NSA Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Property Revenue	704.4	727.61	823.65	773.95	561.3
Service and Other Revenue	48.53	42.73	34.41	27.62	24.37
Revenue	752.93	770.34	858.06	801.57	585.67
Revenue Growth (YoY)	-2.26%	-10.22%	7.05%	36.86%	35.50%
Property Expenses	217.55	211.85	228.99	211.03	155.27
Total Property Expenses	217.55	211.85	228.99	211.03	155.27
Gross Profit	535.38	558.48	629.08	590.54	430.41
Selling, General & Admin	51.13	57.61	59.28	59.31	51
Depreciation & Amortization Expenses	189.32	189.86	221.99	233.16	158.31
Other Operating Expenses	16.29	13.87	11.11	8.54	2.85
Operating Income	278.64	297.16	336.7	289.54	218.24
Net Gains on Disposal of Properties	16.29	63.84	63.91	5.47	-
Interest Income	-7.33	-16.08	7.55	7.75	5.29
Interest Expense	-162.45	-154.26	-166.15	-110.6	-72.06
Other Non-Operating Income (Expense)	-165.05	-113.74	-101.55	-104.78	-72.46
Total Non-Operating Income (Expense)	-318.53	-220.24	-196.23	-202.17	-139.23
Pretax Income	119.38	187.04	238.58	188.45	148.63
Provision for Income Taxes	3.1	3.77	1.59	4.69	1.69
Net Income	127.11	202.59	294.32	194.05	197.4
Minority Interest in Earnings	42.49	71.75	80.32	80.03	41.68
Net Income Attributable to Preferred Dividends	-20.46	-20.45	-19.02	-13.43	-13.1
Net Income to Common	127.11	202.59	294.32	194.05	197.4
Net Income Growth	-37.26%	-31.17%	51.67%	-1.70%	134.66%
Shares Outstanding (Basic)	77	77	87	91	81
Shares Outstanding (Diluted)	77	77	146	91	135
Shares Change (YoY)	-0.27%	-47.38%	60.04%	-32.18%	101.99%
EPS (Basic)	0.69	1.18	1.58	0.99	1.13
EPS (Diluted)	0.69	1.18	1.48	0.99	0.98
EPS Growth	-41.52%	-20.27%	49.49%	1.02%	84.91%
Free Cash Flow	299.25	342.49	406.03	400.12	303.35
Free Cash Flow Growth	-12.63%	-15.65%	1.48%	31.90%	48.78%
Free Cash Flow Per Share	3.90	4.46	2.78	4.39	2.25
Dividends Per Share	2.280	2.250	2.230	2.150	1.590
Dividend Growth	1.33%	0.90%	3.72%	35.22%	17.78%
Gross Margin	71.11%	72.50%	73.31%	73.67%	73.49%
Operating Margin	37.01%	38.57%	39.24%	36.12%	37.26%
Profit Margin	15.44%	23.79%	27.62%	22.93%	25.09%
FCF Margin	39.75%	44.46%	47.32%	49.92%	51.79%
EBITDA	467.96	487.01	558.69	522.7	376.55
EBITDA Margin	62.15%	63.22%	65.11%	65.21%	64.29%
EBIT	278.64	297.16	336.7	289.54	218.24
EBIT Margin	37.01%	38.57%	39.24%	36.12%	37.26%
Effective Tax Rate	2.60%	2.01%	0.67%	2.49%	1.14%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.

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