NSA

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National Storage Affiliates Trust

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NSA Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$801.57M	$858.06M	$770.34M	$752.93M
Cost of Revenue	$211.03M	$228.99M	$211.85M	$217.55M
Gross Profit	$590.54M	$629.08M	$558.48M	$535.38M
Selling, General & Admin	$59.31M	$59.28M	$57.61M	$51.13M
Operating Expenses	$301.01M	$292.38M	$261.33M	$256.74M
Operating Income	$289.54M	$336.69M	$297.16M	$278.64M
EBITDA	$532.21M	$626.72M	$531.15M	$471.14M
Pretax Income	$188.45M	$238.58M	$187.04M	$119.38M
Income Tax	$4.69M	$1.59M	$3.77M	$3.10M
Net Income	$103.74M	$156.67M	$111.52M	$73.78M

NSA Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$35.31M	$64.98M	$50.41M	$23.33M
Receivables	$22.67M	$22.07M	$26.91M	$18.03M
Current Assets	$91.03M	$674.71M	$89.06M	$68.43M
Total Assets	$6.07B	$5.93B	$5.35B	$5.08B
Current Liabilities	$599.59M	$501.12M	$561.97M	$515.46M
Long-Term Debt	$3.06B	$3.28B	$3.01B	$3.00B
Total Debt	$3.58B	$3.68B	$3.47B	$3.43B
Total Liabilities	$3.68B	$3.81B	$3.59B	$3.55B
Retained Earnings	-$396.65M	-$449.91M	-$530.65M	-$652.24M
Shareholders' Equity	$1.65B	$1.42B	$1.08B	$946.04M
Working Capital	-$508.56M	$173.59M	-$472.91M	-$447.03M
Net Debt	$3.52B	$3.59B	$3.40B	$3.38B

NSA Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$443.85M	$441.58M	$363.06M	$338.50M
Capital Expenditure	-$43.73M	-$52.47M	-$53.31M	-$39.25M
Free Cash Flow	$400.12M	$389.10M	$309.75M	$299.25M
Depreciation & Amortisation	$233.16M	$221.99M	$189.85M	$189.32M
Stock-Based Compensation	$6.26M	$6.68M	$8.31M	$12.19M
Investing Cash Flow	-$584.16M	$161.10M	$425.42M	$19.86M
Financing Cash Flow	$154.64M	-$557.19M	-$825.42M	-$385.47M
Dividends Paid	-$209.12M	-$209.93M	-$192.26M	-$195.37M
Share Repurchases	-$90.11M	-$310.15M	-$284.70M	-$7.93M
Net Change in Cash	$14.32M	$45.49M	-$36.94M	-$27.11M

NSA Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$188.35M	$188.84M	$188.70M	$187.03M	$185.40M
Cost of Revenue	$55.10M	$55.63M	$55.35M	$51.47M	$52.03M
Gross Profit	$133.25M	$133.22M	$133.35M	$135.56M	$133.37M
Selling, General & Admin	$13.14M	$12.80M	$11.46M	$13.72M	$13.23M
Operating Expenses	$65.74M	$64.92M	$62.45M	$63.64M	$62.47M
Operating Income	$67.51M	$68.30M	$70.91M	$71.92M	$70.90M
EBITDA	$109.23M	$119.96M	$117.32M	$124.63M	$113.56M
Pretax Income	$20.64M	$31.08M	$29.89M	$37.77M	$28.16M
Income Tax	$1.12M	$120.00K	$871.00K	$991.00K	$479.00K
Net Income	$12.99M	$19.47M	$18.43M	$22.89M	$17.78M

NSA Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$19.27M	$26.12M	$26.30M	$23.33M	$27.65M
Receivables	$20.25M	$21.88M	$19.01M	$18.03M	$16.36M
Current Assets	$48.29M	$66.57M	$58.32M	$68.43M	$54.13M
Total Assets	$5.26B	$5.18B	$5.14B	$5.08B	$5.03B
Current Liabilities	$533.09M	$513.12M	$529.39M	$515.46M	$530.78M
Long-Term Debt	$3.01B	$3.00B	$3.00B	$3.00B	$3.00B
Total Debt	$3.45B	$3.43B	$3.43B	$3.43B	$3.44B
Total Liabilities	$3.56B	$3.54B	$3.56B	$3.55B	$3.56B
Retained Earnings	-$566.35M	-$595.63M	-$626.12M	-$652.24M	-$683.58M
Shareholders' Equity	$1.03B	$1.00B	$973.13M	$946.04M	$912.76M
Working Capital	-$484.80M	-$446.55M	-$471.06M	-$447.03M	-$476.65M
Net Debt	$3.41B	$3.38B	$3.38B	$3.38B	$3.39B

NSA Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$85.63M	$79.88M	$100.19M	$72.81M	$87.44M
Capital Expenditure	-$5.82M	-$6.34M	-$12.33M	-$14.76M	-$10.60M
Free Cash Flow	$79.81M	$73.54M	$87.86M	$58.05M	$76.84M
Depreciation & Amortisation	$48.12M	$47.61M	$46.88M	$46.71M	$46.14M
Stock-Based Compensation	$3.08M	$3.14M	$3.11M	$2.87M	$2.42M
Investing Cash Flow	-$9.67M	$35.22M	-$14.71M	$9.02M	-$1.44M
Financing Cash Flow	-$106.53M	-$107.33M	-$85.55M	-$86.06M	-$81.27M
Dividends Paid	-$48.69M	-$48.75M	-$48.92M	-$49.01M	-$49.12M
Share Repurchases	$0.00	-$125.00K	-$3.14M	-$4.67M	-$9.76M
Net Change in Cash	-$30.58M	$7.77M	-$79.00K	-$4.23M	$4.73M

Market Snapshot

About

National Storage Affiliates Trust is a self-storage real estate investment trust owning and operating storage facilities across the United States. The company uses a unique partnership model, acquiring properties while retaining local operating partners who continue managing the facilities. NSA benefits from the fragmented self-storage industry and increasing demand for storage space.