National Storage Affiliates Trust Common Shares of Beneficial Interest (NSA)

FairStock Score: 43/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach this as a REIT, so reported earnings and P/E deserve caution because depreciation distorts them. National Storage Affiliates owns interests in 1,061 self-storage properties, 69.3 million rentable square feet across 37 states and Puerto Rico, mostly in top MSAs. That scale and diversification are real, but self-storage is a commodity-like business; without FFO/AFFO in the data, I cannot verify cash earnings quality. The latest reported quarter, 2026-Q1, showed $185.4M revenue and $17.8M net income, a 9.59% margin. The supplied figures show revenue growth of -1.62% and profit growth of 36.85%, a mixed trend. As of the 2026-07-21 close, the price was $43.41, market cap $6.3B. FairStock calculations show P/B 5.88, dividend yield 5.25%, FCF yield 4.7%, EV/EBITDA 20.48, ROE 7.86%, ROCE 3.36%, D/E 1.27, Piotroski 4/9, Altman Z 0.85, FairStock score 43/100. The P/E of 57.88 is not a useful REIT gauge, but P/B and EV/EBITDA suggest a full price. Leverage is high, Altman signals distress risk, and ROCE is low. Dividend yield is the main support. The computed Lynch category is none because only 0 years of filed annual results are available and 3 are needed. I would need FFO/AFFO, occupancy, and same-store revenue trends before paying near the top of the 52-week range.

In plain English: National Storage Affiliates owns and operates self-storage properties across many U.S. states and earns rent from them. The latest quarter was profitable, but revenue is not growing quickly, and the shares look expensive compared with profits and accounting value. It carries meaningful debt, though it pays a solid dividend.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-07-21 close · note generated 2026-10-15 · model deepseek-flash

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer