---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-23-014568"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2023-05-01T23:59:59+00:00"
generated_at: "2026-06-16T05:03:22.845379+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# NSA Q1 2023 net income down 9.8% YoY; Core FFO per share -2.9%

## Summary
- Net income $40.4M (-9.8% YoY); diluted EPS $0.24 (flat YoY).
- Core FFO $85.9M ($0.66/share, -2.9% YoY) as same-store NOI growth offset by higher interest.
- Same-store NOI +4.8% (revenue +5.7%, expenses +8.3%); occupancy 89.8% (-380bps).
- Acquired 16 properties for ~$160.5M; repurchased 1.6M shares for $69.3M.
- Post-quarter: $120M private placement of 5.75% senior notes due 2028; Kroll affirmed BBB+ stable.

## SEC filing metadata
- accession: 0001628280-23-014568
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2023-05-01T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000162828023014568/0001628280-23-014568-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828023014568/nsa-20230501.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-23-014568
- JSON: https://secwatch.observer/filing/0001628280-23-014568.json
- Plain text: https://secwatch.observer/filing/0001628280-23-014568.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.