National Storage Affiliates Trust (NSA) Q4 2025 earnings summary

Executive summary

• Portfolio performance showed positive inflection, with operational improvements driving growth and momentum into 2026.

• Core FFO per share reached the top end of guidance at $0.57 for Q4 and $2.23 for the year, beating consensus, though down 5.0% year-over-year.

• Net income for Q4 2025 was $36.8 million, up 40.8% year-over-year; full year net income was $116.3 million, down 36.6%.

• Portfolio optimization included exiting five states, selling 15 properties for $97M, and acquiring 10 properties for $75M.

• Entered a new joint venture with IRE Member, committing up to $105 million in preferred equity.

Financial highlights

• Core FFO per share was $0.57 for Q4 and $2.23 for the full year, both at the high end of guidance.

• Same-store revenues declined 0.7% in Q4 and 2.3% for the year, a sequential improvement from prior quarters.

• Expenses declined 80 basis points in Q4 and grew 3.1% for the year, below guidance, with payroll costs down 4.1% in Q4 and 2.8% for the year.

• Marketing expenses increased 37% in Q4 and 31% for the year, supporting higher rental volumes.

• Net debt to EBITDA was 6.6x at quarter end, slightly above the 5.5x-6.5x target range.

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%.

• Operating expense growth for 2026 expected at 2.0%–4.0%.

• Acquisition and disposition guidance: $50M-$150M each, with a focus on scaling in key markets and funding investments through JVs and preferred equity.

• Occupancy expected to remain positive year-over-year, with move-in rates negative through mid-year before turning neutral to positive.

• Leverage expected to remain stable within the target range, with capital deployment affecting the final outcome.