National Storage Affiliates (NSA) Q3 2025 Earnings
How Did NSA Stock React to Q3 2025 Earnings?
Did NSA Beat Earnings? Q3 2025 Results
Yes. National Storage Affiliates reported Q3 2025 earnings of $0.57 a share on Nov 3, 2025, beating the $0.14 consensus estimate by 321.9%. Revenue was $188.7M against a $183.8M estimate.
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.
- 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
“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.”
National Storage Affiliates CEO, on the earnings call
What Was National Storage Affiliates's Outlook in Q3 2025?
NSA reaffirmed its full-year 2025 Core FFO guidance of $2.17 to $2.23 per share. Same store operations guidance includes total revenue growth of (3.0)% to (2.0)%, property operating expenses growth of 3.25% to 4.25%, and NOI growth of (5.75)% to (4.25)%. Full-year 2025 earnings per share - diluted is estimated at $0.71 to $0.74. Management expects improved self storage fundamentals in 2026 and beyond, supported by an improving supply/demand balance, potential interest rate cuts, and favorable supply environment. The company guided for $42.0 to $44.0 million in G&A expenses (excluding equity-based compensation), $49.0 to $51.0 million in management fees and other revenue, and $50.0 to $100.0 million in acquisitions (consolidated and JV at share).
NSA YoY Financials
NSA Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.