National Storage Affiliates
What the filings actually show.
National Storage Affiliates Q1 2026 consolidated revenue $185.4M. Full operating portfolio: 1,061 properties (799 consolidated), 69.3M rentable sqft (51.1M consolidated), ~547,000 units (402,000 consolidated) across 37 states and Puerto Rico. Same-store occupancy 84.5% — the weakest of the four majors before its acquisition.
What this REIT does that the others don't.
Was the smallest of the four majors by rentable square footage and weakest by occupancy. NSA's portfolio skewed to secondary and tertiary markets where pricing pressure has been deeper through 2024-2025. The PSA acquisition is essentially a recognition that NSA's standalone competitive position deteriorated post-COVID.
What to watch through the year.
PSA acquisition: NSA shareholders approved the deal 14 Jul 2026 and it closed on 22 Jul 2026. Each NSA share converted to 0.1400 PSA shares. NSA no longer exists as an independent REIT; its portfolio is now part of the combined PSA-NSA entity. Q1 2026 was NSA's final standalone quarter of filings.
Where these numbers come from.
Q1 2026 10-Q filed 2026-05-05. Period ending 2026-03-31. Portfolio and revenue figures verified 2026-06-26 against NSA's Q1 2026 results release and 10-Q summary: 799 consolidated properties (51.1M sqft, 402,000 units, $185.4M revenue) and 1,061 total operating properties (69.3M sqft, ~547,000 units, 37 states + Puerto Rico).
↗ https://www.sec.gov/Archives/edgar/data/0001618563/000162828026030519/nsa-20260331.htm