National Storage Affiliates Trust

NSA

Real EstateREIT - IndustrialNYSE

$42.57

Market Cap: $3.28B

National Storage Affiliates Trust (NSA) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$45.37 – $403.43	$100.96	+157.0%
Growth Exit 10Y	$55.54 – $428.78	$114.14	+190.5%
EBITDA Exit 5Y	$25.23 – $85.56	$52.89	+34.6%
EBITDA Exit 10Y	$38.99 – $113.24	$70.77	+80.1%
▸ Trading Multiples
P/E	$20.83 – $32.27	$20.60	-47.6%
EV/EBITDA	$26.66 – $196.15	$37.12	-5.5%
EV/Revenue	$42.79 – $76.21	$58.16	+48.0%
▸ PEG
PEG Fair Value	$4.44 – $4.44	$4.44	-88.7%
▸ Earnings Power Value
Earnings Power Value	$25.35 – $64.51	$40.64	+3.4%
▸ Dividend Discount
Dividend Discount	$39.69 – $79.68	$56.00	+42.5%

Valuation History

DCF Analysis

Fair Value

$100.96

Market Price

$42.57

Upside / Downside

+137.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project National Storage Affiliates Trust's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -1.6% to 4.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 10, DPO 139, DIO 60). At a 6.8% WACC with mid-year discounting, the terminal value (81% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $100.96 per share, suggesting NSA is undervalued by 137.2% at the current price of $42.57.

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	318	325	350	369	386	396
(−) Net Interest	129	132	142	150	157	161
(+) D&A	33	34	32	32	36	37
EBITDA	480	492	524	551	579	593

(−) Tax	6	6	6	7	7	7
(−) CapEx	33	34	36	38	40	41
(−) ΔWC	-49	-1	-2	-2	-2	-2
Free Cash Flow (FCFF)	491	453	484	508	534	547

Terminal Value						12,596
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	475	410	410	403	396	9,046

Enterprise Value	11,141
Projection Period	2,095	18.8%
Terminal Value	9,046	81.2%

(−) Current Net Debt	3,404

Equity Value	7,737
(/) Outstanding Shares	77

Fair Price	$100.96

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$153	$182	$225	$290	$403
5.8%	$107	$123	$144	$173	$213
6.8%	$79	$89	$101	$116	$136
7.8%	$59	$66	$74	$83	$95
8.8%	$45	$50	$55	$62	$69

Current price: $42.57. Green = undervalued, Red = overvalued.

Fair Value

$114.14

Market Price

$42.57

Upside / Downside

+168.1%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project National Storage Affiliates Trust's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -1.6% to 3.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 10, DPO 139, DIO 60). At a 6.8% WACC with mid-year discounting, the terminal value (67% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $114.14 per share, suggesting NSA is undervalued by 168.1% at the current price of $42.57.

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	318	325	350	369	386	409	431	451	470	487	499
(−) Net Interest	129	132	142	150	157	166	175	183	191	198	203
(+) D&A	33	34	32	32	36	36	38	40	42	44	46
EBITDA	480	492	524	551	579	611	644	675	703	729	747

(−) Tax	6	6	6	7	7	7	8	8	8	9	9
(−) CapEx	33	34	36	38	40	42	45	47	49	50	52
(−) ΔWC	-49	-1	-2	-2	-2	-2	-2	-2	-2	-2	-2
Free Cash Flow (FCFF)	491	453	484	508	534	564	594	622	648	672	688

Terminal Value											15,845
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	475	410	410	403	396	392	386	379	369	358	8,173

Enterprise Value	12,151
Projection Period	3,979	32.7%
Terminal Value	8,173	67.3%

(−) Current Net Debt	3,404

Equity Value	8,747
(/) Outstanding Shares	77

Fair Price	$114.14

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$180	$209	$251	$316	$429
5.8%	$127	$142	$162	$189	$227
6.8%	$94	$103	$114	$128	$146
7.8%	$72	$77	$84	$92	$102
8.8%	$56	$59	$64	$69	$75

Current price: $42.57. Green = undervalued, Red = overvalued.

Fair Value

$52.88

Market Price

$42.57

Upside / Downside

+24.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project National Storage Affiliates Trust's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -1.6% to 4.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 10, DPO 139, DIO 60). At a 6.8% WACC with mid-year discounting, the terminal value (72% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $52.89 per share, suggesting NSA is undervalued by 24.2% at the current price of $42.57.

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

EV/EBITDA Exit Multiple

12.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	318	325	350	369	386	396
(−) Net Interest	129	132	142	150	157	161
(+) D&A	33	34	32	32	36	37
EBITDA	480	492	524	551	579	593

(−) Tax	6	6	6	7	7	—
(−) CapEx	33	34	36	38	40	—
(−) ΔWC	-49	-1	-2	-2	-2	—
Free Cash Flow (FCF)	491	453	484	508	534	—

Peers' EBITDA Multiple						12.6x
Terminal Value						7,466
WACC / Discount Rate	6.84%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	475	410	410	403	396	5,362

Enterprise Value	7,457
Projection Period	2,095	28.1%
Terminal Value	5,362	71.9%

(−) Current Net Debt	3,404
Equity Value	4,053
(÷) Outstanding Shares	77M
Fair Price	$53	+24.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.6x	10.6x	12.6x	14.6x	16.6x
4.8%	$37	$49	$61	$73	$86
5.8%	$34	$45	$57	$69	$80
6.8%	$31	$42	$53	$64	$75
7.8%	$28	$38	$49	$60	$70
8.8%	$25	$35	$46	$56	$66

Current price: $42.57. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$70.76

Market Price

$42.57

Upside / Downside

+66.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project National Storage Affiliates Trust's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -1.6% to 3.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 10, DPO 139, DIO 60). At a 6.8% WACC with mid-year discounting, the terminal value (55% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $70.77 per share, suggesting NSA is undervalued by 66.2% at the current price of $42.57.

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

EV/EBITDA Exit Multiple

12.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	318	325	350	369	386	409	431	451	470	487	499
(−) Net Interest	129	132	142	150	157	166	175	183	191	198	203
(+) D&A	33	34	32	32	36	36	38	40	42	44	46
EBITDA	480	492	524	551	579	611	644	675	703	729	747

(−) Tax	6	6	6	7	7	7	8	8	8	9	—
(−) CapEx	33	34	36	38	40	42	45	47	49	50	—
(−) ΔWC	-49	-1	-2	-2	-2	-2	-2	-2	-2	-2	—
Free Cash Flow (FCF)	491	453	484	508	534	564	594	622	648	672	—

Peers' EBITDA Multiple											12.6x
Terminal Value											9,399
WACC / Discount Rate	6.84%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	475	410	410	403	396	392	386	379	369	358	4,848

Enterprise Value	8,827
Projection Period	3,979	45.1%
Terminal Value	4,848	54.9%

(−) Current Net Debt	3,404
Equity Value	5,423
(÷) Outstanding Shares	77M
Fair Price	$71	+66.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.6x	10.6x	12.6x	14.6x	16.6x
4.8%	$65	$77	$89	$101	$113
5.8%	$57	$68	$79	$90	$102
6.8%	$51	$61	$71	$81	$91
7.8%	$45	$54	$63	$72	$81
8.8%	$39	$47	$56	$64	$72

Current price: $42.57. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$20.20

Market Price

$42.57

Upside / Downside

-52.5%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), National Storage Affiliates Trust (NSA) has a fair value of $20.20 based on 8 comparable companies in the REIT - Industrial industry.

P/E Valuation — REIT - Industrial

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
National Storage Affiliates TrustNSA	3,262	60.8x	80.9x
Public StoragePSA	49,298	31.2x	28.2x
EPR PropertiesEPR	3,896	15.5x	16.9x
DigitalBridge Group, Inc.DBRG	2,822	33.5x	43.8x
LXP Industrial TrustLXP	2,725	25.3x	—
Urban Edge PropertiesUE	2,572	27.6x	65.9x
InvenTrust Properties Corp.IVT	2,388	21.6x	28.4x
Douglas Emmett, Inc.DEI	1,577	96.9x	120.9x
Ellington Financial Inc.EFC	1,203	10.2x	8.6x
Industry Median		26.5x	28.4x
(*) Profit after tax		74	40
Equity Value		1,952	1,145
(/) Outstanding shares		77	77
Fair Price		$25	$15

Selected Fair Value (avg of trailing + forward)

$20.20

-52.5%

Fair Value

$36.02

Market Price

$42.57

Upside / Downside

-15.4%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), National Storage Affiliates Trust (NSA) has a fair value of $36.02 based on 8 comparable companies in the REIT - Industrial industry.

EV/EBITDA Valuation — REIT - Industrial

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
National Storage Affiliates TrustNSA	3,262	14.1x	14.8x
Public StoragePSA	49,298	18.2x	17.6x
EPR PropertiesEPR	3,896	12.0x	13.9x
DigitalBridge Group, Inc.DBRG	2,822	92.2x	99.9x
LXP Industrial TrustLXP	2,725	10.5x	11.0x
Urban Edge PropertiesUE	2,572	13.2x	14.5x
InvenTrust Properties Corp.IVT	2,388	11.6x	11.6x
Douglas Emmett, Inc.DEI	1,577	10.4x	10.4x
Ellington Financial Inc.EFC	1,203	39.1x	83.3x
Industry Median		12.6x	14.2x
(*) EBITDA		471	452
= Enterprise Value		5,928	6,401
(-) Net Debt		3,404	3,404
Equity Value		2,524	2,997
(/) Outstanding shares		77	77
Fair Price		$33	$39

Selected Fair Value (avg of trailing + forward)

$36.02

-15.4%

Fair Value

$56.80

Market Price

$42.57

Upside / Downside

+33.4%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), National Storage Affiliates Trust (NSA) has a fair value of $56.80 based on 8 comparable companies in the REIT - Industrial industry.

EV/Revenue Valuation — REIT - Industrial

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
National Storage Affiliates TrustNSA	3,262	8.9x	9.2x
Public StoragePSA	49,298	12.3x	11.9x
EPR PropertiesEPR	3,896	9.7x	11.2x
DigitalBridge Group, Inc.DBRG	2,822	5.9x	6.4x
LXP Industrial TrustLXP	2,725	11.2x	11.8x
Urban Edge PropertiesUE	2,572	8.9x	9.7x
InvenTrust Properties Corp.IVT	2,388	10.6x	10.7x
Douglas Emmett, Inc.DEI	1,577	6.8x	6.8x
Ellington Financial Inc.EFC	1,203	26.6x	56.7x
Industry Median		10.1x	10.9x
(*) Revenue		753	722
= Enterprise Value		7,629	7,886
(-) Net Debt		3,404	3,404
Equity Value		4,225	4,481
(/) Outstanding shares		77	77
Fair Price		$55	$58

Selected Fair Value (avg of trailing + forward)

$56.80

+33.4%

PEG Fair Value

Fair Value

$4.44

Market Price

$42.57

Upside / Downside

-89.6%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 8.0% plus 5.8% dividend yield, the company has a fair value of $4.44 based on NTM EPS (FY2026) of $0.55.

PEG Ratio

PEG ratio unavailable — requires positive earnings and growth data.

Fair Value Calculation

EPS Growth RateForward	-7.2%
Dividend Yield	+5.8%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
NTM EPS (FY2026)	$0.55
Fair Value	$4.44

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.70	—	—
FY2026E	$0.55	-20.8%	4
FY2027E	$0.60	+8.8%	4

2Y Forward EPS CAGR: -7.2%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$105.3M	$1.09	—
FY2022	$103.7M	$0.99	-9.2%
FY2023	$156.7M	$1.48	+49.5%
FY2024	$111.5M	$1.18	-20.3%
FY2025	$73.8M	$0.70	-40.7%

4Y Historical EPS CAGR: -10.5%

Earnings Power Value

Fair Value

$40.64

Market Price

$42.57

Upside / Downside

-4.5%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 6.8% and normalized earnings of $446.2M, the company has a fair value of $40.64 per share. The EPV range is $25.35 – $64.51 based on WACC sensitivity (5.3% – 8.3%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	446	446	446
(/) WACC	8.3%	6.8%	5.3%
Enterprise Value	5,347	6,518	8,348
(-) Net debt	3,404	3,404	3,404
Equity Value	1,943	3,114	4,944
(/) Outstanding shares	77	77	77
Fair Price	$25.35	$40.64	$64.51

Dividend Discount Model

Fair Value

$56.00

Market Price

$42.57

Upside / Downside

+31.5%

Verdict

Undervalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 9.5% and projected dividend growth of 15.0%, the fair value is $56.00 per share. The DDM range is $39.69 – $79.68 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$2.28

Dividend Yield

5.77%

Payout Ratio

237.1%

Dividend Coverage

0.42x

FCF Payout Ratio58.3%

DPS CAGR (4Y)23.6%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$2.28	237.1%	+2.1%
2024	$2.24	154.1%	+71.0%
2023	$1.31	121.9%	-39.0%
2022	$2.14	188.6%	+119.1%
2021	$0.98	125.1%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$2.62	15.0%	0.9133	$2.40
2027	$3.02	15.0%	0.8341	$2.52
2028	$3.47	15.0%	0.7618	$2.64
2029	$3.99	15.0%	0.6957	$2.78
2030	$4.59	15.0%	0.6354	$2.92
Terminal Value	$4.71 DPS	2.5%		$42.74

PV of Projected Dividends$13.25

PV of Terminal Value$42.74

Fair Value per Share$56.00

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
7.5%	$73	$76	$80	$80	$80
8.5%	$61	$63	$66	$66	$66
9.5%	$52	$54	$56	$56	$56
10.5%	$45	$47	$49	$49	$49
11.5%	$40	$41	$43	$43	$43

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

National Storage Affiliates Trust (NSA) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$45.37 – $403.43	$100.96	+157.0%
Growth Exit 10Y	$55.54 – $428.78	$114.14	+190.5%
EBITDA Exit 5Y	$25.23 – $85.56	$52.89	+34.6%
EBITDA Exit 10Y	$38.99 – $113.24	$70.77	+80.1%
▸ Trading Multiples
P/E	$20.83 – $32.27	$20.60	-47.6%
EV/EBITDA	$26.66 – $196.15	$37.12	-5.5%
EV/Revenue	$42.79 – $76.21	$58.16	+48.0%
▸ PEG
PEG Fair Value	$4.44 – $4.44	$4.44	-88.7%
▸ Earnings Power Value
Earnings Power Value	$25.35 – $64.51	$40.64	+3.4%
▸ Dividend Discount
Dividend Discount	$39.69 – $79.68	$56.00	+42.5%

Valuation History

DCF Analysis

Fair Value

$100.96

Market Price

$42.57

Upside / Downside

+137.2%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	318	325	350	369	386	396
(−) Net Interest	129	132	142	150	157	161
(+) D&A	33	34	32	32	36	37
EBITDA	480	492	524	551	579	593

(−) Tax	6	6	6	7	7	7
(−) CapEx	33	34	36	38	40	41
(−) ΔWC	-49	-1	-2	-2	-2	-2
Free Cash Flow (FCFF)	491	453	484	508	534	547

Terminal Value						12,596
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	475	410	410	403	396	9,046

Enterprise Value	11,141
Projection Period	2,095	18.8%
Terminal Value	9,046	81.2%

(−) Current Net Debt	3,404

Equity Value	7,737
(/) Outstanding Shares	77

Fair Price	$100.96

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$153	$182	$225	$290	$403
5.8%	$107	$123	$144	$173	$213
6.8%	$79	$89	$101	$116	$136
7.8%	$59	$66	$74	$83	$95
8.8%	$45	$50	$55	$62	$69

Current price: $42.57. Green = undervalued, Red = overvalued.

Fair Value

$114.14

Market Price

$42.57

Upside / Downside

+168.1%

Verdict

Undervalued

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	318	325	350	369	386	409	431	451	470	487	499
(−) Net Interest	129	132	142	150	157	166	175	183	191	198	203
(+) D&A	33	34	32	32	36	36	38	40	42	44	46
EBITDA	480	492	524	551	579	611	644	675	703	729	747

(−) Tax	6	6	6	7	7	7	8	8	8	9	9
(−) CapEx	33	34	36	38	40	42	45	47	49	50	52
(−) ΔWC	-49	-1	-2	-2	-2	-2	-2	-2	-2	-2	-2
Free Cash Flow (FCFF)	491	453	484	508	534	564	594	622	648	672	688

Terminal Value											15,845
WACC / Discount Rate	6.8%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	475	410	410	403	396	392	386	379	369	358	8,173

Enterprise Value	12,151
Projection Period	3,979	32.7%
Terminal Value	8,173	67.3%

(−) Current Net Debt	3,404

Equity Value	8,747
(/) Outstanding Shares	77

Fair Price	$114.14

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
4.8%	$180	$209	$251	$316	$429
5.8%	$127	$142	$162	$189	$227
6.8%	$94	$103	$114	$128	$146
7.8%	$72	$77	$84	$92	$102
8.8%	$56	$59	$64	$69	$75

Current price: $42.57. Green = undervalued, Red = overvalued.

Fair Value

$52.88

Market Price

$42.57

Upside / Downside

+24.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project National Storage Affiliates Trust's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from -1.6% to 4.7% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 10, DPO 139, DIO 60). At a 6.8% WACC with mid-year discounting, the terminal value (72% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.6x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $52.89 per share, suggesting NSA is undervalued by 24.2% at the current price of $42.57.

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

EV/EBITDA Exit Multiple

12.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	318	325	350	369	386	396
(−) Net Interest	129	132	142	150	157	161
(+) D&A	33	34	32	32	36	37
EBITDA	480	492	524	551	579	593

(−) Tax	6	6	6	7	7	—
(−) CapEx	33	34	36	38	40	—
(−) ΔWC	-49	-1	-2	-2	-2	—
Free Cash Flow (FCF)	491	453	484	508	534	—

Peers' EBITDA Multiple						12.6x
Terminal Value						7,466
WACC / Discount Rate	6.84%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	475	410	410	403	396	5,362

Enterprise Value	7,457
Projection Period	2,095	28.1%
Terminal Value	5,362	71.9%

(−) Current Net Debt	3,404
Equity Value	4,053
(÷) Outstanding Shares	77M
Fair Price	$53	+24.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.6x	10.6x	12.6x	14.6x	16.6x
4.8%	$37	$49	$61	$73	$86
5.8%	$34	$45	$57	$69	$80
6.8%	$31	$42	$53	$64	$75
7.8%	$28	$38	$49	$60	$70
8.8%	$25	$35	$46	$56	$66

Current price: $42.57. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$70.76

Market Price

$42.57

Upside / Downside

+66.2%

Verdict

Undervalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project National Storage Affiliates Trust's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from -1.6% to 3.6% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 10, DPO 139, DIO 60). At a 6.8% WACC with mid-year discounting, the terminal value (55% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 12.6x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $70.77 per share, suggesting NSA is undervalued by 66.2% at the current price of $42.57.

FCFF Present Value Calculation

WACC

6.84%

3% – 20%

EV/EBITDA Exit Multiple

12.58x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	318	325	350	369	386	409	431	451	470	487	499
(−) Net Interest	129	132	142	150	157	166	175	183	191	198	203
(+) D&A	33	34	32	32	36	36	38	40	42	44	46
EBITDA	480	492	524	551	579	611	644	675	703	729	747

(−) Tax	6	6	6	7	7	7	8	8	8	9	—
(−) CapEx	33	34	36	38	40	42	45	47	49	50	—
(−) ΔWC	-49	-1	-2	-2	-2	-2	-2	-2	-2	-2	—
Free Cash Flow (FCF)	491	453	484	508	534	564	594	622	648	672	—

Peers' EBITDA Multiple											12.6x
Terminal Value											9,399
WACC / Discount Rate	6.84%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	475	410	410	403	396	392	386	379	369	358	4,848

Enterprise Value	8,827
Projection Period	3,979	45.1%
Terminal Value	4,848	54.9%

(−) Current Net Debt	3,404
Equity Value	5,423
(÷) Outstanding Shares	77M
Fair Price	$71	+66.2%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	8.6x	10.6x	12.6x	14.6x	16.6x
4.8%	$65	$77	$89	$101	$113
5.8%	$57	$68	$79	$90	$102
6.8%	$51	$61	$71	$81	$91
7.8%	$45	$54	$63	$72	$81
8.8%	$39	$47	$56	$64	$72

Current price: $42.57. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$20.20

Market Price

$42.57

Upside / Downside

-52.5%

Verdict

Overvalued

P/E Valuation — REIT - Industrial

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
National Storage Affiliates TrustNSA	3,262	60.8x	80.9x
Public StoragePSA	49,298	31.2x	28.2x
EPR PropertiesEPR	3,896	15.5x	16.9x
DigitalBridge Group, Inc.DBRG	2,822	33.5x	43.8x
LXP Industrial TrustLXP	2,725	25.3x	—
Urban Edge PropertiesUE	2,572	27.6x	65.9x
InvenTrust Properties Corp.IVT	2,388	21.6x	28.4x
Douglas Emmett, Inc.DEI	1,577	96.9x	120.9x
Ellington Financial Inc.EFC	1,203	10.2x	8.6x
Industry Median		26.5x	28.4x
(*) Profit after tax		74	40
Equity Value		1,952	1,145
(/) Outstanding shares		77	77
Fair Price		$25	$15

Selected Fair Value (avg of trailing + forward)

$20.20

-52.5%

Fair Value

$36.02

Market Price

$42.57

Upside / Downside

-15.4%

Verdict

Overvalued

EV/EBITDA Valuation — REIT - Industrial

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
National Storage Affiliates TrustNSA	3,262	14.1x	14.8x
Public StoragePSA	49,298	18.2x	17.6x
EPR PropertiesEPR	3,896	12.0x	13.9x
DigitalBridge Group, Inc.DBRG	2,822	92.2x	99.9x
LXP Industrial TrustLXP	2,725	10.5x	11.0x
Urban Edge PropertiesUE	2,572	13.2x	14.5x
InvenTrust Properties Corp.IVT	2,388	11.6x	11.6x
Douglas Emmett, Inc.DEI	1,577	10.4x	10.4x
Ellington Financial Inc.EFC	1,203	39.1x	83.3x
Industry Median		12.6x	14.2x
(*) EBITDA		471	452
= Enterprise Value		5,928	6,401
(-) Net Debt		3,404	3,404
Equity Value		2,524	2,997
(/) Outstanding shares		77	77
Fair Price		$33	$39

Selected Fair Value (avg of trailing + forward)

$36.02

-15.4%

Fair Value

$56.80

Market Price

$42.57

Upside / Downside

+33.4%

Verdict

Undervalued

EV/Revenue Valuation — REIT - Industrial

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
National Storage Affiliates TrustNSA	3,262	8.9x	9.2x
Public StoragePSA	49,298	12.3x	11.9x
EPR PropertiesEPR	3,896	9.7x	11.2x
DigitalBridge Group, Inc.DBRG	2,822	5.9x	6.4x
LXP Industrial TrustLXP	2,725	11.2x	11.8x
Urban Edge PropertiesUE	2,572	8.9x	9.7x
InvenTrust Properties Corp.IVT	2,388	10.6x	10.7x
Douglas Emmett, Inc.DEI	1,577	6.8x	6.8x
Ellington Financial Inc.EFC	1,203	26.6x	56.7x
Industry Median		10.1x	10.9x
(*) Revenue		753	722
= Enterprise Value		7,629	7,886
(-) Net Debt		3,404	3,404
Equity Value		4,225	4,481
(/) Outstanding shares		77	77
Fair Price		$55	$58

Selected Fair Value (avg of trailing + forward)

$56.80

+33.4%

PEG Fair Value

Fair Value

$4.44

Market Price

$42.57

Upside / Downside

-89.6%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 8.0% plus 5.8% dividend yield, the company has a fair value of $4.44 based on NTM EPS (FY2026) of $0.55.

PEG Ratio

PEG ratio unavailable — requires positive earnings and growth data.

Fair Value Calculation

EPS Growth RateForward	-7.2%
Dividend Yield	+5.8%
Adjusted Growth (clamped 8–25%)Clamped	8.0%
Fair P/E	8.0x
NTM EPS (FY2026)	$0.55
Fair Value	$4.44

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$0.70	—	—
FY2026E	$0.55	-20.8%	4
FY2027E	$0.60	+8.8%	4

2Y Forward EPS CAGR: -7.2%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$105.3M	$1.09	—
FY2022	$103.7M	$0.99	-9.2%
FY2023	$156.7M	$1.48	+49.5%
FY2024	$111.5M	$1.18	-20.3%
FY2025	$73.8M	$0.70	-40.7%

4Y Historical EPS CAGR: -10.5%

Earnings Power Value

Fair Value

$40.64

Market Price

$42.57

Upside / Downside

-4.5%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	446	446	446
(/) WACC	8.3%	6.8%	5.3%
Enterprise Value	5,347	6,518	8,348
(-) Net debt	3,404	3,404	3,404
Equity Value	1,943	3,114	4,944
(/) Outstanding shares	77	77	77
Fair Price	$25.35	$40.64	$64.51

Dividend Discount Model

Fair Value

$56.00

Market Price

$42.57

Upside / Downside

+31.5%

Verdict

Undervalued

Dividend Profile

Current DPS

$2.28

Dividend Yield

5.77%

Payout Ratio

237.1%

Dividend Coverage

0.42x

FCF Payout Ratio58.3%

DPS CAGR (4Y)23.6%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$2.28	237.1%	+2.1%
2024	$2.24	154.1%	+71.0%
2023	$1.31	121.9%	-39.0%
2022	$2.14	188.6%	+119.1%
2021	$0.98	125.1%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$2.62	15.0%	0.9133	$2.40
2027	$3.02	15.0%	0.8341	$2.52
2028	$3.47	15.0%	0.7618	$2.64
2029	$3.99	15.0%	0.6957	$2.78
2030	$4.59	15.0%	0.6354	$2.92
Terminal Value	$4.71 DPS	2.5%		$42.74

PV of Projected Dividends$13.25

PV of Terminal Value$42.74

Fair Value per Share$56.00

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
7.5%	$73	$76	$80	$80	$80
8.5%	$61	$63	$66	$66	$66
9.5%	$52	$54	$56	$56	$56
10.5%	$45	$47	$49	$49	$49
11.5%	$40	$41	$43	$43	$43