1 week ago
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MarketBeat
Sat, February 28, 2026 astatine 1:28 PM CST 8 min read
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Portfolio appears to person "turned the corner" — same-store gross improved sequentially to a 0.7% diminution successful Q4 (vs. -2.6% successful Q3), occupancy is stabilizing with January up year-over-year, and absorption expects same-store gross to inclination affirmative into 2026.
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FFO and 2026 guidance amusement humble near-term headwinds — Core FFO came successful astatine the precocious extremity ($0.57 Q4; $2.23 FY), yet 2026 guidance calls for Core FFO of $2.19 (down ~$0.04) driven by higher G&A and refinancing/insurance impacts, with level same-store NOI astatine the midpoint.
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Balance expanse and liquidity are manageable but spot refinancing risk — nett debt/EBITDA was 6.6x, NSA faces $375M of maturities successful 2026 (likely refinanced astatine mid‑to‑high 4% rates), has astir $550M of disposable liquidity, and plans opportunistic $50M–$150M acquisitions and dispositions portion expecting dividend sum to amended precocious successful the year.
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National Storage Affiliates Trust (NYSE:NSA) executives said fourth-quarter results and aboriginal 2026 operating trends bespeak the company’s self-storage portfolio has “clearly turned the corner,” citing improving same-store gross trends, stabilizing occupancy and continued benefits from multi-year operational initiatives pursuing its PRO internalization.
President and CEO David Cramer said the 4th fourth provided “further confirmation” that portfolio show has inflected positively, with sequential betterment crossed astir markets. He noted that each but 1 of NSA’s 21 reported MSAs showed betterment successful same-store gross maturation versus the 3rd quarter.
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For the 4th quarter, CFO Brandon Togashi reported same-store gross declined 0.7%, an betterment from a 2.6% diminution successful the 3rd quarter. Togashi said the fourth-quarter gross alteration was driven by little mean occupancy of 120 ground points, partially offset by 100 ground points of year-over-year maturation successful mean gross per occupied quadrate foot. Nine of 21 markets posted affirmative same-store gross maturation successful the quarter.
Occupancy trends besides improved, absorption said. Cramer reported year-over-year occupancy finished 2025 down 70 ground points, compared with down 140 ground points astatine the extremity of the 3rd quarter. He added that January end-of-month occupancy was up 20 ground points year-over-year, with the betterment continuing into February.
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