National Storage Affiliates Tr Financials

NSA

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Neutral

4/9

National Storage Affiliates Tr passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

3.26x

For every $1 of reported earnings, National Storage Affiliates Tr generates $3.26 in operating cash flow ($363.1M OCF vs $111.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

This page shows National Storage Affiliates Tr (NSA) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Export CSV

Key Financial Metrics

Revenue

$770.3M

YoY-10.2%

5Y CAGR+14.7%

National Storage Affiliates Tr generated $770.3M in revenue in fiscal year 2024. This represents a decrease of 10.2% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

$111.5M

YoY-28.8%

5Y CAGR+94.7%

National Storage Affiliates Tr reported $111.5M in net income in fiscal year 2024. This represents a decrease of 28.8% from the prior year.

EPS (Diluted)

$1.18

YoY-20.3%

National Storage Affiliates Tr earned $1.18 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 20.3% from the prior year.

Cash & Debt

$50.4M

YoY-22.4%

5Y CAGR+19.6%

10Y CAGR+18.8%

National Storage Affiliates Tr held $50.4M in cash against $0 in long-term debt as of fiscal year 2024.

Dividends Per Share

$2.25

YoY+0.9%

5Y CAGR+12.1%

National Storage Affiliates Tr paid $2.25 per share in dividends in fiscal year 2024. This represents an increase of 0.9% from the prior year.

Shares Outstanding

76M

YoY-7.2%

5Y CAGR+5.1%

National Storage Affiliates Tr had 76M shares outstanding in fiscal year 2024. This represents a decrease of 7.2% from the prior year.

Gross Margin

72.5%

YoY-0.8pp

5Y CAGR+0.9pp

National Storage Affiliates Tr's gross margin was 72.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 0.8 percentage points from the prior year.

Operating Margin

N/A

Net Margin

14.5%

YoY-3.8pp

5Y CAGR+13.5pp

National Storage Affiliates Tr's net profit margin was 14.5% in fiscal year 2024, showing the share of revenue converted to profit. This is down 3.8 percentage points from the prior year.

Return on Equity

10.4%

YoY-0.7pp

5Y CAGR+9.9pp

National Storage Affiliates Tr's ROE was 10.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.7 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$275.2M

YoY-11.3%

National Storage Affiliates Tr spent $275.2M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 11.3% from the prior year.

Capital Expenditures

N/A

NSA Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$770.3M-10.2%	$858.1M+7.0%	$801.6M+36.9%	$585.7M+35.5%	$432.2M+11.4%	$387.9M
Cost of Revenue	$211.9M-7.5%	$229.0M+8.5%	$211.0M+35.9%	$155.3M+25.7%	$123.5M+11.9%	$110.3M
Gross Profit	$558.5M-11.2%	$629.1M+6.5%	$590.5M+37.2%	$430.4M+39.4%	$308.7M+11.2%	$277.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$57.6M-2.8%	$59.3M-0.1%	$59.3M+16.3%	$51.0M+16.9%	$43.6M-0.9%	$44.0M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$154.3M-7.2%	$166.1M+50.2%	$110.6M+53.5%	$72.1M+15.1%	$62.6M+10.9%	$56.5M
Income Tax	$3.8M+136.9%	$1.6M-66.1%	$4.7M+177.5%	$1.7M+1.1%	$1.7M+23.7%	$1.4M
Net Income	$111.5M-28.8%	$156.7M+51.0%	$103.7M-1.4%	$105.3M+116.5%	$48.6M+1120.4%	$4.0M
EPS (Diluted)	$1.18-20.3%	$1.48+49.5%	$0.99+1.0%	$0.98+84.9%	$0.53+453.3%	$-0.15

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$188.7M-0.1%	$188.8M+0.3%	$188.4M-0.9%	$190.1M-0.2%	$190.4M-2.9%	$196.1M-8.9%	$215.4M-1.7%	$219.1M
Cost of Revenue	$55.3M-0.5%	$55.6M+0.9%	$55.1M+5.5%	$52.2M+0.1%	$52.2M-4.6%	$54.7M-3.8%	$56.8M-3.0%	$58.6M
Gross Profit	$133.4M+0.1%	$133.2M0.0%	$133.3M-3.4%	$137.9M-0.3%	$138.2M-2.3%	$141.5M-10.8%	$158.6M-1.2%	$160.6M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$11.5M-10.5%	$12.8M-2.6%	$13.1M+4.1%	$12.6M-22.0%	$16.2M+3.3%	$15.7M+4.8%	$15.0M-1.0%	$15.1M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	$40.5M-1.7%	$41.3M+2.0%	$40.5M+2.9%	$39.3M+5.7%	$37.2M-2.3%	$38.1M-16.1%	$45.4M+5.5%	$43.1M
Income Tax	$871K+625.8%	$120K-89.3%	$1.1M-24.2%	$1.5M+173.0%	$541K-38.9%	$886K+170.0%	-$1.3M-237.2%	$922K
Net Income	$18.4M-5.4%	$19.5M+49.8%	$13.0M-22.3%	$16.7M-2.0%	$17.1M-71.1%	$59.0M-14.5%	$69.0M+136.1%	$29.2M
EPS (Diluted)	$0.17-10.5%	$0.19+90.0%	$0.10-47.4%	$0.19+18.8%	$0.16-75.4%	$0.65-7.1%	$0.70+169.2%	$0.26

NSA Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$5.4B-9.7%	$5.9B-2.3%	$6.1B+9.1%	$5.6B+58.3%	$3.5B+13.9%	$3.1B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$50.4M-22.4%	$65.0M+84.0%	$35.3M+41.2%	$25.0M+33.6%	$18.7M-8.9%	$20.6M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$8.7M-11.7%	$9.8M-25.0%	$13.1M+110.7%	$6.2M+127.8%	$2.7M-2.7%	$2.8M
Goodwill	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M+42.3%	$5.8M
Total Liabilities	$3.6B-5.6%	$3.8B+3.4%	$3.7B+19.5%	$3.1B+47.9%	$2.1B+27.6%	$1.6B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$1.1B-24.3%	$1.4B-13.7%	$1.6B-7.2%	$1.8B+83.2%	$969.0M+5.4%	$919.6M
Retained Earnings	-$530.7M-17.9%	-$449.9M-13.4%	-$396.6M-36.2%	-$291.3M-15.7%	-$251.7M-27.7%	-$197.1M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$5.1B-0.8%	$5.2B-1.4%	$5.3B-1.9%	$5.4B+0.6%	$5.3B-0.9%	$5.4B-9.5%	$5.9B-3.8%	$6.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$26.3M+0.7%	$26.1M+35.6%	$19.3M-61.8%	$50.4M-14.5%	$59.0M-8.2%	$64.2M-1.1%	$65.0M+10.4%	$58.8M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$6.7M-18.5%	$8.2M+20.6%	$6.8M-21.3%	$8.7M-8.0%	$9.4M+8.1%	$8.7M-11.2%	$9.8M-26.4%	$13.4M
Goodwill	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M0.0%	$8.2M
Total Liabilities	$3.6B+0.5%	$3.5B-0.5%	$3.6B-0.8%	$3.6B+2.5%	$3.5B+2.5%	$3.4B-10.1%	$3.8B-5.1%	$4.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$973.1M-2.9%	$1.0B-3.1%	$1.0B-3.9%	$1.1B-9.7%	$1.2B-6.7%	$1.3B-10.2%	$1.4B-2.4%	$1.5B
Retained Earnings	-$626.1M-5.1%	-$595.6M-5.2%	-$566.3M-6.7%	-$530.7M-13.0%	-$469.8M-6.8%	-$439.7M+2.3%	-$449.9M+4.0%	-$468.6M

NSA Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$363.1M-17.8%	$441.6M-0.5%	$443.8M+34.0%	$331.3M+50.2%	$220.7M+12.2%	$196.7M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	$425.4M+164.1%	$161.1M+127.6%	-$584.2M+70.8%	-$2.0B-292.0%	-$509.7M-29.7%	-$393.0M
Financing Cash Flow	-$825.4M-48.1%	-$557.2M-460.3%	$154.6M-90.8%	$1.7B+484.0%	$286.5M+40.2%	$204.3M
Dividends Paid	$171.8M-10.0%	$190.9M-2.4%	$195.7M+48.6%	$131.7M+46.1%	$90.1M+20.9%	$74.5M
Share Buybacks	$275.2M-11.3%	$310.2M+244.2%	$90.1M	$0	$0	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$100.2M+25.4%	$79.9M-6.7%	$85.6M+6.8%	$80.1M-3.7%	$83.2M-11.5%	$94.0M0.0%	$94.0M-27.4%	$129.4M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$14.7M-141.8%	$35.2M+464.1%	-$9.7M+78.7%	-$45.5M-100.0%	-$22.7M-104.0%	$567.4M+139.4%	$237.0M+1162.3%	-$22.3M
Financing Cash Flow	-$85.6M+20.3%	-$107.3M-0.7%	-$106.5M-70.9%	-$62.3M+24.5%	-$82.5M+87.5%	-$660.0M-117.1%	-$304.0M-224.2%	-$93.8M
Dividends Paid	$43.8M+0.4%	$43.6M+0.1%	$43.6M+0.2%	$43.5M+3.6%	$42.0M-4.1%	$43.8M-5.0%	$46.1M-1.2%	$46.6M
Share Buybacks	$0	$0	$0	$0-100.0%	$71.7M-64.8%	$203.5M+642.7%	$27.4M-87.2%	$213.4M

NSA Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	72.5%-0.8pp	73.3%-0.4pp	73.7%+0.2pp	73.5%+2.1pp	71.4%-0.1pp	71.5%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	14.5%-3.8pp	18.3%+5.3pp	12.9%-5.0pp	18.0%+6.7pp	11.3%+10.2pp	1.0%
Return on Equity	10.4%-0.7pp	11.0%+4.7pp	6.3%+0.4pp	5.9%+0.9pp	5.0%+4.6pp	0.4%
Return on Assets	2.1%-0.6pp	2.6%+0.9pp	1.7%-0.2pp	1.9%+0.5pp	1.4%+1.3pp	0.1%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.34+0.7	2.68+0.4	2.23+0.5	1.74-0.4	2.15+0.4	1.77
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	70.7%+0.1pp	70.5%-0.2pp	70.7%-1.8pp	72.5%-0.1pp	72.6%+0.5pp	72.1%-1.5pp	73.6%+0.3pp	73.3%
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	9.8%-0.5pp	10.3%+3.4pp	6.9%-1.9pp	8.8%-0.2pp	9.0%-21.1pp	30.1%-2.0pp	32.0%+18.7pp	13.3%
Return on Equity	1.9%-0.1pp	1.9%+0.7pp	1.3%-0.3pp	1.6%+0.1pp	1.4%-3.2pp	4.6%-0.2pp	4.9%+2.8pp	2.0%
Return on Assets	0.4%-0.0pp	0.4%+0.1pp	0.3%-0.1pp	0.3%-0.0pp	0.3%-0.8pp	1.1%-0.1pp	1.2%+0.7pp	0.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	3.66+0.1	3.54+0.1	3.45+0.1	3.34+0.4	2.94+0.3	2.680.0	2.68-0.1	2.75
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Similar Companies

Terreno Realty TRNO

$6.9B

First Indl Rlty Tr Inc FR

$7.8B

Americold Realty COLD

$3.5B

Stag Indl Inc STAG

$7.3B

Lxp Industrial Trust LXP

$2.8B

Frequently Asked Questions

What is National Storage Affiliates Tr's annual revenue?

National Storage Affiliates Tr (NSA) reported $770.3M in total revenue for fiscal year 2024. This represents a -10.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is National Storage Affiliates Tr's revenue growing?

National Storage Affiliates Tr (NSA) revenue declined by 10.2% year-over-year, from $858.1M to $770.3M in fiscal year 2024.

Is National Storage Affiliates Tr profitable?

Yes, National Storage Affiliates Tr (NSA) reported a net income of $111.5M in fiscal year 2024, with a net profit margin of 14.5%.

What is National Storage Affiliates Tr's earnings per share (EPS)?

National Storage Affiliates Tr (NSA) reported diluted earnings per share of $1.18 for fiscal year 2024. This represents a -20.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is National Storage Affiliates Tr's gross margin?

National Storage Affiliates Tr (NSA) had a gross margin of 72.5% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is National Storage Affiliates Tr's net profit margin?

National Storage Affiliates Tr (NSA) had a net profit margin of 14.5% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does National Storage Affiliates Tr pay dividends?

Yes, National Storage Affiliates Tr (NSA) paid $2.25 per share in dividends during fiscal year 2024.

What is National Storage Affiliates Tr's return on equity (ROE)?

National Storage Affiliates Tr (NSA) has a return on equity of 10.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is National Storage Affiliates Tr's operating cash flow?

National Storage Affiliates Tr (NSA) generated $363.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are National Storage Affiliates Tr's total assets?

National Storage Affiliates Tr (NSA) had $5.4B in total assets as of fiscal year 2024, including both current and long-term assets.

Does National Storage Affiliates Tr buy back shares?

Yes, National Storage Affiliates Tr (NSA) spent $275.2M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does National Storage Affiliates Tr have outstanding?

National Storage Affiliates Tr (NSA) had 76M shares outstanding as of fiscal year 2024.

What is National Storage Affiliates Tr's debt-to-equity ratio?

National Storage Affiliates Tr (NSA) had a debt-to-equity ratio of 3.34 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is National Storage Affiliates Tr's return on assets (ROA)?

National Storage Affiliates Tr (NSA) had a return on assets of 2.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is National Storage Affiliates Tr's Piotroski F-Score?

National Storage Affiliates Tr (NSA) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are National Storage Affiliates Tr's earnings high quality?

National Storage Affiliates Tr (NSA) has an earnings quality ratio of 3.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.