• National Storage Affiliates Trust recently reported solid Q3 2025 results, with improved same-store revenue growth across most key markets and core FFO per share exceeding consensus expectations, while also preparing to release its Q4 2025 results in late February 2026.
• The company introduced a preferred equity investment program aimed at funding self-storage deals and deepening partnerships with former PRO operators, which management highlighted alongside its positive commentary on self-storage sector conditions heading into 2026.
• Next, we’ll examine how these stronger operating trends and the new preferred equity investment program shape National Storage Affiliates Trust’s investment narrative.

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What Is National Storage Affiliates Trust's Investment Narrative?

For National Storage Affiliates Trust, the big picture you need to buy into is that a self-storage REIT with modest forecast growth, a high dividend, and a relatively rich earnings multiple can still make sense if operating trends keep improving and the balance sheet remains manageable. The Q3 2025 beat on core FFO and broad-based same-store revenue improvement help at the margin, as does management’s new preferred equity investment program, which could add fee and income streams without the same balance sheet strain as outright acquisitions. In the short term, the key catalyst is how Q4 2025 results and 2026 commentary either reinforce or undermine this emerging improvement story, especially given mixed analyst sentiment and recent share price strength. The main risk is that earnings pressure, high leverage costs, and a premium valuation leave little room for disappointment.

However, investors should be aware of how fragile this setup could be if operating trends stall. Despite retreating, National Storage Affiliates Trust's shares might still be trading 18% above their fair value. Discover the potential downside here.

Exploring Other Perspectives

Five Simply Wall St Community fair value estimates for NSA span roughly US$15.61 to US$39.66, underscoring how far apart individual views can be. Set that against the recent improvement in same-store trends and the launch of the preferred equity program, and it becomes clear why opinions on NSA’s future performance are so divided.

Explore 5 other fair value estimates on National Storage Affiliates Trust - why the stock might be worth as much as 21% more than the current price!

Build Your Own National Storage Affiliates Trust Narrative

Disagree with this assessment? Create your own narrative in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your National Storage Affiliates Trust research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free National Storage Affiliates Trust research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate National Storage Affiliates Trust's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.