National Storage Affiliates Trust (NSA) Q1 2026 earnings summary

Executive summary

• Report covers Q1 2026, with 1,061 self storage properties across 37 states and Puerto Rico, including 799 consolidated and 262 managed through joint ventures.

• Entered into a definitive merger agreement with Public Storage in an all-stock transaction valued at $10.5 billion, expected to close in Q3 2026, with each common share to be converted into 0.1400 Public Storage shares.

• Net income for Q1 2026 was $27.7 million, up 41.8% year-over-year, with diluted EPS of $0.16 versus $0.10 last year.

• Core FFO reached $76.8 million ($0.57 per share), a 5.6% per share increase year-over-year.

Financial highlights

• Total revenue for Q1 2026 was $185.4 million, down 1.6% year-over-year, mainly due to property sales.

• Net income attributable to common shareholders rose 60.3% to $12.6 million, or $0.16 per share, from $7.9 million, or $0.10 per share, in the prior year.

• Core FFO per share rose to $0.57 from $0.54, while FFO per share declined to $0.49 from $0.52 due to $10 million in merger-related costs.

• Adjusted EBITDA was $124.9 million, up from $123.0 million in the prior year.

Outlook and guidance

• The merger with Public Storage is expected to close in Q3 2026, subject to shareholder approval and other customary conditions.

• No forward guidance provided due to the pending merger.

• Management highlights potential risks related to the merger, including fixed exchange ratio and possible delays or non-completion.