National Storage Affiliates Trust (NSA) reported fourth‑quarter 2025 results on February 25, 2026, showing net income of $36.8 million, a 40.8% year‑over‑year increase from $26.1 million in Q4 2024. The full‑year net income was $116.3 million, down 36.6% from $183.3 million in 2024, largely because the prior year benefited from larger gains on property sales.
Revenue for the quarter was $169.4 million, a 0.7% decline from $170.6 million in Q4 2024. Full‑year revenue fell 2.3% to $677.2 million from $693.4 million. While some reports cited a $187 million figure, the official filing lists $169.4 million, indicating a modest revenue contraction driven by headwinds in the core portfolio.
Core funds from operations (FFO) were $77.4 million for Q4 2025, down 3.9% from $81.2 million a year earlier. Core FFO per share fell 5.0% to $0.57 from $0.60. For the year, core FFO was $301.7 million, 3.0% lower than $304.1 million in 2024, and core FFO per share declined 8.6% to $2.23 from $2.44. The decline reflects higher operating expenses and lower same‑store NOI, partially offset by cost‑control measures.
NSA reiterated its 2026 guidance, keeping core FFO per share in the $2.13 to $2.25 range, unchanged from the prior quarter. The company maintained same‑store revenue growth guidance of 0.3% to 2.3% and same‑store NOI growth guidance of a 2.0% decline to 2.0% growth. The guidance signals a cautious outlook amid demand headwinds, while management remains confident that operational momentum from the internalized PRO model will support future performance.
Management highlighted sequential improvement in same‑store revenue growth and narrowing occupancy gaps, noting that the internalization of the PRO model is beginning to deliver operational momentum. These comments suggest progress in operational efficiency and potential for margin improvement as the model matures.
Market reaction to the earnings was muted, with no significant after‑hours movement. The muted response reflects investors weighing the earnings beat against the guidance and ongoing operational headwinds.
Wolfe Research upgraded NSA from Underperform to Peer Perform on January 26, 2026, indicating a more favorable view of the company’s prospects ahead of the earnings release.
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