National Storage Affiliates Trust

National Storage Affiliates delivered a sharply mixed first quarter for fiscal 2026, posting earnings per share of $0.16 against a consensus estimate of $0.07, a beat of 121.91%, even as revenue of $185.40 million fell just short of the $187.06 million analysts had expected and slipped 1.6% from a year ago. The headline story, however, belongs less to the numbers themselves than to the pending all-stock merger with Public Storage, announced in March at an enterprise value of roughly $10.50 billion and expected to close in Q3 2026, which has prompted NSA to withdraw all forward guidance. Operationally, the quarter held up reasonably well; net income climbed 41.8% year-over-year to $27.68 million, aided by a swing in unconsolidated venture earnings and lower property operating expenses, while Core FFO reached $0.57 per share, up 5.6% year-over-year. GAAP FFO, however, declined 7.0% to $66.00 million, weighed down by $9.98 million in merger-related costs. With institutional investors closely watching the acquisition timeline, NSA declared a quarterly dividend of $0.57 per common share for Q2 2026.