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Dec 31, 2025
NSA Q4 2025 Earnings Report
NSA Q4 2025 Earnings Report
Key Takeaways
National Storage Affiliates Trust reported a significant increase in net income for Q4 2025, though Core FFO per share saw a slight decline. The company is seeing sequential improvement in market performance and narrowing occupancy deltas, positioning itself for growth in 2026 following the internalization of its PRO structure.
Net income increased 40.8% year-over-year to $36.8 million for the fourth quarter.
Core FFO per share of $0.57 reached the top end of the company's guidance range.
Same store period-end occupancy was 84.0%, narrowing the year-over-year delta by 70 basis points.
The company successfully internalized its PRO structure, leading to decreased management fees and optimized operations.
Revenue by Segment
Forward Guidance
NSA provides a bullish outlook for 2026, expecting Core FFO per share between $2.13 and $2.25 based on stabilizing same store operations.
Positive Outlook
- Expected same store total revenue growth up to 2.1%.
- Anticipated same store NOI growth up to 2.0%.
- Management fees and other revenue projected up to $50.5 million.
- Planned acquisitions of up to $150.0 million.
- Sequential improvement in market performance trends.
Challenges Ahead
- Property operating expenses expected to grow between 2.0% and 4.0%.
- Potential for same store total revenue to decline by 0.3% at the low end.
- Same store NOI growth could be as low as -2.0%.
- Impact of refinancing debt at higher market interest rates in joint ventures.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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