National Storage Affiliates Trust (NSA)

Real Estate Investment Trusts

Latest Price

$43.41

TTM P/E

57.88

Normalized P/E

40.91

Div Yield

5.25%

Book Value

7.38

P/B Ratio

5.88

Valuation metrics

EPS: $0.69

Book value / share: $12.27

Formula: √(22.5 × EPS × BVPS)

Graham Number

$13.80

68% downside

Norm. op. income: $187M (median of 7yr)

Tax rate: 5%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$23.35

46% downside

EPS: $0.69

Target P/E: 41×

Formula: EPS × P/E

P/E Fair Value

$28.29

35% downside

93.5% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	9.07M	$403.0M	11.75%	+251.8K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	6.15M	$273.0M	7.98%	+149.2K	2026-06-30
COHEN & STEERS, INC.	4.79M	$212.0M	6.21%	+293.5K	2026-06-30
DEUTSCHE BANK AG\	3.69M	$163.0M	4.78%	+852.5K	2026-06-30
STATE STREET CORP	3.55M	$157.0M	4.60%	-28.2K	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	3.28M	$145.0M	4.25%	+162.9K	2026-06-30
CANADA PENSION PLAN INVESTMENT BOARD	2.94M	$130.0M	3.82%	-456.3K	2026-06-30
First Trust Capital Management L.P.	2.07M	$92.0M	2.68%	+254.6K	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	1.50M	$66.0M	1.94%	+9.9K	2026-06-30
Russell Investments Group, Ltd.	1.39M	$62.0M	1.81%	+193.3K	2026-06-30