Health score, competitive moat, risk signals, and key metrics at a glance.
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2026, the Company held ownership interests in and operated 1,061 self storage properties, located in 37 states and Puerto Rico with approximately 69.3 million rentable square feet, excluding three properties classified as held for sale, that were sold to a third party in April 2026. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. National Storage Affiliates Trust was incorporated in 2013 in Maryland, USA.
Competitive analysis based on 45 quarters of fundamental data
Operating margins are positive at ~9.6% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~9.8% on average, adequate but below the threshold typically associated with wide moats.
Data-driven red flags and warnings across 45 quarters
Operating margins declined 11.1% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 4.5x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue declined in 7 of the last 7 quarters — persistent contraction signals a fundamental problem.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 2.6% — mild dilution. Compare to earnings growth to assess net per-share impact.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
