National Storage Affiliates
What the filings actually show.
National Storage Affiliates Q1 2026 revenue not separately disclosed in publicly accessible summaries — facility count 1,061 (799 consolidated), rentable sqft 51.1M, unit count 402,000. Same-store occupancy 84.5% (weakest of the Big 4). Same-store occupancy April 30 update 84.9%.
What this REIT does that the others don't.
Smallest Big 4 REIT by rentable square footage and weakest by occupancy. NSA's portfolio skews 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 closing Q3 2026. Each NSA share converts to 0.1400 PSA shares. Post-close NSA ceases to exist as an independent REIT; its portfolio becomes part of the combined PSA-NSA entity. This is essentially 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. The 10-Q itself was hard to fetch directly via automated tooling on 2026-06-03; figures here come from StockTitan and BusinessWire summaries. Verify with the actual SEC EDGAR filing before publishing further detail.
↗ https://www.sec.gov/Archives/edgar/data/0001393311/000162828026027487/psa-20260331.htm