022
Net Change in Cash & Equivalents	-31	-28	11	-22	1.39	27	13	-4.52	9.64	4.79	1.80
Net Cash From Operating Activities	86	80	106	83	94	94	129	108	110	94	123
Net Cash From Continuing Operating Activities	86	80	106	83	94	94	129	108	110	94	123
Net Income / (Loss) Continuing Operations	20	26	30	32	95	108	43	45	40	50	40
Consolidated Net Income / (Loss)	20	26	30	32	95	108	43	45	40	50	40
Depreciation Expense	48	48	48	47	47	54	56	57	55	58	60
Amortization Expense	1.36	1.36	1.48	1.59	1.45	1.56	1.47	1.49	1.45	1.00	0.95
Non-Cash Adjustments To Reconcile Net Income	12	13	13	9.77	-52	-58	5.61	5.76	5.95	2.51	5.63
Changes in Operating Assets and Liabilities, net	4.38	-8.90	14	-7.13	2.34	-11	23	-1.00	6.50	-18	17
Net Cash From Investing Activities	-9.67	-45	-74	-23	567	237	-22	-17	-36	-11	-328
Net Cash From Continuing Investing Activities	-9.67	-45	-74	-23	567	237	-22	-17	-36	-11	-328
Purchase of Property, Plant & Equipment	-5.82	-5.88	-5.25	-3.85	-5.60	-8.53	-8.41	-9.48	-9.13	-9.07	-14
Acquisitions	-0.17	-139	-31	34	-36	0.24	-0.24	0.20	-17	-551	1.18
Purchase of Investments	0.00	-	-38	-	-	-	-	-	-	-	-1.71
Sale of Property, Plant & Equipment	8.75	-	-	8.04	609	262	-	-	0.00	4.80	-
Other Investing Activities, net	-12	25	0.91	-25	0.00	-17	-14	-8.17	-9.92	489	-314
Net Cash From Financing Activities	-107	-62	-21	-83	-660	-304	-94	-95	-64	-78	207
Net Cash From Continuing Financing Activities	-107	-62	-21	-83	-660	-304	-94	-95	-64	-78	207
Repayment of Debt	-158	-151	-619	-100	-613	-580	-143	-258	-234	-119	-193
Repurchase of Common Equity	-0.57	-0.13	-	-72	-204	-27	-213	-	-69	-40	-50
Payment of Dividends	-82	-82	-82	-80	-83	-87	-87	-91	-87	-89	-88
Issuance of Debt	134	171	680	179	240	390	350	253	326	170	538
Other Financing Activities, net	0.00	-	-	-9.12	-0.38	-	-	-	0.00	-	-
Cash Interest Paid	37	39	31	41	34	43	36	35	30	34	21

This table presents National Storage Affiliates Trust's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	5,354	5,932	6,070	5,563	3,514	3,084	2,729	2,267	1,892	1,099
Total Current Assets	51	88	42	25	22	24	16	16	15	9.38
Cash & Equivalents	50	65	35	25	19	21	13	13	13	6.67
Restricted Cash	0.35	23	6.89	-	2.98	3.72	3.18	3.04	2.77	2.71
Plant, Property, & Equipment, net	4,812	4,918	5,619	5,219	3,196	2,754	2,391	2,105	1,734	1,079
Plant, Property & Equipment, gross	5,864	5,792	6,392	5,798	3,639	3,092	2,638	2,275	1,844	1,147
Accumulated Depreciation	1,052	874	773	579	444	338	246	170	111	68
Total Noncurrent Assets	491	926	409	318	296	306	321	145	143	11
Long-Term Investments	246	211	227	188	203	214	245	89	81	0.00
Noncurrent Note & Lease Receivables	21	22	24	-	23	23	0.00	-	-	-
Other Noncurrent Operating Assets	224	693	158	130	71	69	76	55	48	11
Total Liabilities & Shareholders' Equity	5,354	5,932	6,070	5,563	3,514	3,084	2,729	2,267	1,892	1,099
Total Liabilities	3,591	3,806	3,681	3,080	2,083	1,632	1,327	995	913	583
Total Current Liabilities	99	96	81	59	47	38	33	24	22	9.69
Short-Term Debt	0.47	3.45	0.48	-	-	-	-	-	-	-
Accounts Payable	99	93	80	59	47	38	33	24	22	9.69
Total Noncurrent Liabilities	3,492	3,710	3,600	3,021	2,036	1,594	1,294	971	891	573
Long-Term Debt	3,449	3,658	3,551	2,941	1,917	1,534	1,278	958	879	568
Capital Lease Obligations	23	24	26	-	25	25	0.00	-	-	-
Noncurrent Deferred Revenue	20	27	23	22	16	16	16	13	12	5.51
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,763	2,126	2,389	2,482	1,430	1,452	1,402	1,271	979	516
Total Preferred & Common Equity	1,076	1,422	1,648	1,775	969	920	917	841	577	237
Preferred Stock	341	341	225	218	218	218	173	173	0.00	-
Total Common Equity	735	1,082	1,423	1,557	751	701	744	669	577	237
Common Stock	1,250	1,510	1,779	1,868	1,051	906	845	712	577	237
Retained Earnings	-531	-450	-397	-291	-252	-197	-114	-56	-8.72	0.01
Accumulated Other Comprehensive Income / (Loss)	16	21	41	-20	-49	-7.83	14	12	9.03	0.00
Noncontrolling Interest	687	704	741	707	462	532	485	430	402	279

This table presents National Storage Affiliates Trust's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	5,255	5,390	5,321	5,367	6,165	6,161	6,185	6,064
Total Current Assets	20	78	67	89	61	44	44	33
Cash & Equivalents	19	70	59	64	59	44	44	33
Restricted Cash	0.91	8.54	8.06	25	1.80	-	-	-
Plant, Property, & Equipment, net	4,778	4,815	4,856	4,878	5,686	5,701	5,732	5,623
Plant, Property & Equipment, gross	5,873	5,821	5,818	5,798	6,617	6,579	6,557	6,345
Accumulated Depreciation	1,096	1,007	962	920	931	878	825	722
Total Noncurrent Assets	457	496	398	400	419	416	409	407
Long-Term Investments	236	257	230	240	215	219	223	232
Noncurrent Note & Lease Receivables	21	22	22	22	23	-	-	-
Other Noncurrent Operating Assets	201	218	146	138	181	197	186	175
Total Liabilities & Shareholders' Equity	5,255	5,390	5,321	5,367	6,165	6,161	6,185	6,064
Total Liabilities	3,563	3,589	3,504	3,420	4,008	3,777	3,780	3,627
Total Current Liabilities	93	116	93	88	109	87	79	92
Short-Term Debt	1.20	7.77	0.00	0.00	0.00	0.00	-	0.00
Accounts Payable	92	108	93	88	109	87	79	92
Total Noncurrent Liabilities	3,470	3,473	3,411	3,332	3,899	3,690	3,702	3,534
Long-Term Debt	3,427	3,428	3,366	3,286	3,847	3,640	3,644	3,488
Capital Lease Obligations	23	23	24	24	25	-	-	-
Noncurrent Deferred Revenue	20	21	21	22	27	25	25	23
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,692	1,801	1,817	1,947	2,157	2,384	2,405	2,437
Total Preferred & Common Equity	1,034	987	1,191	1,277	1,457	1,625	1,635	1,699
Preferred Stock	341	341	341	341	341	341	341	225
Total Common Equity	693	646	851	936	1,116	1,285	1,295	1,473
Common Stock	1,250	1,125	1,294	1,348	1,540	1,694	1,690	1,805
Retained Earnings	-566	-499	-470	-440	-469	-446	-420	-375
Accumulated Other Comprehensive Income / (Loss)	9.32	20	26	28	44	37	25	43
Noncontrolling Interest	658	814	626	670	700	759	770	738

This table displays calculated financial ratios and metrics derived from National Storage Affiliates Trust's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.22%	7.05%	36.86%	35.50%	11.43%	17.23%	23.41%	34.71%	48.63%	73.99%
EBITDA Growth	-11.58%	25.04%	32.98%	43.31%	11.58%	22.90%	20.25%	50.37%	55.11%	93.70%
EBIT Growth	-10.11%	50.91%	22.42%	50.12%	11.40%	27.16%	21.21%	63.97%	91.04%	246.62%
NOPAT Growth	-12.94%	30.95%	18.37%	49.74%	15.91%	24.06%	30.86%	34.77%	86.86%	154.27%
Net Income Growth	-22.67%	28.96%	25.07%	84.88%	20.40%	17.20%	22.45%	84.98%	418.47%	129.32%
EPS Growth	-20.27%	49.49%	1.02%	84.91%	453.33%	-314.29%	600.00%	-96.77%	82.35%	0.00%
Operating Cash Flow Growth	-17.78%	-0.51%	33.95%	50.17%	12.21%	21.54%	30.18%	31.32%	88.04%	206.48%
Free Cash Flow Firm Growth	66.79%	324.31%	87.48%	-697.93%	-0.94%	-16.86%	34.32%	51.51%	-160.31%	0.00%
Invested Capital Growth	-10.41%	-3.23%	9.34%	65.51%	13.54%	14.62%	13.96%	21.48%	62.62%	33.07%
Revenue Q/Q Growth	-3.18%	0.79%	4.58%	11.30%	3.23%	0.00%	5.06%	5.59%	11.71%	9.46%
EBITDA Q/Q Growth	-13.17%	11.24%	0.37%	12.41%	3.79%	0.00%	5.30%	7.19%	11.09%	10.04%
EBIT Q/Q Growth	-17.89%	19.98%	-1.90%	10.46%	5.04%	0.00%	7.13%	9.26%	9.46%	24.47%
NOPAT Q/Q Growth	-5.86%	2.70%	-2.99%	9.99%	6.35%	0.00%	7.48%	6.86%	9.73%	59.86%
Net Income Q/Q Growth	-30.89%	32.17%	4.24%	14.30%	7.71%	0.00%	4.58%	14.83%	2.94%	263.13%
EPS Q/Q Growth	-30.18%	37.04%	2.06%	6.52%	12.77%	0.00%	-36.36%	-96.00%	6.90%	466.67%
Operating Cash Flow Q/Q Growth	-3.68%	0.02%	0.27%	13.61%	3.01%	0.00%	5.69%	2.54%	16.72%	17.63%
Free Cash Flow Firm Q/Q Growth	-23.97%	123.21%	81.10%	-86.42%	-103.92%	33.39%	47.55%	13.24%	-38.14%	0.00%
Invested Capital Q/Q Growth	0.29%	-4.18%	0.66%	24.86%	5.42%	1.29%	1.08%	10.21%	15.72%	6.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.50%	73.31%	70.23%	73.49%	71.43%	71.55%	68.61%	68.50%	67.45%	100.00%
EBITDA Margin	71.84%	72.94%	62.45%	64.27%	60.77%	60.69%	57.88%	59.41%	53.22%	51.00%
Operating Margin	38.57%	39.24%	32.68%	37.26%	34.04%	32.70%	30.72%	29.28%	28.97%	23.59%
EBIT Margin	46.43%	46.38%	32.90%	36.78%	33.20%	33.20%	30.61%	31.17%	25.60%	19.92%
Profit (Net Income) Margin	23.79%	27.62%	22.93%	25.09%	18.39%	17.02%	17.02%	17.16%	12.49%	3.58%
Tax Burden Percent	97.99%	99.33%	97.51%	98.86%	97.94%	97.99%	98.57%	97.54%	98.54%	96.25%
Interest Burden Percent	52.29%	59.95%	71.47%	69.00%	56.56%	52.30%	56.42%	56.43%	49.51%	18.68%
Effective Tax Rate	2.01%	0.67%	2.49%	1.14%	2.06%	2.01%	1.43%	2.46%	1.46%	3.75%
Return on Invested Capital (ROIC)	5.57%	5.97%	4.68%	5.16%	4.87%	4.79%	4.41%	3.96%	4.03%	3.23%
ROIC Less NNEP Spread (ROIC-NNEP)	2.28%	3.06%	2.31%	2.07%	0.61%	-0.20%	-0.29%	0.18%	-0.79%	-1.22%
Return on Net Nonoperating Assets (RNNOA)	3.85%	4.53%	2.86%	2.35%	0.65%	-0.16%	-0.20%	0.13%	-0.70%	-1.92%
Return on Equity (ROE)	9.42%	10.50%	7.54%	7.51%	5.51%	4.63%	4.21%	4.09%	3.33%	1.31%
Cash Return on Invested Capital (CROIC)	16.55%	9.25%	-4.24%	-44.18%	-7.82%	-8.83%	-8.64%	-15.44%	-43.66%	-25.15%
Operating Return on Assets (OROA)	6.34%	6.63%	4.53%	4.75%	4.35%	4.43%	4.05%	4.02%	3.41%	2.76%
Return on Assets (ROA)	3.25%	3.95%	3.16%	3.24%	2.41%	2.27%	2.25%	2.21%	1.66%	0.50%
Return on Common Equity (ROCE)	4.40%	5.82%	4.61%	4.43%	2.78%	2.34%	2.23%	2.26%	1.81%	0.43%
Return on Equity Simple (ROE_SIMPLE)	17.03%	16.66%	11.15%	8.28%	8.20%	7.18%	6.14%	5.47%	4.31%	2.03%
Net Operating Profit after Tax (NOPAT)	291	334	255	216	144	124	100	77	57	30
NOPAT Margin	37.80%	38.98%	31.86%	36.84%	33.34%	32.05%	30.28%	28.56%	28.54%	22.70%
Net Nonoperating Expense Percent (NNEP)	3.29%	2.91%	2.37%	3.10%	4.25%	4.99%	4.70%	3.78%	4.82%	4.45%
Return On Investment Capital (ROIC_SIMPLE)	5.56%	5.75%	4.28%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	27.50%	26.69%	26.33%	26.51%	28.57%	28.45%	31.39%	31.50%	32.55%	0.00%
SG&A Expenses to Revenue	9.28%	8.20%	8.46%	9.20%	10.28%	11.75%	10.95%	11.21%	10.82%	12.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.92%	34.07%	37.55%	36.23%	37.39%	38.85%	37.89%	39.23%	38.48%	76.41%
Earnings before Interest and Taxes (EBIT)	358	398	264	215	143	129	101	84	51	27
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	553	626	501	376	263	235	192	159	106	68
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.93	3.02	2.06	3.46	2.82	2.31	1.57	1.36	1.03	1.14
Price to Tangible Book Value (P/TBV)	3.93	3.02	2.06	3.46	2.82	2.31	1.57	1.36	1.03	1.14
Price to Revenue (P/Rev)	3.75	3.80	3.65	9.20	4.89	4.18	3.53	3.39	2.98	2.02
Price to Earnings (P/E)	31.74	23.72	32.42	58.49	59.54	0.00	310.99	1,373.72	33.02	21.76
Dividend Yield	5.94%	5.67%	6.67%	2.63%	4.42%	4.64%	5.61%	5.09%	5.56%	4.59%
Earnings Yield	3.15%	4.22%	3.08%	1.71%	1.68%	0.00%	0.32%	0.07%	3.03%	4.59%
Enterprise Value to Invested Capital (EV/IC)	1.44	1.40	1.26	1.74	1.43	1.33	1.18	1.11	1.02	1.03
Enterprise Value to Revenue (EV/Rev)	9.21	8.97	8.99	15.44	10.44	9.52	8.59	8.82	8.93	8.28
Enterprise Value to EBITDA (EV/EBITDA)	12.82	12.30	14.39	24.02	17.18	15.69	14.85	14.84	16.78	16.23
Enterprise Value to EBIT (EV/EBIT)	19.83	19.34	27.31	41.98	31.44	28.68	28.07	28.28	34.87	41.56
Enterprise Value to NOPAT (EV/NOPAT)	24.36	23.01	28.20	41.91	31.31	29.71	28.38	30.87	31.28	36.46
Enterprise Value to Operating Cash Flow (EV/OCF)	19.54	17.43	16.23	27.29	20.45	18.78	17.58	19.02	18.78	22.02
Enterprise Value to Free Cash Flow (EV/FCFF)	8.20	14.84	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.97	1.73	1.50	1.18	1.36	1.07	0.91	0.75	0.90	1.10
Long-Term Debt to Equity	1.97	1.73	1.50	1.18	1.36	1.07	0.91	0.75	0.90	1.10
Financial Leverage	1.69	1.48	1.24	1.14	1.05	0.82	0.70	0.72	0.89	1.58
Leverage Ratio	2.90	2.66	2.39	2.32	2.29	2.04	1.87	1.85	2.00	2.65
Compound Leverage Factor	1.52	1.59	1.71	1.60	1.29	1.07	1.05	1.04	0.99	0.49
Debt to Total Capital	66.32%	63.42%	59.96%	54.23%	57.58%	51.77%	47.68%	42.97%	47.31%	52.39%
Short-Term Debt to Total Capital	0.01%	0.06%	0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	66.31%	63.36%	59.95%	54.23%	57.58%	51.77%	47.68%	42.97%	47.31%	52.39%
Preferred Equity to Total Capital	6.51%	5.86%	3.78%	4.03%	6.47%	7.25%	6.44%	7.74%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.13%	12.11%	12.42%	13.04%	13.69%	17.69%	18.11%	19.31%	21.63%	25.78%
Common Equity to Total Capital	14.04%	18.61%	23.85%	28.71%	22.26%	23.30%	27.77%	29.98%	31.06%	21.83%
Debt to EBITDA	6.27	5.89	7.15	7.81	7.39	6.62	6.67	6.02	8.30	8.31
Net Debt to EBITDA	5.74	5.41	6.61	7.25	6.54	5.61	5.31	5.35	7.38	8.18
Long-Term Debt to EBITDA	6.27	5.88	7.15	7.81	7.39	6.62	6.67	6.02	8.30	8.31
Debt to NOPAT	11.93	11.02	14.01	13.63	13.48	12.54	12.76	12.51	15.47	18.67
Net Debt to NOPAT	10.91	10.13	12.95	12.64	11.92	10.62	10.15	11.13	13.77	18.37
Long-Term Debt to NOPAT	11.92	11.01	14.01	13.63	13.48	12.54	12.76	12.51	15.47	18.67
Altman Z-Score	0.70	0.77	0.65	1.20	0.76	0.77	0.71	0.75	0.57	0.48
Noncontrolling Interest Sharing Ratio	53.29%	44.53%	38.84%	41.03%	49.63%	49.35%	47.16%	44.65%	45.57%	67.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.51	0.91	0.52	0.42	0.46	0.64	0.49	0.67	0.71	0.97
Quick Ratio	0.51	0.68	0.44	0.42	0.40	0.54	0.40	0.55	0.58	0.69
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	865	519	-231	-1,846	-231	-229	-196	-299	-616	-237
Operating Cash Flow to CapEx	0.00%	0.00%	1,354.72%	1,183.26%	1,316.63%	1,300.52%	1,142.79%	0.00%	1,328.92%	1,121.02%
Free Cash Flow to Firm to Interest Expense	5.60	3.11	-2.09	-25.62	-3.70	-4.06	-4.59	-8.77	-25.55	-10.91
Operating Cash Flow to Interest Expense	2.35	2.65	4.01	4.60	3.53	3.48	3.79	3.65	3.93	2.32
Operating Cash Flow Less CapEx to Interest Expense	6.21	4.00	3.72	4.21	3.26	3.22	3.46	3.72	3.63	2.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.14	0.13	0.13	0.13	0.13	0.13	0.13	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.16	0.16	0.15	0.14	0.15	0.15	0.15	0.14	0.14	0.14
Accounts Payable Turnover	2.21	2.65	3.02	2.92	2.91	3.10	3.61	3.67	4.14	0.00
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	164.90	137.99	120.76	124.95	125.63	117.58	101.18	99.56	88.18	0.00
Cash Conversion Cycle (CCC)	-164.90	-137.99	-120.76	-124.95	-125.63	-117.58	-101.18	-99.56	-88.18	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,939	5,513	5,697	5,210	3,148	2,772	2,419	2,123	1,747	1,074
Invested Capital Turnover	0.15	0.15	0.15	0.14	0.15	0.15	0.15	0.14	0.14	0.14
Increase / (Decrease) in Invested Capital	-574	-184	487	2,062	375	354	296	375	673	267
Enterprise Value (EV)	7,094	7,696	7,202	9,043	4,512	3,693	2,844	2,364	1,777	1,109
Market Capitalization	2,890	3,265	2,928	5,389	2,114	1,622	1,169	908	593	271
Book Value per Share	$9.64	$13.02	$15.66	$17.48	$10.85	$12.05	$13.16	$15.03	$15.40	$10.28
Tangible Book Value per Share	$9.64	$13.02	$15.66	$17.48	$10.85	$12.05	$13.16	$15.03	$15.40	$10.28
Total Capital	5,236	5,812	5,966	5,423	3,372	3,011	2,680	2,230	1,858	1,084
Total Debt	3,472	3,686	3,577	2,941	1,942	1,559	1,278	958	879	568
Total Long-Term Debt	3,472	3,682	3,577	2,941	1,942	1,559	1,278	958	879	568
Net Debt	3,176	3,387	3,308	2,728	1,717	1,320	1,017	853	782	558
Capital Expenditures (CapEx)	-596	-227	33	28	17	15	14	-2.29	7.12	4.49
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-99	-93	-80	-59	-47	-38	-33	-24	-22	-9.69
Debt-free Net Working Capital (DFNWC)	-48	-5.07	-38	-34	-25	-14	-17	-8.05	-6.28	-0.32
Net Working Capital (NWC)	-48	-8.52	-39	-34	-25	-14	-17	-8.05	-6.28	-0.32
Net Nonoperating Expense (NNE)	108	97	72	69	65	58	44	31	32	26
Net Nonoperating Obligations (NNO)	3,176	3,387	3,308	2,728	1,717	1,320	1,017	851	768	558
Total Depreciation and Amortization (D&A)	196	228	237	161	119	107	90	76	55	42
Debt-free, Cash-free Net Working Capital to Revenue	-12.81%	-10.81%	-10.03%	-10.12%	-10.88%	-9.79%	-10.01%	-9.12%	-10.86%	-7.24%
Debt-free Net Working Capital to Revenue	-6.22%	-0.59%	-4.76%	-5.85%	-5.86%	-3.53%	-5.07%	-3.00%	-3.15%	-0.24%
Net Working Capital to Revenue	-6.28%	-0.99%	-4.82%	-5.85%	-5.86%	-3.53%	-5.07%	-3.00%	-3.15%	-0.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.18	$1.58	$0.99	$1.13	$0.53	($0.15)	$0.07	$0.01	$0.60	$0.80
Adjusted Weighted Average Basic Shares Outstanding	76.84M	86.85M	91.24M	81.20M	66.55M	59.68M	53.29M	44.42M	29.89M	15.46M
Adjusted Diluted Earnings per Share	$1.18	$1.48	$0.99	$0.98	$0.53	($0.15)	$0.07	$0.01	$0.31	$0.17
Adjusted Weighted Average Diluted Shares Outstanding	76.84M	146.02M	91.24M	134.54M	66.61M	59.68M	53.29M	44.42M	78.75M	45.41M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.53	($0.15)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	76.40M	79.98M	89.91M	91.39M	71.36M	58.21M	56.70M	50.33M	43.26M	23.02M
Normalized Net Operating Profit after Tax (NOPAT)	291	334	255	216	144	124	100	77	57	30
Normalized NOPAT Margin	37.80%	38.98%	31.86%	36.84%	33.34%	32.05%	30.28%	28.56%	28.54%	22.70%
Pre Tax Income Margin	24.28%	27.80%	23.51%	25.38%	18.77%	17.37%	17.27%	17.59%	12.68%	3.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.31	2.38	2.38	2.99	2.29	2.28	2.37	2.45	2.11	1.23
NOPAT to Interest Expense	1.88	2.00	2.31	2.99	2.30	2.20	2.35	2.25	2.36	1.40
EBIT Less CapEx to Interest Expense	6.17	3.74	2.09	2.60	2.02	2.01	2.04	2.52	1.82	1.02
NOPAT Less CapEx to Interest Expense	5.74	3.36	2.01	2.61	2.03	1.93	2.01	2.31	2.06	1.19
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	178.36%	148.28%	190.53%	168.13%	222.75%	246.84%	241.19%	233.24%	296.39%	1,051.31%
Augmented Payout Ratio	328.90%	279.15%	239.98%	169.64%	223.97%	247.11%	242.48%	235.49%	302.01%	1,164.70%

This table displays calculated financial ratios and metrics derived from National Storage Affiliates Trust's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	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	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-100.00%	-11.74%	-11.65%	-11.63%	-5.69%	3.21%	5.98%	8.36%	11.12%	20.24%	37.08%
EBITDA Growth	-141.06%	-40.82%	-12.67%	-13.67%	36.14%	79.13%	9.93%	9.06%	7.79%	1.62%	33.15%
EBIT Growth	-195.94%	-51.89%	-11.60%	-11.36%	72.64%	166.84%	23.39%	17.31%	17.71%	-8.33%	19.70%
NOPAT Growth	-278.62%	-20.78%	-11.18%	-14.45%	-4.49%	62.05%	27.16%	16.82%	21.30%	-12.76%	13.95%
Net Income Growth	-79.47%	-75.82%	-30.87%	-29.02%	135.41%	114.49%	7.19%	-6.09%	-9.81%	17.44%	-1.36%
EPS Growth	-84.62%	-72.86%	-30.77%	-42.86%	170.83%	133.33%	23.81%	16.67%	0.00%	7.14%	-19.23%
Operating Cash Flow Growth	-8.91%	-14.74%	-18.31%	-23.26%	-14.35%	0.10%	5.29%	-7.30%	-0.28%	1.30%	30.20%
Free Cash Flow Firm Growth	-108.27%	136.41%	9,463.12%	428.65%	345.99%	162.98%	99.32%	83.72%	80.07%	78.39%	-25.88%
Invested Capital Growth	-0.82%	-10.41%	-14.40%	-14.78%	-14.77%	-3.23%	1.65%	6.73%	8.54%	9.34%	35.63%
Revenue Q/Q Growth	-100.00%	-1.81%	1.67%	-2.91%	-8.94%	-1.70%	1.69%	3.61%	-0.35%	0.94%	3.96%
EBITDA Q/Q Growth	-159.16%	-2.12%	1.29%	-33.44%	-10.30%	44.42%	0.13%	4.96%	-4.87%	-11.37%	-0.66%
EBIT Q/Q Growth	-268.21%	-4.00%	1.00%	-45.11%	-9.61%	76.39%	1.28%	6.91%	-6.29%	-18.44%	-3.70%
NOPAT Q/Q Growth	-267.07%	-6.12%	5.01%	-4.68%	-16.03%	5.26%	1.14%	6.42%	-4.51%	-17.41%	-7.08%
Net Income Q/Q Growth	-25.30%	-12.23%	-7.77%	-66.05%	-12.00%	150.92%	-5.30%	12.59%	-19.82%	25.39%	-17.03%
EPS Q/Q Growth	-47.37%	5.56%	12.50%	-75.38%	-7.14%	169.23%	-7.14%	16.67%	-20.00%	42.86%	-12.50%
Operating Cash Flow Q/Q Growth	6.84%	-24.19%	27.03%	-11.47%	0.01%	-27.36%	19.33%	-1.20%	16.88%	-23.59%	5.06%
Free Cash Flow Firm Q/Q Growth	-111.81%	-28.70%	-2.13%	-0.60%	240.43%	2,923.75%	96.56%	25.60%	6.89%	69.58%	17.58%
Invested Capital Q/Q Growth	-1.05%	0.29%	0.31%	-0.37%	-10.61%	-4.18%	-0.14%	-0.35%	1.48%	0.66%	4.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	72.52%	72.78%	72.59%	72.12%	73.62%	73.27%	73.51%	72.84%	61.21%	73.34%
EBITDA Margin	0.00%	64.03%	64.24%	64.48%	94.06%	95.49%	64.99%	66.00%	65.16%	55.02%	62.66%
Operating Margin	0.00%	38.78%	39.51%	37.79%	38.21%	40.42%	39.01%	39.02%	38.49%	26.58%	33.47%
EBIT Margin	0.00%	37.99%	38.86%	39.12%	69.19%	69.70%	38.84%	39.00%	37.80%	26.96%	33.36%
Profit (Net Income) Margin	0.00%	13.74%	15.38%	16.95%	48.48%	50.16%	19.65%	21.10%	19.42%	24.14%	19.43%
Tax Burden Percent	94.57%	94.65%	97.18%	98.35%	99.08%	101.18%	97.90%	98.41%	97.12%	97.98%	95.09%
Interest Burden Percent	-16.99%	38.22%	40.71%	44.06%	70.71%	71.12%	51.67%	54.99%	52.90%	91.37%	61.24%
Effective Tax Rate	5.43%	5.35%	2.82%	1.65%	0.92%	-1.18%	2.10%	1.59%	2.88%	2.02%	4.91%
Return on Invested Capital (ROIC)	0.00%	5.41%	5.72%	5.72%	5.98%	6.26%	5.70%	5.77%	5.54%	3.83%	4.96%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	4.08%	4.40%	4.53%	6.64%	6.86%	4.51%	4.59%	4.33%	3.70%	3.97%
Return on Net Nonoperating Assets (RNNOA)	0.00%	6.89%	7.46%	6.97%	9.70%	10.17%	6.69%	5.89%	5.45%	4.58%	4.38%
Return on Equity (ROE)	0.00%	12.30%	13.18%	12.70%	15.68%	16.43%	12.39%	11.66%	10.99%	8.41%	9.34%
Cash Return on Invested Capital (CROIC)	2.95%	16.55%	21.31%	21.93%	22.11%	9.25%	4.07%	-1.00%	-2.86%	-4.24%	-24.89%
Operating Return on Assets (OROA)	0.00%	5.19%	5.35%	5.59%	10.14%	9.97%	5.41%	5.49%	5.27%	3.72%	4.83%
Return on Assets (ROA)	0.00%	1.88%	2.12%	2.42%	7.10%	7.17%	2.74%	2.97%	2.71%	3.33%	2.81%
Return on Common Equity (ROCE)	0.00%	5.74%	5.87%	6.45%	8.04%	9.11%	6.98%	6.70%	6.31%	5.14%	5.72%
Return on Equity Simple (ROE_SIMPLE)	10.42%	0.00%	26.87%	23.38%	22.84%	0.00%	12.31%	10.85%	10.97%	0.00%	10.38%
Net Operating Profit after Tax (NOPAT)	-117	70	74	71	74	88	84	83	78	54	66
NOPAT Margin	0.00%	36.71%	38.39%	37.17%	37.86%	40.90%	38.19%	38.40%	37.38%	26.04%	31.83%
Net Nonoperating Expense Percent (NNEP)	-4.41%	1.33%	1.33%	1.19%	-0.66%	-0.60%	1.19%	1.19%	1.21%	0.13%	0.99%
Return On Investment Capital (ROIC_SIMPLE)	-2.27%	1.33%	-	-	-	1.52%	-	-	-	0.91%	-
Cost of Revenue to Revenue	0.00%	27.48%	27.22%	27.41%	27.88%	26.38%	26.73%	26.49%	27.16%	25.56%	26.66%
SG&A Expenses to Revenue	0.00%	8.41%	8.65%	10.27%	9.77%	8.14%	8.78%	8.18%	7.69%	7.92%	10.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	33.74%	33.27%	34.80%	33.90%	33.20%	34.26%	34.49%	34.35%	34.63%	39.86%
Earnings before Interest and Taxes (EBIT)	-122	72	75	74	136	150	85	84	79	56	69
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-72	122	124	123	185	206	142	142	136	115	130
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.34	3.93	5.67	3.63	3.30	3.02	2.40	2.26	2.69	2.06	2.34
Price to Tangible Book Value (P/TBV)	4.34	3.93	5.67	3.63	3.30	3.02	2.40	2.26	2.69	2.06	2.34
Price to Revenue (P/Rev)	5.24	3.75	4.60	3.76	3.65	3.80	3.15	3.45	4.24	3.65	4.49
Price to Earnings (P/E)	66.84	31.74	25.49	20.04	18.55	23.72	26.46	30.17	37.32	32.42	40.68
Dividend Yield	5.74%	5.94%	4.65%	5.43%	5.80%	5.67%	7.39%	6.73%	5.68%	6.67%	5.46%
Earnings Yield	1.50%	3.15%	3.92%	4.99%	5.39%	4.22%	3.78%	3.31%	2.68%	3.08%	2.46%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.44	1.61	1.46	1.44	1.40	1.27	1.28	1.38	1.26	1.35
Enterprise Value to Revenue (EV/Rev)	12.55	9.21	9.98	8.71	8.37	8.97	8.60	8.79	9.69	8.99	9.95
Enterprise Value to EBITDA (EV/EBITDA)	23.55	12.82	12.46	10.91	10.49	12.30	13.01	13.41	14.82	14.39	15.30
Enterprise Value to EBIT (EV/EBIT)	65.76	19.83	18.23	16.05	15.56	19.34	22.06	23.37	26.29	27.31	28.38
Enterprise Value to NOPAT (EV/NOPAT)	69.19	24.36	25.67	22.46	21.45	23.01	22.47	23.97	26.93	28.20	28.98
Enterprise Value to Operating Cash Flow (EV/OCF)	20.31	19.54	21.07	17.84	16.63	17.43	16.58	16.95	17.97	16.23	17.24
Enterprise Value to Free Cash Flow (EV/FCFF)	49.79	8.20	6.98	6.11	5.98	14.84	31.50	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.04	1.97	1.92	1.87	1.70	1.73	1.80	1.53	1.52	1.50	1.43
Long-Term Debt to Equity	2.04	1.97	1.92	1.87	1.70	1.73	1.80	1.53	1.52	1.50	1.43
Financial Leverage	1.70	1.69	1.70	1.54	1.46	1.48	1.48	1.28	1.26	1.24	1.10
Leverage Ratio	2.92	2.90	2.92	2.73	2.65	2.66	2.66	2.44	2.40	2.39	2.26
Compound Leverage Factor	-0.50	1.11	1.19	1.20	1.88	1.89	1.38	1.34	1.27	2.18	1.39
Debt to Total Capital	67.10%	66.32%	65.77%	65.10%	62.96%	63.42%	64.23%	60.42%	60.24%	59.96%	58.87%
Short-Term Debt to Total Capital	0.02%	0.01%	0.15%	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%	0.01%	0.00%
Long-Term Debt to Total Capital	67.07%	66.31%	65.62%	65.10%	62.96%	63.36%	64.23%	60.42%	60.24%	59.95%	58.87%
Preferred Equity to Total Capital	6.63%	6.51%	6.48%	6.54%	6.48%	5.86%	5.65%	5.65%	5.63%	3.78%	3.81%
Noncontrolling Interests to Total Capital	12.80%	13.13%	15.47%	12.02%	12.75%	12.11%	11.61%	12.60%	12.72%	12.42%	12.46%
Common Equity to Total Capital	13.48%	14.04%	12.28%	16.34%	17.81%	18.61%	18.51%	21.33%	21.41%	23.85%	24.87%
Debt to EBITDA	11.28	6.27	5.43	5.17	4.90	5.89	6.88	6.62	6.77	7.15	6.99
Net Debt to EBITDA	10.44	5.74	4.90	4.72	4.42	5.41	6.39	6.14	6.28	6.61	6.46
Long-Term Debt to EBITDA	11.27	6.27	5.42	5.17	4.90	5.88	6.88	6.62	6.77	7.15	6.99
Debt to NOPAT	33.14	11.93	11.19	10.65	10.02	11.02	11.89	11.83	12.31	14.01	13.25
Net Debt to NOPAT	30.68	10.91	10.10	9.72	9.03	10.13	11.04	10.97	11.41	12.95	12.24
Long-Term Debt to NOPAT	33.13	11.92	11.16	10.65	10.02	11.01	11.89	11.83	12.31	14.01	13.25
Altman Z-Score	0.37	0.52	0.67	0.60	0.67	0.64	0.47	0.53	0.63	0.54	0.64
Noncontrolling Interest Sharing Ratio	0.00%	53.29%	55.48%	49.18%	48.73%	44.53%	43.64%	42.53%	42.56%	38.84%	38.74%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.22	0.51	0.67	0.72	1.01	0.91	0.55	0.51	0.56	0.52	0.36
Quick Ratio	0.21	0.51	0.60	0.63	0.73	0.68	0.54	0.51	0.56	0.44	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-76	644	903	922	928	272	-9.64	-281	-377	-432	-1,421
Operating Cash Flow to CapEx	0.00%	1,363.87%	2,014.62%	0.00%	0.00%	0.00%	1,539.16%	1,143.44%	1,202.38%	2,197.61%	892.20%
Free Cash Flow to Firm to Interest Expense	0.00	16.36	22.62	24.78	24.34	5.99	-0.22	-7.07	-9.75	-12.48	-49.22
Operating Cash Flow to Interest Expense	0.00	2.04	2.65	2.24	2.47	2.07	3.00	2.73	2.84	2.71	4.26
Operating Cash Flow Less CapEx to Interest Expense	0.00	1.89	2.52	2.35	18.29	7.65	2.81	2.49	2.60	2.59	3.78
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.14	0.14	0.14	0.15	0.14	0.14	0.14	0.14	0.14	0.14
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.12	0.16	0.15	0.16	0.16	0.16	0.15	0.15	0.15	0.15	0.16
Accounts Payable Turnover	2.36	2.21	1.99	2.47	2.73	2.65	2.23	2.86	3.13	3.02	2.61
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	154.67	164.90	183.64	147.81	133.73	137.99	163.34	127.53	116.52	120.76	139.91
Cash Conversion Cycle (CCC)	-154.67	-164.90	-183.64	-147.81	-133.73	-137.99	-163.34	-127.53	-116.52	-120.76	-139.91
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,887	4,939	4,925	4,909	4,928	5,513	5,753	5,761	5,781	5,697	5,660
Invested Capital Turnover	0.12	0.15	0.15	0.15	0.16	0.15	0.15	0.15	0.15	0.15	0.16
Increase / (Decrease) in Invested Capital	-41	-574	-828	-852	-854	-184	93	363	455	487	1,487
Enterprise Value (EV)	7,204	7,094	7,940	7,149	7,081	7,696	7,318	7,374	7,971	7,202	7,629
Market Capitalization	3,010	2,890	3,662	3,090	3,089	3,265	2,681	2,898	3,484	2,928	3,443
Book Value per Share	$9.07	$9.64	$8.50	$11.35	$11.71	$13.02	$12.50	$14.55	$14.40	$15.66	$16.05
Tangible Book Value per Share	$9.07	$9.64	$8.50	$11.35	$11.71	$13.02	$12.50	$14.55	$14.40	$15.66	$16.05
Total Capital	5,143	5,236	5,260	5,207	5,257	5,812	6,029	6,024	6,049	5,966	5,925
Total Debt	3,451	3,472	3,460	3,390	3,310	3,686	3,872	3,640	3,644	3,577	3,488
Total Long-Term Debt	3,449	3,472	3,452	3,390	3,310	3,682	3,872	3,640	3,644	3,577	3,488
Net Debt	3,195	3,176	3,124	3,092	2,980	3,387	3,596	3,376	3,376	3,308	3,223
Capital Expenditures (CapEx)	-2.93	5.88	5.25	-4.19	-603	-254	8.41	9.48	9.13	4.27	14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-92	-99	-108	-93	-88	-93	-109	-87	-79	-80	-92
Debt-free Net Working Capital (DFNWC)	-72	-48	-30	-26	1.21	-5.07	-49	-43	-34	-38	-59
Net Working Capital (NWC)	-73	-48	-38	-26	1.21	-8.52	-49	-43	-34	-39	-59
Net Nonoperating Expense (NNE)	-136	44	45	39	-21	-20	41	37	37	3.98	26
Net Nonoperating Obligations (NNO)	3,195	3,176	3,124	3,092	2,980	3,387	3,596	3,376	3,376	3,308	3,223
Total Depreciation and Amortization (D&A)	49	50	49	48	49	56	57	58	57	59	61
Debt-free, Cash-free Net Working Capital to Revenue	-16.03%	-12.81%	-13.63%	-11.33%	-10.38%	-10.81%	-12.85%	-10.37%	-9.56%	-10.03%	-12.06%
Debt-free Net Working Capital to Revenue	-12.51%	-6.22%	-3.77%	-3.17%	0.14%	-0.59%	-5.72%	-5.12%	-4.17%	-4.76%	-7.71%
Net Working Capital to Revenue	-12.72%	-6.28%	-4.75%	-3.17%	0.14%	-0.99%	-5.72%	-5.12%	-4.17%	-4.82%	-7.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.10	$0.17	$0.18	$0.16	$0.67	$0.74	$0.28	$0.28	$0.28	$0.30	$0.21
Adjusted Weighted Average Basic Shares Outstanding	76.37M	76.84M	75.76M	75.16M	80.24M	86.85M	87.00M	88.31M	89.50M	91.24M	91.47M
Adjusted Diluted Earnings per Share	$0.10	$0.19	$0.18	$0.16	$0.65	$0.70	$0.26	$0.28	$0.24	$0.30	$0.21
Adjusted Weighted Average Diluted Shares Outstanding	76.37M	76.84M	75.76M	75.16M	138.15M	146.02M	146.12M	88.31M	148.62M	91.24M	91.47M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	76.49M	76.40M	76.24M	75.97M	74.96M	79.98M	83.08M	89.24M	88.30M	89.91M	90.87M
Normalized Net Operating Profit after Tax (NOPAT)	-114	70	74	71	74	61	84	83	78	54	67
Normalized NOPAT Margin	0.00%	36.71%	38.39%	37.17%	37.86%	28.29%	38.19%	38.40%	37.38%	26.04%	32.36%
Pre Tax Income Margin	0.00%	14.52%	15.82%	17.23%	48.93%	49.58%	20.07%	21.44%	19.99%	24.63%	20.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.84	1.89	2.00	3.56	3.30	1.98	2.12	2.03	1.62	2.39
NOPAT to Interest Expense	0.00	1.77	1.86	1.90	1.95	1.94	1.94	2.08	2.01	1.57	2.28
EBIT Less CapEx to Interest Expense	0.00	1.69	1.75	2.11	19.38	8.89	1.78	1.88	1.80	1.50	1.91
NOPAT Less CapEx to Interest Expense	0.00	1.62	1.73	2.01	17.77	7.52	1.75	1.85	1.77	1.45	1.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	303.25%	178.36%	125.00%	120.81%	119.01%	148.28%	197.20%	201.21%	197.80%	190.53%	190.53%
Augmented Payout Ratio	370.94%	328.90%	239.32%	306.32%	271.37%	279.15%	377.21%	291.58%	286.71%	239.98%	219.41%

Frequently Asked Questions About National Storage Affiliates Trust's Financials

When does National Storage Affiliates Trust's fiscal year end?

According to the most recent income statement we have on file, National Storage Affiliates Trust's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has National Storage Affiliates Trust's net income changed over the last 9 years?

National Storage Affiliates Trust's net income appears to be on an upward trend, with a most recent value of $183.27 million in 2024, rising from $4.80 million in 2015. The previous period was $236.99 million in 2023. See National Storage Affiliates Trust's forecast for analyst expectations on what’s next for the company.

What is National Storage Affiliates Trust's operating income?

National Storage Affiliates Trust's total operating income in 2024 was $297.16 million, based on the following breakdown:

Total Gross Profit: $558.48 million
Total Operating Expenses: $261.33 million

How has National Storage Affiliates Trust revenue changed over the last 9 years?

Over the last 9 years, National Storage Affiliates Trust's total revenue changed from $133.92 million in 2015 to $770.34 million in 2024, a change of 475.2%.

How much debt does National Storage Affiliates Trust have?

National Storage Affiliates Trust's total liabilities were at $3.59 billion at the end of 2024, a 5.6% decrease from 2023, and a 516.0% increase since 2015.

How much cash does National Storage Affiliates Trust have?

In the past 9 years, National Storage Affiliates Trust's cash and equivalents has ranged from $6.67 million in 2015 to $64.98 million in 2023, and is currently $50.41 million as of their latest financial filing in 2024.

How has National Storage Affiliates Trust's book value per share changed over the last 9 years?

Over the last 9 years, National Storage Affiliates Trust's book value per share changed from 10.28 in 2015 to 9.64 in 2024, a change of -6.2%.

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This page (NYSE:NSA) was last updated on 5/22/2025 by MarketBeat.com Staff

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National Storage Affiliates Trust (NSA) Financials

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National Storage Affiliates Trust (NSA) Financials

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