Q3 25 EPS
$0.57
BEAT +321.91%
Est. $0.14
Q3 25 Revenue
$188.7M
BEAT +2.65%
Est. $183.8M
vs S&P Since Q3 25
+55.3%
BEATING MARKET
NSA +63.3% vs S&P +8.0%
Market Reaction
Did NSA Beat Earnings? Q3 2025 Results
National Storage Affiliates delivered a challenging third quarter as persistent self storage industry headwinds weighed on results, with Core FFO per share declining to $0.57 from $0.62 a year ago and revenue reaching $188.70 million. The primary cul… Read more National Storage Affiliates delivered a challenging third quarter as persistent self storage industry headwinds weighed on results, with Core FFO per share declining to $0.57 from $0.62 a year ago and revenue reaching $188.70 million. The primary culprit was a 5.7% drop in same store NOI across its 771-property pool, where average occupancy slipped 150 basis points to 85.0% and property operating expenses climbed 4.9%, pressured by marketing, property taxes, and utilities costs. Net income came in at $29.02 million, a 2.5% year-over-year decline, while diluted EPS fell to $0.17 from $0.18. Despite the difficult operating environment, management reaffirmed its full-year 2025 Core FFO guidance of $2.17 to $2.23 per share, acknowledging that same store revenue is expected to decline between 3.0% and 2.0% for the full year. CEO David Cramer pointed to improving supply and demand dynamics, potential interest rate cuts, and a more favorable supply environment as reasons for cautious optimism heading into 2026.
Key Takeaways
- • Same store total revenue decreased 2.6% YoY driven by 150 basis point decrease in average occupancy and 0.4% decrease in average annualized rental revenue per occupied square foot
- • Same store property operating expenses increased 4.9% driven by increases in marketing, property tax expense and utilities, partially offset by decreases in insurance costs
- • Same store NOI decreased 5.7% YoY
- • Decrease in FFO and Core FFO per share driven by decrease in same store NOI and increase in interest expense
- • Partially offset by decreased management fees paid to former PROs following internalization of PRO structure
- • Management fees and other revenue increased $0.6 million in Q3 and $6.4 million YTD
- • G&A expenses decreased $1.7 million in Q3 and $7.6 million YTD
NSA YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
NSA Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the third quarter, the majority of our markets showed sequential improvement in same store revenue growth, which supports our view that fundamentals have found a bottom and are beginning to trend upward.”
— David Cramer, Q3 2025 Earnings Press Release
NSA Earnings Trends
NSA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NSA EPS Trend
Earnings per share: estimate vs actual
NSA Revenue Trend
Quarterly revenue: estimate vs actual
NSA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.07 | $0.16 | +121.91% | $185.4M | -0.89% |
| Q4 25 BEAT FY | $0.10 | $0.23 | +124.39% | $187.0M | -0.25% |
| FY Full Year | $0.39 | $0.69 | +75.62% | $752.9M | -0.12% |
| Q3 25 BEAT | $0.14 | $0.57 | +321.91% | $188.7M | +2.65% |
| Q2 25 MISS | $0.19 | $0.19 | -0.78% | $188.8M | +1.84% |
| Q1 25 MISS | $0.15 | $0.10 | -34.60% | $188.4M | +0.76% |