WallStSmart

National Storage Affiliates Trust (NSA)vsPublic Storage (PSA)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

Public Storage generates 548% more annual revenue ($4.83B vs $745.60M). PSA leads profitability with a 36.9% profit margin vs 9.9%. NSA appears more attractively valued with a PEG of 1.67. NSA earns a higher WallStSmart Score of 58/100 (C).

NSA

Buy

58

out of 100

Grade: C

Growth: 5.3Profit: 6.5Value: 5.3Quality: 3.0
Piotroski: 4/9Altman Z: 0.36

PSA

Buy

50

out of 100

Grade: C-

Growth: 3.3Profit: 8.5Value: 4.7Quality: 4.3
Piotroski: 4/9Altman Z: 1.13
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

NSAFair Value (-3.6%)

Margin of Safety

-3.6%

Fair Value

$32.29

Current Price

$37.42

$5.13 premium

UndervaluedFair: $32.29Overvalued
PSASignificantly Overvalued (-380.1%)

Margin of Safety

-380.1%

Fair Value

$61.20

Current Price

$267.63

$206.43 premium

UndervaluedFair: $61.20Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

NSA2 strengths · Avg: 10.0/10
Operating MarginProfitability
37.9%10/10

Strong operational efficiency at 37.9%

EPS GrowthGrowth
54.7%10/10

Earnings expanding 54.7% YoY

PSA2 strengths · Avg: 10.0/10
Profit MarginProfitability
36.9%10/10

Keeps 37 of every $100 in revenue as profit

Operating MarginProfitability
46.2%10/10

Strong operational efficiency at 46.2%

Areas to Watch

NSA4 concerns · Avg: 3.3/10
PEG RatioValuation
1.674/10

Expensive relative to growth rate

Revenue GrowthGrowth
2.2%4/10

2.2% revenue growth

Return on EquityProfitability
7.0%3/10

ROE of 7.0% — below average capital efficiency

P/E RatioValuation
54.2x2/10

Premium valuation, high expectations priced in

PSA4 concerns · Avg: 3.5/10
P/E RatioValuation
29.8x4/10

Moderate valuation

Price/BookValuation
9.6x4/10

Trading at 9.6x book value

Revenue GrowthGrowth
3.3%4/10

3.3% revenue growth

PEG RatioValuation
9.872/10

Expensive relative to growth rate

Comparative Analysis Report

WallStSmart Research

Bull Case : NSA

The strongest argument for NSA centers on Operating Margin, EPS Growth.

Bull Case : PSA

The strongest argument for PSA centers on Profit Margin, Operating Margin. Profitability is solid with margins at 36.9% and operating margin at 46.2%.

Bear Case : NSA

The primary concerns for NSA are PEG Ratio, Revenue Growth, Return on Equity. A P/E of 54.2x leaves little room for execution misses. Debt-to-equity of 3.52 is elevated, increasing financial risk.

Bear Case : PSA

The primary concerns for PSA are P/E Ratio, Price/Book, Revenue Growth.

Key Dynamics to Monitor

NSA carries more volatility with a beta of 1.19 — expect wider price swings.

PSA is growing revenue faster at 3.3% — sustainability is the question.

PSA generates stronger free cash flow (634M), providing more financial flexibility.

Monitor REIT - INDUSTRIAL industry trends, competitive dynamics, and regulatory changes.

Bottom Line

NSA scores higher overall (58/100 vs 50/100). Both earn "Buy" and "Buy" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

National Storage Affiliates Trust

REAL ESTATE · REIT - INDUSTRIAL · USA

National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of storage properties located within the top 100 metropolitan statistical areas of the United States.

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Public Storage

REAL ESTATE · REIT - INDUSTRIAL · USA

Public Storage is an American international self storage company headquartered in Glendale, California, that is run as a real estate investment trust (REIT).

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