National Storage Affiliates Trust (NSA) financial statements: income statement, balance sheet and cash flow
National Storage Affiliates Trust's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), National Storage Affiliates Trust reported revenue of $752.9M (-2.3% year on year) and net income of $116.3M (-36.6% year on year).
Income statement
National Storage Affiliates Trust income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Rental revenue
$678.5M
$700.2M
$794.0M
$748.8M
Revenue
$74.4M
$70.1M
$64.1M
$52.8M
Total revenue
$752.9M
$770.3M
$858.1M
$801.6M
Property operating expenses
$217.5M
$211.9M
$229.0M
$211.0M
General and administrative expenses
$51.1M
$57.6M
$59.3M
$59.3M
Depreciation and amortization
$189.3M
$189.9M
$222.0M
$233.2M
Other
$16.3M
$13.9M
$11.1M
$8.5M
Total operating expenses
$474.3M
$473.2M
$521.4M
$512.0M
Interest expense
($162.4M)
($154.3M)
($166.1M)
($110.6M)
Loss on early extinguishment of debt
$0
($323.0K)
($758.0K)
—
Equity in (losses) earnings of unconsolidated real estate ventures
($7.3M)
($16.1M)
$7.6M
$7.7M
Acquisition and integration costs
($6.7M)
($3.6M)
—
—
Non-operating income (expense)
$934.0K
$314.0K
($1.0M)
($951.0K)
Gain on sale of self storage properties
$16.3M
$63.8M
$63.9M
$5.5M
Other expense, net
($159.3M)
($110.1M)
($98.1M)
($101.1M)
Income before income taxes
$119.4M
$187.0M
$238.6M
$188.5M
Income tax expense
($3.1M)
($3.8M)
($1.6M)
($4.7M)
Net income
$116.3M
$183.3M
$237.0M
$183.8M
Net income attributable to noncontrolling interests
($42.5M)
($71.8M)
($80.3M)
($80.0M)
Net income attributable to National Storage Affiliates Trust
$73.8M
$111.5M
$156.7M
$103.7M
Distributions to preferred shareholders
($20.5M)
($20.4M)
($19.0M)
($13.4M)
Net income attributable to common shareholders
$53.3M
$91.1M
$137.7M
$90.3M
Earnings per share - basic (in dollars per share)
$0.69
$1.18
$1.58
$0.99
Earnings per share - diluted (in dollars per share)
$0.69
$1.18
$1.48
$0.99
Weighted average shares outstanding - basic (in shares)
76.6M
76.8M
86.8M
91.2M
Weighted average shares outstanding - diluted (in shares)
76.6M
76.8M
146.0M
91.2M
National Storage Affiliates Trust income statement, quarters
Line item
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Mar 31, 2025 · Q1
Rental revenue
$168.2M
$169.9M
$169.8M
$169.5M
Revenue
$17.2M
$18.8M
$19.0M
—
Total revenue
$185.4M
$188.7M
$188.8M
$188.4M
Property operating expenses
$52.0M
$55.3M
$55.6M
$55.1M
General and administrative expenses
$13.2M
$11.5M
$12.8M
$13.1M
Depreciation and amortization
$46.1M
$46.9M
$47.6M
$48.1M
Other
$3.1M
$4.1M
$4.5M
$4.5M
Total operating expenses
$114.5M
$117.8M
$120.5M
$120.8M
Interest expense
($39.3M)
($40.5M)
($41.3M)
($40.5M)
Equity in earnings (losses) of unconsolidated real estate ventures
$1.2M
$463.0K
($3.9M)
($5.7M)
Acquisition and integration costs
($811.0K)
($1.4M)
($2.0M)
($2.4M)
Merger related costs
($10.0M)
—
—
—
Non-operating (expense) income
($302.0K)
$503.0K
$462.0K
$360.0K
Gain on sale of self storage properties
$6.5M
$0
$9.6M
$1.4M
Other expense, net
($42.7M)
($41.0M)
($37.2M)
($46.9M)
Income before income taxes
$28.2M
$29.9M
$31.1M
$20.6M
Income tax expense
($479.0K)
($871.0K)
($120.0K)
($1.1M)
Net income
$27.7M
$29.0M
$31.0M
$19.5M
Net income attributable to noncontrolling interests
($9.9M)
($10.6M)
($11.5M)
($6.5M)
Net income attributable to National Storage Affiliates Trust
$17.8M
$18.4M
$19.5M
$13.0M
Distributions to preferred shareholders
($5.2M)
($5.1M)
($5.1M)
($5.1M)
Net income attributable to common shareholders
$12.6M
$13.3M
$14.4M
$7.9M
Earnings per share - basic (in dollars per share)
$0.16
$0.17
$0.19
$0.10
Earnings per share - diluted (in dollars per share)
$0.16
$0.17
$0.19
$0.10
Weighted average shares outstanding - basic (in shares)
77.1M
76.7M
76.5M
76.4M
Weighted average shares outstanding - diluted (in shares)
77.1M
76.7M
76.5M
76.4M
Dividends declared per common share (in dollars per share)
$0.57
$0.57
$0.57
$0.57
Balance sheet
National Storage Affiliates Trust balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Self storage properties
$5.8B
$5.9B
$5.8B
$6.4B
Less accumulated depreciation
($1.2B)
($1.1B)
($874.4M)
($772.7M)
Self storage properties, net
$4.6B
$4.8B
$4.9B
$5.6B
Cash and cash equivalents
$23.3M
$50.4M
$65.0M
$35.3M
Restricted cash
$310.0K
$345.0K
$22.7M
$6.9M
Debt issuance costs, net
$2.9M
$5.6M
$8.4M
$1.4M
Investment in unconsolidated real estate ventures
$231.8M
$246.2M
$211.4M
$227.4M
Other assets, net
$185.4M
$218.5M
$134.0M
$156.2M
Assets held for sale, net
$14.5M
$0
$550.2M
—
Operating lease right-of-use assets
$20.6M
$20.9M
$22.3M
$23.8M
Total assets
$5.1B
$5.4B
$5.9B
$6.1B
Debt financing
$3.4B
$3.4B
$3.7B
$3.6B
Accounts payable and accrued liabilities
$94.6M
$98.7M
$92.8M
$80.4M
Interest rate swap liabilities
$4.1M
$471.0K
$3.5M
$483.0K
Operating lease liabilities
$22.6M
$22.9M
$24.2M
$25.7M
Deferred revenue
$19.9M
$20.0M
$27.4M
$23.2M
Total liabilities
$3.5B
$3.6B
$3.8B
$3.7B
Preferred Stock, Value, Outstanding
$341.1M
$340.9M
$340.7M
$225.4M
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 77,089,734 and 76,344,661 shares issued and outstanding at December 31, 2025 and 2024, respectively
$771000.00
$763000.00
$823000.00
$898000.00
Additional paid-in capital
$1.3B
$1.2B
$1.5B
$1.8B
Distributions in excess of earnings
($652.2M)
($530.7M)
($449.9M)
($396.6M)
Accumulated other comprehensive income
$4.4M
$15.5M
$21.1M
$40.5M
Total shareholders' equity
$946.0M
$1.1B
$1.4B
$1.6B
Noncontrolling interests
$587.7M
$687.4M
$703.7M
$740.8M
Total equity
$1.5B
$1.8B
$2.1B
$2.4B
Total liabilities and equity
$5.1B
$5.4B
$5.9B
$6.1B
National Storage Affiliates Trust balance sheet, quarters
Line item
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Mar 31, 2025
Self storage properties
$5.8B
$5.8B
$5.8B
$5.9B
Less accumulated depreciation
($1.3B)
($1.2B)
($1.1B)
($1.1B)
Self storage properties, net
$4.6B
$4.7B
$4.7B
$4.8B
Cash and cash equivalents
$27.6M
$26.3M
$26.1M
$19.3M
Restricted cash
$721.0K
$1.6M
$1.8M
$909.0K
Debt issuance costs, net
$2.2M
$3.5M
$4.2M
$4.9M
Investment in unconsolidated real estate ventures
$227.3M
$235.4M
$231.4M
$235.6M
Other assets, net
$178.5M
$189.1M
$195.5M
$196.1M
Assets held for sale, net
$1.1M
—
$6.0M
—
Operating lease right-of-use assets
$20.3M
$20.4M
$20.7M
$20.7M
Total assets
$5.0B
$5.1B
$5.2B
$5.3B
Debt financing
$3.4B
$3.4B
$3.4B
$3.4B
Accounts payable and accrued liabilities
$97.7M
$109.6M
$93.6M
$92.0M
Interest rate swap liabilities
$1.1M
$4.5M
$4.0M
$1.2M
Operating lease liabilities
$22.3M
$22.4M
$22.7M
$22.7M
Deferred revenue
$20.7M
$20.4M
$20.6M
$20.3M
Total liabilities
$3.6B
$3.6B
$3.5B
$3.6B
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 14,801,345 and 14,704,845 issued (in series) and outstanding at March 31, 2026 and December 31, 2025, respectively, at liquidation preference
$343542000.00
$341130000.00
$340955000.00
$340955000.00
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 authorized, 77,137,402 and 77,089,734 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
$771000.00
$769000.00
$765000.00
$764000.00
Additional paid-in capital
$1.2B
$1.3B
$1.2B
$1.2B
Distributions in excess of earnings
($683.6M)
($626.1M)
($595.6M)
($566.3M)
Accumulated other comprehensive income
$6.2M
$4.9M
$6.0M
$9.3M
Total shareholders' equity
$912.8M
$973.1M
$1.0B
$1.0B
Noncontrolling interests
$562.3M
$608.9M
$635.6M
$658.2M
Total equity
$1.5B
$1.6B
$1.6B
$1.7B
Total liabilities and equity
$5.0B
$5.1B
$5.2B
$5.3B
Cash flow statement
National Storage Affiliates Trust cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$116.3M
$183.3M
$237.0M
$183.8M
Depreciation and amortization
$189.3M
$189.9M
$222.0M
$233.2M
Amortization of debt issuance costs
$6.4M
$6.5M
$6.5M
$4.4M
Amortization of debt discount and premium, net
($470.0K)
($610.0K)
($561.0K)
($698.0K)
Gain on sale of self storage properties
($16.3M)
($63.8M)
($63.9M)
($5.5M)
Equity-based compensation expense
$12.2M
$8.3M
$6.7M
$6.3M
Equity in losses (earnings) of unconsolidated real estate ventures
$7.3M
$16.1M
($7.6M)
($7.7M)
Distributions from unconsolidated real estate ventures
$20.3M
$23.3M
$23.6M
$23.5M
Other assets
$7.6M
$2.1M
$1.2M
($10.2M)
Accounts payable and accrued liabilities
($3.9M)
$5.3M
$12.2M
$16.5M
Deferred revenue
($175.0K)
($7.6M)
$3.3M
($688.0K)
Net Cash Provided by Operating Activities
$338.5M
$363.1M
$441.6M
$443.8M
Acquisition of self storage properties
($23.8M)
($64.6M)
($48.7M)
($496.4M)
Capital expenditures
($38.7M)
($18.7M)
($34.2M)
($42.8M)
Deposits and advances for self storage property and other acquisitions
($172.0K)
($198.0K)
$0
$0
Investment in unconsolidated real estate ventures
($12.8M)
($74.2M)
$0
($55.0M)
Expenditures for corporate furniture, equipment and other
($561.0K)
($1.9M)
($1.3M)
($928.0K)
Acquisition of intangible assets from our former PROs
$0
($32.7M)
($16.9M)
$0
Other
$0
$323.0K
$969.0K
$992.0K
Net proceeds from sale of self storage properties
$95.9M
$616.8M
$262.3M
$11.0M
Net Cash Provided by Investing Activities
$19.9M
$425.4M
$161.1M
($584.2M)
Borrowings under debt financings
$635.8M
$1.3B
$1.3B
$1.6B
Redemption of OP equity
($7.9M)
($9.5M)
—
—
Repurchase of common shares
0
-275.2M
-310.2M
-90.1M
Principal payments under debt financings
($680.4M)
($1.5B)
($1.2B)
($960.4M)
Payment of dividends to common shareholders
($174.9M)
($171.8M)
($190.9M)
($195.7M)
Payment of dividends to preferred shareholders
($20.5M)
($20.4M)
($19.0M)
($13.4M)
Distributions to noncontrolling interests
($134.1M)
($134.6M)
($141.5M)
($141.0M)
Debt issuance costs
($2.9M)
($3.6M)
($3.8M)
($16.0M)
Equity offering costs
($583.0K)
($699.0K)
$0
($772.0K)
Net Cash Used in Financing Activities
($385.5M)
($825.4M)
($557.2M)
$154.6M
(Decrease) Increase in Cash, Cash Equivalents and Restricted Cash
($27.1M)
($36.9M)
$45.5M
$14.3M
Beginning of year
$50.8M
$87.7M
$42.2M
$27.9M
End of year
$23.6M
$50.8M
$87.7M
$42.2M
Cash paid for interest
$156.3M
$145.4M
$143.6M
$99.4M
Issuance of Series A-1 preferred units, OP units, LTIP units, and subordinated performance units
$0
$0
$67.3M
$72.1M
Issuance of Series B preferred shares
0
0
113.1M
—
Other net liabilities assumed
$117.0K
$296.0K
$185.0K
$2.9M
Issuance of OP units for acquisition of intangible assets from our former PROs
$0
$62.3M
—
—
Change in accrued capital spending
($1.1M)
$957.0K
$1.3M
—
National Storage Affiliates Trust cash flow statement, quarters
Line item
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Mar 31, 2025 · Q1
Net income
$27.7M
$79.5M
$50.5M
$19.5M
Depreciation and amortization
$46.1M
$142.6M
$95.7M
$48.1M
Amortization of debt issuance costs
$1.6M
$4.7M
$3.1M
$1.5M
Amortization of debt premium
($116.0K)
($351.0K)
($233.0K)
($116.0K)
Gain on sale of self storage properties
($6.5M)
($11.0M)
($11.0M)
($1.4M)
Equity-based compensation expense
$2.4M
$9.3M
$6.2M
$3.1M
Equity in (earnings) losses of unconsolidated real estate ventures
($1.2M)
$9.2M
$9.7M
$5.7M
Distributions from unconsolidated real estate ventures
$6.2M
$14.8M
$9.7M
$4.9M
Other assets
$5.2M
$7.2M
$5.0M
$9.6M
Accounts payable and accrued liabilities
$5.1M
$9.4M
($3.6M)
($5.5M)
Deferred revenue
$693.0K
$249.0K
$501.0K
$216.0K
Net Cash Provided by Operating Activities
$87.4M
$265.7M
$165.5M
$85.6M
Acquisition of self storage properties
($10.4M)
($23.8M)
($23.8M)
($12.4M)
Capital expenditures
($10.5M)
($24.0M)
($11.8M)
($5.7M)
Deposits and advances for self storage properties and other acquisitions
($489.0K)
($122.0K)
($122.0K)
($171.0K)
Expenditures for corporate furniture, equipment and other
($103.0K)
($461.0K)
($310.0K)
($89.0K)
Investment in unconsolidated real estate ventures
($575.0K)
($12.8M)
($4.5M)
$0
Net proceeds from sale of self storage properties
$20.6M
$72.1M
$66.1M
$8.8M
Net Cash Used In Investing Activities
($1.4M)
$10.8M
$25.5M
($9.7M)
Borrowings under debt financings
$158.5M
$486.8M
$314.0M
$134.0M
Redemption of OP units
($9.8M)
($3.3M)
($125.0K)
$0
Principal payments under debt financings
($147.6M)
($532.3M)
($359.5M)
($157.0M)
Payment of dividends to common shareholders
($44.0M)
($131.0M)
($87.2M)
($43.6M)
Payment of dividends to preferred shareholders
($5.2M)
($15.3M)
($10.2M)
($5.1M)
Distributions to noncontrolling interests
($33.1M)
($100.8M)
($67.4M)
($33.7M)
Debt issuance costs
($159.0K)
($2.9M)
($2.9M)
($528.0K)
Equity offering costs
($64.0K)
($583.0K)
($583.0K)
($573.0K)
Net Cash Used In Financing Activities
($81.3M)
($299.4M)
($213.9M)
($106.5M)
Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash