--- title: "National Storage Affiliates | 8-K: FY2026 Q1 Revenue: USD 185.4 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/285303977.md" datetime: "2026-05-06T03:24:06.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285303977.md) - [en](https://longbridge.com/en/news/285303977.md) - [zh-HK](https://longbridge.com/zh-HK/news/285303977.md) --- # National Storage Affiliates | 8-K: FY2026 Q1 Revenue: USD 185.4 M Revenue: As of FY2026 Q1, the actual value is USD 185.4 M. EPS: As of FY2026 Q1, the actual value is USD 0.16, beating the estimate of USD 0.1353. EBIT: As of FY2026 Q1, the actual value is USD 110.16 M. ### Financial Highlights for Q1 2026 vs. Q1 2025 #### Net Income National Storage Affiliates Trust reported net income of $27,681 thousand for the first quarter of 2026, an increase of 41.8% compared to $19,519 thousand in the first quarter of 2025. This increase was primarily due to an increase in earnings from unconsolidated real estate ventures, a decrease in property operating expenses, and a decrease in depreciation expense. #### Funds From Operations (FFO) FFO was $65,999 thousand in Q1 2026, a -7.0% decrease from $70,978 thousand in Q1 2025. #### Core Funds From Operations (Core FFO) Core FFO increased by 4.6% to $76,791 thousand in Q1 2026, up from $73,423 thousand in Q1 2025. The increase in Core FFO per share and unit was primarily driven by an increase in same store Net Operating Income (NOI) and a decrease in interest expense. #### Consolidated Revenues Total consolidated revenue for Q1 2026 was $185,401 thousand, down from $188,354 thousand in Q1 2025. Rental revenue was $168,214 thousand in Q1 2026, compared to $169,475 thousand in Q1 2025. Other property-related revenue was $5,586 thousand in Q1 2026, down from $6,744 thousand in Q1 2025. Management fees and other revenue amounted to $11,601 thousand in Q1 2026, compared to $12,135 thousand in Q1 2025. #### Operating Expenses Total operating expenses decreased to $114,503 thousand in Q1 2026 from $120,841 thousand in Q1 2025. Property operating expenses were $52,034 thousand in Q1 2026, a decrease from $55,104 thousand in Q1 2025. General and administrative expenses were $13,231 thousand in Q1 2026, slightly up from $13,145 thousand in Q1 2025. Depreciation and amortization decreased to $46,140 thousand in Q1 2026 from $48,116 thousand in Q1 2025. #### Net Operating Income (NOI) Consolidated Net Operating Income (NOI) was $121,766 thousand in Q1 2026, compared to $121,115 thousand in Q1 2025. #### Same Store Operating Results (735 Stores) - Same store total revenues increased by 0.2% to $164,221 thousand in Q1 2026 from $163,852 thousand in Q1 2025. - Same store property operating expenses decreased by 3.9% to $48,396 thousand in Q1 2026 from $50,343 thousand in Q1 2025, primarily due to decreases in personnel, utilities, and repairs and maintenance costs. - Same store Net Operating Income (NOI) increased by 2.0% to $115,825 thousand in Q1 2026 from $113,509 thousand in Q1 2025. - Same store NOI Margin was 70.5% in Q1 2026, up from 69.3% in Q1 2025. - Same store period-end occupancy was 84.5% as of March 31, 2026, an increase of 70 basis points compared to March 31, 2025. - Same store average occupancy was 84.2% in Q1 2026, a 0.1% increase from 84.1% in Q1 2025. - Average Annualized Rental Revenue Per Occupied Square Foot for same stores was $15.88 in Q1 2026, a 0.6% increase from $15.78 in Q1 2025. #### Other Expenses - Interest expense was - $39,257 thousand in Q1 2026, compared to - $40,475 thousand in Q1 2025. - Acquisition and integration costs were - $811 thousand in Q1 2026, compared to - $2,445 thousand in Q1 2025. - Merger related costs were - $9,981 thousand in Q1 2026, compared to - $0 thousand in Q1 2025. - Gain on sale of self storage properties was $6,458 thousand in Q1 2026, compared to $1,425 thousand in Q1 2025. #### EBITDA and Adjusted EBITDA - EBITDA for Q1 2026 was $118,460 thousand, up from $114,641 thousand in Q1 2025. - Adjusted EBITDA for Q1 2026 was $124,948 thousand, an increase from $123,009 thousand in Q1 2025. #### Investment and Disposition Activity During Q1 2026, National Storage Affiliates Trust acquired one wholly-owned self storage property for approximately $10.4 million, comprising about 47,000 rentable square feet and 500 storage units. The company also sold three wholly-owned self storage properties for approximately $20.6 million, totaling about 199,000 rentable square feet and 1,500 storage units. Subsequent to quarter-end, three additional self storage properties were sold for approximately $5.7 million. #### Liquidity and Debt As of March 31, 2026, National Storage Affiliates Trust had approximately $530.6 million of available capacity on its $950.0 million revolving line of credit. Total debt was $3,416,836 thousand with a weighted average effective interest rate of 4.42% and a weighted average maturity of 3.7 years. Debt ratios included Net Debt to Annualized Current Quarter Adjusted EBITDA at 6.8x, Trailing Twelve Month Fixed Charge Coverage Ratio at 2.6x, and Total Leverage Ratio at 46.9%. #### Outlook / Guidance National Storage Affiliates Trust will no longer provide or affirm past guidance due to its proposed merger with Public Storage, announced on March 16, 2026. The all-stock transaction is valued at approximately $10.5 billion and is expected to close in the third quarter of 2026, pending equity holder approval and other customary closing conditions. ### Related Stocks - [NSA.US](https://longbridge.com/en/quote/NSA.US.md) ## Related News & Research - [The Home Depot Announces First Quarter Fiscal 2026 Results; Reaffirms Fiscal 2026 Guidance | HD Stock News](https://longbridge.com/en/news/286890512.md) - [ONWARD Medical to Announce First Quarter 2026 Results on May 26, 2026 | ONWRY Stock News](https://longbridge.com/en/news/286858298.md) - [Autohome Inc. to Announce First Quarter 2026 Financial Results on May 28, 2026 | ATHM Stock News](https://longbridge.com/en/news/286390966.md) - [Keysight Technologies Reports Second Quarter 2026 Results | KEYS Stock News](https://longbridge.com/en/news/286959830.md) - [GDEV announces results for the first quarter of 2026 | GDEV Stock News](https://longbridge.com/en/news/286909689.md)