---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-011627"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2026-02-25T23:59:59+00:00"
generated_at: "2026-05-16T00:19:24.926236+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# NSA Q4 2025 net income $36.8M (+40.8% YoY); Core FFO per share $0.57 (-5.0% YoY)

## Summary
- Net income $36.8M, diluted EPS $0.23 vs $0.15 in Q4 2024; full-year net income $116.3M (-36.6% YoY).
- Core FFO $77.4M ($0.57/share), down 5.0% per share from Q4 2024; full-year Core FFO $2.23/share (-8.6%).
- Same store NOI -0.7% (revenue -0.7%, expenses -0.8%); period-end occupancy 84.0% (-70 bps YoY).
- Q4 sold 3 wholly-owned properties for ~$23.8M; after quarter-end sold 3 for ~$21.1M and acquired 1 for ~$10.4M.
- Management reports sequential revenue improvement, narrowed occupancy gap, bullish for 2026.

## SEC filing metadata
- accession: 0001628280-26-011627
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2026-02-25T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- 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/1618563/000162828026011627/0001628280-26-011627-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828026011627/nsa-20260225.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-011627
- JSON: https://secwatch.observer/filing/0001628280-26-011627.json
- Plain text: https://secwatch.observer/filing/0001628280-26-011627.txt

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