secwatch.observer — SEC 8-K summary
======================================

Issuer:     National Storage Affiliates Trust (NSA)
CIK:        0001618563
Form:       8-K
Filed at:   2026-02-25T23:59:59+00:00
Accession:  0001628280-26-011627
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1618563/000162828026011627/0001628280-26-011627-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1618563/000162828026011627/nsa-20260225.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-011627

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer