Barclays Updates Self-Storage REIT Models, Raises National Storage Affiliates (NSA) Target

National Storage Affiliates Trust (NYSE:NSA) is included among the 15 Best High Dividend Stocks to Invest in Under $100.

On March 5, Barclays raised its price recommendation on National Storage Affiliates Trust (NYSE:NSA) to $38 from $33. It reiterated an Equal Weight rating on the shares. The firm said it updated its models for self-storage real estate investment trusts after the fourth-quarter earnings reports.

During the company’s fourth-quarter 2025 earnings call, President and CEO Dave Cramer said the quarter marked a turning point for the portfolio’s performance. He noted that nearly all of the company’s 21 reported MSAs posted stronger same-store revenue growth compared with the third quarter. Cramer also pointed to improvements in occupancy. He said year-end occupancy declined by 70 basis points year over year. That result was an improvement from the 140-basis-point drop reported at the end of the third quarter. He added that core funds from operations per share landed at the high end of the company’s guidance range and came in above consensus expectations.

The CEO also highlighted several strategic steps taken during the year. These included consolidating another brand, which reduced the company’s total brand count to six. The company also launched a preferred equity investment platform, sold 15 properties for $97 million, and acquired 10 properties for $75 million. Cramer said the company finished the year with solid momentum. He added that the trend carried into 2026, with occupancy at the end of January rising 20 basis points compared with the same period last year.

National Storage Affiliates Trust (NYSE:NSA) is an integrated, self-administered, and self-managed real estate investment trust. The company focuses on owning, operating, and acquiring self-storage properties across metropolitan statistical areas throughout the United States.

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