In a significant move, Waterfall Asset Management has completely divested its stake in National Storage Affiliates Trust (NYSE:NSA), selling 297,700 shares for an estimated $10.06 million. This transaction, reported on May 8, 2026, reflects a decrease in the quarter-end position value by $8.42 million, driven by both the sale and share price fluctuations.
This divestment comes amid NSA’s pending acquisition by Public Storage in a $10.5 billion all-stock deal. Despite this backdrop, NSA’s operational metrics remain robust, with a 41.8% year-over-year increase in net income and a 4.6% rise in core funds from operations for the first quarter. The self-storage sector continues to show resilience, although the acquisition may limit short-term upside potential for investors.
For market professionals, this transaction underscores a strategic shift among institutional investors, potentially indicating a preference for reallocating capital ahead of the acquisition’s closure. As self-storage fundamentals remain stable, the market may see further adjustments in institutional holdings as investors reassess their positions in light of the ongoing acquisition process.
Source: nasdaq.com