Waterfall Asset Management Acquires Stake in National Storage Affiliates Trust
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 hour ago
0mins
Source: Fool
- New Investment Position: Waterfall Asset Management disclosed in its SEC filing dated February 13, 2026, that it initiated a new stake in National Storage Affiliates Trust (NSA) by purchasing 297,700 shares, reflecting confidence in the company and representing 4.53% of its reportable AUM as of December 31, 2025.
- Value Increase: This acquisition led to an increase of $8.42 million in the quarter-end position value, indicating a positive market perception of NSA, which may attract further investor interest and enhance its market visibility.
- Market Performance Insight: As of February 12, 2026, NSA shares were priced at $33.05, and despite a decline in demand post-pandemic, the company continues to maintain revenue growth through flexible rental contracts and high-occupancy assets, demonstrating resilience in a competitive self-storage market.
- Operational Model Advantage: NSA employs a Participating Regional Operator model where local operators retain equity and manage properties, which can enhance local management efficiency; however, this may pose challenges in cost control during periods of slowed growth, necessitating investor attention on how well it balances local control with capital discipline.
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Analyst Views on NSA
Wall Street analysts forecast NSA stock price to rise
10 Analyst Rating
0 Buy
6 Hold
4 Sell
Moderate Sell
Current: 34.470
Low
30.00
Averages
37.00
High
41.00
Current: 34.470
Low
30.00
Averages
37.00
High
41.00
About NSA
National Storage Affiliates Trust is an integrated, self-administered, and self-managed real estate investment trust. The Company is focused on the ownership, operation and acquisition of self-storage properties located within various metropolitan statistical areas across the United States. The Company owns approximately 1,074 self-storage properties, located in 42 states and Puerto Rico, comprising approximately 70.2 million rentable square feet in approximately 5,52,000 storage units. The properties are managed with a local operational focus of the Company and its participating regional operators (PROs). The Company also managed through its property management platform an additional portfolio of approximately 259 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 18.0 million rentable square feet, in approximately 143,000 storage units and located across 24 states. The Company’s operating partnership subsidiary is NSA OP, LP.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
National Storage Affiliates Trust Q4 2025 Earnings Call Highlights
- Performance Improvement: National Storage Affiliates Trust reported a core FFO per share of $0.57 for Q4 2025, exceeding expectations and indicating sustained competitive strength and profitability in the market.
- Brand Consolidation: The company successfully reduced its brand count to six and launched a preferred equity investment platform, reflecting strategic decisions aimed at optimizing resource allocation and enhancing market responsiveness.
- Acquisitions and Dispositions: In Q4, the company sold 15 properties for $97 million and acquired 10 properties for $75 million, demonstrating proactive asset management and portfolio optimization efforts.
- Future Outlook: Management expressed optimism for 2026, projecting same-store revenue growth of 90 basis points and a core FFO target of $2.19 per share, showcasing confidence in competitive positioning and potential for sustained growth.
See More
Waterfall Asset Management Increases Stake in National Storage Affiliates Trust
- Stake Increase: Waterfall Asset Management disclosed in an SEC filing dated February 13, 2026, that it initiated a new stake of 297,700 shares in National Storage Affiliates Trust, indicating confidence and investment intent in the company.
- Market Value Growth: This acquisition led to an increase of $8.42 million in quarter-end position value, reflecting the positive impact of stock price movements on assets under management, thereby enhancing the company's appeal among investors.
- Asset Management Proportion: The newly acquired shares represent 4.53% of Waterfall's 13F reportable assets as of December 31, 2025, showcasing its strategic positioning within the self-storage sector.
- Market Competition: National Storage Affiliates faces challenges from slowing demand in the self-storage market; although it enhances local management through a Participating Regional Operator model, future growth will depend on market competition and financing costs.
See More
Waterfall Asset Management Acquires Stake in National Storage Affiliates Trust
- New Investment Position: Waterfall Asset Management disclosed in its SEC filing dated February 13, 2026, that it initiated a new stake in National Storage Affiliates Trust (NSA) by purchasing 297,700 shares, reflecting confidence in the company and representing 4.53% of its reportable AUM as of December 31, 2025.
- Value Increase: This acquisition led to an increase of $8.42 million in the quarter-end position value, indicating a positive market perception of NSA, which may attract further investor interest and enhance its market visibility.
- Market Performance Insight: As of February 12, 2026, NSA shares were priced at $33.05, and despite a decline in demand post-pandemic, the company continues to maintain revenue growth through flexible rental contracts and high-occupancy assets, demonstrating resilience in a competitive self-storage market.
- Operational Model Advantage: NSA employs a Participating Regional Operator model where local operators retain equity and manage properties, which can enhance local management efficiency; however, this may pose challenges in cost control during periods of slowed growth, necessitating investor attention on how well it balances local control with capital discipline.
See More
Waterfall Asset Management Takes Stake in National Storage Affiliates as Higher Rates Reshape REIT Growth
- New Investment Dynamics: Waterfall Asset Management disclosed in its SEC filing dated February 13, 2026, that it initiated a new stake in National Storage Affiliates (NYSE:NSA) by purchasing 297,700 shares, indicating confidence in the company despite challenges from slowing demand in the self-storage market.
- Position Value Growth: This acquisition increased Waterfall's quarter-end position value by $8.42 million, reflecting the combined impact of new shares and price movements, suggesting a strengthening strategic positioning in the self-storage sector.
- Market Competition Analysis: National Storage Affiliates operates in major U.S. markets, and while demand has weakened post-pandemic, its flexible leasing model and high-occupancy assets continue to provide stable cash flows, with future growth reliant on effective market management and acquisition strategies.
- Investor Considerations: Although National Storage Affiliates did not make it onto The Motley Fool's list of top stocks, its performance in the self-storage industry remains a focal point, particularly in a high-interest-rate environment where the feasibility of acquisitions and financing will directly impact its value growth.
See More
National Storage (NSA) Q4 2025 Earnings Transcript
See More
National Storage Affiliates Q4 FFO Exceeds Expectations
- Financial Performance: National Storage Affiliates reported a Q4 core FFO of $0.57, beating expectations by $0.02, indicating stability in profitability despite market challenges.
- Revenue Situation: The Q4 revenue of $169.36 million, down 0.7% year-over-year, missed expectations by $18.15 million, highlighting pressure on revenue growth amid competitive conditions.
- 2026 Guidance: The company projects core FFO per share for 2026 to range between $2.13 and $2.25, with the actual result for 2025 being $2.23, suggesting a stable outlook for future profitability.
- Operating Expenses: Expected property operating expenses growth is set at 2.0% for 2026, while general and administrative expenses (excluding equity-based compensation) are projected between $44.5 million and $46.5 million, reflecting the company's efforts to manage costs effectively.
See More
National Storage Affiliates Trust Q4 2025 Earnings Call Highlights
- Performance Improvement: National Storage Affiliates Trust reported a core FFO per share of $0.57 for Q4 2025, exceeding expectations and indicating sustained competitive strength and profitability in the market.
- Brand Consolidation: The company successfully reduced its brand count to six and launched a preferred equity investment platform, reflecting strategic decisions aimed at optimizing resource allocation and enhancing market responsiveness.
- Acquisitions and Dispositions: In Q4, the company sold 15 properties for $97 million and acquired 10 properties for $75 million, demonstrating proactive asset management and portfolio optimization efforts.
- Future Outlook: Management expressed optimism for 2026, projecting same-store revenue growth of 90 basis points and a core FFO target of $2.19 per share, showcasing confidence in competitive positioning and potential for sustained growth.
See More
Waterfall Asset Management Increases Stake in National Storage Affiliates Trust
- Stake Increase: Waterfall Asset Management disclosed in an SEC filing dated February 13, 2026, that it initiated a new stake of 297,700 shares in National Storage Affiliates Trust, indicating confidence and investment intent in the company.
- Market Value Growth: This acquisition led to an increase of $8.42 million in quarter-end position value, reflecting the positive impact of stock price movements on assets under management, thereby enhancing the company's appeal among investors.
- Asset Management Proportion: The newly acquired shares represent 4.53% of Waterfall's 13F reportable assets as of December 31, 2025, showcasing its strategic positioning within the self-storage sector.
- Market Competition: National Storage Affiliates faces challenges from slowing demand in the self-storage market; although it enhances local management through a Participating Regional Operator model, future growth will depend on market competition and financing costs.
See More
Waterfall Asset Management Acquires Stake in National Storage Affiliates Trust
- New Investment Position: Waterfall Asset Management disclosed in its SEC filing dated February 13, 2026, that it initiated a new stake in National Storage Affiliates Trust (NSA) by purchasing 297,700 shares, reflecting confidence in the company and representing 4.53% of its reportable AUM as of December 31, 2025.
- Value Increase: This acquisition led to an increase of $8.42 million in the quarter-end position value, indicating a positive market perception of NSA, which may attract further investor interest and enhance its market visibility.
- Market Performance Insight: As of February 12, 2026, NSA shares were priced at $33.05, and despite a decline in demand post-pandemic, the company continues to maintain revenue growth through flexible rental contracts and high-occupancy assets, demonstrating resilience in a competitive self-storage market.
- Operational Model Advantage: NSA employs a Participating Regional Operator model where local operators retain equity and manage properties, which can enhance local management efficiency; however, this may pose challenges in cost control during periods of slowed growth, necessitating investor attention on how well it balances local control with capital discipline.
See More
Waterfall Asset Management Takes Stake in National Storage Affiliates as Higher Rates Reshape REIT Growth
- New Investment Dynamics: Waterfall Asset Management disclosed in its SEC filing dated February 13, 2026, that it initiated a new stake in National Storage Affiliates (NYSE:NSA) by purchasing 297,700 shares, indicating confidence in the company despite challenges from slowing demand in the self-storage market.
- Position Value Growth: This acquisition increased Waterfall's quarter-end position value by $8.42 million, reflecting the combined impact of new shares and price movements, suggesting a strengthening strategic positioning in the self-storage sector.
- Market Competition Analysis: National Storage Affiliates operates in major U.S. markets, and while demand has weakened post-pandemic, its flexible leasing model and high-occupancy assets continue to provide stable cash flows, with future growth reliant on effective market management and acquisition strategies.
- Investor Considerations: Although National Storage Affiliates did not make it onto The Motley Fool's list of top stocks, its performance in the self-storage industry remains a focal point, particularly in a high-interest-rate environment where the feasibility of acquisitions and financing will directly impact its value growth.
See More
National Storage (NSA) Q4 2025 Earnings Transcript
See More
National Storage Affiliates Q4 FFO Exceeds Expectations
- Financial Performance: National Storage Affiliates reported a Q4 core FFO of $0.57, beating expectations by $0.02, indicating stability in profitability despite market challenges.
- Revenue Situation: The Q4 revenue of $169.36 million, down 0.7% year-over-year, missed expectations by $18.15 million, highlighting pressure on revenue growth amid competitive conditions.
- 2026 Guidance: The company projects core FFO per share for 2026 to range between $2.13 and $2.25, with the actual result for 2025 being $2.23, suggesting a stable outlook for future profitability.
- Operating Expenses: Expected property operating expenses growth is set at 2.0% for 2026, while general and administrative expenses (excluding equity-based compensation) are projected between $44.5 million and $46.5 million, reflecting the company's efforts to manage costs effectively.
See More
