NYSE$NSA

National Storage Affiliates Trust · Q3 2025 earnings

Q3 2025 earnings · · After market close · Investor relations

Briefing

National Storage Affiliates reported Q3 2025, revenue of $188.7M, net income of $29M.

For Q3 2025, National Storage Affiliates reported revenue of $188.7M, net income of $29M. Management discusses operations, liquidity, and outlook in the quarterly filing.

  • Revenue $188.7M.
  • Net income $29M.
  • National Storage Affiliates highlights liquidity, operations, and sector risks in MD&A.

Headline financials

Total Revenue

$189M

Previous: $194M-2.5%
EPS (adj)

$0.57

Previous: $0.18+216.7%
Period-End Occupancy

84.5%

Previous: 85.9%-1.6%
Same Store NOI Margin

69.0%

Previous: 71.2%-3.1%
Average Occupancy

85.0%

Previous: 86.5%-1.7%
Avg Rental Revenue per SqFt

$15.67

Previous: $15.73-0.4%
Same Store NOI Growth

-5.7%

No prior period
Same Store Revenue Growth

-2.6%

No prior period
Same Store Expense Growth

4.9%

No prior period
Capital Expenditures

-$48.4M

Previous: -$39.9M-21.4%
Net Income

$18.4M

Previous: $18.7M-1.5%
Operating Income

$70.9M

Previous: $75.3M-5.9%

Revenue & EPS history

NSA · Revenue · Quarterly

$189M

Q3 2025-2.5%vs Q3 2024
Beat estimate in 13 of 15 quarters(87%)
ActualEstimate

Revenue by segment

NSA · $219M total across 3 segments · Q3 2023

  • Rental Revenue
    $202M+4.2%
  • Management Fees and Other
    $9.55M+43.6%
  • Other Property-Related
    $7.76M+21.3%

Forward guidance

The filing discusses National Storage Affiliates's outlook, including capital allocation, operating priorities, and market risks relevant to the reported quarter.

Tailwinds

  • National Storage Affiliates cites operational priorities and demand trends supporting the outlook.
  • Balance sheet and liquidity actions aim to fund growth and returns.
  • Recurring site leasing or hospitality cash flows support visibility.

Headwinds

  • Macro, pricing, and input-cost volatility could pressure margins.
  • Segment mix and one-time items may affect quarter-to-quarter comparability.
  • Interest rates and capital markets affect refinancing and growth capex.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 20 quarterly earnings reports · overlaid with Q3 2025

Historical avgQ3 2025

-0.5%

Avg return

Earnings day

-0.0%

Avg return

5 days after

+1.5%

Avg return

30 days after

48%

21 / 44 earnings

Positive

+5.6%

Q4 2020

Best reaction

-12.0%

Q3 2022

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.7%+5.0%+3.2%
Q4 2025+0.4%+0.6%+7.9%
Q3 2025+2.8%+5.5%+1.8%
Q1 2025-4.8%-3.0%-11.4%
Q4 2024+2.0%-0.5%+1.3%
Q3 2024-0.8%-1.2%+6.1%
Q2 2024-1.6%+0.5%+8.3%
Q1 2024+1.9%+4.1%+4.4%
Q4 2023+0.6%+3.1%+10.0%
Q3 2023+3.8%+5.7%+21.2%
Q2 2023-1.4%+0.0%+4.0%
Q1 2023-4.7%-1.5%-5.0%
Q4 2022+2.1%+7.7%-2.3%
Q3 2022-12.0%-11.9%-8.0%
Q2 2022-1.0%+1.8%-5.0%
Q1 2022-0.4%-10.1%-7.1%
Q4 2021-1.5%+3.3%+5.1%
Q3 2021+0.6%-1.1%+0.2%
Q2 2021+0.7%+0.2%+7.7%
Q1 2021+0.9%+2.2%+6.0%
Q4 2020+5.6%+2.2%+4.7%
Q3 2020-2.0%+1.2%-3.1%
Q2 2020+4.6%+3.8%+7.7%
Q1 2020-10.8%-17.4%+7.3%
Q4 2019+0.6%-7.9%-35.1%
Q3 2019-2.8%-5.8%-4.7%
Q2 2019+0.6%+1.0%+10.5%
Q1 2019+1.8%+0.1%+0.6%
Q4 2018-1.4%+0.2%-0.0%
Q3 2018-3.6%+0.3%+5.0%
Q2 2018-2.2%-1.2%-2.9%
Q1 2018-0.2%+2.0%+6.4%
Q4 2017-0.4%+1.1%+2.7%
Q3 2017+3.0%+2.1%+5.3%
Q2 2017-5.7%-3.3%-2.3%
Q1 2017-1.7%+0.1%+2.9%
Q4 2016+1.2%+3.1%-1.0%
Q3 2016-0.3%+3.4%+2.8%
Q2 2016+3.7%+4.5%+5.1%
Q1 2016-1.7%
Q4 2015+5.3%
Q3 2015-1.6%
Q2 2015+0.3%
Q1 2015-1.9%
Q4 2014
Q4 2013
Q3 2013
Q2 2013
Q1 2013

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