National Storage Affiliates Trust (NSA) Q4 2025 earnings summary

Executive summary

• Portfolio performance showed positive inflection in Q4 2025, with operational improvements and a 40.8% year-over-year increase in net income to $36.8 million, though full year net income fell 36.6% to $116.3 million.

• Core FFO per share for Q4 was $0.57 and $2.23 for the full year, both at the high end of guidance, though down 5.0% per share year-over-year.

• Same-store revenue growth improved sequentially, with only a 70 bps decline in Q4 versus a 260 bps decline in Q3; full-year same-store revenues declined 2.3%.

• Portfolio optimization included exiting five states, selling 15 properties for $97M, and acquiring 10 properties for $75M; also entered a new joint venture with up to $105M in preferred equity.

• Internalization of the PRO structure and consolidation of brands completed, reducing complexity and management fees.

Financial highlights

• Q4 Core FFO per share: $0.57; full year: $2.23, both at the high end of guidance; Q4 diluted EPS was $0.23, up from $0.15 in Q4 2024.

• NOI margin for Q4 2025 was 70.9%; full year NOI margin was 69.4%, down 1.6 percentage points.

• Expenses declined 80 bps in Q4, with payroll costs down 4.1% in Q4 and 2.8% for the year; marketing spend increased 37% in Q4 and 31% for the year.

• Net debt to EBITDA at quarter end was 6.6x, slightly above the 5.5x-6.5x target range.

• $542.1 million available on $950 million revolving credit line at year-end.

Outlook and guidance

• 2026 Core FFO per share guidance is $2.13–$2.25, with same-store revenue growth expected between -0.3% and 2.1%, and NOI growth between -2.0% and 2.0%.

• 2026 property operating expenses expected to grow 2.0%–4.0%, with expense growth driven by property taxes (3-5%), flat personnel costs, and marketing expense growth in the teens.

• Acquisition and disposition guidance: $50M-$150M each.

• Expect negative move-in rates for the first 4-5 months of 2026, turning neutral to positive in the second half.

• 2026 guidance assumes refinancing of $359 million in joint venture debt maturing in October 2026 at higher market rates.