National Storage Affiliates (NSA) Target Trimmed at UBS as REITs Head Into 2026 Reset

Core Insights - National Storage Affiliates Trust (NSA) is recognized as one of the 13 best dividend stocks with a yield exceeding 6% [1] - UBS has reduced its price target for NSA from $30 to $29, maintaining a Neutral rating, reflecting a broader outlook on REITs as they approach a significant reset in 2026 [2] Company Developments - NSA has entered a new joint venture with Investment Real Estate Management (IRE), a former regional operator, focusing on self-storage properties under the "Moove In" brand [3] - The joint venture is projected to have approximately $350 million in buying power, with NSA contributing 75% of the equity capital, up to $105 million, in exchange for preferred equity with a 10% annual return [4] - The capital from the joint venture is expected to be deployed over the next 24 months, targeting value-add self-storage opportunities in favorable demographic markets [5] Industry Outlook - UBS anticipates that 2026 will be a pivotal year for the REIT sector, forecasting total returns of 9%–11% driven by improving macroeconomic conditions and easing supply pressures [2] - The firm expects a two-phase market environment in 2026, with a defensive approach in the first half and stronger catalysts in the latter half [2]