National Storage Affiliates Tru

Valuation Analysis

About the Company

National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2026, the Company held ownership interests in and operated 1,061 self storage properties, located in 37 states and Puerto Rico with approximately 69.3 million rentable square feet, excluding three properties classified as held for sale, that were sold to a third party in April 2026. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. National Storage Affiliates Trust was incorporated in 2013 in Maryland, US

National Storage Affiliates Tru Stock at a Glance

National Storage Affiliates Tru (NSA) is currently trading at $45.72 with a market capitalization of $6.7B. The trailing P/E ratio stands at 60.96x, with a forward P/E of 122.37x. The 52-week range spans from $27.43 to $46.47; the current price is 1.6% below the yearly high. Year-over-year revenue growth stands at +18.0%. The net profit margin stands at 10.48%.

💰 Dividend

National Storage Affiliates Tru pays an annual dividend of $2.28 per share, representing a yield of 4.99%. The payout ratio stands at 304%. The elevated payout ratio reflects a mature dividend policy.

📊 Analyst Rating

10 analysts rate National Storage Affiliates Tru (NSA) on consensus: Hold. The average price target is $41.76, implying -8.66% from the current price. Analyst price targets range from $38.00 to $49.00.

National Storage Affiliates Tru: The Investment Case in Detail

National Storage Affiliates Tru (NSA) operates in the Real Estate — specifically REIT - Industrial — and is headquartered in United States. Below is a structured read of the investment case built directly from the latest fundamentals, valuation multiples, analyst positioning and smart-money flows. Each section translates raw numbers into the investment logic they imply, so you can decide whether the risk/reward fits your portfolio.

The Bull Case

Revenue is growing at a healthy 18% pace year-over-year, suggesting the business model continues to find new customers and pricing power. Earnings growth of 236.6% is outpacing revenue, a sign of operational leverage — fixed costs are being absorbed across a larger base. With a gross margin near 76.78%, the company sits in the top tier of its industry — these are the kinds of structural margins that protect earnings during downturns.

The Bear Case

A trailing P/E above 50 combined with revenue growth below 20% is a dangerous combination — the market is paying a steep growth multiple for what is, by the data, only moderately fast expansion. Our valuation screen flags the stock as overvalued — current multiples imply the business needs to deliver well above its recent trajectory to justify the price.

What to Watch Next

• The share is trading at 96.1% of its 52-week range — a break above the recent high opens technical upside, a failure here often invites profit-taking.

Investment Thesis: Strengths & Weaknesses

Technical Snapshot

Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).

Risk Profile

The data points to market-like volatility, higher leverage relative to equity.

Trading Data

💵 Dividend Info

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