National Storage Affiliates Tru (NSA) Stock Analysis
Breakout setup
Real Estate · REIT - Industrial
Sell if holding. Analyst target reached at $44.85 — A.R:R is negative (-1.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (3.4% away).
National Storage Affiliates Trust is a self-storage REIT owning 1,063 properties across 37 states and Puerto Rico (~69.4M rentable sq ft, ~548,000 storage units as of December 31, 2025). Revenue comes from monthly self-storage rentals; no single customer is significant. A merger... Read more
Sell if holding. Analyst target reached at $44.85 — A.R:R is negative (-1.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (3.4% away). Chart setup: Golden cross, above all MAs, RSI 69, MACD bullish. Score 5.8/10, moderate confidence.
Passes 7/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 49d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: moderate.
About National Storage Affiliates Tru
About National Storage Affiliates Tru
National Storage Affiliates Trust owned 1,063 self-storage properties in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet in about 548,000 storage units, as of December 31, 2025. Texas represented 19% of 2025 total rental and property-related revenues, California 14%, and Florida 11% — the three largest state concentrations in the portfolio. Over 70% of the consolidated portfolio, based on 2025 NOI, was located in the top 100 MSAs.
NSA's 801 consolidated properties generated rental income from month-to-month storage leases under the iStorage, Move It, Northwest, RightSpace, SecurCare, and Southern brands, with the short lease duration enabling rapid repricing of available units but also exposing revenues to demand downturns faster than multi-year lease structures. The company also manages 262 unconsolidated joint venture properties through four JV structures (2016, 2018, 2023, and 2024) in which it holds a 25% interest, earning management fees and a 50% share of tenant insurance proceeds. The 75% third-party share of gross real estate assets in these managed ventures is approximately $2.1 billion at historical book value, representing a potential future acquisition pipeline. Capital structure as of December 31, 2025 included a $1.355 billion unsecured credit facility, $1.950 billion of senior unsecured notes, and $198.6 million of fixed-rate mortgages. In March 2026, the company entered into a definitive merger agreement with Public Storage, under which NSA would merge into a Public Storage subsidiary.
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California poses a discrete regulatory risk: NSA held 86 consolidated and 13 unconsolidated properties there as of December 31, 2025, and the 10-K notes recurring legislative proposals to remove California's limits on annual real estate tax increases on assessed value. If a future such initiative succeeded, property tax expense could increase substantially, weighing on cash flow. Texas, the largest state by revenue share at 19%, and Florida at 11% each carry hurricane and severe weather exposure that may not be fully insured, as catastrophic losses from hurricanes may be uninsurable or subject to large deductibles.
See also: Real Estate · REIT - Industrial
From National Storage Affiliates Tru's most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated 2026-06-15Recent Developments — National Storage Affiliates Tru
Latest news
- NEWS National Storage Affiliates Trust (NSA) Projected to Post Earnings on Tuesday - MarketBeat — MarketBeat positive
- NEWS Analysts Offer Insights on Real Estate Companies: National Storage Affiliates (NSA) and Prologis (PLD) - The Globe and M — The Globe and Mail positive
- NEWS Public Storage earnings loom as NSA deal reshapes landscape - Investing.com — Investing.com neutral
- NEWS NSA Maintained by Barclays -- Price Target Raised to $41.00 - GuruFocus — GuruFocus positive
- NEWS UBS Maintains Neutral on National Storage, Raises Price Target to $42 — benzinga May 18, 2026 positive
Generated 2026-06-17T08:56:48Z.
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Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
1 floor-breaker
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Price Targets
Position Sizing
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Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $44.85 — A.R:R is negative (-1.8) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Near 52-week high (3.4% away). Chart setup: Golden cross, above all MAs, RSI 69, MACD bullish. Prior stop was $42.98. Score 5.8/10, moderate confidence.
Take-profit target: $44.97 (+0.2% upside). Prior stop was $42.98. Stop-loss: $42.98.
Analyst target reached - limited upside remaining; Near 52-week high (3.4% away); Leverage penalty (D/E 1.3): -0.5.
National Storage Affiliates Tru trades at a P/E of 61.0 (forward 122.4). TrendMatrix value score: 3.6/10. Verdict: Sell.
16 analysts cover NSA with a consensus score of 3.4/5. Average price target: $42.
What does National Storage Affiliates Tru do?National Storage Affiliates Trust is a self-storage REIT owning 1,063 properties across 37 states and Puerto Rico...
National Storage Affiliates Trust is a self-storage REIT owning 1,063 properties across 37 states and Puerto Rico (~69.4M rentable sq ft, ~548,000 storage units as of December 31, 2025). Revenue comes from monthly self-storage rentals; no single customer is significant. A merger agreement with Public Storage was signed March 16, 2026.