NSA vs PSA Stock Comparison: AI Score, Valuation, Performance and Upside
NSA (National Storage Affiliates) and PSA (Public Storage) are both self-storage REITs but at very different scales — NSA uses a unique participating regional operator model to aggregate off-market storage acquisitions through partnerships with local operators, while Public Storage is the dominant national brand with 2,800+ facilities, sophisticated revenue management technology, and 50 years of self-storage industry development.
NSA vs PSA is innovative affiliate-model self-storage REIT with off-market acquisition pipeline and local management expertise (NSA's PRO partnership model, regional operator local market knowledge, and differentiated acquisition strategy — scaling through partnership rather than competitive cash auctions) versus the dominant self-storage brand with unmatched national scale, revenue management technology, and 50-year market leadership (Public Storage's 2,800+ facility network, orange brand recognition, dynamic pricing optimization, and Shurgard international exposure — the self-storage compounder with market power that smaller operators can't match).
NSA and PSA are closely matched — they split the tracked metrics evenly.
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Value the PRO model's off-market acquisition pipeline as providing better pricing and local management expertise than competitive cash acquisitions
- Want self-storage REIT exposure at a smaller scale with higher organic growth potential from continued PRO partnership expansion
- Believe the fragmented self-storage market provides NSA a long runway to aggregate additional regional operators at attractive valuations
- Want the dominant self-storage brand with unmatched national scale, marketing reach, and revenue management technology that smaller operators cannot replicate
- Value Public Storage's 50-year track record and proven revenue management systems as the most reliable self-storage earnings compounder in the sector
- Seek the largest, most liquid self-storage REIT with diversification across 2,800+ facilities in 40+ states that minimizes single-market concentration risk
| Metric | NSA | PSA |
|---|---|---|
| AI scorei | N/A | 39.9 |
| AI ranki | N/A | #1115 |
| Latest closei | N/A | $298.31 |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | NSA | PSA |
|---|---|---|
| 1Y ago | N/A | $9.73K (-2.7%) started 2025-10-16 |
| 5Y ago | N/A | $12.96K (+29.6%) started 2021-10-18 |
| 10Y ago | N/A | $29.22K (+192.2%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | NSA | PSA |
|---|---|---|
| Market capi | N/A | $58.55B |
| Trailing P/Ei | N/A | 29.94 |
| Forward P/Ei | N/A | 30.81 |
| Price/Salesi | 4.48 | 11.21 |
| EV/Revenuei | N/A | 14.14 |
| Analyst targeti | N/A | $337.76 |
| Target upsidei | N/A | +7.74% |
| Metric | NSA | PSA |
|---|---|---|
| Revenue growthi | N/A | 3.30% |
| Earnings growthi | N/A | 45.10% |
| EPS growthi | N/A | +45.10% |
| FCF margini | N/A | +47.54% |
| Operating margini | N/A | 45.70% |
| Profit margini | N/A | 41.63% |
| ROIC proxyi | N/A | 21.93% |
| Return on equityi | N/A | 21.93% |
| Dividend yieldi | N/A | 3.83% |
| Payout ratioi | N/A | 114.61% |
| Dividend growth streaki | N/A | No increase yet |
| Betai | 0.47 | 0.94 |
| Debt/equityi | N/A | 109.63 |
| Current ratioi | N/A | 0.22 |
| Quick ratioi | N/A | 0.13 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | NSA | PSA |
|---|---|---|---|
| 1Y | Growthi | N/A | -2.75% |
| CAGRi | N/A | -2.75% | |
| Volatilityi | N/A | 23.21% | |
| Sharpe ratioi | N/A | -0.20 | |
| Sortino ratioi | N/A | -0.28 | |
| Max drawdowni | N/A | 17.11% | |
| Current drawdowni | N/A | 9.73% | |
| Avg drawdowni | N/A | 6.98% | |
| Ulcer Indexi | N/A | 8.72% | |
| Max daily dropi | N/A | 4.16% | |
| Max wkly dropi | N/A | 10.73% | |
| 5Y | Growthi | N/A | +8.87% |
| CAGRi | N/A | +1.72% | |
| Volatilityi | N/A | 24.13% | |
| Sharpe ratioi | N/A | 0.01 | |
| Sortino ratioi | N/A | 0.01 | |
| Max drawdowni | N/A | 37.93% | |
| Current drawdowni | N/A | 17.39% | |
| Avg drawdowni | N/A | 19.03% | |
| Ulcer Indexi | N/A | 20.89% | |
| Max daily dropi | N/A | 8.00% | |
| Max wkly dropi | N/A | 12.88% | |
| 10Y | Growthi | N/A | +95.22% |
| CAGRi | N/A | +6.92% | |
| Volatilityi | N/A | 23.56% | |
| Sharpe ratioi | N/A | 0.21 | |
| Sortino ratioi | N/A | 0.29 | |
| Max drawdowni | N/A | 37.93% | |
| Current drawdowni | N/A | 17.39% | |
| Avg drawdowni | N/A | 13.87% | |
| Ulcer Indexi | N/A | 16.79% | |
| Max daily dropi | N/A | 11.53% | |
| Max wkly dropi | N/A | 18.98% |
| Category | NSA | PSA |
|---|---|---|
| Company | National Storage Affiliates Trust | Public Storage |
| Sector | Real Estate - Self-Storage | Real Estate |
| Industry | N/A | REIT - Industrial |
| Core business | National Storage Affiliates Trust (NSA) is a self-storage REIT that acquires and manages self-storage facilities through a unique 'participating regional operator' (PRO) model. NSA partners with regional self-storage operators (PROs) who contribute their storage facilities to NSA in exchange for NSA units; the PRO continues to manage the facilities locally while NSA consolidates them on its balance sheet. This affiliate model allows NSA to acquire storage properties at off-market prices while benefiting from the PRO's local market expertise and management presence. NSA owns approximately 800+ self-storage facilities with 50+ million rentable square feet in the United States and Canada. | Public Storage is the largest self-storage REIT in the United States and the world's largest operator of self-storage facilities by market capitalization and number of locations. Public Storage owns and operates approximately 2,800+ storage facilities in 40+ states with approximately 200 million net rentable square feet. Public Storage was founded in 1972 and pioneered the modern U.S. self-storage industry. The company has a massive brand presence (distinctive orange and white facilities), national marketing scale, and sophisticated revenue management systems (dynamic pricing algorithms that optimize daily rental rates by unit type and availability). Public Storage also has international exposure through its stake in Shurgard Self Storage (European storage operator). |
| Investor focus | Investors track NSA's same-store NOI growth, PRO partnership performance, rental rate trends, and acquisition pipeline from PRO relationships. | Investors track Public Storage's same-store NOI growth, rental rate per square foot, occupancy, new customer acquisition cost, and the impact of revenue management (daily pricing optimization) on revenue per available square foot. |
- Participating regional operator model provides off-market acquisition pipeline at attractive valuations — PROs contribute facilities to NSA in exchange for OP units rather than cash; this reduces acquisition competition and often results in below-market pricing vs. competitive auction processes
- Regional operator expertise in local markets drives occupancy and rate optimization — PROs have deep knowledge of their local markets, competitors, and customer demographics; this local expertise can optimize pricing and marketing strategies that a centralized operator might miss
- Fragmented self-storage market provides long runway for PRO partnership expansion — the U.S. self-storage market has thousands of independent operators; NSA's PRO model provides a differentiated acquisition channel that public storage REITs with pure cash acquisition strategies can't easily replicate
- Brand recognition and marketing scale drive customer acquisition at lower cost than smaller operators — Public Storage's national brand (orange color, ubiquitous billboard advertising) means prospective customers often call PSA first; national digital marketing and SEO presence captures the majority of 'self storage near me' search queries in most markets
- Revenue management technology (dynamic pricing) maximizes revenue per square foot — PSA's pricing algorithms set daily rental rates for each unit type based on current demand, occupancy, market conditions, and competitive pricing; this real-time optimization consistently captures maximum revenue from available inventory
- Diversification across 40+ states reduces single-market cyclicality — PSA's 2,800+ facility portfolio across 40 states means no single market downturn (like New York or Texas new supply) has an outsized impact on system-wide results
- Self-storage market faces new supply headwinds in many markets — the strong self-storage demand during COVID (people moving, downsizing, working from home) incentivized significant new facility construction; new supply is delivering in many markets, pressuring occupancy and rental rate growth
- PRO model creates revenue sharing and governance complexity — NSA's affiliates retain management economics; the structure creates shared governance considerations; PRO performance varies across different regional partners
- Smaller scale than PSA or Extra Space limits technology investment and national marketing advantages — NSA's smaller size means less investment capacity for revenue management technology, digital marketing, and brand awareness relative to large-cap self-storage peers
- Self-storage new supply cycle is moderating post-COVID demand growth — elevated self-storage construction in 2021-2023 is delivering into many PSA markets; same-store NOI growth has decelerated from COVID-era peaks
- Elevated asking rents may be at a peak requiring rate moderation — PSA aggressively raised rates 2020-2022; some markets may require rate moderation to maintain occupancy as new supply and softer move activity pressure demand
- International exposure (Shurgard stake) introduces currency and European regulatory risk — PSA's Shurgard stake creates Euro-denominated earnings and European self-storage market dynamics that are separate from U.S. fundamentals
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