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Sep 30
NSA Q3 2025 Earnings Report
NSA reported third quarter 2025 results
Key Takeaways
National Storage Affiliates Trust reported a net income of $29.0 million for the third quarter of 2025, a decrease of 2.5% compared to the third quarter of 2024. Diluted earnings per share were $0.17, down from $0.18 in the prior year. Same store net operating income decreased by 5.7%, driven by a 2.6% decrease in same store total revenues and a 4.9% increase in same store property operating expenses.
Net income for Q3 2025 was $29.0 million, a 2.5% decrease year-over-year.
Diluted EPS for Q3 2025 was $0.17, down from $0.18 in Q3 2024.
Same store NOI decreased by 5.7% in Q3 2025, primarily due to lower revenues and higher operating expenses.
Period-end occupancy for same stores was 84.5% as of September 30, 2025, a decrease of 140 basis points from the previous year.
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Revenue by Segment
Rental Revenue
CapyFin.comOther Property-Related Revenue
CapyFin.comManagement Fees and Other Revenue
CapyFin.com Forward Guidance
NSA reaffirms its full year 2025 Core FFO guidance estimates, expecting an improvement in self storage fundamentals in 2026 and beyond due to anticipated interest rate cuts and a more favorable supply environment.
Positive Outlook
- Majority of markets showed sequential improvement in same store revenue growth.
- Fundamentals are viewed as having bottomed out and are beginning to trend upward.
- The backdrop for self storage going forward is the best seen in a number of years.
- Expected positive impacts on the housing market from anticipated interest rate cuts.
- More favorable supply environment expected to improve supply/demand balance in 2026 and beyond.
Challenges Ahead
- Current operating environment remains competitive.
- Same store total revenue growth guidance for full year 2025 is negative (3.0)% to (2.0)%.
- Same store property operating expenses growth guidance for full year 2025 is positive 3.25% to 4.25%.
- Same store NOI growth guidance for full year 2025 is negative (5.75)% to (4.25)%.
- No specific negative forward-looking statements beyond the competitive environment and negative growth projections.