National Storage Affiliates Trust
In the published model solve dated 2026-Q2, anchored at $44.00, National Storage Affiliates Trust (NSA) is priced for +3.6% AFFO growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• A self-storage REIT that has agreed to be acquired by Public Storage in an all-stock deal at a fixed 0.1400 PSA shares per NSA share, so the live price now tracks a merger outcome more than it tracks storage fundamentals [Source: NSA-PSA merger agreement, March 2026]. • The biggest risk is binary and deal-specific: the exchange ratio is fixed and will not adjust for price moves, so the value NSA holders receive floats entirely with Public Storage's stock, and a deal break would drop the price
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315 institutional managers reported holding NSA in 13F filings for the quarter ended 2026-03-31. Together they hold about 92% of the company; the top 10 hold 51%. 64 opened new positions that quarter. Held by Vanguard Group, BlackRock, Cohen & Steers, among others. On the short side, 4.5M shares were sold short as of the 2026-06-15 count, about 6% of shares outstanding (5.7 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
NSA's share count grew 0.5% over the past five years even with $675.46M spent on repurchases. It pays a dividend, and has for 11 years running, raised 10 years straight; the current rate is $2.28 a share annually. Cash returned over the past three years: $483.40M in dividends and $516.04M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at NSA over the trailing three years: 2023: 3 buys totaling $614k; 2024: 1 buy totaling $695k; 2025: 1 buy totaling $154k. 4 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
NSA's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-09 | -1.4% | -1.6% |
| 2023-11-03 | +3.8% | +30.4% |
| 2024-02-29 | +0.6% | -0.3% |
| 2024-05-03 | +1.9% | +13.0% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.