National Storage Affiliates Trust (NSA)
Real Estate · NYQ · US
Fundamentals
Valuation and ratings
National Storage Affiliates Trust trades at USD45.45, which is 36% above the USD28.87 our discounted cash flow model puts on the business. On that measure it screens as expensive, which is not the same as saying it will fall.
Our moat model scores it 60 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 59.7 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of March 31, 2026, the Company held ownership interests in and operated 1,061 self storage properties, located in 37 states and Puerto Rico with approximately 69.3 million rentable square feet, excluding three properties classified as held for sale, that were sold to a third party in April 2026. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. National Storage Affiliates Trust was incorporated in 2013 in Maryland, USA.
NSA passes 2 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
9 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Two Sigma, TWO SIGMA INVESTMENTS, LP$53.67M · 0.0% of book
- Ken Griffin, CITADEL ADVISORS LLC$38.93M · 0.0% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$27.08M · 0.0% of book
- Paul Tudor Jones, TUDOR INVESTMENT CORP ET AL$13.84M · 0.0% of book
- Joel Greenblatt, Gotham Asset Management, LLC$12.73M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is National Storage Affiliates Trust (NSA) undervalued?
Against our discounted cash flow estimate of USD28.87, NSA at USD45.45 is 36% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own NSA?
9 of the institutions we track reported a position in NSA in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is NSA's P/E ratio?
NSA trades at 59.7 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for NSA, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.