Why One Fund’s $10 Million National Storage Exit May Be More About the Public Storage Deal Than Storage Demand

1 week ago 14

Jonathan Ponciano, The Motley Fool

Sun, May 10, 2026 astatine 12:12 PM CDT 4 min read

On May 8, 2026, Waterfall Asset Management sold retired its full involvement successful National Storage Affiliates Trust (NYSE:NSA), unloading 297,700 shares successful a transaction estimated astatine $10.06 cardinal based connected quarterly mean pricing.

What happened

According to a filing with the Securities and Exchange Commission dated May 8, 2026, Waterfall Asset Management reported a implicit merchantability of its 297,700-share involvement successful National Storage Affiliates Trust. The estimated transaction worth was $10.06 million, calculated utilizing the mean closing terms for the 4th ended March 31, 2026. The quarter-end valuation of the presumption declined by $8.42 million, a fig that incorporates some the stock merchantability and terms changes implicit the period.

What other to cognize

Top holdings aft the filing:
- NYSE: CPT: $12.86 cardinal (11.2% of AUM)
- NYSE: AVB: $12.28 cardinal (10.7% of AUM)
- NYSE: APLE: $10.77 cardinal (9.4% of AUM)
- NYSE: RITM: $9.73 cardinal (8.5% of AUM)
- NYSE: MRP: $9.10 cardinal (8.0% of AUM)
As of May 8, 2026, NSA shares were priced astatine $43.33, up 21% implicit the past year, compared to a astir 30% summation for the S&P 500.

Company overview

Metric

Value

Revenue (TTM)	$752.9 million
Net Income (TTM)	$73.8 million
Dividend Yield	5%
Price (as of May 8)	$43.33

Company snapshot

National Storage Affiliates Trust operates self-storage properties crossed large U.S. metropolitan areas, generating gross chiefly from retention portion rentals and related services.
The steadfast functions arsenic a existent property concern spot (REIT), earning income done spot ownership, management, and acquisitions wrong the self-storage sector.
It serves individuals, families, and businesses seeking secure, flexible retention solutions successful municipality and suburban markets.

National Storage Affiliates Trust is 1 of the largest publically traded owners and operators of self-storage properties successful the United States, with a diversified portfolio spanning large metropolitan regions. The institution leverages its REIT operation to thrust maturation done spot acquisitions.

What this transaction means for investors

With National Storage Affiliates acceptable to beryllium acquired by Public Storage successful a astir $10.5 cardinal all-stock deal, immoderate investors whitethorn simply beryllium locking successful gains and reallocating superior elsewhere alternatively than waiting for the transaction to close. Operationally, the concern has inactive been reasonably resilient contempt a softer existent property backdrop. As the steadfast reported earlier this week, first-quarter nett income climbed 41.8% twelvemonth implicit twelvemonth to $27.7 million, portion halfway FFO roseate 4.6% to $76.8 million. Same-store NOI accrued 2%, helped by little spot operating expenses and somewhat higher occupancy.

The institution besides continued recycling capital, selling 3 retention properties for $20.6 cardinal portion acquiring different spot for $10.4 cardinal during the quarter. NSA ended March with astir $530.6 cardinal disposable connected its revolving recognition facility.

Ultimately, the astir important takeaway ere is that self-storage fundamentals inactive look unchangeable adjacent aft years of manufacture growth, but with the Public Storage acquisition apt capping near-term upside, immoderate organization investors whitethorn spot constricted crushed to instrumentality astir done closing.

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