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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) 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 $165.3M, roughly 1.1× INDEPENDENCE REALTY TRUST, INC.). On growth, INDEPENDENCE REALTY TRUST, INC. posted the faster year-over-year revenue change (2.5% vs -1.6%). Over the past eight quarters, INDEPENDENCE REALTY TRUST, INC.'s revenue compounded faster (2.2% CAGR vs -2.4%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs NSA — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $187.0M |
| Net Profit | — | $22.9M |
| Gross Margin | — | 72.5% |
| Operating Margin | — | 20.2% |
| Net Margin | — | 12.2% |
| Revenue YoY | 2.5% | -1.6% |
| Net Profit YoY | — | 36.8% |
| EPS (diluted) | $0.00 | $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 | $165.3M | — | ||
| Q4 25 | $167.1M | $187.0M | ||
| Q3 25 | $167.1M | $188.7M | ||
| Q2 25 | $162.2M | $188.8M | ||
| Q1 25 | $161.2M | $188.4M | ||
| Q4 24 | $161.0M | $190.1M | ||
| Q3 24 | $160.1M | $193.6M | ||
| Q2 24 | $158.4M | $190.4M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $22.9M | ||
| Q3 25 | $6.9M | $18.4M | ||
| Q2 25 | $8.0M | $19.5M | ||
| Q1 25 | $8.4M | $13.0M | ||
| Q4 24 | $-1.0M | $16.7M | ||
| Q3 24 | $12.4M | $18.7M | ||
| Q2 24 | $10.4M | $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 | — | — | ||
| Q4 25 | — | 20.2% | ||
| Q3 25 | — | 15.8% | ||
| Q2 25 | — | 16.5% | ||
| Q1 25 | — | 11.0% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | 15.8% | ||
| Q2 24 | — | 17.2% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | 12.2% | ||
| Q3 25 | 4.1% | 9.8% | ||
| Q2 25 | 5.0% | 10.3% | ||
| Q1 25 | 5.2% | 6.9% | ||
| Q4 24 | -0.6% | 8.8% | ||
| Q3 24 | 7.7% | 9.7% | ||
| Q2 24 | 6.5% | 9.0% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $0.23 | ||
| Q3 25 | $0.03 | $0.17 | ||
| Q2 25 | $0.03 | $0.19 | ||
| Q1 25 | $0.04 | $0.10 | ||
| Q4 24 | $-0.01 | $0.19 | ||
| Q3 24 | $0.05 | $0.18 | ||
| Q2 24 | $0.05 | $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 | $23.3M | $23.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.4B | $946.0M |
| Total Assets | $6.1B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $23.3M | ||
| Q3 25 | $23.3M | $26.3M | ||
| Q2 25 | $19.5M | $26.1M | ||
| Q1 25 | $29.1M | $19.3M | ||
| Q4 24 | $21.2M | $50.4M | ||
| Q3 24 | $17.6M | $69.9M | ||
| Q2 24 | $21.0M | $59.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.3B | — |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $946.0M | ||
| Q3 25 | $3.5B | $973.1M | ||
| Q2 25 | $3.4B | $1.0B | ||
| Q1 25 | $3.5B | $1.0B | ||
| Q4 24 | $3.4B | $1.1B | ||
| Q3 24 | $3.4B | $986.9M | ||
| Q2 24 | $3.4B | $1.2B |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $5.1B | ||
| Q3 25 | $6.1B | $5.1B | ||
| Q2 25 | $6.0B | $5.2B | ||
| Q1 25 | $6.0B | $5.3B | ||
| Q4 24 | $6.1B | $5.4B | ||
| Q3 24 | $5.9B | $5.4B | ||
| Q2 24 | $5.9B | $5.3B |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.66× | — | ||
| Q1 25 | 0.65× | — | ||
| Q4 24 | 0.68× | — | ||
| Q3 24 | 0.68× | — | ||
| Q2 24 | 0.66× | — |
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 | $282.1M | $338.5M | ||
| Q3 25 | $79.3M | $100.2M | ||
| Q2 25 | $82.2M | $79.9M | ||
| Q1 25 | $60.4M | $85.6M | ||
| Q4 24 | $259.8M | $363.1M | ||
| Q3 24 | $69.2M | $105.7M | ||
| Q2 24 | $83.0M | $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 | 8.48× | 14.79× | ||
| Q3 25 | 11.51× | 5.44× | ||
| Q2 25 | 10.22× | 4.10× | ||
| Q1 25 | 7.23× | 6.59× | ||
| Q4 24 | — | 21.70× | ||
| Q3 24 | 5.60× | 5.65× | ||
| Q2 24 | 8.02× | 4.88× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
NSA
Segment breakdown not available.
