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Side-by-side financial comparison of National Storage Affiliates Trust (NSA) and Piedmont Realty Trust, Inc. (PDM). 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 $142.9M, roughly 1.3× Piedmont Realty Trust, Inc.). National Storage Affiliates Trust runs the higher net margin — 12.2% vs -30.3%, a 42.5% gap on every dollar of revenue. On growth, Piedmont Realty Trust, Inc. posted the faster year-over-year revenue change (-0.3% vs -1.6%). Over the past eight quarters, Piedmont Realty Trust, Inc.'s revenue compounded faster (-0.6% CAGR vs -2.4%).
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.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
NSA vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $187.0M | $142.9M |
| Net Profit | $22.9M | $-43.2M |
| Gross Margin | 72.5% | — |
| Operating Margin | 20.2% | — |
| Net Margin | 12.2% | -30.3% |
| Revenue YoY | -1.6% | -0.3% |
| Net Profit YoY | 36.8% | -44.3% |
| EPS (diluted) | $0.23 | $-0.34 |
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.
| Q4 25 | $187.0M | $142.9M | ||
| Q3 25 | $188.7M | $139.2M | ||
| Q2 25 | $188.8M | $140.3M | ||
| Q1 25 | $188.4M | $142.7M | ||
| Q4 24 | $190.1M | $143.2M | ||
| Q3 24 | $193.6M | $139.3M | ||
| Q2 24 | $190.4M | $143.3M | ||
| Q1 24 | $196.1M | $144.5M |
| Q4 25 | $22.9M | $-43.2M | ||
| Q3 25 | $18.4M | $-13.5M | ||
| Q2 25 | $19.5M | $-16.8M | ||
| Q1 25 | $13.0M | $-10.1M | ||
| Q4 24 | $16.7M | $-30.0M | ||
| Q3 24 | $18.7M | $-11.5M | ||
| Q2 24 | $17.1M | $-9.8M | ||
| Q1 24 | $59.0M | $-27.8M |
| 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 24 | 72.1% | — |
| 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 24 | 48.9% | — |
| Q4 25 | 12.2% | -30.3% | ||
| Q3 25 | 9.8% | -9.7% | ||
| Q2 25 | 10.3% | -12.0% | ||
| Q1 25 | 6.9% | -7.1% | ||
| Q4 24 | 8.8% | -20.9% | ||
| Q3 24 | 9.7% | -8.3% | ||
| Q2 24 | 9.0% | -6.8% | ||
| Q1 24 | 30.1% | -19.2% |
| Q4 25 | $0.23 | $-0.34 | ||
| Q3 25 | $0.17 | $-0.11 | ||
| Q2 25 | $0.19 | $-0.14 | ||
| Q1 25 | $0.10 | $-0.08 | ||
| Q4 24 | $0.19 | $-0.25 | ||
| Q3 24 | $0.18 | $-0.09 | ||
| Q2 24 | $0.16 | $-0.08 | ||
| Q1 24 | $0.65 | $-0.22 |
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 | $731.0K |
| Total DebtLower is stronger | — | $2.2B |
| Stockholders' EquityBook value | $946.0M | $1.5B |
| Total Assets | $5.1B | $4.0B |
| Debt / EquityLower = less leverage | — | 1.49× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $23.3M | $731.0K | ||
| Q3 25 | $26.3M | $3.0M | ||
| Q2 25 | $26.1M | $3.3M | ||
| Q1 25 | $19.3M | $2.9M | ||
| Q4 24 | $50.4M | $109.6M | ||
| Q3 24 | $69.9M | $133.6M | ||
| Q2 24 | $59.0M | $138.5M | ||
| Q1 24 | $64.2M | $3.5M |
| Q4 25 | — | $2.2B | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
| Q4 25 | $946.0M | $1.5B | ||
| Q3 25 | $973.1M | $1.5B | ||
| Q2 25 | $1.0B | $1.5B | ||
| Q1 25 | $1.0B | $1.6B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $986.9M | $1.6B | ||
| Q2 24 | $1.2B | $1.7B | ||
| Q1 24 | $1.3B | $1.7B |
| Q4 25 | $5.1B | $4.0B | ||
| Q3 25 | $5.1B | $4.0B | ||
| Q2 25 | $5.2B | $4.0B | ||
| Q1 25 | $5.3B | $4.0B | ||
| Q4 24 | $5.4B | $4.1B | ||
| Q3 24 | $5.4B | $4.1B | ||
| Q2 24 | $5.3B | $4.2B | ||
| Q1 24 | $5.4B | $4.0B |
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | 1.41× | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | 1.40× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 1.34× | ||
| Q1 24 | — | 1.23× |
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 | $140.6M |
| 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.
| Q4 25 | $338.5M | $140.6M | ||
| Q3 25 | $100.2M | $35.8M | ||
| Q2 25 | $79.9M | $50.1M | ||
| Q1 25 | $85.6M | $3.7M | ||
| Q4 24 | $363.1M | $198.1M | ||
| Q3 24 | $105.7M | $42.9M | ||
| Q2 24 | $83.2M | $66.8M | ||
| Q1 24 | $94.0M | $23.4M |
| 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 24 | $88.6M | — |
| 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 24 | 45.2% | — |
| 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 24 | 2.7% | — |
| Q4 25 | 14.79× | — | ||
| Q3 25 | 5.44× | — | ||
| Q2 25 | 4.10× | — | ||
| Q1 25 | 6.59× | — | ||
| Q4 24 | 21.70× | — | ||
| Q3 24 | 5.65× | — | ||
| Q2 24 | 4.88× | — | ||
| Q1 24 | 1.59× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NSA
Segment breakdown not available.
PDM
| Atlanta GA | $45.7M | 32% |
| Dallas TX | $24.1M | 17% |
| Orlando FL | $19.3M | 13% |
| New York NY | $14.7M | 10% |
| Northern Virginia Washington D.C. | $12.9M | 9% |
| Minneapolis MN | $11.4M | 8% |
| Boston MA | $9.8M | 7% |
| Real Estate Other | $7.8M | 5% |
