National Storage Affiliates Trust Declares $0.57 Quarterly Dividend
National Storage Affiliates Trust (NYSE: NSA), a self storage real estate investment trust, declared a quarterly cash dividend of $0.57 per common share on November 13, 2025. The company paid $2.28 per share in total dividends for the full year 2025.
National Storage Affiliates Trust (NYSE: NSA), a self storage real estate investment trust, declared a quarterly cash dividend of $0.57 per common share on November 13, 2025. The dividend was paid on December 31, 2025 to shareholders of record as of December 15, 2025. Read more dividend announcements.
For the full year 2025, the company's board of trustees declared total cash dividends of $2.28 per common share.
| Dividend Details | Fourth Quarter 2025 |
|---|---|
| Amount | $0.57 per share |
| Record Date | December 15, 2025 |
| Payment Date | December 31, 2025 |
| Full Year 2025 Total | $2.28 per share |
Fourth Quarter Operating Performance
NSA's same store operations showed continued pressure from occupancy declines in the fourth quarter of 2025. Same store total revenue decreased during the quarter, driven primarily by a 120 basis point decrease in average occupancy. Year-to-date same store total revenue fell, driven by a 170 basis point decrease in average occupancy and a 0.2% decrease in average annualized rental revenue per occupied square foot.
Portland, San Juan, Puerto Rico, and Wichita generated above portfolio average same store total revenue growth. Riverside-San Bernardino, Atlanta, and Phoenix generated below portfolio average same store total revenue growth.
Year-over-year same store property operating expenses decreased 0.8% for the fourth quarter of 2025 and increased 3.1% year-to-date compared to the same periods in 2024. The fourth quarter decrease was primarily driven by decreases in personnel, utilities, and insurance costs.
Transaction Activity and Balance Sheet
During the fourth quarter, NSA completed the sale of three wholly-owned self storage properties, consisting of approximately 290,000 rentable square feet configured in approximately 2,000 storage units for approximately $23.8 million.
As of December 31, 2025, NSA has approximately $542.1 million of available capacity on its $950.0 million revolving line of credit.
2026 Guidance
NSA issued Core FFO per share guidance for 2026 ranging from $2.13 to $2.25, compared to actual Core FFO of $2.23 per share for full year 2025. The company expects same store total revenue growth between negative 0.3% and positive 2.1%, an improvement from the negative 2.3% growth recorded in 2025.
Property operating expenses are projected to grow between 2.0% and 4.0%, compared to 3.1% growth in 2025. Same store net operating income growth is expected to range from negative 2.0% to positive 2.0%, compared to negative 4.5% in 2025.
The company projects acquisitions between $50.0 million and $150.0 million at share, and dispositions between $50.0 million and $150.0 million at share for 2026. In 2025, NSA completed $37.4 million in acquisitions and $96.9 million in dispositions at share.