---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-022164"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2025-05-05T23:59:59+00:00"
generated_at: "2026-05-22T17:33:06.582268+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# NSA Q1 net income $19.5M (-79.5%), Core FFO $0.54 (-10%), same-store NOI -5.7%

## Summary
- Net income $19.5M, diluted EPS $0.10 vs $0.65 YoY; Core FFO $73.4M, $0.54/share (-10%).
- Same-store NOI -5.7% (revenues -3.0%, expenses +3.7%); occupancy 83.6% (-240 bps).
- Acquired 3 self-storage properties for ~$13.5M in Q1 2025.
- Management sees sequential improvement, but economic uncertainty remains.

## SEC filing metadata
- accession: 0001628280-25-022164
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2025-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000162828025022164/0001628280-25-022164-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828025022164/nsa-20250505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-022164
- JSON: https://secwatch.observer/filing/0001628280-25-022164.json
- Plain text: https://secwatch.observer/filing/0001628280-25-022164.txt

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