Land & Buildings Loads Up National Affiliates Storage Trust With 1.3 Million Shares
Key Points
Bought 1,314,463 shares of National Storage Affiliates Trust; estimated trade size $37.08 million based on quarterly average price.
Position represents 6.16% of 13F reportable assets under management.
Post-trade holding: 1,314,463 shares, valued at $37.08 million as of December 31, 2025.
New stake ranks outside the fund's top five holdings and represents 6.16% of 13F AUM.
On February 17, 2026, Land & Buildings Investment Management, LLC disclosed a new position in National Storage Affiliates Trust (NYSE:NSA).
What happened
According to a SEC filing dated February 17, 2026, Land & Buildings Investment Management, LLC initiated a new position in National Storage Affiliates Trust (NYSE:NSA), purchasing 1,314,463 shares. The estimated transaction value was $37.08 million based on the average share price during the quarter. The stake’s quarter-end value also stood at $37.08 million, reflecting both the acquisition and market pricing.
What else to know
- This was a new position for the fund, accounting for 6.16% of its 13F reportable assets under management as of December 31, 2025.
- Top holdings after the filing:
- NYSE:CSR: $55.27 million (9.19% of AUM)
- NYSE:FR: $52.26 million (8.69% of AUM)
- NYSE:AHR: $49.56 million (8.24% of AUM)
- NASDAQ:EQIX: $44.37 million (7.38% of AUM)
- NYSE:VTR: $39.09 million (6.50% of AUM)
- As of February 17, 2026, shares were priced at $34.07, down 8.86% over the past year and underperforming the S&P 500 by 19.87 percentage points.
Company Overview
| Metric | Value |
|---|---|
| Revenue (TTM) | $752.93 million |
| Net Income (TTM) | $116.27 million |
| Dividend Yield | 6.69% |
Company Snapshot
- Owns, operates, and acquires self-storage properties across major U.S. metropolitan areas, generating revenue primarily from rental income and related services.
- Operates as a real estate investment trust (REIT), aggregating self-storage assets to achieve scale, operational efficiency, and consistent cash flow generation.
- Targets individuals and businesses seeking secure, flexible storage solutions in densely populated urban and suburban markets.
National Storage Affiliates Trust is a leading self-storage REIT with a diversified portfolio spanning over 35 states and Puerto Rico. The company's strategy centers on consolidating fragmented self-storage markets and leveraging operational expertise to drive stable rental income. Its scale and focus on high-demand metropolitan areas provide a competitive advantage in capturing long-term growth opportunities within the storage sector.
What this transaction means for investors
National Affiliates Storage Trust became Land & Buildings Investment Management’s sixth-largest position by virtue of this investment, made entirely in the fourth quarter of 2025.
As the fund’s name implies, it focuses on real estate investment trusts, or at least stocks with a tie to the real estate industry.
Although filings do not mention why the fund bought this stock, there are few plausible reasons to buy that do not imply bullishness in the stock.
The stock trades at an approximate 50% discount from its five-year high. Moreover, the REIT has approved periodic but modest payout hikes over the last few years. Currently, it pays shareholders $2.28 per share annually, and the dividend yield of 6.69% is far above market averages.
Additionally, the self-storage REIT industry grows at a compound annual growth rate (CAGR) of 6%, according to Grand View Research. Although National Affiliates Storage Trust is unlikely to excite investors, it appears well-positioned to deliver steady returns and possibly some stock price growth over time.
Will Healy has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Equinix. The Motley Fool has a disclosure policy.