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National Storage Affiliates

NSA Q2 2025 Earnings

Reported Aug 4, 2025 at 4:07 PM ET · SEC Source

Q2 25 EPS

$0.19

MISS 0.78%

Est. $0.19

Q2 25 Revenue

$188.8M

BEAT +1.84%

Est. $185.4M

vs S&P Since Q2 25

+43.9%

BEATING MARKET

NSA +60.6% vs S&P +16.8%

Market Reaction

Did NSA Beat Earnings? Q2 2025 Results

National Storage Affiliates turned in a mixed second quarter, narrowly missing earnings expectations while topping revenue forecasts against a backdrop of persistent industry headwinds. The self-storage REIT posted diluted EPS of $0.19, falling just … Read more National Storage Affiliates turned in a mixed second quarter, narrowly missing earnings expectations while topping revenue forecasts against a backdrop of persistent industry headwinds. The self-storage REIT posted diluted EPS of $0.19, falling just short of the $0.19 consensus estimate, as revenue of $188.84 million edged 1.84% above expectations despite slipping 0.8% from the year-ago period. The central drag on results was a sharp deterioration in same-store performance, where average occupancy fell 240 basis points to 84.2% and same-store NOI declined 6.1%, pressured by weak demand tied to sluggish existing home sales and persistent supply growth in Sunbelt markets. Core FFO dropped 11.3% per share to $0.55, reflecting lower NOI and higher interest costs. Management responded by meaningfully cutting its full-year 2025 outlook, lowering Core FFO per share guidance to $2.17-$2.23 from a prior $2.30-$2.38 and shifting same-store NOI growth expectations to a range of -5.75% to -4.25%, signaling that a recovery in fundamentals remains elusive near term.

Key Takeaways

  • • Same store NOI declined 6.1% driven by 3.0% revenue decrease and 4.6% property operating expense increase
  • • Average occupancy declined 240 basis points year-over-year to 84.2%
  • • Average annualized rental revenue per occupied square foot declined 0.3%
  • • Low existing home sales and ongoing supply pressure, especially in Sunbelt markets
  • • Elevated use of concessions drove rental volume but negatively impacted near-term revenues
  • • Interest expense increased to $41.3 million from $37.2 million year-over-year
  • • Management fees and other revenue increased $2.7 million year-over-year to $12.2 million
  • • General and administrative expenses decreased $3.4 million year-over-year following PRO internalization
  • • Portland, Houston, and San Juan outperformed portfolio average same store revenue growth
  • • Riverside-San Bernardino, Atlanta, and Phoenix underperformed portfolio average
24/7 Wall St

NSA YoY Financials

Q2 2025 vs Q2 2024, source: SEC Filings

24/7 Wall St

NSA Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“During the second quarter, we realized sequential improvement from the prior quarter in the level of contract rate, occupancy and our rent roll-down spread. However, these positives were outweighed by continued softness in storage demand primarily driven by low existing home sales and ongoing supply pressure, especially in our Sunbelt markets, which also impacted the pace of realizing the benefits from the internalization of our PRO structure. Further, the elevated use of concessions during the quarter that drove rental volume has a near-term negative impact on revenues. The combination of these factors weighed on same store NOI and Core FFO results for the quarter and was the primary driver of our revised guidance ranges.”

— David Cramer, Q2 2025 Earnings Press Release

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