National Storage Affiliates Trust (NSA) Financials

$42.60 -0.98 (-2.26%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$42.50 -0.10 (-0.23%)

As of 05/13/2026 05:37 PM 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	12	18	0.66	3.76	-8.41	36	92	90	138	91	53
Consolidated Net Income / (Loss)	4.80	25	46	56	66	79	147	184	237	183	116
Net Income / (Loss) Continuing Operations	4.80	25	46	56	66	79	147	156	173	183	116
Total Pre-Tax Income	4.98	25	47	57	67	81	149	188	239	187	119
Total Operating Income	32	58	79	102	127	147	218	262	273	297	279
Total Gross Profit	134	134	184	227	278	309	430	563	565	558	535
Total Revenue	134	199	268	331	388	432	586	802	858	770	753
Operating Revenue	130	199	268	331	388	432	586	774	794	770	753
Total Cost of Revenue	0.00	65	84	104	110	123	155	211	229	212	218
Operating Cost of Revenue	-	65	84	104	110	123	155	211	229	212	218
Total Operating Expenses	102	77	105	125	151	162	212	301	292	261	257
Selling, General & Admin Expense	16	22	30	36	46	44	54	68	70	71	67
Depreciation Expense	41	55	75	89	105	117	158	233	222	190	189
Total Other Income / (Expense), net	-27	-32	-31	-45	-59	-66	-70	-101	-98	-110	-159
Interest Expense	22	24	34	43	56	63	72	111	167	155	162
Interest & Investment Income	0.00	-1.48	-2.34	-1.42	-4.97	0.27	5.29	7.75	7.55	-16	-7.33
Other Income / (Expense), net	-4.92	-6.69	5.06	-0.36	1.95	-3.64	-2.85	1.77	61	61	11
Income Tax Expense	0.19	0.37	1.16	0.82	1.35	1.67	1.69	4.69	1.59	3.77	3.10
Preferred Stock Dividends Declared	0.00	0.00	2.30	10	12	13	13	13	19	20	20
Net Income / (Loss) Attributable to Noncontrolling Interest	-7.64	6.90	43	42	62	31	42	80	80	72	42
Basic Earnings per Share	$0.80	$0.60	$0.01	$0.07	($0.15)	$0.53	$1.13	$0.99	$1.58	$1.18	$0.69
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	76.64M
Diluted Earnings per Share	$0.17	$0.31	$0.01	$0.07	($0.15)	$0.53	$0.98	$0.99	$1.48	$1.18	$0.69
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	76.64M
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	77.11M
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	$2.28

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	24	64	54	12	14	12	7.88	14	13	18	13
Consolidated Net Income / (Loss)	43	108	95	32	30	26	20	31	29	37	28
Net Income / (Loss) Continuing Operations	43	108	86	32	30	26	20	31	29	185	28
Total Pre-Tax Income	44	107	96	33	31	28	21	31	30	38	28
Total Operating Income	85	87	66	72	76	74	68	68	71	263	61
Total Gross Profit	161	159	132	138	141	138	133	133	133	324	133
Total Revenue	219	215	196	190	194	190	188	189	189	375	185
Operating Revenue	219	215	187	190	194	190	188	189	189	375	185
Total Cost of Revenue	59	57	55	52	53	52	55	56	55	51	52
Operating Cost of Revenue	59	57	55	52	53	52	55	56	55	51	52
Total Operating Expenses	75	72	66	66	64	64	66	65	62	61	72
Selling, General & Admin Expense	19	18	19	20	17	16	18	17	16	17	16
Depreciation Expense	56	54	47	47	48	48	48	48	47	47	46
Restructuring Charge	-	-	-	-	-	-	0.00	-	-	-	9.98
Total Other Income / (Expense), net	-42	20	21	-39	-46	-46	-47	-37	-41	-77	-43
Interest Expense	43	45	38	37	40	39	40	41	41	-	39
Interest & Investment Income	1.93	2.08	-1.63	-4.45	-4.71	-5.28	-5.74	-3.95	0.46	1.89	1.16
Other Income / (Expense), net	-0.37	63	61	2.53	-1.25	-1.50	-0.66	7.99	-0.94	1.66	5.35
Income Tax Expense	0.92	-1.27	0.89	0.54	0.86	1.48	1.12	0.12	0.87	0.99	0.48
Preferred Stock Dividends Declared	5.11	4.83	5.11	5.11	5.11	5.11	5.11	5.11	5.12	5.12	5.15
Net Income / (Loss) Attributable to Noncontrolling Interest	14	39	36	15	11	9.40	6.53	11	11	14	9.90
Basic Earnings per Share	$0.28	$0.74	$0.67	$0.16	$0.18	$0.17	$0.10	$0.19	$0.17	$0.23	$0.16
Weighted Average Basic Shares Outstanding	87.00M	86.85M	80.24M	75.16M	75.76M	76.84M	76.37M	76.47M	76.75M	76.64M	77.09M
Diluted Earnings per Share	$0.26	$0.70	$0.65	$0.16	$0.18	$0.19	$0.10	$0.19	$0.17	$0.23	$0.16
Weighted Average Diluted Shares Outstanding	146.12M	146.02M	138.15M	75.16M	75.76M	76.84M	76.37M	76.47M	76.75M	76.64M	77.09M
Weighted Average Basic & Diluted Shares Outstanding	83.08M	79.98M	74.96M	75.97M	76.24M	76.40M	76.49M	76.77M	76.96M	77.11M	77.21M
Cash Dividends to Common per Share	$0.56	-	$0.56	$0.56	$0.56	-	$0.57	$0.57	$0.57	-	$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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-1.75	5.96	1.07	-0.04	7.91	-2.58	6.17	14	45	-37	-27
Net Cash From Operating Activities	50	95	124	162	197	221	331	444	442	363	339
Net Cash From Continuing Operating Activities	50	95	124	162	197	221	331	444	442	363	339
Net Income / (Loss) Continuing Operations	4.80	25	46	56	66	79	147	184	237	183	116
Consolidated Net Income / (Loss)	4.80	25	46	56	66	79	147	184	237	183	116
Depreciation Expense	41	55	75	89	105	117	158	233	222	190	189
Amortization Expense	0.97	-0.10	0.61	1.10	1.49	2.01	2.73	3.73	5.97	5.88	5.88
Non-Cash Adjustments To Reconcile Net Income	4.46	4.22	5.48	13	21	19	0.17	17	-41	-16	23
Changes in Operating Assets and Liabilities, net	-0.54	11	-2.91	2.17	3.41	3.20	23	6.62	18	0.21	3.54
Net Cash From Investing Activities	-175	-642	-409	-514	-393	-510	-1,998	-584	161	425	20
Net Cash From Continuing Investing Activities	-175	-642	-409	-514	-393	-510	-1,998	-584	161	425	20
Purchase of Property, Plant & Equipment	-4.49	-12	-15	-19	-21	-17	-28	-44	-36	-21	-39
Acquisitions	0.00	-103	-20	-21	-11	-5.47	-3.67	-551	-17	-33	-0.17
Purchase of Investments	-170	-532	0.00	-166	-13	-	0.00	-	0.00	-74	-13
Sale of Property, Plant & Equipment	0.00	4.82	18	5.26	6.34	0.00	0.00	11	262	617	96
Other Investing Activities, net	-0.74	-	-392	-314	-371	-497	-1,966	0.00	-49	-64	-24
Net Cash From Financing Activities	123	554	286	353	204	286	1,673	155	-557	-825	-385
Net Cash From Continuing Financing Activities	123	553	286	353	204	286	1,673	155	-557	-825	-385
Repayment of Debt	-359	-564	-681	-510	-570	-549	-1,327	-976	-1,214	-1,483	-683
Repurchase of Common Equity	-5.44	-1.40	-1.03	-0.73	-0.18	-0.97	-2.22	-91	-310	-276	-0.58
Payment of Dividends	-50	-74	-107	-136	-163	-177	-247	-350	-351	-327	-329
Issuance of Debt	258	813	761	823	822	930	2,349	1,572	1,319	1,270	636
Other Financing Activities, net	1.79	1.34	1.15	1.21	1.27	0.66	0.10	0.00	0.00	-9.50	-7.93
Cash Interest Paid	20	23	33	40	53	59	67	99	144	145	156

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	13	27	1.39	-22	11	-28	-31	7.77	-0.08	-4.23	4.73
Net Cash From Operating Activities	129	94	94	83	106	80	86	80	100	73	87
Net Cash From Continuing Operating Activities	129	94	94	83	106	80	86	80	100	73	87
Net Income / (Loss) Continuing Operations	43	108	95	32	30	26	20	31	29	37	28
Consolidated Net Income / (Loss)	43	108	95	32	30	26	20	31	29	37	28
Depreciation Expense	56	54	47	47	48	48	48	48	47	47	46
Amortization Expense	1.47	1.56	1.45	1.59	1.48	1.36	1.36	1.50	1.50	1.53	1.53
Non-Cash Adjustments To Reconcile Net Income	5.61	-58	-52	9.77	13	13	12	2.30	7.75	1.17	1.05
Changes in Operating Assets and Liabilities, net	23	-11	2.34	-7.13	14	-8.90	4.38	-2.49	15	-13	11
Net Cash From Investing Activities	-22	237	567	-23	-74	-45	-9.67	35	-15	9.02	-1.44
Net Cash From Continuing Investing Activities	-22	237	567	-23	-74	-45	-9.67	35	-15	9.02	-1.44
Purchase of Property, Plant & Equipment	-8.41	-8.53	-5.60	-3.85	-5.25	-5.88	-5.82	-6.34	-12	-15	-11
Acquisitions	-0.24	0.24	0.00	34	-31	-139	-0.17	0.05	-	-0.05	-0.49
Purchase of Investments	-	-	-36	-	-38	-	0.00	-4.50	-8.35	-	-0.58
Sale of Property, Plant & Equipment	-	262	609	8.04	-	-	8.75	57	5.96	24	21
Other Investing Activities, net	-14	-17	0.00	-25	0.91	25	-12	-11	-	-	-10
Net Cash From Financing Activities	-94	-304	-660	-83	-21	-62	-107	-107	-86	-86	-81
Net Cash From Continuing Financing Activities	-94	-304	-660	-83	-21	-62	-107	-107	-86	-86	-81
Repayment of Debt	-143	-580	-613	-100	-619	-151	-158	-205	-173	-148	-148
Repurchase of Common Equity	-213	-27	-204	-72	-	-0.13	-0.57	-0.01	-	-	-0.06
Payment of Dividends	-87	-87	-83	-80	-82	-82	-82	-82	-82	-82	-82
Issuance of Debt	350	390	240	179	680	171	134	180	173	149	159
Other Financing Activities, net	-	-	-0.38	-9.12	-	-	0.00	-0.13	-3.14	-4.67	-9.76
Cash Interest Paid	36	43	34	41	31	39	37	41	38	40	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	2025
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	12/31/2025
Total Assets	1,099	1,892	2,267	2,729	3,084	3,514	5,563	6,070	5,932	5,354	5,080
Total Current Assets	9.38	15	16	16	24	22	25	42	88	51	24
Cash & Equivalents	6.67	13	13	13	21	19	25	35	65	50	23
Restricted Cash	2.71	2.77	3.04	3.18	3.72	2.98	-	6.89	23	0.35	0.31
Plant, Property, & Equipment, net	1,079	1,734	2,105	2,391	2,754	3,196	5,219	5,619	4,918	4,812	4,601
Plant, Property & Equipment, gross	1,147	1,844	2,275	2,638	3,092	3,639	5,798	6,392	5,792	5,864	5,815
Accumulated Depreciation	68	111	170	246	338	444	579	773	874	1,052	1,214
Total Noncurrent Assets	11	143	145	321	306	296	318	409	926	491	455
Long-Term Investments	0.00	81	89	245	214	203	188	227	211	246	232
Noncurrent Note & Lease Receivables	-	-	-	0.00	23	23	-	24	22	21	21
Other Noncurrent Operating Assets	11	48	55	76	69	71	130	158	693	224	203
Total Liabilities & Shareholders' Equity	1,099	1,892	2,267	2,729	3,084	3,514	5,563	6,070	5,932	5,354	5,080
Total Liabilities	583	913	995	1,327	1,632	2,083	3,080	3,681	3,806	3,591	3,546
Total Current Liabilities	9.69	22	24	33	38	47	59	81	96	99	99
Short-Term Debt	-	-	-	-	-	-	-	0.48	3.45	0.47	4.05
Accounts Payable	9.69	22	24	33	38	47	59	80	93	99	95
Total Noncurrent Liabilities	573	891	971	1,294	1,594	2,036	3,021	3,600	3,710	3,492	3,448
Long-Term Debt	568	879	958	1,278	1,534	1,917	2,941	3,551	3,658	3,449	3,405
Capital Lease Obligations	-	-	-	0.00	25	25	-	26	24	23	23
Noncurrent Deferred Revenue	5.51	12	13	16	16	16	22	23	27	20	20
Commitments & Contingencies	0.00	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	1,534
Total Preferred & Common Equity	237	577	841	917	920	969	1,775	1,648	1,422	1,076	946
Preferred Stock	-	0.00	173	173	218	218	218	225	341	341	341
Total Common Equity	237	577	669	744	701	751	1,557	1,423	1,082	735	605
Common Stock	237	577	712	845	906	1,051	1,868	1,779	1,510	1,250	1,253
Retained Earnings	0.01	-8.72	-56	-114	-197	-252	-291	-397	-450	-531	-652
Accumulated Other Comprehensive Income / (Loss)	0.00	9.03	12	14	-7.83	-49	-20	41	21	16	4.42
Noncontrolling Interest	279	402	430	485	532	462	707	741	704	687	588

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,064	6,185	6,161	6,165	5,367	5,321	5,390	5,255	5,181	5,142	5,034
Total Current Assets	33	44	44	61	89	67	78	20	28	28	28
Cash & Equivalents	33	44	44	59	64	59	70	19	26	26	28
Restricted Cash	-	-	-	1.80	25	8.06	8.54	0.91	1.82	1.57	0.72
Plant, Property, & Equipment, net	5,623	5,732	5,701	5,686	4,878	4,856	4,815	4,778	4,696	4,666	4,576
Plant, Property & Equipment, gross	6,345	6,557	6,579	6,617	5,798	5,818	5,821	5,873	5,827	5,842	5,833
Accumulated Depreciation	722	825	878	931	920	962	1,007	1,096	1,131	1,176	1,257
Total Noncurrent Assets	407	409	416	419	400	398	496	457	458	448	429
Long-Term Investments	232	223	219	215	240	230	257	236	231	235	227
Noncurrent Note & Lease Receivables	-	-	-	23	22	22	22	21	21	20	20
Other Noncurrent Operating Assets	175	186	197	181	138	146	218	201	206	193	182
Total Liabilities & Shareholders' Equity	6,064	6,185	6,161	6,165	5,367	5,321	5,390	5,255	5,181	5,142	5,034
Total Liabilities	3,627	3,780	3,777	4,008	3,420	3,504	3,589	3,563	3,544	3,560	3,559
Total Current Liabilities	92	79	87	109	88	93	116	93	98	114	99
Short-Term Debt	0.00	-	0.00	0.00	0.00	0.00	7.77	1.20	4.04	4.48	1.13
Accounts Payable	92	79	87	109	88	93	108	92	94	110	98
Total Noncurrent Liabilities	3,534	3,702	3,690	3,899	3,332	3,411	3,473	3,470	3,446	3,446	3,460
Long-Term Debt	3,488	3,644	3,640	3,847	3,286	3,366	3,428	3,427	3,403	3,403	3,417
Capital Lease Obligations	-	-	-	25	24	24	23	23	23	22	22
Noncurrent Deferred Revenue	23	25	25	27	22	21	21	20	21	20	21
Commitments & Contingencies	0.00	0.00	0.00	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	1,638	1,582	1,475
Total Preferred & Common Equity	1,699	1,635	1,625	1,457	1,277	1,191	987	1,034	1,002	973	913
Preferred Stock	225	341	341	341	341	341	341	341	341	341	344
Total Common Equity	1,473	1,295	1,285	1,116	936	851	646	693	661	632	569
Common Stock	1,805	1,690	1,694	1,540	1,348	1,294	1,125	1,250	1,251	1,253	1,247
Retained Earnings	-375	-420	-446	-469	-440	-470	-499	-566	-596	-626	-684
Accumulated Other Comprehensive Income / (Loss)	43	25	37	44	28	26	20	9.32	5.99	4.86	6.18
Noncontrolling Interest	738	770	759	700	670	626	814	658	636	609	562

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	73.99%	48.63%	34.71%	23.41%	17.23%	11.43%	35.50%	36.86%	7.05%	-10.22%	-2.26%
EBITDA Growth	93.70%	55.11%	50.37%	20.25%	22.90%	11.58%	43.31%	32.98%	25.04%	-11.58%	-12.48%
EBIT Growth	246.62%	91.04%	63.97%	21.21%	27.16%	11.40%	50.12%	22.42%	50.91%	-10.11%	-19.16%
NOPAT Growth	154.27%	86.86%	34.77%	30.86%	24.06%	15.91%	49.74%	18.37%	30.95%	-12.94%	-6.79%
Net Income Growth	129.32%	418.47%	84.98%	22.45%	17.20%	20.40%	84.88%	25.07%	28.96%	-22.67%	-36.56%
EPS Growth	0.00%	82.35%	-96.77%	600.00%	-314.29%	453.33%	84.91%	1.02%	49.49%	-20.27%	-41.53%
Operating Cash Flow Growth	206.48%	88.04%	31.32%	30.18%	21.54%	12.21%	50.17%	33.95%	-0.51%	-17.78%	-6.77%
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%	-42.18%
Invested Capital Growth	33.07%	62.62%	21.48%	13.96%	14.62%	13.54%	65.51%	9.34%	-3.23%	-10.41%	-4.63%
Revenue Q/Q Growth	9.46%	11.71%	5.59%	5.06%	0.00%	3.23%	11.30%	4.58%	0.79%	-3.18%	32.64%
EBITDA Q/Q Growth	10.04%	11.09%	7.19%	5.30%	0.00%	3.79%	12.41%	0.37%	11.24%	-13.17%	60.09%
EBIT Q/Q Growth	24.47%	9.46%	9.26%	7.13%	0.00%	5.04%	10.46%	-1.90%	19.98%	-17.89%	172.60%
NOPAT Q/Q Growth	59.86%	9.73%	6.86%	7.48%	0.00%	6.35%	9.99%	-2.99%	2.70%	-5.86%	184.23%
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%	10.08%
EPS Q/Q Growth	466.67%	6.90%	-96.00%	-36.36%	0.00%	12.77%	6.52%	2.06%	37.04%	-30.18%	6.15%
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%	-2.12%
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%	84.49%
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%	-0.82%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	67.45%	68.50%	68.61%	71.55%	71.43%	73.49%	70.23%	73.31%	72.50%	71.11%
EBITDA Margin	51.00%	53.22%	59.41%	57.88%	60.69%	60.77%	64.27%	62.45%	72.94%	71.84%	64.33%
Operating Margin	23.59%	28.97%	29.28%	30.72%	32.70%	34.04%	37.26%	32.68%	39.24%	38.57%	37.01%
EBIT Margin	19.92%	25.60%	31.17%	30.61%	33.20%	33.20%	36.78%	32.90%	46.38%	46.43%	38.40%
Profit (Net Income) Margin	3.58%	12.49%	17.16%	17.02%	17.02%	18.39%	25.09%	22.93%	27.62%	23.79%	15.44%
Tax Burden Percent	96.25%	98.54%	97.54%	98.57%	97.99%	97.94%	98.86%	97.51%	99.33%	97.99%	97.40%
Interest Burden Percent	18.68%	49.51%	56.43%	56.42%	52.30%	56.56%	69.00%	71.47%	59.95%	52.29%	41.29%
Effective Tax Rate	3.75%	1.46%	2.46%	1.43%	2.01%	2.06%	1.14%	2.49%	0.67%	2.01%	2.60%
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%	5.63%
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%	0.74%
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%	1.43%
Return on Equity (ROE)	1.31%	3.33%	4.09%	4.21%	4.63%	5.51%	7.51%	7.54%	10.50%	9.42%	7.05%
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%	10.37%
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%	5.54%
Return on Assets (ROA)	0.50%	1.66%	2.21%	2.25%	2.27%	2.41%	3.24%	3.16%	3.95%	3.25%	2.23%
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%	2.87%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	30	57	77	100	124	144	216	255	334	291	271
NOPAT Margin	22.70%	28.54%	28.56%	30.28%	32.05%	33.34%	36.84%	31.86%	38.98%	37.80%	36.05%
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%	4.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.28%	5.75%	5.56%	5.47%
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%	28.89%
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%	8.95%
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	76.41%	38.48%	39.23%	37.89%	38.85%	37.39%	36.23%	37.55%	34.07%	33.92%	34.10%
Earnings before Interest and Taxes (EBIT)	27	51	84	101	129	143	215	264	398	358	289
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	68	106	159	192	235	263	376	501	626	553	484
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	3.59
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	3.59
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	2.88
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	40.72
Dividend Yield	4.59%	5.56%	5.09%	5.61%	4.64%	4.42%	2.63%	6.67%	5.67%	5.94%	8.08%
Earnings Yield	4.59%	3.03%	0.07%	0.32%	0.00%	1.68%	1.71%	3.08%	4.22%	3.15%	2.46%
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	1.33
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	8.34
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	12.96
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	21.71
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	23.13
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	18.54
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	12.55
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	2.24
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	2.23
Financial Leverage	1.58	0.89	0.72	0.70	0.82	1.05	1.14	1.24	1.48	1.69	1.93
Leverage Ratio	2.65	2.00	1.85	1.87	2.04	2.29	2.32	2.39	2.66	2.90	3.16
Compound Leverage Factor	0.49	0.99	1.04	1.05	1.07	1.29	1.60	1.71	1.59	1.52	1.31
Debt to Total Capital	52.39%	47.31%	42.97%	47.68%	51.77%	57.58%	54.23%	59.96%	63.42%	66.32%	69.11%
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%	0.08%
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%	69.03%
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%	6.87%
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%	11.84%
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%	12.18%
Debt to EBITDA	8.31	8.30	6.02	6.67	6.62	7.39	7.81	7.15	5.89	6.27	7.09
Net Debt to EBITDA	8.18	7.38	5.35	5.31	5.61	6.54	7.25	6.61	5.41	5.74	6.56
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	7.08
Debt to NOPAT	18.67	15.47	12.51	12.76	12.54	13.48	13.63	14.01	11.02	11.93	12.64
Net Debt to NOPAT	18.37	13.77	11.13	10.15	10.62	11.92	12.64	12.95	10.13	10.91	11.70
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	12.63
Altman Z-Score	0.48	0.57	0.75	0.71	0.77	0.76	1.20	0.65	0.77	0.70	0.51
Noncontrolling Interest Sharing Ratio	67.59%	45.57%	44.65%	47.16%	49.35%	49.63%	41.03%	38.84%	44.53%	53.29%	59.36%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.71	0.67	0.49	0.64	0.46	0.42	0.52	0.91	0.51	0.24
Quick Ratio	0.69	0.58	0.55	0.40	0.54	0.40	0.42	0.44	0.68	0.51	0.24
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-237	-616	-299	-196	-229	-231	-1,846	-231	519	865	500
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%	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	3.08
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	2.08
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	2.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.13	0.13	0.13	0.13	0.13	0.13	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	0.14	0.14	0.14	0.15	0.15	0.15	0.14	0.15	0.16	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	2.25
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)	0.00	88.18	99.56	101.18	117.58	125.63	124.95	120.76	137.99	164.90	162.15
Cash Conversion Cycle (CCC)	0.00	-88.18	-99.56	-101.18	-117.58	-125.63	-124.95	-120.76	-137.99	-164.90	-162.15
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	4,710
Invested Capital Turnover	0.14	0.14	0.14	0.15	0.15	0.15	0.14	0.15	0.15	0.15	0.16
Increase / (Decrease) in Invested Capital	267	673	375	296	354	375	2,062	487	-184	-574	-229
Enterprise Value (EV)	1,109	1,777	2,364	2,844	3,693	4,512	9,043	7,202	7,696	7,094	6,276
Market Capitalization	271	593	908	1,169	1,622	2,114	5,389	2,928	3,265	2,890	2,171
Book Value per Share	$10.28	$15.40	$15.03	$13.16	$12.05	$10.85	$17.48	$15.66	$13.02	$9.64	$7.86
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	$7.86
Total Capital	1,084	1,858	2,230	2,680	3,011	3,372	5,423	5,966	5,812	5,236	4,966
Total Debt	568	879	958	1,278	1,559	1,942	2,941	3,577	3,686	3,472	3,432
Total Long-Term Debt	568	879	958	1,278	1,559	1,942	2,941	3,577	3,682	3,472	3,428
Net Debt	558	782	853	1,017	1,320	1,717	2,728	3,308	3,387	3,176	3,176
Capital Expenditures (CapEx)	4.49	7.12	-2.29	14	15	17	28	33	-227	-596	-57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-9.69	-22	-24	-33	-38	-47	-59	-80	-93	-99	-95
Debt-free Net Working Capital (DFNWC)	-0.32	-6.28	-8.05	-17	-14	-25	-34	-38	-5.07	-48	-71
Net Working Capital (NWC)	-0.32	-6.28	-8.05	-17	-14	-25	-34	-39	-8.52	-48	-75
Net Nonoperating Expense (NNE)	26	32	31	44	58	65	69	72	97	108	155
Net Nonoperating Obligations (NNO)	558	768	851	1,017	1,320	1,717	2,728	3,308	3,387	3,176	3,176
Total Depreciation and Amortization (D&A)	42	55	76	90	107	119	161	237	228	196	195
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%	-12.57%
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%	-9.43%
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%	-9.97%
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	$0.69
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	76.64M
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	$0.69
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	76.64M
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	$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	77.11M
Normalized Net Operating Profit after Tax (NOPAT)	30	57	77	100	124	144	216	255	334	291	271
Normalized NOPAT Margin	22.70%	28.54%	28.56%	30.28%	32.05%	33.34%	36.84%	31.86%	38.98%	37.80%	36.05%
Pre Tax Income Margin	3.72%	12.68%	17.59%	17.27%	17.37%	18.77%	25.38%	23.51%	27.80%	24.28%	15.85%
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	1.78
NOPAT to Interest Expense	1.40	2.36	2.25	2.35	2.20	2.30	2.99	2.31	2.00	1.88	1.67
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	2.13
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	2.02
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%	283.32%
Augmented Payout Ratio	1,164.70%	302.01%	235.49%	242.48%	247.11%	223.97%	169.64%	239.98%	279.15%	328.90%	283.82%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	77,112,475.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	77,112,475.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.98%	3.21%	-5.69%	-11.63%	-11.65%	-11.74%	-100.00%	-0.84%	-2.54%	97.45%	-1.57%
EBITDA Growth	9.93%	79.13%	36.14%	-13.67%	-12.67%	-40.82%	-141.06%	2.12%	-4.84%	138.98%	-2.06%
EBIT Growth	23.39%	166.84%	72.64%	-11.36%	-11.60%	-51.89%	-195.94%	2.41%	-7.01%	225.17%	-0.88%
NOPAT Growth	27.16%	62.05%	-4.49%	-14.45%	-11.18%	-20.78%	-278.62%	-3.89%	-7.39%	226.40%	-6.22%
Net Income Growth	7.19%	114.49%	135.41%	-29.02%	-30.87%	-75.82%	-79.47%	-4.10%	-2.54%	40.76%	41.82%
EPS Growth	23.81%	133.33%	170.83%	-42.86%	-30.77%	-72.86%	-84.62%	18.75%	-5.56%	21.05%	60.00%
Operating Cash Flow Growth	5.29%	0.10%	-14.35%	-23.26%	-18.31%	-14.74%	-8.91%	-4.01%	-5.22%	-9.15%	2.12%
Free Cash Flow Firm Growth	99.32%	162.98%	345.99%	428.65%	9,463.12%	136.41%	-108.27%	-81.62%	-72.92%	-25.70%	174.93%
Invested Capital Growth	1.65%	-3.23%	-14.77%	-14.78%	-14.40%	-10.41%	-0.82%	-2.07%	-3.57%	-4.63%	-4.65%
Revenue Q/Q Growth	1.69%	-1.70%	-8.94%	-2.91%	1.67%	-1.81%	-100.00%	0.00%	-0.07%	98.93%	-50.61%
EBITDA Q/Q Growth	0.13%	44.42%	-10.30%	-33.44%	1.29%	-2.12%	-159.16%	274.10%	-5.61%	164.13%	-63.56%
EBIT Q/Q Growth	1.28%	76.39%	-9.61%	-45.11%	1.00%	-4.00%	-268.21%	162.79%	-8.28%	277.84%	-74.94%
NOPAT Q/Q Growth	1.14%	5.26%	-16.03%	-4.68%	5.01%	-6.12%	-267.07%	158.35%	1.19%	271.61%	-76.59%
Net Income Q/Q Growth	-5.30%	150.92%	-12.00%	-66.05%	-7.77%	-12.23%	-25.30%	58.60%	-6.27%	26.76%	-24.74%
EPS Q/Q Growth	-7.14%	169.23%	-7.14%	-75.38%	12.50%	5.56%	-47.37%	90.00%	-10.53%	35.29%	-30.43%
Operating Cash Flow Q/Q Growth	19.33%	-27.36%	0.01%	-11.47%	27.03%	-24.19%	6.84%	-6.72%	25.43%	-27.33%	20.09%
Free Cash Flow Firm Q/Q Growth	96.56%	2,923.75%	240.43%	-0.60%	-2.13%	-28.70%	-111.81%	323.06%	44.15%	98.23%	-40.75%
Invested Capital Q/Q Growth	-0.14%	-4.18%	-10.61%	-0.37%	0.31%	0.29%	-1.05%	-1.62%	-1.22%	-0.82%	-1.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.27%	73.62%	72.12%	72.59%	72.78%	72.52%	0.00%	70.54%	70.67%	86.29%	71.93%
EBITDA Margin	64.99%	95.49%	94.06%	64.48%	64.24%	64.03%	0.00%	66.40%	62.72%	83.28%	61.45%
Operating Margin	39.01%	40.42%	38.21%	37.79%	39.51%	38.78%	0.00%	36.17%	37.58%	69.99%	32.86%
EBIT Margin	38.84%	69.70%	69.19%	39.12%	38.86%	37.99%	0.00%	40.40%	37.08%	70.43%	35.74%
Profit (Net Income) Margin	19.65%	50.16%	48.48%	16.95%	15.38%	13.74%	0.00%	16.39%	15.38%	9.80%	14.93%
Tax Burden Percent	97.90%	101.18%	99.08%	98.35%	97.18%	94.65%	94.57%	99.61%	97.09%	97.38%	98.30%
Interest Burden Percent	51.67%	71.12%	70.71%	44.06%	40.71%	38.22%	-16.99%	40.74%	42.71%	14.29%	42.50%
Effective Tax Rate	2.10%	-1.18%	0.92%	1.65%	2.82%	5.35%	5.43%	0.39%	2.91%	2.62%	1.70%
Return on Invested Capital (ROIC)	5.70%	6.26%	5.98%	5.72%	5.72%	5.41%	0.00%	4.25%	4.28%	10.64%	5.07%
ROIC Less NNEP Spread (ROIC-NNEP)	4.51%	6.86%	6.64%	4.53%	4.40%	4.08%	0.00%	3.06%	3.02%	3.74%	4.07%
Return on Net Nonoperating Assets (RNNOA)	6.69%	10.17%	9.70%	6.97%	7.46%	6.89%	0.00%	5.55%	5.61%	7.20%	8.19%
Return on Equity (ROE)	12.39%	16.43%	15.68%	12.70%	13.18%	12.30%	0.00%	9.80%	9.89%	17.84%	13.26%
Cash Return on Invested Capital (CROIC)	4.07%	9.25%	22.11%	21.93%	21.31%	16.55%	2.95%	4.17%	5.60%	10.37%	10.35%
Operating Return on Assets (OROA)	5.41%	9.97%	10.14%	5.59%	5.35%	5.19%	0.00%	4.41%	4.00%	10.16%	5.21%
Return on Assets (ROA)	2.74%	7.17%	7.10%	2.42%	2.12%	1.88%	0.00%	1.79%	1.66%	1.41%	2.18%
Return on Common Equity (ROCE)	6.98%	9.11%	8.04%	6.45%	5.87%	5.74%	0.00%	4.29%	3.74%	7.25%	5.29%
Return on Equity Simple (ROE_SIMPLE)	12.31%	0.00%	22.84%	23.38%	26.87%	0.00%	10.42%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	84	88	74	71	74	70	-117	68	69	256	60
NOPAT Margin	38.19%	40.90%	37.86%	37.17%	38.39%	36.71%	0.00%	36.03%	36.48%	68.15%	32.30%
Net Nonoperating Expense Percent (NNEP)	1.19%	-0.60%	-0.66%	1.19%	1.33%	1.33%	-4.41%	1.18%	1.27%	6.90%	1.01%
Return On Investment Capital (ROIC_SIMPLE)	-	1.52%	-	-	-	1.33%	-2.27%	1.34%	1.37%	5.15%	1.22%
Cost of Revenue to Revenue	26.73%	26.38%	27.88%	27.41%	27.22%	27.48%	0.00%	29.46%	29.33%	13.71%	28.07%
SG&A Expenses to Revenue	8.78%	8.14%	9.77%	10.27%	8.65%	8.41%	0.00%	9.16%	8.25%	4.51%	8.81%
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	34.26%	33.20%	33.90%	34.80%	33.27%	33.74%	0.00%	34.38%	33.09%	16.30%	39.08%
Earnings before Interest and Taxes (EBIT)	85	150	136	74	75	72	-122	76	70	264	66
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	142	206	185	123	124	122	-72	125	118	313	114
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.40	3.02	3.30	3.63	5.67	3.93	4.34	3.70	3.67	3.59	5.11
Price to Tangible Book Value (P/TBV)	2.40	3.02	3.30	3.63	5.67	3.93	4.34	3.70	3.67	3.59	5.11
Price to Revenue (P/Rev)	3.15	3.80	3.65	3.76	4.60	3.75	5.24	4.27	4.09	2.88	3.88
Price to Earnings (P/E)	26.46	23.72	18.55	20.04	25.49	31.74	66.84	51.58	49.19	40.72	50.12
Dividend Yield	7.39%	5.67%	5.80%	5.43%	4.65%	5.94%	5.74%	7.10%	7.54%	8.08%	6.04%
Earnings Yield	3.78%	4.22%	5.39%	4.99%	3.92%	3.15%	1.50%	1.94%	2.03%	2.46%	2.00%
Enterprise Value to Invested Capital (EV/IC)	1.27	1.40	1.44	1.46	1.61	1.44	1.47	1.37	1.36	1.33	1.50
Enterprise Value to Revenue (EV/Rev)	8.60	8.97	8.37	8.71	9.98	9.21	12.55	11.52	11.34	8.34	9.33
Enterprise Value to EBITDA (EV/EBITDA)	13.01	12.30	10.49	10.91	12.46	12.82	23.55	21.37	21.28	12.96	14.53
Enterprise Value to EBIT (EV/EBIT)	22.06	19.34	15.56	16.05	18.23	19.83	65.76	59.22	60.69	21.71	24.26
Enterprise Value to NOPAT (EV/NOPAT)	22.47	23.01	21.45	22.46	25.67	24.36	69.19	65.34	67.41	23.13	26.24
Enterprise Value to Operating Cash Flow (EV/OCF)	16.58	17.43	16.63	17.84	21.07	19.54	20.31	18.77	18.61	18.54	20.57
Enterprise Value to Free Cash Flow (EV/FCFF)	31.50	14.84	5.98	6.11	6.98	8.20	49.79	32.57	23.75	12.55	14.17
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.80	1.73	1.70	1.87	1.92	1.97	2.04	2.09	2.17	2.24	2.33
Long-Term Debt to Equity	1.80	1.73	1.70	1.87	1.92	1.97	2.04	2.09	2.17	2.23	2.33
Financial Leverage	1.48	1.48	1.46	1.54	1.70	1.69	1.70	1.81	1.86	1.93	2.01
Leverage Ratio	2.66	2.66	2.65	2.73	2.92	2.90	2.92	3.04	3.11	3.16	3.25
Compound Leverage Factor	1.38	1.89	1.88	1.20	1.19	1.11	-0.50	1.24	1.33	0.45	1.38
Debt to Total Capital	64.23%	63.42%	62.96%	65.10%	65.77%	66.32%	67.10%	67.68%	68.44%	69.11%	69.99%
Short-Term Debt to Total Capital	0.00%	0.06%	0.00%	0.00%	0.15%	0.01%	0.02%	0.08%	0.09%	0.08%	0.02%
Long-Term Debt to Total Capital	64.23%	63.36%	62.96%	65.10%	65.62%	66.31%	67.07%	67.60%	68.35%	69.03%	69.97%
Preferred Equity to Total Capital	5.65%	5.86%	6.48%	6.54%	6.48%	6.51%	6.63%	6.73%	6.81%	6.87%	6.99%
Noncontrolling Interests to Total Capital	11.61%	12.11%	12.75%	12.02%	15.47%	13.13%	12.80%	12.54%	12.15%	11.84%	11.44%
Common Equity to Total Capital	18.51%	18.61%	17.81%	16.34%	12.28%	14.04%	13.48%	13.05%	12.61%	12.18%	11.58%
Debt to EBITDA	6.88	5.89	4.90	5.17	5.43	6.27	11.28	11.11	11.34	7.09	7.14
Net Debt to EBITDA	6.39	5.41	4.42	4.72	4.90	5.74	10.44	10.27	10.47	6.56	6.61
Long-Term Debt to EBITDA	6.88	5.88	4.90	5.17	5.42	6.27	11.27	11.10	11.32	7.08	7.14
Debt to NOPAT	11.89	11.02	10.02	10.65	11.19	11.93	33.14	33.98	35.92	12.64	12.90
Net Debt to NOPAT	11.04	10.13	9.03	9.72	10.10	10.91	30.68	31.41	33.17	11.70	11.94
Long-Term Debt to NOPAT	11.89	11.01	10.02	10.65	11.16	11.92	33.13	33.94	35.88	12.63	12.89
Altman Z-Score	0.47	0.64	0.67	0.60	0.67	0.52	0.37	0.40	0.36	0.49	0.48
Noncontrolling Interest Sharing Ratio	43.64%	44.53%	48.73%	49.18%	55.48%	53.29%	0.00%	56.24%	62.22%	59.36%	60.15%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.55	0.91	1.01	0.72	0.67	0.51	0.22	0.29	0.24	0.24	0.29
Quick Ratio	0.54	0.68	0.73	0.63	0.60	0.51	0.21	0.27	0.23	0.24	0.28
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-9.64	272	928	922	903	644	-76	170	244	485	287
Operating Cash Flow to CapEx	1,539.16%	0.00%	0.00%	0.00%	2,014.62%	1,363.87%	0.00%	0.00%	1,573.06%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-0.22	5.99	24.34	24.78	22.62	16.36	0.00	4.11	6.03	0.00	7.31
Operating Cash Flow to Interest Expense	3.00	2.07	2.47	2.24	2.65	2.04	0.00	1.94	2.47	0.00	2.23
Operating Cash Flow Less CapEx to Interest Expense	2.81	7.65	18.29	2.35	2.52	1.89	0.00	3.17	2.31	0.00	2.48
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.14	0.14	0.15	0.14	0.14	0.14	0.11	0.11	0.11	0.14	0.15
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	0.15	0.16	0.16	0.16	0.15	0.16	0.12	0.12	0.12	0.16	0.16
Accounts Payable Turnover	2.23	2.65	2.73	2.47	1.99	2.21	2.36	2.31	2.00	2.25	2.26
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)	163.34	137.99	133.73	147.81	183.64	164.90	154.67	157.93	182.28	162.15	161.45
Cash Conversion Cycle (CCC)	-163.34	-137.99	-133.73	-147.81	-183.64	-164.90	-154.67	-157.93	-182.28	-162.15	-161.45
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,753	5,513	4,928	4,909	4,925	4,939	4,887	4,808	4,749	4,710	4,660
Invested Capital Turnover	0.15	0.15	0.16	0.15	0.15	0.15	0.12	0.12	0.12	0.16	0.16
Increase / (Decrease) in Invested Capital	93	-184	-854	-852	-828	-574	-41	-102	-176	-229	-227
Enterprise Value (EV)	7,318	7,696	7,081	7,149	7,940	7,094	7,204	6,594	6,437	6,276	7,001
Market Capitalization	2,681	3,265	3,089	3,090	3,662	2,890	3,010	2,447	2,320	2,171	2,910
Book Value per Share	$12.50	$13.02	$11.71	$11.35	$8.50	$9.64	$9.07	$8.64	$8.23	$7.86	$7.38
Tangible Book Value per Share	$12.50	$13.02	$11.71	$11.35	$8.50	$9.64	$9.07	$8.64	$8.23	$7.86	$7.38
Total Capital	6,029	5,812	5,257	5,207	5,260	5,236	5,143	5,067	5,012	4,966	4,915
Total Debt	3,872	3,686	3,310	3,390	3,460	3,472	3,451	3,429	3,430	3,432	3,440
Total Long-Term Debt	3,872	3,682	3,310	3,390	3,452	3,472	3,449	3,425	3,426	3,428	3,439
Net Debt	3,596	3,387	2,980	3,092	3,124	3,176	3,195	3,170	3,167	3,176	3,185
Capital Expenditures (CapEx)	8.41	-254	-603	-4.19	5.25	5.88	-2.93	-51	6.37	-9.07	-9.99
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-109	-93	-88	-93	-108	-99	-92	-94	-110	-95	-98
Debt-free Net Working Capital (DFNWC)	-49	-5.07	1.21	-26	-30	-48	-72	-66	-82	-71	-69
Net Working Capital (NWC)	-49	-8.52	1.21	-26	-38	-48	-73	-70	-86	-75	-70
Net Nonoperating Expense (NNE)	41	-20	-21	39	45	44	-136	37	40	219	32
Net Nonoperating Obligations (NNO)	3,596	3,387	2,980	3,092	3,124	3,176	3,195	3,170	3,167	3,176	3,185
Total Depreciation and Amortization (D&A)	57	56	49	48	49	50	49	49	48	48	48
Debt-free, Cash-free Net Working Capital to Revenue	-12.85%	-10.81%	-10.38%	-11.33%	-13.63%	-12.81%	-16.03%	-16.35%	-19.31%	-12.57%	-13.03%
Debt-free Net Working Capital to Revenue	-5.72%	-0.59%	0.14%	-3.17%	-3.77%	-6.22%	-12.51%	-11.47%	-14.40%	-9.43%	-9.25%
Net Working Capital to Revenue	-5.72%	-0.99%	0.14%	-3.17%	-4.75%	-6.28%	-12.72%	-12.17%	-15.19%	-9.97%	-9.40%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$0.74	$0.67	$0.16	$0.18	$0.17	$0.10	$0.19	$0.17	$0.23	$0.16
Adjusted Weighted Average Basic Shares Outstanding	87.00M	86.85M	80.24M	75.16M	75.76M	76.84M	76.37M	76.47M	76.75M	76.64M	77.09M
Adjusted Diluted Earnings per Share	$0.26	$0.70	$0.65	$0.16	$0.18	$0.19	$0.10	$0.19	$0.17	$0.23	$0.16
Adjusted Weighted Average Diluted Shares Outstanding	146.12M	146.02M	138.15M	75.16M	75.76M	76.84M	76.37M	76.47M	76.75M	76.64M	77.09M
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	83.08M	79.98M	74.96M	75.97M	76.24M	76.40M	76.49M	76.77M	76.96M	77.11M	77.21M
Normalized Net Operating Profit after Tax (NOPAT)	84	61	74	71	74	70	-114	68	69	256	70
Normalized NOPAT Margin	38.19%	28.29%	37.86%	37.17%	38.39%	36.71%	0.00%	36.03%	36.48%	68.15%	37.59%
Pre Tax Income Margin	20.07%	49.58%	48.93%	17.23%	15.82%	14.52%	0.00%	16.46%	15.84%	10.06%	15.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.98	3.30	3.56	2.00	1.89	1.84	0.00	1.85	1.73	0.00	1.69
NOPAT to Interest Expense	1.94	1.94	1.95	1.90	1.86	1.77	0.00	1.65	1.70	0.00	1.53
EBIT Less CapEx to Interest Expense	1.78	8.89	19.38	2.11	1.75	1.69	0.00	3.08	1.57	0.00	1.94
NOPAT Less CapEx to Interest Expense	1.75	7.52	17.77	2.01	1.73	1.62	0.00	2.88	1.54	0.00	1.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	197.20%	148.28%	119.01%	120.81%	125.00%	178.36%	303.25%	309.37%	311.97%	283.32%	264.60%
Augmented Payout Ratio	377.21%	279.15%	271.37%	306.32%	239.32%	328.90%	370.94%	310.04%	312.64%	283.82%	264.66%

Financials Breakdown Chart

Key Financial Trends

National Storage Affiliates Trust (NSA) posted a strong Q4 2025 showing meaningful top-line expansion and solid cash generation, driven in large part by acquisitions. Margins remained robust, and free cash flow from operations remained healthy. However, the company remains leveraged, with a sizable debt load and cash-flow dynamics heavily influenced by financing activities and noncontrolling interests.

Q4 2025 Revenue and gross profit: Operating revenue 375,385,000 and total gross profit 323,917,000, yielding a gross margin of about 86% (323.9M / 375.4M). This suggests strong margin discipline even as revenue benefited from acquisitions.
Q4 2025 Operating Income: 262,720,000, indicating a solid step up in operating profitability for the quarter.
Q4 2025 Net cash from continuing operating activities: 72,811,000, showing continued solid cash generation from core operations.
Dividend policy appears stable, with quarterly cash dividends per share around 0.57 (evidence seen in Q2–Q3 2025); this pattern suggests ongoing return of capital to shareholders.
Earnings per share: Diluted EPS 0.23 and Basic EPS 0.23 for Q4 2025, with net income to common shareholders of 17,775,000; this reflects profitability on a per-share basis that, while positive, remains modest given share count and noncontrolling interests.
Asset and liability context: Total assets around 5.14B (Q3 2025) with Long-Term Debt around 3.40B and Total Liabilities about 3.56B, implying a substantial but typical REIT-level leverage profile.
Net financing activities: Net cash from financing activities in Q4 2025 was negative (-86,060,000), indicating cash is being used to service debt, fund distributions, and other financing activities rather than generated from financing.
Total Other Income / (Expense), net for Q4 2025 was negative (-77,069,000) and contributed to lower pretax income, adding volatility to quarterly profitability.
Net decrease in cash: Net Change in Cash & Equivalents for Q4 2025 was -4,228,000, signaling a modest overall negative cash position for the quarter after all activities.

05/14/26 05:21 AM ETAI Generated. May Contain Errors.

National Storage Affiliates Trust Financials - Frequently Asked Questions

According to the most recent income statement we have on file, National Storage Affiliates Trust's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

National Storage Affiliates Trust's net income appears to be on an upward trend, with a most recent value of $116.27 million in 2025, rising from $4.80 million in 2015. The previous period was $183.27 million in 2024. See National Storage Affiliates Trust's forecast for analyst expectations on what's next for the company.

National Storage Affiliates Trust's total operating income in 2025 was $278.64 million, based on the following breakdown:

Total Gross Profit: $535.38 million
Total Operating Expenses: $256.74 million

Over the last 10 years, National Storage Affiliates Trust's total revenue changed from $133.92 million in 2015 to $752.93 million in 2025, a change of 462.2%.

National Storage Affiliates Trust's total liabilities were at $3.55 billion at the end of 2025, a 1.2% decrease from 2024, and a 508.3% increase since 2015.

In the past 10 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 $23.33 million as of their latest financial filing in 2025.

Over the last 10 years, National Storage Affiliates Trust's book value per share changed from 10.28 in 2015 to 7.86 in 2025, a change of -23.5%.

Related Companies

Financial statements for NYSE:NSA last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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National Storage Affiliates Trust (NSA) Financials

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National Storage Affiliates Trust (NSA) Financials

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