National Storage Affiliates Trust (NSA) Financials

$33.70 -0.43 (-1.25%)

Closing price 06/11/2025 03:59 PM Eastern

Extended Trading

$33.98 +0.28 (+0.83%)

As of 08:44 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	12	18	0.66	3.76	-8.41	36	92	90	138	91
Consolidated Net Income / (Loss)	4.80	25	46	56	66	79	147	184	237	183
Net Income / (Loss) Continuing Operations	4.80	25	46	56	66	79	147	156	237	183
Total Pre-Tax Income	4.98	25	47	57	67	81	149	188	239	187
Total Operating Income	32	58	79	102	127	147	218	262	337	297
Total Gross Profit	134	134	184	227	278	309	430	563	629	558
Total Revenue	134	199	268	331	388	432	586	802	858	770
Operating Revenue	130	199	268	331	388	432	586	774	858	770
Total Cost of Revenue	0.00	65	84	104	110	123	155	211	229	212
Operating Cost of Revenue	-	65	84	104	110	123	155	211	229	212
Total Operating Expenses	102	77	105	125	151	162	212	301	292	261
Selling, General & Admin Expense	16	22	30	36	46	44	54	68	70	71
Depreciation Expense	41	55	75	89	105	117	158	233	222	190
Total Other Income / (Expense), net	-27	-32	-31	-45	-59	-66	-70	-101	-98	-110
Interest Expense	22	24	34	43	56	63	72	111	167	155
Interest & Investment Income	0.00	-1.48	-2.34	-1.42	-4.97	0.27	5.29	7.75	7.55	-16
Other Income / (Expense), net	-4.92	-6.69	5.06	-0.36	1.95	-3.64	-2.85	1.77	61	61
Income Tax Expense	0.19	0.37	1.16	0.82	1.35	1.67	1.69	4.69	1.59	3.77
Preferred Stock Dividends Declared	0.00	0.00	2.30	10	12	13	13	13	19	20
Net Income / (Loss) Attributable to Noncontrolling Interest	-7.64	6.90	43	42	62	31	42	80	80	72
Basic Earnings per Share	$0.80	$0.60	$0.01	$0.07	($0.15)	$0.53	$1.13	$0.99	$1.58	$1.18
Weighted Average Basic Shares Outstanding	15.46M	29.89M	44.42M	53.29M	58.21M	66.55M	81.20M	91.24M	86.85M	76.84M
Diluted Earnings per Share	$0.17	$0.31	$0.01	$0.07	($0.15)	$0.53	$0.98	$0.99	$1.48	$1.18
Weighted Average Diluted Shares Outstanding	45.41M	78.75M	44.42M	53.29M	58.21M	66.61M	134.54M	91.24M	146.02M	76.84M
Weighted Average Basic & Diluted Shares Outstanding	23.02M	43.26M	44.42M	53.29M	58.21M	71.36M	91.39M	89.91M	79.98M	76.40M
Cash Dividends to Common per Share	$0.54	$0.88	$1.04	$1.16	$1.27	$1.35	$1.59	$2.15	$2.23	$2.25

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	19	28	25	24	24	64	54	12	14	12	7.88
Consolidated Net Income / (Loss)	40	50	40	45	43	108	95	32	30	26	20
Net Income / (Loss) Continuing Operations	40	23	40	45	43	108	95	32	30	26	-128
Total Pre-Tax Income	42	51	42	46	44	107	96	33	31	28	21
Total Operating Income	69	55	80	84	85	87	75	72	76	74	-123
Total Gross Profit	152	128	152	158	161	159	141	138	141	138	-55
Total Revenue	207	209	208	216	219	215	196	190	194	190	0.00
Operating Revenue	207	181	208	216	219	215	196	190	194	190	0.00
Total Cost of Revenue	55	53	56	57	59	57	55	52	53	52	55
Operating Cost of Revenue	55	53	56	57	59	57	55	52	53	52	55
Total Operating Expenses	82	72	71	74	75	72	66	66	64	64	68
Selling, General & Admin Expense	22	17	16	18	19	18	19	20	17	16	18
Depreciation Expense	60	58	55	57	56	54	47	47	48	48	48
Restructuring Charge	1.14	-	-	-	-	-	-	-	-	-	2.45
Total Other Income / (Expense), net	-28	-30	-38	-38	-42	20	21	-39	-46	-46	-3.95
Interest & Investment Income	2.13	2.16	1.68	1.86	1.93	2.08	-1.63	-4.45	-4.71	-5.28	-5.74
Other Income / (Expense), net	-0.23	0.79	-1.44	-0.04	-0.37	63	61	2.53	-1.25	-1.50	1.79
Income Tax Expense	2.07	1.04	1.20	0.74	0.92	-1.27	0.89	0.54	0.86	1.48	1.12
Preferred Stock Dividends Declared	3.38	3.38	3.96	5.12	5.11	4.83	5.11	5.11	5.11	5.11	5.11
Net Income / (Loss) Attributable to Noncontrolling Interest	18	19	11	16	14	39	36	15	11	9.40	6.53
Basic Earnings per Share	$0.21	$0.30	$0.28	$0.28	$0.28	$0.74	$0.67	$0.16	$0.18	$0.17	$0.10
Weighted Average Basic Shares Outstanding	91.47M	91.24M	89.50M	88.31M	87.00M	86.85M	80.24M	75.16M	75.76M	76.84M	76.37M
Diluted Earnings per Share	$0.21	$0.30	$0.24	$0.28	$0.26	$0.70	$0.65	$0.16	$0.18	$0.19	$0.10
Weighted Average Diluted Shares Outstanding	91.47M	91.24M	148.62M	88.31M	146.12M	146.02M	138.15M	75.16M	75.76M	76.84M	76.37M
Weighted Average Basic & Diluted Shares Outstanding	90.87M	89.91M	88.30M	89.24M	83.08M	79.98M	74.96M	75.97M	76.24M	76.40M	76.49M
Cash Dividends to Common per Share	$0.55	-	$0.55	$0.56	$0.56	-	$0.56	$0.56	$0.56	-	$0.57

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	1.80	4.79	9.64	-4.52	13	27	1.39	-22	11	-28	-31
Net Cash From Operating Activities	123	94	110	108	129	94	94	83	106	80	86
Net Cash From Continuing Operating Activities	123	94	110	108	129	94	94	83	106	80	86
Net Income / (Loss) Continuing Operations	40	50	40	45	43	108	95	32	30	26	20
Consolidated Net Income / (Loss)	40	50	40	45	43	108	95	32	30	26	20
Depreciation Expense	60	58	55	57	56	54	47	47	48	48	48
Amortization Expense	0.95	1.00	1.45	1.49	1.47	1.56	1.45	1.59	1.48	1.36	1.36
Non-Cash Adjustments To Reconcile Net Income	5.63	2.51	5.95	5.76	5.61	-58	-52	9.77	13	13	12
Changes in Operating Assets and Liabilities, net	17	-18	6.50	-1.00	23	-11	2.34	-7.13	14	-8.90	4.38
Net Cash From Investing Activities	-328	-11	-36	-17	-22	237	567	-23	-74	-45	-9.67
Net Cash From Continuing Investing Activities	-328	-11	-36	-17	-22	237	567	-23	-74	-45	-9.67
Purchase of Property, Plant & Equipment	-14	-9.07	-9.13	-9.48	-8.41	-8.53	-5.60	-3.85	-5.25	-5.88	-5.82
Acquisitions	1.18	-551	-17	0.20	-0.24	0.24	-36	34	-31	-139	-0.17
Purchase of Investments	-1.71	-	-	-	-	-	-	-	-38	-	0.00
Sale of Property, Plant & Equipment	-	4.80	0.00	-	-	262	609	8.04	-	-	8.75
Other Investing Activities, net	-314	489	-9.92	-8.17	-14	-17	0.00	-25	0.91	25	-12
Net Cash From Financing Activities	207	-78	-64	-95	-94	-304	-660	-83	-21	-62	-107
Net Cash From Continuing Financing Activities	207	-78	-64	-95	-94	-304	-660	-83	-21	-62	-107
Repayment of Debt	-193	-119	-234	-258	-143	-580	-613	-100	-619	-151	-158
Repurchase of Common Equity	-50	-40	-69	-	-213	-27	-204	-72	-	-0.13	-0.57
Payment of Dividends	-88	-89	-87	-91	-87	-87	-83	-80	-82	-82	-82
Issuance of Debt	538	170	326	253	350	390	240	179	680	171	134
Other Financing Activities, net	-	-	0.00	-	-	-	-0.38	-9.12	-	-	0.00
Cash Interest Paid	21	34	30	35	36	43	34	41	31	39	37

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

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

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

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

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

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	37.08%	20.24%	11.12%	8.36%	5.98%	3.21%	-5.69%	-11.63%	-11.65%	-11.74%	-100.00%
EBITDA Growth	33.15%	1.62%	7.79%	9.06%	9.93%	79.13%	36.14%	-13.67%	-12.67%	-40.82%	-141.06%
EBIT Growth	19.70%	-8.33%	17.71%	17.31%	23.39%	166.84%	72.64%	-11.36%	-11.60%	-51.89%	-195.94%
NOPAT Growth	13.95%	-12.76%	21.30%	16.82%	27.16%	62.05%	-4.49%	-14.45%	-11.18%	-20.78%	-278.62%
Net Income Growth	-1.36%	17.44%	-9.81%	-6.09%	7.19%	114.49%	135.41%	-29.02%	-30.87%	-75.82%	-79.47%
EPS Growth	-19.23%	7.14%	0.00%	16.67%	23.81%	133.33%	170.83%	-42.86%	-30.77%	-72.86%	-84.62%
Operating Cash Flow Growth	30.20%	1.30%	-0.28%	-7.30%	5.29%	0.10%	-14.35%	-23.26%	-18.31%	-14.74%	-8.91%
Free Cash Flow Firm Growth	-25.88%	78.39%	80.07%	83.72%	99.32%	162.98%	345.99%	428.65%	9,463.12%	136.41%	-108.27%
Invested Capital Growth	35.63%	9.34%	8.54%	6.73%	1.65%	-3.23%	-14.77%	-14.78%	-14.40%	-10.41%	-0.82%
Revenue Q/Q Growth	3.96%	0.94%	-0.35%	3.61%	1.69%	-1.70%	-8.94%	-2.91%	1.67%	-1.81%	-100.00%
EBITDA Q/Q Growth	-0.66%	-11.37%	-4.87%	4.96%	0.13%	44.42%	-10.30%	-33.44%	1.29%	-2.12%	-159.16%
EBIT Q/Q Growth	-3.70%	-18.44%	-6.29%	6.91%	1.28%	76.39%	-9.61%	-45.11%	1.00%	-4.00%	-268.21%
NOPAT Q/Q Growth	-7.08%	-17.41%	-4.51%	6.42%	1.14%	5.26%	-16.03%	-4.68%	5.01%	-6.12%	-267.07%
Net Income Q/Q Growth	-17.03%	25.39%	-19.82%	12.59%	-5.30%	150.92%	-12.00%	-66.05%	-7.77%	-12.23%	-25.30%
EPS Q/Q Growth	-12.50%	42.86%	-20.00%	16.67%	-7.14%	169.23%	-7.14%	-75.38%	12.50%	5.56%	-47.37%
Operating Cash Flow Q/Q Growth	5.06%	-23.59%	16.88%	-1.20%	19.33%	-27.36%	0.01%	-11.47%	27.03%	-24.19%	6.84%
Free Cash Flow Firm Q/Q Growth	17.58%	69.58%	6.89%	25.60%	96.56%	2,923.75%	240.43%	-0.60%	-2.13%	-28.70%	-111.81%
Invested Capital Q/Q Growth	4.86%	0.66%	1.48%	-0.35%	-0.14%	-4.18%	-10.61%	-0.37%	0.31%	0.29%	-1.05%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.34%	61.21%	72.84%	73.51%	73.27%	73.62%	72.12%	72.59%	72.78%	72.52%	0.00%
EBITDA Margin	62.66%	55.02%	65.16%	66.00%	64.99%	95.49%	94.06%	64.48%	64.24%	64.03%	0.00%
Operating Margin	33.47%	26.58%	38.49%	39.02%	39.01%	40.42%	38.21%	37.79%	39.51%	38.78%	0.00%
EBIT Margin	33.36%	26.96%	37.80%	39.00%	38.84%	69.70%	69.19%	39.12%	38.86%	37.99%	0.00%
Profit (Net Income) Margin	19.43%	24.14%	19.42%	21.10%	19.65%	50.16%	48.48%	16.95%	15.38%	13.74%	0.00%
Tax Burden Percent	95.09%	97.98%	97.12%	98.41%	97.90%	101.18%	99.08%	98.35%	97.18%	94.65%	94.57%
Interest Burden Percent	61.24%	91.37%	52.90%	54.99%	51.67%	71.12%	70.71%	44.06%	40.71%	38.22%	-16.99%
Effective Tax Rate	4.91%	2.02%	2.88%	1.59%	2.10%	-1.18%	0.92%	1.65%	2.82%	5.35%	5.43%
Return on Invested Capital (ROIC)	4.96%	3.83%	5.54%	5.77%	5.70%	6.26%	5.98%	5.72%	5.72%	5.41%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	3.97%	3.70%	4.33%	4.59%	4.51%	6.86%	6.64%	4.53%	4.40%	4.08%	0.00%
Return on Net Nonoperating Assets (RNNOA)	4.38%	4.58%	5.45%	5.89%	6.69%	10.17%	9.70%	6.97%	7.46%	6.89%	0.00%
Return on Equity (ROE)	9.34%	8.41%	10.99%	11.66%	12.39%	16.43%	15.68%	12.70%	13.18%	12.30%	0.00%
Cash Return on Invested Capital (CROIC)	-24.89%	-4.24%	-2.86%	-1.00%	4.07%	9.25%	22.11%	21.93%	21.31%	16.55%	2.95%
Operating Return on Assets (OROA)	4.83%	3.72%	5.27%	5.49%	5.41%	9.97%	10.14%	5.59%	5.35%	5.19%	0.00%
Return on Assets (ROA)	2.81%	3.33%	2.71%	2.97%	2.74%	7.17%	7.10%	2.42%	2.12%	1.88%	0.00%
Return on Common Equity (ROCE)	5.72%	5.14%	6.31%	6.70%	6.98%	9.11%	8.04%	6.45%	5.87%	5.74%	0.00%
Return on Equity Simple (ROE_SIMPLE)	10.38%	0.00%	10.97%	10.85%	12.31%	0.00%	22.84%	23.38%	26.87%	0.00%	10.42%
Net Operating Profit after Tax (NOPAT)	66	54	78	83	84	88	74	71	74	70	-117
NOPAT Margin	31.83%	26.04%	37.38%	38.40%	38.19%	40.90%	37.86%	37.17%	38.39%	36.71%	0.00%
Net Nonoperating Expense Percent (NNEP)	0.99%	0.13%	1.21%	1.19%	1.19%	-0.60%	-0.66%	1.19%	1.33%	1.33%	-4.41%
Return On Investment Capital (ROIC_SIMPLE)	-	0.91%	-	-	-	1.52%	-	-	-	1.33%	-2.27%
Cost of Revenue to Revenue	26.66%	25.56%	27.16%	26.49%	26.73%	26.38%	27.88%	27.41%	27.22%	27.48%	0.00%
SG&A Expenses to Revenue	10.47%	7.92%	7.69%	8.18%	8.78%	8.14%	9.77%	10.27%	8.65%	8.41%	0.00%
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	39.86%	34.63%	34.35%	34.49%	34.26%	33.20%	33.90%	34.80%	33.27%	33.74%	0.00%
Earnings before Interest and Taxes (EBIT)	69	56	79	84	85	150	136	74	75	72	-122
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	130	115	136	142	142	206	185	123	124	122	-72
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.34	2.06	2.69	2.26	2.40	3.02	3.30	3.63	5.67	3.93	4.34
Price to Tangible Book Value (P/TBV)	2.34	2.06	2.69	2.26	2.40	3.02	3.30	3.63	5.67	3.93	4.34
Price to Revenue (P/Rev)	4.49	3.65	4.24	3.45	3.15	3.80	3.65	3.76	4.60	3.75	5.24
Price to Earnings (P/E)	40.68	32.42	37.32	30.17	26.46	23.72	18.55	20.04	25.49	31.74	66.84
Dividend Yield	5.46%	6.67%	5.68%	6.73%	7.39%	5.67%	5.80%	5.43%	4.65%	5.94%	5.74%
Earnings Yield	2.46%	3.08%	2.68%	3.31%	3.78%	4.22%	5.39%	4.99%	3.92%	3.15%	1.50%
Enterprise Value to Invested Capital (EV/IC)	1.35	1.26	1.38	1.28	1.27	1.40	1.44	1.46	1.61	1.44	1.47
Enterprise Value to Revenue (EV/Rev)	9.95	8.99	9.69	8.79	8.60	8.97	8.37	8.71	9.98	9.21	12.55
Enterprise Value to EBITDA (EV/EBITDA)	15.30	14.39	14.82	13.41	13.01	12.30	10.49	10.91	12.46	12.82	23.55
Enterprise Value to EBIT (EV/EBIT)	28.38	27.31	26.29	23.37	22.06	19.34	15.56	16.05	18.23	19.83	65.76
Enterprise Value to NOPAT (EV/NOPAT)	28.98	28.20	26.93	23.97	22.47	23.01	21.45	22.46	25.67	24.36	69.19
Enterprise Value to Operating Cash Flow (EV/OCF)	17.24	16.23	17.97	16.95	16.58	17.43	16.63	17.84	21.07	19.54	20.31
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	31.50	14.84	5.98	6.11	6.98	8.20	49.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.43	1.50	1.52	1.53	1.80	1.73	1.70	1.87	1.92	1.97	2.04
Long-Term Debt to Equity	1.43	1.50	1.52	1.53	1.80	1.73	1.70	1.87	1.92	1.97	2.04
Financial Leverage	1.10	1.24	1.26	1.28	1.48	1.48	1.46	1.54	1.70	1.69	1.70
Leverage Ratio	2.26	2.39	2.40	2.44	2.66	2.66	2.65	2.73	2.92	2.90	2.92
Compound Leverage Factor	1.39	2.18	1.27	1.34	1.38	1.89	1.88	1.20	1.19	1.11	-0.50
Debt to Total Capital	58.87%	59.96%	60.24%	60.42%	64.23%	63.42%	62.96%	65.10%	65.77%	66.32%	67.10%
Short-Term Debt to Total Capital	0.00%	0.01%	0.00%	0.00%	0.00%	0.06%	0.00%	0.00%	0.15%	0.01%	0.02%
Long-Term Debt to Total Capital	58.87%	59.95%	60.24%	60.42%	64.23%	63.36%	62.96%	65.10%	65.62%	66.31%	67.07%
Preferred Equity to Total Capital	3.81%	3.78%	5.63%	5.65%	5.65%	5.86%	6.48%	6.54%	6.48%	6.51%	6.63%
Noncontrolling Interests to Total Capital	12.46%	12.42%	12.72%	12.60%	11.61%	12.11%	12.75%	12.02%	15.47%	13.13%	12.80%
Common Equity to Total Capital	24.87%	23.85%	21.41%	21.33%	18.51%	18.61%	17.81%	16.34%	12.28%	14.04%	13.48%
Debt to EBITDA	6.99	7.15	6.77	6.62	6.88	5.89	4.90	5.17	5.43	6.27	11.28
Net Debt to EBITDA	6.46	6.61	6.28	6.14	6.39	5.41	4.42	4.72	4.90	5.74	10.44
Long-Term Debt to EBITDA	6.99	7.15	6.77	6.62	6.88	5.88	4.90	5.17	5.42	6.27	11.27
Debt to NOPAT	13.25	14.01	12.31	11.83	11.89	11.02	10.02	10.65	11.19	11.93	33.14
Net Debt to NOPAT	12.24	12.95	11.41	10.97	11.04	10.13	9.03	9.72	10.10	10.91	30.68
Long-Term Debt to NOPAT	13.25	14.01	12.31	11.83	11.89	11.01	10.02	10.65	11.16	11.92	33.13
Altman Z-Score	0.64	0.54	0.63	0.53	0.47	0.64	0.67	0.60	0.67	0.52	0.37
Noncontrolling Interest Sharing Ratio	38.74%	38.84%	42.56%	42.53%	43.64%	44.53%	48.73%	49.18%	55.48%	53.29%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.36	0.52	0.56	0.51	0.55	0.91	1.01	0.72	0.67	0.51	0.22
Quick Ratio	0.36	0.44	0.56	0.51	0.54	0.68	0.73	0.63	0.60	0.51	0.21
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,421	-432	-377	-281	-9.64	272	928	922	903	644	-76
Operating Cash Flow to CapEx	892.20%	2,197.61%	1,202.38%	1,143.44%	1,539.16%	0.00%	0.00%	0.00%	2,014.62%	1,363.87%	0.00%
Free Cash Flow to Firm to Interest Expense	-49.22	-12.48	-9.75	-7.07	-0.22	5.99	24.34	24.78	22.62	16.36	0.00
Operating Cash Flow to Interest Expense	4.26	2.71	2.84	2.73	3.00	2.07	2.47	2.24	2.65	2.04	0.00
Operating Cash Flow Less CapEx to Interest Expense	3.78	2.59	2.60	2.49	2.81	7.65	18.29	2.35	2.52	1.89	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.14	0.14	0.14	0.14	0.15	0.14	0.14	0.14	0.11
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	0.16	0.15	0.15	0.15	0.15	0.16	0.16	0.16	0.15	0.16	0.12
Accounts Payable Turnover	2.61	3.02	3.13	2.86	2.23	2.65	2.73	2.47	1.99	2.21	2.36
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)	139.91	120.76	116.52	127.53	163.34	137.99	133.73	147.81	183.64	164.90	154.67
Cash Conversion Cycle (CCC)	-139.91	-120.76	-116.52	-127.53	-163.34	-137.99	-133.73	-147.81	-183.64	-164.90	-154.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,660	5,697	5,781	5,761	5,753	5,513	4,928	4,909	4,925	4,939	4,887
Invested Capital Turnover	0.16	0.15	0.15	0.15	0.15	0.15	0.16	0.15	0.15	0.15	0.12
Increase / (Decrease) in Invested Capital	1,487	487	455	363	93	-184	-854	-852	-828	-574	-41
Enterprise Value (EV)	7,629	7,202	7,971	7,374	7,318	7,696	7,081	7,149	7,940	7,094	7,204
Market Capitalization	3,443	2,928	3,484	2,898	2,681	3,265	3,089	3,090	3,662	2,890	3,010
Book Value per Share	$16.05	$15.66	$14.40	$14.55	$12.50	$13.02	$11.71	$11.35	$8.50	$9.64	$9.07
Tangible Book Value per Share	$16.05	$15.66	$14.40	$14.55	$12.50	$13.02	$11.71	$11.35	$8.50	$9.64	$9.07
Total Capital	5,925	5,966	6,049	6,024	6,029	5,812	5,257	5,207	5,260	5,236	5,143
Total Debt	3,488	3,577	3,644	3,640	3,872	3,686	3,310	3,390	3,460	3,472	3,451
Total Long-Term Debt	3,488	3,577	3,644	3,640	3,872	3,682	3,310	3,390	3,452	3,472	3,449
Net Debt	3,223	3,308	3,376	3,376	3,596	3,387	2,980	3,092	3,124	3,176	3,195
Capital Expenditures (CapEx)	14	4.27	9.13	9.48	8.41	-254	-603	-4.19	5.25	5.88	-2.93
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-92	-80	-79	-87	-109	-93	-88	-93	-108	-99	-92
Debt-free Net Working Capital (DFNWC)	-59	-38	-34	-43	-49	-5.07	1.21	-26	-30	-48	-72
Net Working Capital (NWC)	-59	-39	-34	-43	-49	-8.52	1.21	-26	-38	-48	-73
Net Nonoperating Expense (NNE)	26	3.98	37	37	41	-20	-21	39	45	44	-136
Net Nonoperating Obligations (NNO)	3,223	3,308	3,376	3,376	3,596	3,387	2,980	3,092	3,124	3,176	3,195
Total Depreciation and Amortization (D&A)	61	59	57	58	57	56	49	48	49	50	49
Debt-free, Cash-free Net Working Capital to Revenue	-12.06%	-10.03%	-9.56%	-10.37%	-12.85%	-10.81%	-10.38%	-11.33%	-13.63%	-12.81%	-16.03%
Debt-free Net Working Capital to Revenue	-7.71%	-4.76%	-4.17%	-5.12%	-5.72%	-0.59%	0.14%	-3.17%	-3.77%	-6.22%	-12.51%
Net Working Capital to Revenue	-7.71%	-4.82%	-4.17%	-5.12%	-5.72%	-0.99%	0.14%	-3.17%	-4.75%	-6.28%	-12.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.21	$0.30	$0.28	$0.28	$0.28	$0.74	$0.67	$0.16	$0.18	$0.17	$0.10
Adjusted Weighted Average Basic Shares Outstanding	91.47M	91.24M	89.50M	88.31M	87.00M	86.85M	80.24M	75.16M	75.76M	76.84M	76.37M
Adjusted Diluted Earnings per Share	$0.21	$0.30	$0.24	$0.28	$0.26	$0.70	$0.65	$0.16	$0.18	$0.19	$0.10
Adjusted Weighted Average Diluted Shares Outstanding	91.47M	91.24M	148.62M	88.31M	146.12M	146.02M	138.15M	75.16M	75.76M	76.84M	76.37M
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	90.87M	89.91M	88.30M	89.24M	83.08M	79.98M	74.96M	75.97M	76.24M	76.40M	76.49M
Normalized Net Operating Profit after Tax (NOPAT)	67	54	78	83	84	61	74	71	74	70	-114
Normalized NOPAT Margin	32.36%	26.04%	37.38%	38.40%	38.19%	28.29%	37.86%	37.17%	38.39%	36.71%	0.00%
Pre Tax Income Margin	20.43%	24.63%	19.99%	21.44%	20.07%	49.58%	48.93%	17.23%	15.82%	14.52%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.39	1.62	2.03	2.12	1.98	3.30	3.56	2.00	1.89	1.84	0.00
NOPAT to Interest Expense	2.28	1.57	2.01	2.08	1.94	1.94	1.95	1.90	1.86	1.77	0.00
EBIT Less CapEx to Interest Expense	1.91	1.50	1.80	1.88	1.78	8.89	19.38	2.11	1.75	1.69	0.00
NOPAT Less CapEx to Interest Expense	1.80	1.45	1.77	1.85	1.75	7.52	17.77	2.01	1.73	1.62	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	190.53%	190.53%	197.80%	201.21%	197.20%	148.28%	119.01%	120.81%	125.00%	178.36%	303.25%
Augmented Payout Ratio	219.41%	239.98%	286.71%	291.58%	377.21%	279.15%	271.37%	306.32%	239.32%	328.90%	370.94%

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. View National Storage Affiliates Trust's forecast to see where analysts expect National Storage Affiliates Trust to go next.

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 6/12/2025 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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