The stock may react negatively to the continued decline in same-store performance and full-year earnings, despite the positive Q4 net income and optimistic 2026 guidance. Traders should monitor the company's ability to execute on its 2026 guidance, particularly the projected improvement in same-store NOI, which is critical for a recovery in Core FFO.
Price Chart
Executive Summary
National Storage Affiliates Trust (NSA) reported mixed financial results for Q4 and full-year 2025. While net income rose in Q4 due to gains on property sales and lower depreciation, full-year net income and Core FFO per share declined significantly. Same-store NOI decreased both quarterly and annually due to lower occupancy and higher operating expenses. The company provided 2026 guidance projecting a modest recovery in Core FFO, with same-store NOI growth potentially returning to positive territory.
Key Financial Metrics
Key Facts
- Q4 2025 net income increased 40.8% YoY to $36.8 million, but full-year 2025 net income decreased 36.6% YoY to $116.3 million.
- Core FFO per share decreased 5.0% YoY in Q4 and 8.6% YoY for the full year 2025.
- Same-store NOI decreased 0.7% YoY in Q4 and 4.5% YoY for the full year 2025.
- Same-store occupancy declined to 84.0% as of December 31, 2025, down 70 basis points YoY.
- 2026 guidance projects Core FFO per share between $2.13 and $2.25, with same-store NOI growth ranging from -2.0% to 2.0%.
- The company formed a new $140 million venture (IRE Investment) to acquire self-storage properties.
Financial Impact
Core FFO per share declined by 8.6% for the full year, and same-store NOI declined by 4.5%. 2026 guidance suggests a potential recovery with Core FFO per share projected at $2.13-$2.25.
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| same store | $677.2M | -2.3% |
Risk Factors
- The decline in same-store NOI and occupancy indicates ongoing operational headwinds in the self-storage market.
- The significant year-over-year decrease in full-year net income and Core FFO raises concerns about the company's core profitability.
- The 2026 guidance for same-store NOI growth has a wide range (-2.0% to 2.0%), indicating significant uncertainty about the market recovery.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-011627 |
| Document: nsa-20260225.htm | 0001628280-26-011627 |
| Document: 0001628280-26-011627-index-headers.html | 0001628280-26-011627 |
| Document: 0001628280-26-011627-index.html | 0001628280-26-011627 |
| Document: 0001628280-26-011627.txt | 0001628280-26-011627 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | 15-12G | — | awaiting T+5 | — | — |
Jul 8, 2026 12w ago | 425 / 8-K | $44.80 $44.74 | ▼ −0.13% | ▼ −1.00% | — |
Jun 1, 2026 17w ago | 425 | $27.11 $26.61 | ▼ −1.84% | ▲ +1.12% | — |
Apr 27, 2026 22w ago | 425 | $32.50 $31.50 | ▼ −3.08% | ▼ −4.77% | — |
Feb 25, 2026 31w ago | 8-K | $33.73 $33.63 | ▼ −0.29% | ▲ +0.81% | — |
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