Why One Fund’s $10 Million National Storage Exit May Be More About the Public Storage Deal Than Storage Demand
Key Points
InvenTrust Properties sold 297,700 shares of NSA in the first quarter; the estimated transaction value was $10.06 million based on quarterly average pricing.
Meanwhile, the quarter-end position value decreased by $8.42 million, reflecting both trading activity and share price movements.
The move represents a 5.62% change in 13F reportable assets under management.
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On May 8, 2026, Waterfall Asset Management sold out its entire stake in National Storage Affiliates Trust (NYSE:NSA), unloading 297,700 shares in a transaction estimated at $10.06 million based on quarterly average pricing.
What happened
According to a filing with the Securities and Exchange Commission dated May 8, 2026, Waterfall Asset Management reported a complete sale of its 297,700-share stake in National Storage Affiliates Trust. The estimated transaction value was $10.06 million, calculated using the average closing price for the quarter ended March 31, 2026. The quarter-end valuation of the position declined by $8.42 million, a figure that incorporates both the share sale and price changes over the period.
What else to know
- Top holdings after the filing:
- NYSE: CPT: $12.86 million (11.2% of AUM)
- NYSE: AVB: $12.28 million (10.7% of AUM)
- NYSE: APLE: $10.77 million (9.4% of AUM)
- NYSE: RITM: $9.73 million (8.5% of AUM)
- NYSE: MRP: $9.10 million (8.0% of AUM)
- As of May 8, 2026, NSA shares were priced at $43.33, up 21% over the past year, compared to a roughly 30% gain 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 across major U.S. metropolitan areas, generating revenue primarily from storage unit rentals and related services.
- The firm functions as a real estate investment trust (REIT), earning income through property ownership, management, and acquisitions within the self-storage sector.
- It serves individuals, families, and businesses seeking secure, flexible storage solutions in urban and suburban markets.
National Storage Affiliates Trust is one of the largest publicly traded owners and operators of self-storage properties in the United States, with a diversified portfolio spanning major metropolitan regions. The company leverages its REIT structure to drive growth through property acquisitions.
What this transaction means for investors
With National Storage Affiliates set to be acquired by Public Storage in a roughly $10.5 billion all-stock deal, some investors may simply be locking in gains and reallocating capital elsewhere rather than waiting for the transaction to close. Operationally, the business has still been fairly resilient despite a softer real estate backdrop. As the firm reported earlier this week, first-quarter net income climbed 41.8% year over year to $27.7 million, while core FFO rose 4.6% to $76.8 million. Same-store NOI increased 2%, helped by lower property operating expenses and slightly higher occupancy.
The company also continued recycling capital, selling three storage properties for $20.6 million while acquiring another property for $10.4 million during the quarter. NSA ended March with about $530.6 million available on its revolving credit facility.
Ultimately, the most important takeaway ere is that self-storage fundamentals still appear stable even after years of industry growth, but with the Public Storage acquisition likely capping near-term upside, some institutional investors may see limited reason to stick around through closing.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends AvalonBay Communities. The Motley Fool has a disclosure policy.
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