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Edge20 Feb 2026
Dollar General: The Rural Retailer Playbook
How Dollar General built a small-box empire across rural America, scaling value and convenience into one of retail's most durable business models.
National Storage Affiliates Trust
National Storage Affiliates Trust (NSA) investor relations material
National Storage Affiliates Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary26 Feb, 2026
Executive summary
Portfolio performance showed positive inflection in Q4 2025, with operational improvements and a 40.8% year-over-year increase in net income to $36.8 million, though full year net income fell 36.6% to $116.3 million.
Core FFO per share for Q4 was $0.57 and $2.23 for the full year, both at the high end of guidance, though down 5.0% per share year-over-year.
Same-store revenue growth improved sequentially, with only a 70 bps decline in Q4 versus a 260 bps decline in Q3; full-year same-store revenues declined 2.3%.
Portfolio optimization included exiting five states, selling 15 properties for $97M, and acquiring 10 properties for $75M; also entered a new joint venture with up to $105M in preferred equity.
Internalization of the PRO structure and consolidation of brands completed, reducing complexity and management fees.
Financial highlights
Q4 Core FFO per share: $0.57; full year: $2.23, both at the high end of guidance; Q4 diluted EPS was $0.23, up from $0.15 in Q4 2024.
NOI margin for Q4 2025 was 70.9%; full year NOI margin was 69.4%, down 1.6 percentage points.
Expenses declined 80 bps in Q4, with payroll costs down 4.1% in Q4 and 2.8% for the year; marketing spend increased 37% in Q4 and 31% for the year.
Net debt to EBITDA at quarter end was 6.6x, slightly above the 5.5x-6.5x target range.
$542.1 million available on $950 million revolving credit line at year-end.
Outlook and guidance
2026 Core FFO per share guidance is $2.13–$2.25, with same-store revenue growth expected between -0.3% and 2.1%, and NOI growth between -2.0% and 2.0%.
2026 property operating expenses expected to grow 2.0%–4.0%, with expense growth driven by property taxes (3-5%), flat personnel costs, and marketing expense growth in the teens.
Acquisition and disposition guidance: $50M-$150M each.
Expect negative move-in rates for the first 4-5 months of 2026, turning neutral to positive in the second half.
2026 guidance assumes refinancing of $359 million in joint venture debt maturing in October 2026 at higher market rates.
Quantify Core FFO impact of 2026 debt refinancing?
What is the expected return profile for IRE Investment?
Outlook for property tax and marketing expenses
2026 debt maturities: plan for net debt to EBITDA?
Customer count priority: impact on move-in/ECRI rates?
Beyond 2026, what drives sustained pricing power?
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Next National Storage Affiliates Trust earnings date
Q1 20265 May, 2026
National Storage Affiliates Trust
Next National Storage Affiliates Trust earnings date
Q1 20265 May, 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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