Barclays Lifts National Storage Affiliates Target to $38; 4Q25 Occupancy Drop Narrows
Barclays raised National Storage Affiliates Trust’s price target to $38 from $33 after updating self-storage REIT models post-4Q25 earnings, maintaining an Equal Weight rating. CEO Dave Cramer highlighted that year-end occupancy declines narrowed to 70 basis points versus 140 bps, core FFO per share topped guidance, and $97M in property sales closed.
1. Barclays Raises Price Target
Barclays increased its price target on National Storage Affiliates Trust from $33 to $38 and maintained an Equal Weight rating after updating self-storage REIT models following the fourth-quarter earnings release.
2. Fourth-Quarter Operational Highlights
CEO Dave Cramer reported that year-end same-store revenue growth accelerated across 21 MSAs, occupancy declines narrowed to 70 basis points versus a 140-basis-point drop in Q3, and core funds from operations per share hit the high end of guidance, exceeding consensus.
3. Strategic Transactions and Portfolio Developments
During 2025, the REIT consolidated its brand count to six, launched a preferred equity investment platform, sold 15 properties for $97 million, acquired 10 properties for $75 million, and began 2026 with January occupancy rising 20 basis points year-over-year, reflecting strong momentum.