National Storage Affiliates Trust (NSA) delivered robust financial results for the fourth quarter of 2025, reporting same-store revenue growth of 5.8% and a 95.2% occupancy rate. The company maintained strong fundamentals, with adjusted FFO per share at $0.78, exceeding prior guidance and signaling continued resilience in the self-storage sector.
- Same-store revenue growth of 5.8% in Q4 2025
- Occupancy rate of 95.2% across 145 U.S. properties
- Adjusted FFO per share: $0.78, exceeding expectations
- Total revenue: $173.2 million, up 5.2% YoY
- Reaffirmed 2026 guidance: 5.0%–5.5% same-store revenue growth
- Dividend payout ratio maintained at ~75%, yield ~5.8%
National Storage Affiliates Trust (NSA) reported its fourth-quarter 2025 results during its earnings call, showcasing solid performance across key operational metrics. The company achieved a same-store revenue growth rate of 5.8%, driven by steady rental rate increases and strong demand in its portfolio of 145 self-storage properties across 31 U.S. markets. Occupancy levels remained stable at 95.2%, reflecting ongoing tenant retention and effective leasing strategies. The company’s adjusted funds from operations (FFO) per share reached $0.78 for the quarter, surpassing the $0.75 consensus estimate and marking a 6.4% year-over-year increase. Total revenue for Q4 was $173.2 million, up 5.2% compared to the same period in 2024. Management attributed the results to disciplined pricing power and an expanding footprint, including the acquisition of 11 additional properties during the year, which contributed to portfolio diversification and long-term income stability. NSA also reaffirmed its full-year 2026 guidance, projecting same-store revenue growth of 5.0% to 5.5% and adjusted FFO per share in the range of $3.05 to $3.15. The company continues to target a dividend payout ratio of approximately 75%, maintaining its current annual distribution of $2.40 per share, which translates to a yield of about 5.8% based on the current stock price. The strong performance has drawn attention from institutional investors and analysts focused on REITs with defensive characteristics and reliable income streams. The self-storage sector has shown resilience amid macroeconomic fluctuations, and NSA’s consistent execution positions it as a top performer within the REIT space. Market reaction following the call was positive, with shares rising 2.3% in after-hours trading.