Waterfall Asset Management Takes Stake in National Storage Affiliates as Higher Rates Reshape REIT Growth

2026-03-01 01:16:11

What happened

A SEC filing dated February 13, 2026, shows Waterfall Asset Management, LLC initiated a new stake in National Storage Affiliates Trust (NSA +1.74%), purchasing 297,700 shares. The quarter-end position value also rose by $8.42 million, a figure that includes both the new shares and any price movement over the period.

What else to know

This is a new position for the fund, representing 4.53% of its 13F reportable AUM as of December 31, 2025

Top holdings after the filing:

NYSE: CPT: $11.80 million (12.1% of AUM)
NYSE: AVB: $11.65 million (12.0% of AUM)
NYSE: APLE: $10.49 million (10.8% of AUM)
NYSE: RC: $8.48 million (8.7% of AUM)
NYSE: AAT: $7.70 million (7.9% of AUM)

As of February 12, 2026, shares of National Storage Affiliates Trust were priced at $33.05.

Company overview

Metric	Value
Revenue (TTM)	$741.51 million
Net income (TTM)	$47.12 million
Dividend yield	6.51%
Price (as of market close February 12, 2026)	$33.05

Company snapshot

National Storage Affiliates Trust is a leading self-storage REIT with a substantial presence in the top 100 U.S. metropolitan markets. The company leverages a scalable operating platform and a broad geographic footprint to drive revenue growth and operational efficiency. Its focus on high-occupancy assets and consistent dividend payments positions it as a competitive player in the self-storage sector.

National Storage Affiliates Trust operates, owns, and acquires self-storage properties across major U.S. metropolitan areas, generating revenue primarily from rental income. It targets individuals and businesses seeking secure, flexible storage solutions in urban and suburban markets nationwide.

The company employs a real estate investment trust (REIT) model, aggregating a diversified portfolio of storage assets to deliver stable cash flows and regular dividends.

What this transaction means for investors

Self-storage is no longer seeing the high demand that came after the pandemic, when many households moved or changed their living situations. Operators enjoyed strong pricing following the pandemic, and rents hit record highs. As demand slowed and new supply entered some markets, those gains diminished. Current performance now depends on local competition and supply, with occupancy and rent growth varying by market.

National Storage Affiliates owns and buys self-storage properties in major U.S. markets, earning most of its revenue from month-to-month rental contracts. This setup lets them adjust prices often, but success depends on keeping properties full in competitive areas. Unlike some bigger companies, NSA uses a Participating Regional Operator model, where local operators keep equity and manage properties in their regions. This can help find deals and improve local management, but it also makes it harder to control spending when growth slows.

For investors, NSA’s value will depend on whether it can keep growing revenue at existing properties and acquire new ones at returns above its cost of capital. With higher interest rates, growth only adds value if acquisition prices and financing make sense. The strength of the PRO model will depend on how well it balances local control with capital discipline.

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