Waterfall Asset Management Increases Stake in National Storage Affiliates Trust
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 01 2026
0mins
Source: NASDAQ.COM
- 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.
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Analyst Views on NSA
Wall Street analysts forecast NSA stock price to fall
10 Analyst Rating
0 Buy
6 Hold
4 Sell
Moderate Sell
Current: 38.840
Low
30.00
Averages
37.00
High
41.00
Current: 38.840
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.
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- Stable Income Model: Centerspace focuses on the apartment market in the Midwest and Mountain West, maintaining high occupancy rates and stable rental income despite market fluctuations, attracting tenants seeking affordable housing.
- Market Performance Analysis: As of February 17, 2026, Centerspace shares were priced at $62.87, up 6.1% over the past year, although underperforming the S&P 500 by 6 percentage points, demonstrating relative stability within the broader market.
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- Urgent.ly Acquisition: Urgent.ly is set to be acquired by Agero for $5.50 per share in cash, raising concerns about whether the board conducted a fair process, which could impact shareholder rights.
- UniFirst Merger: UniFirst will be acquired by Cintas for $155.00 in cash and 0.7720 shares of Cintas stock per UniFirst share, representing a combined value of $310.00 per share and an enterprise value of around $5.5 billion, with investigations into the board's adherence to fiduciary duties.
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- Stock Performance: Following the merger announcement, National Storage's stock surged to a 52-week high of $40.95 during intraday trading, ultimately closing at $40.23, reflecting a 30.35% increase, indicating strong market enthusiasm for the deal.
- Joint Venture Formation: Prior to the merger's completion, a new joint venture will be established to manage 313 properties totaling 19.6 million rentable square feet across 28 states and Puerto Rico, valued at approximately $3.3 billion, enhancing the company's competitive positioning.
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See More
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