National Storage Affiliates is the industry growth leader in self-storage with a Rule of 40 score of 50, excellent cash conversion, and 3 consecutive earnings beats, but the stock has priced in the good news with a negative asymmetry ratio and virtually no upside remaining to the analyst target.
Thesis pillars
- Industry Growth Leadership Self Storage→Stable
- Strong Earnings Beat Streak→Stable
- Price At Target Negative Asymmetry→Stable
- +1 more pillar — see the Why tab for full reasoning
National Storage Affiliates Tru (NSA) Stock Analysis
Breakout setup
Real Estate · REIT - Industrial
Sell if holding. Analyst target reached at $46.04 — A.R:R is negative (-2.1) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Property Type: self storage properties.
National Storage Affiliates Trust owns and operates 1,063 self-storage properties in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet. Revenue comes from rental income on month-to-month leases across 801 consolidated properties, plus... Read more
Sell if holding. Analyst target reached at $46.04 — A.R:R is negative (-2.1) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Property Type: self storage properties. Chart setup: Golden cross, above all MAs, RSI 58, MACD bullish. Score 5.9/10, moderate confidence.
Passes 7/8 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity 30d 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 2026-07-06Recent 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 Truist Securities Maintains Hold on National Storage, Raises Price Target to $45 — benzinga Jun 23, 2026 neutral
Generated 2026-07-06T04:40:27Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHPropertyself storage properties10-K Item 1A: 'our property portfolio consists solely of self storage properties and is therefore subject to risks inherent in investments in a single industry'
- LOWGeographicTexas19%10-K Item 1A: 'our markets in Texas, California, Florida, Oregon, and Georgia ... approximately 19%, 14%, 11%, 9%, and 5%, respectively, of our total rental and other property-related revenues'
- LOWGeographicCalifornia14%10-K Item 1A: 'our markets in Texas, California, Florida, Oregon, and Georgia ... approximately 19%, 14%, 11%, 9%, and 5%, respectively, of our total rental and other property-related revenues'
- LOWGeographicFlorida11%10-K Item 1A: 'our markets in Texas, California, Florida, Oregon, and Georgia ... approximately 19%, 14%, 11%, 9%, and 5%, respectively, of our total rental and other property-related revenues'
Material Events(8-K, last 90d)
- 2026-03-17Item 1.01HIGHNSA entered Agreement and Plan of Merger with Public Storage on March 16, 2026. NSA to merge into Public Storage subsidiary Pelican Merger Sub I, LLC. Represents change-of-control transaction; NSA ceases as independent entity upon completion.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
2 floor-breakers
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $46.04 — A.R:R is negative (-2.1) — price has exceeded the analyst target. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Property Type: self storage properties. Chart setup: Golden cross, above all MAs, RSI 58, MACD bullish. Prior stop was $44.04. Score 5.9/10, moderate confidence.
Take-profit target: $52.95 (+15.0% upside). Prior stop was $44.04. Stop-loss: $44.04.
Concentration risk — Property Type: self storage properties; Analyst target reached - limited upside remaining; Near 52-week high (0.9% away).
National Storage Affiliates Tru trades at a P/E of 61.4 (forward 123.2). TrendMatrix value score: 3.6/10. Verdict: Sell.
16 analysts cover NSA with a consensus score of 3.4/5. Average price target: $43.
What does National Storage Affiliates Tru do?National Storage Affiliates Trust owns and operates 1,063 self-storage properties in 37 states and Puerto Rico,...
National Storage Affiliates Trust owns and operates 1,063 self-storage properties in 37 states and Puerto Rico, comprising approximately 69.4 million rentable square feet. Revenue comes from rental income on month-to-month leases across 801 consolidated properties, plus management fees from 262 joint venture stores, with Texas (19%), California (14%), and Florida (11%) as the largest state revenue concentrations in 2025.