---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-030498"
form_type: "8-K"
ticker: "NSA"
cik: "0001618563"
company_name: "National Storage Affiliates Trust"
filed_at: "2026-05-05T23:59:59+00:00"
generated_at: "2026-05-14T23:23:57.490124+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# NSA Q1 net income $27.7M (EPS $0.16), Core FFO $0.57; same-store NOI +2.0%; merger with PSA on track for Q3 2026

## Summary
- Net income $27.7M (diluted EPS $0.16) vs $19.5M ($0.10) in Q1 2025, +41.8%.
- Core FFO per share $0.57, up 5.6% YoY; same-store NOI +2.0% driven by expense reduction of 3.9%.
- Same-store occupancy 84.5% at Mar 31 (up 70 bps YoY); subsequent occupancy 84.9% at Apr 30.
- Acquired one property for $10.4M and sold three for $20.6M during Q1; sold additional three for $5.7M post-quarter.
- Merger with Public Storage valued at ~$10.5B enterprise; expected to close Q3 2026 subject to shareholder vote.

## SEC filing metadata
- accession: 0001628280-26-030498
- form_type: 8-K
- ticker: NSA
- cik: 0001618563
- company_name: National Storage Affiliates Trust
- filed_at: 2026-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- 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/1618563/000162828026030498/0001628280-26-030498-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1618563/000162828026030498/nsa-20260505.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-030498
- JSON: https://secwatch.observer/filing/0001628280-26-030498.json
- Plain text: https://secwatch.observer/filing/0001628280-26-030498.txt

## Source-grounded claims
- claim_id: a35247d94358085a392cdc645931929ee8b70669
  claim: National Storage Affiliates Trust reported the quarter ended March 31, 2026 results: net income $27.7 million, EPS $0.16.
  evidence_excerpt: Reported net income of $27.7 million for the first quarter of 2026, an increase of 41.8% compared to the first quarter of 2025. Reported diluted earnings per share of $0.16 for the first quarter of 2026 compared to $0.10 for the first quarter of 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1618563/000162828026030498/0001628280-26-030498-index.htm

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