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National Storage Affiliates Trust (NSA) investor relations material
National Storage Affiliates Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 results showed sequential improvement in same-store revenue growth in most markets, but total revenue and net income declined year-over-year due to lower occupancy and property sales.
Core FFO per share was $0.57, beating consensus but down 8% year-over-year, with operational upgrades and internalization of management driving efficiency.
Net income for Q3 2025 was $29.0 million, with diluted EPS of $0.17, both slightly down from the prior year.
Portfolio as of September 30, 2025, included 807 consolidated properties and 262 managed for joint ventures, totaling 1,069 properties across 37 states and Puerto Rico.
Launched a preferred investment program and completed rebranding initiatives to drive future growth.
Financial highlights
Core FFO per share for Q3 2025 was $0.57, down from $0.62 in Q3 2024; NOI for Q3 2025 was $121.0 million, down from $129.2 million.
Same-store revenues declined 2.6% year-over-year, with rental revenue down 2.2% and average occupancy down 150 basis points.
Expense growth was 4.9%, driven by property taxes, marketing (up 29%), and utilities, partially offset by lower insurance costs.
Average occupancy for Q3 2025 was 84.5%, down from 86.0% in Q3 2024.
Dividend per common share for Q3 2025 was $0.57.
Outlook and guidance
Management reaffirmed full-year 2025 Core FFO per share guidance of $2.17–$2.23, with same-store revenue expected to decline 3.0% to 2.0%.
Midpoint of guidance implies continued improvement in Q4 and positive momentum into 2026.
Management expects self storage fundamentals to improve in 2026, supported by anticipated interest rate cuts and improved supply-demand balance.
No specific forward guidance provided for the remainder of 2025.
Marketing spend strategy and expected ROI?
Specific indicators for market bottoming?
Rationale for IRE JV preferred equity structure?
Quantify PRO store operational improvements
Preferred investment 10% return timeline?
Implied Q4 RevPAF growth?
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Next National Storage Affiliates Trust earnings date
Q4 202527 Feb, 2026
Next National Storage Affiliates Trust earnings date
Q4 202527 Feb, 2026
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Frequently asked questions
National Storage Affiliates Trust is a real estate investment trust (REIT) focused on the ownership, operation, and acquisition of self-storage properties. The company manages a portfolio of storage facilities across the United States, offering solutions for personal, business, and vehicle storage needs. National Storage Affiliates Trust operates through a unique structure that includes regional operators, providing localized management expertise and customer service. The company is headquartered in Greenwood Village, Colorado, and its shares are listed on the NYSE.
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