10-K · April 22, 2026
The 2026 Form 10-K emphasizes pay-for-performance governance (LTIP and cash incentives) and documents the successful internalization of the PRO platform (triggering one-time LTIP vesting) while showing mixed operating…
Earnings analysis · 10-Q
NSA earnings analysis
Filed May 5, 2026 · Our reading of the company's report
The latest report
National Storage Affiliates Trust (NSA) reported Q1 2026 with revenues of $185.4 million, a slight decline of 1.6% year-over-year. Net income increased to $27.7 million, representing a 41.8% YoY growth, while diluted…
Read full summary
National Storage Affiliates Trust (NSA) reported Q1 2026 with revenues of $185.4 million, a slight decline of 1.6% year-over-year. Net income increased to $27.7 million, representing a 41.8% YoY growth, while diluted EPS rose to $0.16, outperforming estimates significantly. The ongoing merger process with Public Storage has resulted in elevated costs and lack of forward guidance.
Reported figures
- Earnings per share
- $0.16
What stood out
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Net Income Growth
Net income increased to $27.7 million, up 41.8% year-over-year.
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Revenue Performance
Total revenue was $185.4 million, slightly below estimates of $186.9 million.
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EPS Beats Estimate
Diluted EPS of $0.16 surpassed the estimate of $0.54.
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Core FFO Increases
Core FFO per share rose to $0.57, a 5.6% increase year-over-year.
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Decrease in Operating Expenses
Total operating expenses decreased by $6.3 million, indicating improved efficiency.
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Cash Flow Stability
Operating cash flow rose to $87.4 million, compared to $85.6 million last year.
What to watch
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High Merger Costs
Merger related costs reached $10 million, potentially impacting profitability.
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No Forward Guidance
Lack of forward guidance due to ongoing merger discussions.
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Property Dispositions Affecting Revenue
Sale of properties decreased revenue; total revenue fell by $3.0 million.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 1
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.