National Storage Affiliates Trust Sees Improving Portfolio Trends

Self-storage REIT reports Q4 results, provides 2026 guidance

Mar. 3, 2026 at 5:15am

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National Storage Affiliates Trust (NYSE:NSA) executives said fourth-quarter results and early 2026 operating trends indicate the company's self-storage portfolio has 'clearly turned the corner,' citing improving same-store revenue trends, stabilizing occupancy and continued benefits from multi-year operational initiatives following its PRO internalization.

Why it matters

As a major self-storage REIT, NSA's performance provides insights into the broader self-storage industry and real estate market trends. The company's commentary on improving occupancy, revenue, and expense management suggests the sector may be emerging from pandemic-era challenges.

The details

NSA reported Q4 Core FFO of $0.57 per share, at the high end of guidance, despite a 0.7% decline in same-store revenue. Occupancy trends improved, with January end-of-month occupancy up 20 basis points year-over-year. The company increased marketing spending by 37% in Q4 to drive customer acquisition. For 2026, NSA guided to 0.9% same-store revenue growth and Core FFO of $2.19 per share, a modest decline from 2025 levels.

  • In the fourth quarter, NSA's same-store revenue declined 0.7%, an improvement from a 2.6% decline in Q3.
  • At the end of 2025, NSA's year-over-year occupancy was down 70 basis points, compared to down 140 basis points at the end of Q3.
  • In January 2026, NSA's end-of-month occupancy was up 20 basis points year-over-year, with the improvement continuing into February.

The players

National Storage Affiliates Trust

A publicly traded real estate investment trust (REIT) focused on the ownership and operation of self-storage properties in the United States.

David Cramer

President and CEO of National Storage Affiliates Trust.

Brandon Togashi

CFO of National Storage Affiliates Trust.

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What they’re saying

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— Robert Jenkins, San Francisco resident

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— Gordon Edgar, grocery employee

What’s next

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The takeaway

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