Waterfall Asset Management Takes Stake in National Storage Affiliates as Higher Rates Reshape REIT Growth
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Mar 01 2026
0mins
Source: Yahoo Finance
- 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.
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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: 41.900
Low
30.00
Averages
37.00
High
41.00
Current: 41.900
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 Announces Earnings Release Date
- Earnings Release Schedule: National Storage Affiliates Trust will release its financial results for the three months ended March 31, 2026, after market close on May 5, 2026, and will not host a conference call, indicating a focus on providing supplemental materials via its website for investor reference.
- Company Overview: Headquartered in Greenwood Village, Colorado, National Storage Affiliates Trust specializes in the ownership, operation, and acquisition of self-storage properties predominantly located within the top 100 metropolitan statistical areas in the U.S., highlighting its significant market presence.
- Property Scale: As of December 31, 2025, the company owned and operated 1,063 self-storage properties across 37 states and Puerto Rico, offering approximately 69.4 million rentable square feet of storage space, demonstrating its scale and influence in the industry.
- Market Position: National Storage Affiliates Trust is one of the largest owners and operators of self-storage properties in the U.S. and is included in the MSCI US REIT Index, Russell 1000 Index, and S&P MidCap 400 Index, further solidifying its recognition among investors.
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- National Storage Merger Case: National Storage Affiliates will be acquired by Public Storage for $41.68 per share, representing a total enterprise value of approximately $10.5 billion, with investigations focusing on whether the Board conducted a fair process and provided adequate value to shareholders.
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- Merger Transaction Analysis: In the merger with Corebridge Financial, Equitable Holdings shareholders will own approximately 49% of the combined entity, indicating a strategic intent to consolidate resources and market share.
- Urgent Transaction Notification: Urgent.ly, Inc. is in a transaction with Agero, Inc., where shareholders are expected to receive $5.50 per share in cash, with a tender offer deadline of April 24, 2026, showcasing a rapid response to shareholder interests.
- Asset Sale Arrangement: In the sale of National Storage Affiliates Trust to Public Storage, shareholders will receive 0.14 shares of Public Storage common stock or partnership units for each National Storage share, demonstrating the company's flexibility and adaptability in asset restructuring.
See More
National Storage Affiliates Trust Announces Earnings Release Date
- Earnings Release Schedule: National Storage Affiliates Trust will release its financial results for the three months ended March 31, 2026, after market close on May 5, 2026, and will not host a conference call, indicating a focus on providing supplemental materials via its website for investor reference.
- Company Overview: Headquartered in Greenwood Village, Colorado, National Storage Affiliates Trust specializes in the ownership, operation, and acquisition of self-storage properties predominantly located within the top 100 metropolitan statistical areas in the U.S., highlighting its significant market presence.
- Property Scale: As of December 31, 2025, the company owned and operated 1,063 self-storage properties across 37 states and Puerto Rico, offering approximately 69.4 million rentable square feet of storage space, demonstrating its scale and influence in the industry.
- Market Position: National Storage Affiliates Trust is one of the largest owners and operators of self-storage properties in the U.S. and is included in the MSCI US REIT Index, Russell 1000 Index, and S&P MidCap 400 Index, further solidifying its recognition among investors.
See More
Investor Rights Law Firm Investigates Multiple Companies for Potential Violations
- UniFirst Transaction Investigation: UniFirst Corporation is being sold for $155 in cash and 0.7720 shares of Cintas stock per share, with Halper Sadeh LLC investigating potential fiduciary duty breaches that could impact shareholder financial interests.
- National Storage Sale Review: National Storage Affiliates Trust is selling for 0.14 shares of Public Storage common stock or partnership units, prompting Halper Sadeh LLC to encourage shareholders to understand their legal rights to ensure fair transaction terms.
- Cyclerion Merger Analysis: The merger between Cyclerion Therapeutics and Korsana Biosciences is expected to result in Cyclerion shareholders owning approximately 1.5% of the combined company, with Halper Sadeh LLC assessing the potential impact on shareholders.
- Urgent.ly Sale Investigation: Urgent.ly, Inc. is being sold to Agero, Inc. for $5.50 per share, and Halper Sadeh LLC is urging Urgent.ly shareholders to understand their rights to ensure transparency and fairness in the transaction.
See More
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- Cyclerion Acquisition Investigation: Cyclerion Therapeutics is set to be acquired by Korsana Therapeutics in an all-stock deal, with Cyclerion shareholders expected to own approximately 1.5% of the combined entity, raising concerns about whether the Board breached its fiduciary duties by failing to ensure a fair process.
- National Storage Merger Case: National Storage Affiliates will be acquired by Public Storage for $41.68 per share, representing a total enterprise value of approximately $10.5 billion, with investigations focusing on whether the Board conducted a fair process and provided adequate value to shareholders.
- Urgent.ly Acquisition Issues: Urgent.ly is to be acquired by Agero, Inc. for $5.50 per share in cash, with investigations questioning whether the Board fulfilled its fiduciary responsibilities and ensured fair value in the transaction.
- UniFirst Merger Investigation: UniFirst will be acquired by Cintas Corporation for $155.00 in cash and 0.7720 shares of Cintas stock, totaling approximately $310.00 per share, with investigations into whether the Board ensured a fair process and adequate shareholder value in the deal.
See More
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- Acquisition Investigation: Halper Sadeh LLC is investigating UniFirst Corporation (NYSE: UNF) for its sale to Cintas Corporation, which involves $155.00 in cash and 0.7720 shares of Cintas stock per UniFirst share, potentially impacting shareholder rights.
- Merger Scrutiny: The merger between Cyclerion Therapeutics, Inc. (NASDAQ: CYCN) and Korsana Biosciences, Inc. is expected to result in Cyclerion shareholders owning only about 1.5% of the combined entity, which may affect long-term shareholder interests.
- Shareholder Rights Protection: Halper Sadeh LLC alerts National Storage Affiliates Trust (NYSE: NSA) shareholders regarding the sale to Public Storage, which involves 0.14 shares of Public Storage stock per National Storage share, potentially limiting superior competing offers.
- Legal Consultation Services: Urgent.ly, Inc. (OTCQB: ULYX) is being sold to Agero, Inc. for $5.50 per share, and Halper Sadeh LLC offers no-cost legal consultations to help shareholders understand their rights and options.
See More
Investor Rights Law Firm Investigates Multiple Companies
- Investigation Focus: Halper Sadeh LLC is investigating National Storage Affiliates Trust (NYSE: NSA) for its sale to Public Storage, where each National Storage share or unit may be exchanged for 0.14 shares of Public Storage stock, potentially impacting shareholder rights.
- Merger Transaction: Equitable Holdings, Inc. (NYSE: EQH) is merging with Corebridge Financial, Inc., allowing Equitable shareholders to exchange each share for 1.55516 shares of the combined company, resulting in approximately 49% ownership post-merger, which may affect shareholder control.
- Shareholder Rights Protection: In the sale of Coterra Energy Inc. (NYSE: CTRA) to Devon Energy Corporation, each Coterra share is convertible into 0.70 shares of Devon stock, and Halper Sadeh LLC may seek increased consideration and additional disclosures for shareholders.
- FONAR Transaction: FONAR Corporation (NASDAQ: FONR) is selling its Class B and Class C stock for $19.00 and $6.34 per share, respectively, with Halper Sadeh LLC representing shareholders to seek increased compensation and other benefits, ensuring the protection of shareholder rights.
See More
Monteverde Law Firm Investigates Multiple Transactions
- Shareholder Compensation Investigation: Monteverde Law Firm is investigating Warner Bros. Discovery's sale to Paramount Skydance, with shareholders expected to receive $31.00 per share in cash and additional ticking consideration, highlighting the firm's commitment to shareholder rights.
- Merger Transaction Analysis: In the merger with Corebridge Financial, Equitable Holdings shareholders will own approximately 49% of the combined entity, indicating a strategic intent to consolidate resources and market share.
- Urgent Transaction Notification: Urgent.ly, Inc. is in a transaction with Agero, Inc., where shareholders are expected to receive $5.50 per share in cash, with a tender offer deadline of April 24, 2026, showcasing a rapid response to shareholder interests.
- Asset Sale Arrangement: In the sale of National Storage Affiliates Trust to Public Storage, shareholders will receive 0.14 shares of Public Storage common stock or partnership units for each National Storage share, demonstrating the company's flexibility and adaptability in asset restructuring.
See More
