National Storage Affiliates Trust NSA
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2026, the Company held ownership interests in and operated 1,061 self storage properties, located in 37 states and Puerto Rico with approximately 69.3 million rentable square feet, excluding three properties classified as held for sale, that were sold to a third party in April 2026. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States.
Snapshot
Reported FFO / Core FFO / leverage are from the Q1 2026 earnings release (filed 2026-05-05) — 8-K, EX-99.1.
Yield uses the latest declared dividend, annualized (latest regular payout × frequency; special/liquidating distributions excluded) — an announced-but-not-yet-declared change isn't reflected until it has an ex-date. FFO, AFFO and Net debt / Adj. EBITDA are the company's reported figures from its latest earnings 8-K. Price/OCF and payout use GAAP operating cash flow. NAV premium and credit ratings have no free source yet. See Methodology.
Dividends
| Ex-date | Record | Payment | Declared | Amount | Freq. |
|---|---|---|---|---|---|
| 2026-06-15 | 2026-06-15 | 2026-06-30 | 2026-05-14 | $0.57 | Quarterly |
| 2026-03-13 | 2026-03-13 | 2026-03-31 | 2026-02-12 | $0.57 | Quarterly |
| 2025-12-15 | 2025-12-15 | 2025-12-31 | 2025-11-13 | $0.57 | Quarterly |
| 2025-09-15 | 2025-09-15 | 2025-09-30 | 2025-08-13 | $0.57 | Quarterly |
| 2025-06-13 | 2025-06-13 | 2025-06-30 | 2025-05-15 | $0.57 | Quarterly |
| 2025-03-14 | 2025-03-14 | 2025-03-31 | 2025-02-13 | $0.57 | Quarterly |
| 2024-12-13 | 2024-12-13 | 2024-12-31 | 2024-11-14 | $0.57 | Quarterly |
| 2024-09-13 | 2024-09-13 | 2024-09-30 | 2024-08-15 | $0.56 | Quarterly |
| 2024-06-14 | 2024-06-14 | 2024-06-28 | 2024-05-16 | $0.56 | Quarterly |
| 2024-03-14 | 2024-03-15 | 2024-03-29 | 2024-02-15 | $0.56 | Quarterly |
| 2023-12-14 | 2023-12-15 | 2023-12-29 | 2023-11-08 | $0.56 | Quarterly |
| 2023-09-14 | 2023-09-15 | 2023-09-29 | 2023-08-17 | $0.56 | Quarterly |
| 2023-06-14 | 2023-06-15 | 2023-06-30 | 2023-05-25 | $0.56 | Quarterly |
| 2023-03-14 | 2023-03-15 | 2023-03-30 | 2023-02-22 | $0.55 | Quarterly |
| 2022-12-14 | 2022-12-15 | 2022-12-30 | 2022-11-09 | $0.55 | Quarterly |
| 2022-09-14 | 2022-09-15 | 2022-09-30 | 2022-08-25 | $0.55 | Quarterly |
| 2022-06-14 | 2022-06-15 | 2022-06-30 | 2022-05-25 | $0.55 | Quarterly |
| 2022-03-14 | 2022-03-15 | 2022-03-31 | 2022-02-24 | $0.50 | Quarterly |
| 2021-12-14 | 2021-12-15 | 2021-12-30 | 2021-11-18 | $0.45 | Quarterly |
| 2021-09-14 | 2021-09-15 | 2021-09-30 | 2021-08-26 | $0.41 | Quarterly |
| 2021-06-14 | 2021-06-15 | 2021-06-30 | 2021-05-27 | $0.38 | Quarterly |
| 2021-03-12 | 2021-03-15 | 2021-03-31 | 2021-02-25 | $0.35 | Quarterly |
| 2020-12-14 | 2020-12-15 | 2020-12-31 | 2020-11-12 | $0.35 | Quarterly |
| 2020-09-14 | 2020-09-15 | 2020-09-30 | 2020-08-20 | $0.34 | Quarterly |
Coverage (payout of operating cash flow): 51.62%. Tax-character split (ordinary / 199A / capital gain / return of capital) — not disclosed (requires the annual allocation release).
Balance sheet (latest FY: 2025)
Debt-maturity ladder, fixed/floating split, secured/unsecured and coverage ratios come from the supplemental — not yet ingested.
Financial history
| FY | Revenue | Net income | D&A | EBITDA | Op. cash flow |
|---|---|---|---|---|---|
| 2025 | $752.93M | $73.78M | $189.32M | $471.14M | $338.50M |
| 2024 | $770.34M | $111.52M | $189.85M | $531.15M | $363.06M |
| 2023 | $858.06M | $156.67M | $221.99M | $626.72M | $441.58M |
| 2022 | $801.57M | $103.74M | $233.16M | $532.21M | $443.85M |
| 2021 | $585.67M | $105.25M | $158.31M | $379.00M | $331.35M |
| 2020 | $432.22M | $48.61M | $117.17M | $260.92M | $220.65M |
Same-store NOI, occupancy, leasing/WALT, top tenants, external-manager fees, development pipeline and (for non-traded vehicles) share-class fees, redemption/gating and NAV methodology are planned modules sourced from supplementals and prospectuses.