National Storage Affiliates: Hold Rating Reiterated, $41 Price Target Maintained Amid Merger-Related Uncertainty

In a report released today, Juan C. Sanabria from BMO Capital maintained a Hold rating on National Storage Affiliates, with a price target of $41.00.

Juan C. Sanabria has given his Hold rating due to a combination of factors tied to National Storage Affiliates’ recent performance and its pending merger. The company delivered a better-than-expected first quarter, with core FFO surpassing consensus estimates and same-store NOI outperforming Street expectations, driven largely by lower operating expenses.

However, revenue growth was modest, with same-store revenue only slightly higher year over year and move-in rates under pressure despite improving occupancy. With the proposed merger with Public Storage approaching, management withdrew forward guidance and canceled the earnings call, which limits visibility and leaves the risk‑reward profile balanced. As a result, Sanabria maintained a neutral stance and kept his $41 price target unchanged.