---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-25-048227"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2025-11-03T23:59:59+00:00"
generated_at: "2026-05-17T00:53:29.488731+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NSA Q3 net income down 2.5% to $29M; Core FFO falls 8.1% per share; same-store NOI -5.7%

## Summary
- Net income $29.0M ($0.17 diluted EPS) vs $29.8M ($0.18) Q3 2024; Core FFO $76.5M ($0.57/share) down 8.1% YoY.
- Same-store NOI decreased 5.7% as revenues fell 2.6% and expenses rose 4.9%; occupancy 84.5% (-140 bps).
- Acquired two self-storage properties for ~$32M via unconsolidated JV during Q3; completed Moove In to iStorage rebranding.
- Subsequent to Q-end: formed IRE Joint Venture; NSA commits 75% preferred equity with 10% annual return.

## SEC filing metadata
- accession: 0001628280-25-048227
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2025-11-03T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1618563/000162828025048227/0001628280-25-048227-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828025048227/nsa-20251103.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-25-048227
- JSON: https://secwatch.observer/filing/0001628280-25-048227.json
- Plain text: https://secwatch.observer/filing/0001628280-25-048227.txt

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