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Side-by-side financial comparison of ESSENTIAL PROPERTIES REALTY TRUST, INC. (EPRT) and National Storage Affiliates Trust (NSA). Click either name above to swap in a different company.
National Storage Affiliates Trust is the larger business by last-quarter revenue ($187.0M vs $158.8M, roughly 1.2× ESSENTIAL PROPERTIES REALTY TRUST, INC.). ESSENTIAL PROPERTIES REALTY TRUST, INC. runs the higher net margin — 37.8% vs 12.2%, a 25.5% gap on every dollar of revenue. On growth, ESSENTIAL PROPERTIES REALTY TRUST, INC. posted the faster year-over-year revenue change (22.8% vs -1.6%). Over the past eight quarters, ESSENTIAL PROPERTIES REALTY TRUST, INC.'s revenue compounded faster (20.6% CAGR vs -2.4%).
Essential Properties Realty Trust is a publicly traded real estate investment trust (REIT) that acquires, owns and manages a diversified portfolio of single-tenant net-leased commercial properties across the United States. Its assets primarily cover essential service-oriented sectors including casual dining, automotive services, medical clinics, early childhood education centers and light industrial facilities, with tenants mostly holding robust long-term operating track records.
National Storage Affiliates Trust is a U.S.-headquartered real estate investment trust focused on self-storage assets. It owns, operates and acquires self-storage facilities across dozens of U.S. states, offering secure storage solutions for residential and commercial customers.
EPRT vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $158.8M | $187.0M |
| Net Profit | $60.0M | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | 56.5% | 20.2% |
| Net Margin | 37.8% | 12.2% |
| Revenue YoY | 22.8% | -1.6% |
| Net Profit YoY | 6.5% | 36.8% |
| EPS (diluted) | $0.28 | $0.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $158.8M | — | ||
| Q4 25 | $149.9M | $187.0M | ||
| Q3 25 | $144.9M | $188.7M | ||
| Q2 25 | $137.1M | $188.8M | ||
| Q1 25 | $129.4M | $188.4M | ||
| Q4 24 | $119.7M | $190.1M | ||
| Q3 24 | $117.1M | $193.6M | ||
| Q2 24 | $109.3M | $190.4M |
| Q1 26 | $60.0M | — | ||
| Q4 25 | $68.1M | $22.9M | ||
| Q3 25 | $65.6M | $18.4M | ||
| Q2 25 | $63.2M | $19.5M | ||
| Q1 25 | $56.1M | $13.0M | ||
| Q4 24 | $55.4M | $16.7M | ||
| Q3 24 | $49.1M | $18.7M | ||
| Q2 24 | $51.5M | $17.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 72.5% | ||
| Q3 25 | — | 70.7% | ||
| Q2 25 | — | 70.5% | ||
| Q1 25 | — | 70.7% | ||
| Q4 24 | — | 72.5% | ||
| Q3 24 | — | 72.8% | ||
| Q2 24 | — | 72.6% |
| Q1 26 | 56.5% | — | ||
| Q4 25 | 65.9% | 20.2% | ||
| Q3 25 | 64.7% | 15.8% | ||
| Q2 25 | 64.1% | 16.5% | ||
| Q1 25 | 61.6% | 11.0% | ||
| Q4 24 | 66.1% | 14.5% | ||
| Q3 24 | 59.7% | 15.8% | ||
| Q2 24 | 61.1% | 17.2% |
| Q1 26 | 37.8% | — | ||
| Q4 25 | 45.4% | 12.2% | ||
| Q3 25 | 45.3% | 9.8% | ||
| Q2 25 | 46.1% | 10.3% | ||
| Q1 25 | 43.4% | 6.9% | ||
| Q4 24 | 46.3% | 8.8% | ||
| Q3 24 | 42.0% | 9.7% | ||
| Q2 24 | 47.1% | 9.0% |
| Q1 26 | $0.28 | — | ||
| Q4 25 | $0.34 | $0.23 | ||
| Q3 25 | $0.33 | $0.17 | ||
| Q2 25 | $0.32 | $0.19 | ||
| Q1 25 | $0.29 | $0.10 | ||
| Q4 24 | $0.31 | $0.19 | ||
| Q3 24 | $0.27 | $0.18 | ||
| Q2 24 | $0.29 | $0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.2M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.4B | $946.0M |
| Total Assets | $7.2B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.2M | — | ||
| Q4 25 | $60.2M | $23.3M | ||
| Q3 25 | $23.8M | $26.3M | ||
| Q2 25 | $20.8M | $26.1M | ||
| Q1 25 | $47.0M | $19.3M | ||
| Q4 24 | $40.7M | $50.4M | ||
| Q3 24 | $32.7M | $69.9M | ||
| Q2 24 | $23.6M | $59.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.6B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $2.1B | — | ||
| Q4 24 | $2.1B | — | ||
| Q3 24 | $2.2B | — | ||
| Q2 24 | $1.9B | — |
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.2B | $946.0M | ||
| Q3 25 | $3.8B | $973.1M | ||
| Q2 25 | $3.8B | $1.0B | ||
| Q1 25 | $3.8B | $1.0B | ||
| Q4 24 | $3.6B | $1.1B | ||
| Q3 24 | $3.2B | $986.9M | ||
| Q2 24 | $3.2B | $1.2B |
| Q1 26 | $7.2B | — | ||
| Q4 25 | $6.9B | $5.1B | ||
| Q3 25 | $6.6B | $5.1B | ||
| Q2 25 | $6.3B | $5.2B | ||
| Q1 25 | $6.1B | $5.3B | ||
| Q4 24 | $5.8B | $5.4B | ||
| Q3 24 | $5.5B | $5.4B | ||
| Q2 24 | $5.3B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.60× | — | ||
| Q3 25 | 0.69× | — | ||
| Q2 25 | 0.61× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.69× | — | ||
| Q2 24 | 0.59× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $338.5M |
| Free Cash FlowOCF − Capex | — | $299.8M |
| FCF MarginFCF / Revenue | — | 160.3% |
| Capex IntensityCapex / Revenue | — | 20.7% |
| Cash ConversionOCF / Net Profit | — | 14.79× |
| TTM Free Cash FlowTrailing 4 quarters | — | $541.5M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $381.1M | $338.5M | ||
| Q3 25 | $99.0M | $100.2M | ||
| Q2 25 | $99.8M | $79.9M | ||
| Q1 25 | $77.2M | $85.6M | ||
| Q4 24 | $308.5M | $363.1M | ||
| Q3 24 | $73.5M | $105.7M | ||
| Q2 24 | $81.1M | $83.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | $299.8M | ||
| Q3 25 | — | $88.0M | ||
| Q2 25 | — | $73.8M | ||
| Q1 25 | — | $79.9M | ||
| Q4 24 | — | $344.4M | ||
| Q3 24 | — | $101.8M | ||
| Q2 24 | — | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | 160.3% | ||
| Q3 25 | — | 46.6% | ||
| Q2 25 | — | 39.1% | ||
| Q1 25 | — | 42.4% | ||
| Q4 24 | — | 181.2% | ||
| Q3 24 | — | 52.6% | ||
| Q2 24 | — | 41.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.7% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.2% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 9.8% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 5.60× | 14.79× | ||
| Q3 25 | 1.51× | 5.44× | ||
| Q2 25 | 1.58× | 4.10× | ||
| Q1 25 | 1.38× | 6.59× | ||
| Q4 24 | 5.57× | 21.70× | ||
| Q3 24 | 1.50× | 5.65× | ||
| Q2 24 | 1.57× | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EPRT
| Rental revenue 1,2 | $149.4M | 94% |
| Other | $8.6M | 5% |
| Other revenue | $779.0K | 0% |
NSA
Segment breakdown not available.
