National Storage Affiliates Trust (NSA) reported a total revenue of $752.9 million for the fiscal year ended December 31, 2025, a decrease of 2.3% from $770.3 million in 2024. The decline in revenue was primarily attributed to a drop in average occupancy rates, which fell from 85.6% in 2024 to 83.8% in 2025. Rental revenue specifically decreased by 3.1%, amounting to $678.5 million, while other property-related revenue also saw a decline, totaling $25.9 million. The company’s net income for the year was $116.3 million, down from $183.3 million in the previous year, reflecting a significant reduction in gains from property sales, which dropped from $63.8 million in 2024 to $16.3 million in 2025.
In terms of strategic developments, NSA completed the internalization of its participating regional operators (PROs) structure on July 1, 2024, which has allowed the company to develop a fully integrated property management platform. This transition is expected to enhance operational efficiency and reduce costs. During 2025, NSA acquired four self-storage properties for a total of $24.9 million and sold 15 properties for approximately $96.9 million. The company also managed a portfolio of 262 properties through its unconsolidated real estate ventures, which contributed to its overall operational scale.
Operationally, NSA managed a total of 1,063 self-storage properties across 37 states and Puerto Rico as of December 31, 2025, comprising approximately 69.4 million rentable square feet. The company reported a total employee headcount of 1,458, reflecting its commitment to maintaining a robust workforce to support its operations. The company’s focus on high-quality properties in key growth markets has positioned it to capitalize on favorable supply and demand characteristics, although it faces challenges from fluctuating occupancy rates and competitive pressures.
Looking ahead, NSA anticipates continued growth through strategic acquisitions and partnerships with institutional investors. The company has expressed confidence in its ability to navigate market conditions and maintain its REIT status, which requires distributing at least 90% of its taxable income to shareholders. The management remains focused on optimizing property-level cash flows and enhancing revenue through ancillary services, including tenant insurance programs. The outlook for 2026 suggests a cautious optimism, contingent on improving occupancy rates and effective management of operational costs.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a Maryland-based REIT specializing in the ownership, operation, and acquisition of self-storage properties across the U.S. and Puerto Rico. It manages a diversified portfolio of over 1,000 facilities in high-growth markets, leveraging a centralized platform, advanced technology, and strategic acquisitions. The company focuses on maximizing property cash flow, industry consolidation, and long-term growth through partnerships and efficient capital management.
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