NSA National Storage Affiliates Trust
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Executive Summary
Public Storage (PSA) reported Q1 2026 earnings with net income up 32.8% to $2.71/share and Core FFO up 2.4% to $4.22/share, while reaffirming 2026 guidance with same-store revenue declining 0-2.2% and NOI declining up to 3.9%. The pending all-stock acquisition of National Storage Affiliates (NSA) for ~$10.5B enterprise value is on track for Q3 close, expected to add $0.35-$0.50 to Core FFO per share at stabilization. The core business faces headwinds from flat-to-declining same-store revenue, offset by the transformational NSA deal and modest FFO growth.
Key Financial Metrics
Actionable Insight
Monitor NSA shareholder vote and regulatory approvals for the merger, which is the primary catalyst. Same-store revenue guidance suggests continued headwinds; watch for Q2 occupancy and rent trends. The acquisition accretion and integration will be key to re-rating.
Key Facts
- Q1 2026 Net income $2.71/share vs $2.04/share YoY, +32.8%
- Q1 2026 Core FFO $4.22/share vs $4.12/share YoY, +2.4%
- Same-store revenue essentially flat at $1,000.8M ( -0.0% YoY )
- Same-store NOI +0.4% to $739.4M, occupancy +0.4% to 91.5%
- 2026 guidance: Same-store revenue growth -2.2% to 0%, NOI growth -3.9% to -0.5%
- 2026 Core FFO guidance $16.35-$17.00 per share
- Pending acquisition of NSA (National Storage Affiliates Trust) valued at ~$10.5B enterprise value, all-stock transaction
- NSA deal expected to close Q3 2026, subject to NSA shareholder approval and customary conditions
- Expected to add $0.35-$0.50 to Core FFO per share at stabilization
- CEO transition: Tom Boyle appointed CEO effective April 1, 2026
- Subsequent to quarter end, issued $500M senior notes at 5.00% due 2035
- Total liquidity ~$1.9B at March 31, 2026
Financial Impact
Modest Core FFO growth of 2.4% YoY; large $10.5B acquisition pending with $0.35-$0.50 per share accretion at stabilization
Risk Factors
- Deal closing risk (NSA shareholder approval, regulatory)
- Integration challenges post-close
- Same-store revenue and NOI declining as per guidance
- Rising interest rates impact on debt costs and cap rates
- High leverage from debt issuance for development
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001628280-26-027486 |
| Document: 0001628280-26-027486-index-headers.html | 0001628280-26-027486 |
| Document: 0001628280-26-027486-index.html | 0001628280-26-027486 |
| Document: 0001628280-26-027486.txt | 0001628280-26-027486 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 1, 2026
11d ago
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425
| $27.11 $27.00 | ▼ −0.41% | ▲ +0.32% | $45.72 (+68.65%) |
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Apr 27, 2026
6w ago
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425
| $32.50 $32.99 | ▲ +1.51% | ▲ +1.52% | $45.72 (+40.68%) |
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Feb 25, 2026
15w ago
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8-K
| $33.73 $33.84 | ▲ +0.32% | ▲ +0.87% | $45.72 (+35.56%) |
US Market Status
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