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National Storage Affiliates Tru (NSA-PB)
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Upturn Advisory Summary
12/19/2025: NSA-PB (1-star) is currently NOT-A-BUY. Pass it for now.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Analysis of Past Performance
Type Stock | Historic Profit -0.01% | Avg. Invested days 77 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/19/2025 |
Key Highlights
Company Size ETF | Market Capitalization 0 USD | Price to earnings Ratio - | 1Y Target Price - |
Price to earnings Ratio - | 1Y Target Price - | ||
Volume (30-day avg) - | Beta 1.05 | 52 Weeks Range 19.56 - 26.59 | Updated Date 06/28/2025 |
52 Weeks Range 19.56 - 26.59 | Updated Date 06/28/2025 | ||
Dividends yield (FY) 7.04% | Basic EPS (TTM) - |
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 20.82% | Operating Margin (TTM) 37.85% |
Management Effectiveness
Return on Assets (TTM) 3.25% | Return on Equity (TTM) 13.4% |
Valuation
Trailing PE - | Forward PE - | Enterprise Value 6154949120 | Price to Sales(TTM) - |
Enterprise Value 6154949120 | Price to Sales(TTM) - | ||
Enterprise Value to Revenue - | Enterprise Value to EBITDA - | Shares Outstanding - | Shares Floating 69431487 |
Shares Outstanding - | Shares Floating 69431487 | ||
Percent Insiders - | Percent Institutions 0.45 |
Upturn AI SWOT
National Storage Affiliates Tru
Company Overview
History and Background
National Storage Affiliates Trust (NSA) was founded in 2013 and is a real estate investment trust (REIT) that owns, operates, and acquires self-storage properties in the United States. It operates through a unique 'participating equity' model, partnering with self-storage operators to provide them with capital for growth and acquisitions while retaining ownership of their real estate.
Core Business Areas
- Self-Storage Operations: NSA's core business involves the ownership and operation of self-storage facilities across the United States. This includes both wholly-owned properties and properties managed through its participating equity partners. The company focuses on providing a variety of storage unit sizes and related services such as moving supplies.
- Property Acquisition and Development: NSA actively acquires new self-storage properties and develops existing ones to expand its portfolio and enhance its market presence. This also includes acquisitions and development facilitated by its participating equity partners.
- Management and Leasing Services: The company provides management and leasing services for its owned and partner properties, ensuring efficient operations, customer satisfaction, and revenue maximization.
Leadership and Structure
NSA is led by a seasoned management team with expertise in real estate, finance, and operations. The company is structured as a REIT, allowing it to avoid corporate income tax by distributing a significant portion of its taxable income to shareholders as dividends. Its participating equity model involves partnerships with established self-storage operators.
Top Products and Market Share
Key Offerings
- Self-Storage Units: NSA offers a wide range of self-storage unit sizes to meet diverse customer needs, from small closet-sized units to larger garage-sized spaces. Market share data for individual unit sizes is not publicly disclosed by NSA, but the self-storage industry in the US is highly fragmented. Competitors include national chains like Public Storage (PSA), Extra Space Storage (EXR), CubeSmart (CUBE), and numerous smaller regional and independent operators.
- Moving and Packing Supplies: The company sells various moving and packing supplies, such as boxes, tape, and locks, providing a convenient one-stop solution for customers storing their belongings. This is a complementary service to self-storage rentals. Competitors for these supplies include general retailers and specialized moving supply companies.
- Climate-Controlled Storage: NSA offers climate-controlled storage units, which are essential for protecting sensitive items from temperature and humidity fluctuations. This is a premium offering within the self-storage market. Competitors offering similar premium services include most major self-storage operators.
Market Dynamics
Industry Overview
The self-storage industry in the US is a mature yet resilient sector, driven by factors such as residential mobility, life transitions (e.g., downsizing, relocation), and small business needs. The industry has experienced steady growth, with increasing demand for various storage solutions, including specialized and climate-controlled units. Technology adoption is also on the rise, with online rentals and digital access becoming more prevalent.
Positioning
National Storage Affiliates Trust is positioned as a significant player in the US self-storage REIT market, particularly noted for its unique participating equity model. This model allows for a capital-efficient growth strategy and provides a competitive advantage by partnering with experienced operators, thereby expanding its reach and operational expertise. Its focus on a diverse geographic footprint and a mix of property types (urban, suburban, rural) also contributes to its competitive standing.
Total Addressable Market (TAM)
The self-storage market in the US is substantial and continues to grow. While specific TAM figures vary depending on the reporting agency and methodology, estimates often place the annual revenue for the US self-storage industry in the tens of billions of dollars. NSA, as a REIT, aims to capture a portion of this large and growing market through strategic acquisitions and its unique partnership model. Its positioning is that of a significant owner and operator within this broad market.
Upturn SWOT Analysis
Strengths
- Participating Equity Model: Facilitates growth and acquisitions with reduced upfront capital requirements.
- Diversified Portfolio: Presence across various geographic regions in the US.
- Experienced Management Team: Strong leadership with deep industry knowledge.
- Resilient Industry: Self-storage demand is relatively stable, even during economic downturns.
- Scale and Brand Recognition: Growing portfolio contributes to market presence.
Weaknesses
- Reliance on Partners: Performance is partially dependent on the success of its participating equity partners.
- Integration Challenges: Potential complexities in integrating newly acquired or partnered properties.
- Interest Rate Sensitivity: As a REIT, sensitive to changes in interest rates which can affect borrowing costs and property valuations.
Opportunities
- Market Consolidation: Potential to acquire smaller operators or properties in a fragmented market.
- Technological Advancements: Implementing new technologies for customer experience and operational efficiency.
- Demographic Trends: Benefiting from trends like increased mobility and smaller living spaces.
- Expansion into Underserved Markets: Identifying and developing properties in growing or less saturated regions.
Threats
- Increased Competition: New entrants and expansion by existing players can intensify competition.
- Economic Downturns: While resilient, prolonged or severe economic contractions could impact demand and rental rates.
- Regulatory Changes: Potential shifts in local or federal regulations affecting real estate or REITs.
- Rising Operating Costs: Inflationary pressures on utilities, labor, and maintenance expenses.
Competitors and Market Share
Key Competitors
- Public Storage (PSA)
- Extra Space Storage (EXR)
- CubeSmart (CUBE)
Competitive Landscape
NSA operates in a competitive landscape dominated by larger, publicly traded REITs like Public Storage and Extra Space Storage, as well as numerous regional and independent operators. NSA's competitive advantages lie in its unique participating equity model, which allows for capital-efficient growth and partnerships with experienced operators. Its diversified portfolio across the US also provides a degree of resilience. However, it faces challenges from the sheer scale and established market presence of its larger competitors, who may have greater purchasing power and brand recognition.
Growth Trajectory and Initiatives
Historical Growth: NSA has demonstrated a consistent growth trajectory, driven by its strategic acquisitions, development activities, and the execution of its participating equity model. The company has expanded its property count and geographic reach over the years. Revenue and FFO have generally shown upward trends, reflecting its successful expansion strategy.
Future Projections: Future growth projections for NSA are typically based on analyst estimates and the company's own guidance. These projections often consider the company's acquisition pipeline, development plans, industry outlook, and the continued effectiveness of its participating equity model. Analysts typically forecast revenue and FFO growth based on these factors.
Recent Initiatives: Recent initiatives may include strategic acquisitions to expand into new markets, technology investments to enhance customer experience and operational efficiency, and efforts to optimize the performance of its existing portfolio and those of its partners. The company may also focus on sustainability initiatives and adapting to evolving tenant needs.
Summary
National Storage Affiliates Trust is a strong player in the self-storage REIT market, distinguished by its innovative participating equity model that drives capital-efficient growth. The company benefits from a resilient industry and a diversified portfolio. However, its performance is partly dependent on its partners, and it faces significant competition from larger, more established REITs.
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Sources and Disclaimers
Data Sources:
- National Storage Affiliates Trust official investor relations website
- SEC filings (10-K, 10-Q)
- Financial news and data providers (e.g., Yahoo Finance, Bloomberg, Reuters)
- Industry research reports
Disclaimers:
This analysis is based on publicly available information and is for informational purposes only. It does not constitute financial advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Market share data and financial figures are estimates and subject to change.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About National Storage Affiliates Tru
Exchange NYSE | Headquaters Greenwood Village, CO, United States | ||
IPO Launch date - | President, CEO & Trustee Mr. David G. Cramer | ||
Sector Real Estate | Industry REIT - Industrial | Full time employees 1466 | |
Full time employees 1466 | |||
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2025, the Company held ownership interests in and operated 1,075 self storage properties, located in 41 states and Puerto Rico with approximately 70.2 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States.
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