NYSE · Financial Statements

National Storage Affiliates Trust (NSA) Financial Statements

$43.40 NYSE: NSA Market Cap $3.35B

National Storage Affiliates Trust most recently reported annual revenue of $753.0M, net profit of $74.0M. Revenue grew at an average annual rate of 11.8% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

National Storage Affiliates Trust: Revenue rose from $199.0M in 2016 to $753.0M in 2025, a change of +278.4% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 29.0% to 37.0%, a shift of +8.0 percentage points; the most recent year shows net profit of $74.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$199.0M$268.0M$331.0M$383.0M$432.0M$586.0M$802.0M$858.0M$770.0M$753.0M
Operating Expenses$141.0M$190.0M$229.0M$156.0M$432.0M$367.0M$512.0M$521.0M$473.0M$474.0M
Operating Profit$58.0M$79.0M$102.0M$227.0M$0$218.0M$290.0M$337.0M$297.0M$279.0M
Operating Margin29.0%29.3%30.7%59.3%0.0%37.3%36.1%39.2%38.6%37.0%
Other Income$-32.0M$-31.0M$-45.0M$-160.0M$81.0M$-70.0M$-101.0M$-98.0M$-110.0M$-159.0M
Interest$24.0M$34.0M$43.0M$56.0M$63.0M$72.0M$111.0M$166.0M$154.0M$162.0M
Depreciation$139.0M$187.0M$231.0M$105.0M$117.0M$158.0M$233.0M$222.0M$190.0M$189.0M
Profit Before Tax$25.0M$47.0M$57.0M$67.0M$81.0M$149.0M$188.0M$239.0M$187.0M$119.0M
Tax$54.6M$2.5M$1.4M$2.0M$2.1M$1.1M$2.5M$670,000$2.0M$2.6M
Net Profit$18.0M$3.0M$14.0M$4.0M$49.0M$105.0M$104.0M$157.0M$112.0M$74.0M
EPS$0.31$0.01$0.26$1.13$0.53$1.09$0.99$1.48$1.18$0.70
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricJun '23Sep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26
Revenue$217.0M$219.0M$215.0M$196.0M$190.0M$194.0M$190.0M$188.0M$189.0M$189.0M$187.0M$185.0M
Operating Expenses$72.0M$134.0M$128.0M$121.0M$118.0M$117.0M$116.0M$121.0M$121.0M$118.0M$115.0M$115.0M
Operating Profit$146.0M$85.0M$87.0M$75.0M$72.0M$76.0M$74.0M$68.0M$68.0M$71.0M$72.0M$71.0M
Operating Margin67.0%39.0%40.4%38.2%37.8%39.5%38.8%35.8%36.2%37.6%38.5%38.2%
Interest$40.0M$43.0M$45.0M$38.0M$37.0M$40.0M$39.0M$40.0M$41.0M$41.0M$40.0M$38.0M
Profit Before Tax$46.0M$44.0M$107.0M$96.0M$33.0M$31.0M$28.0M$21.0M$31.0M$30.0M$38.0M$28.0M
Tax$1.6M$2.1M$-1.2M$920,000$1.6M$2.8M$5.3M$5.4M$390,000$2.9M$2.6M$1.7M
Net Profit$29.0M$29.0M$69.0M$59.0M$17.0M$19.0M$17.0M$13.0M$19.0M$18.0M$23.0M$18.0M
EPS$0.28$0.26$0.72$0.65$0.16$0.18$0.15$0.10$0.19$0.17$0.24$0.16

Over the 10 years reported for National Storage Affiliates Trust, borrowings increased from $879.0M in 2016 to $3.4B in 2025, cash stood at $24.0M in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 0.11 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$1.9B$2.3B$2.7B$3.1B$3.5B$5.6B$6.1B$5.9B$5.4B$5.1B
Current Assets$29.0M$18.0M$16.0M$0$40.0M$51.0M$91.0M$675.0M$89.0M$42.0M
Cash$13.0M$13.0M$13.0M$24.0M$19.0M$25.0M$35.0M$65.0M$50.0M$24.0M
Inventory$14.0M$2.0M$-14.0M$0$0$0$0$0$0$0
Receivables$4.0M$4.0M$3.0M$10.0M$3.0M$13.0M$23.0M$22.0M$27.0M$18.0M
Fixed Assets$2.0M$6.0M$23.0M$25.0M$3.2B$24.0M$25.0M$25.0M$24.0M$21.0M
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$81.0M$89.0M$245.0M$0$203.0M$188.0M$227.0M$211.0M$246.0M$4.8B
Other Assets$6.0M$6.0M$6.0M$0$8.0M$8.0M$8.0M$8.0M$8.0M$0
Total Liabilities$913.0M$995.0M$1.3B$1.6B$2.1B$3.1B$3.7B$3.8B$3.6B$3.5B
Current Liabilities$281.0M$126.0M$188.0M$0$49.0M$571.0M$600.0M$501.0M$562.0M$377.0M
Borrowings$879.0M$958.0M$1.3B$1.6B$2.0B$3.0B$3.6B$3.7B$3.5B$3.4B
Other Liabilities$34.0M$37.0M$49.0M$73.0M$63.0M$115.0M$104.0M$124.0M$119.0M$119.0M
Equity$0$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$577.0M$841.0M$917.0M$920.0M$969.0M$1.8B$1.6B$1.4B$1.1B$946.0M

For National Storage Affiliates Trust, operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $299.0M; free cash flow was positive in 10 of 10 years; financing activities used $146.0M in the latest year, which covers debt repayment, dividends and buybacks.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$95.0M$124.0M$162.0M$197.0M$221.0M$331.0M$444.0M$442.0M$363.0M$339.0M
Investing Cash Flow$-1.3B$-814.0M$-1.0B$-414.0M$-526.0M$-2.0B$-628.0M$126.0M$405.0M$-19.0M
Financing Cash Flow$-54.0M$-61.0M$-67.0M$-85.0M$-77.0M$-110.0M$-248.0M$-455.0M$-424.0M$-146.0M
Net Cash Flow$6.0M$1.0M$0$8.0M$-3.0M$6.0M$14.0M$45.0M$-37.0M$-27.0M
Free Cash Flow$83.0M$109.0M$142.0M$175.0M$204.0M$303.0M$400.0M$406.0M$342.0M$299.0M

Valuation & Return Ratios

MetricValue
PEG Ratio1.98
EV / EBITDA14.25
FCF Yield8.87%
Quick Ratio0.10
Interest Coverage1.76
Return 1Y47.76%
Return 3Y49.73%
Return 5Y—

National Storage Affiliates Trust (NSA) financials — frequently asked questions

What is National Storage Affiliates Trust's annual revenue?

National Storage Affiliates Trust (NSA) reported annual revenue of $753.0M in its most recent fiscal year.

What is National Storage Affiliates Trust's net profit?

National Storage Affiliates Trust (NSA) reported net profit of $74.0M in its most recent fiscal year.

What is NSA EV/EBITDA?

National Storage Affiliates Trust's enterprise value to EBITDA (EV/EBITDA) ratio is 14.25.

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