NSA earnings analysis
What we found in NSA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Net Income Growth
- Net income increased to $27.7 million, up 41.8% year-over-year.
- Revenue Performance
- Total revenue was $185.4 million, slightly below estimates of $186.9 million.
- EPS Beats Estimate
- Diluted EPS of $0.16 surpassed the estimate of $0.54.
- Core FFO Increases
- Core FFO per share rose to $0.57, a 5.6% increase year-over-year.
- Decrease in Operating Expenses
- Total operating expenses decreased by $6.3 million, indicating improved efficiency.
- Cash Flow Stability
- Operating cash flow rose to $87.4 million, compared to $85.6 million last year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- High Merger Costs
- Merger related costs reached $10 million, potentially impacting profitability.
- No Forward Guidance
- Lack of forward guidance due to ongoing merger discussions.
- Property Dispositions Affecting Revenue
- Sale of properties decreased revenue; total revenue fell by $3.0 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.16
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing NSA makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever