Q1 26 EPS
$0.16
BEAT +121.91%
Est. $0.07
Q1 26 Revenue
$185.4M
MISS 0.89%
Est. $187.1M
Did NSA Beat Earnings? Q1 2026 Results
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 milli… Read more 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.
Key Takeaways
- • Same store NOI growth of 2.0% driven by 0.2% revenue increase and 3.9% decrease in property operating expenses
- • Same store period-end occupancy increased 70 basis points year-over-year to 84.5%
- • Average annualized rental revenue per occupied square foot increased 0.6% to $15.88
- • Decrease in interest expense from $40.5 million to $39.3 million
- • Swing in equity in earnings of unconsolidated real estate ventures from losses of $5.7 million to earnings of $1.2 million
- • Decreases in personnel, utilities, and repairs and maintenance costs drove operating expense reductions
- • Portland, San Juan PR, and Colorado Springs generated above-average same store revenue growth
NSA Forward Guidance & Outlook
In light of the Company's proposed merger with Public Storage announced on March 16, 2026, the Company will no longer provide guidance nor is it affirming past guidance. The merger is expected to close in the third quarter of 2026, subject to the approval of the Company's equity holders and satisfaction of other customary closing conditions.
NSA YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
NSA Revenue by Segment
With YoY comparisons, source: SEC Filings
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% |