Neutral Outlook for National Storage Affiliates Amid Mixed Performance Indicators

Ronald Kamdem, an analyst from Morgan Stanley, maintained the Hold rating on National Storage Affiliates (NSA – Research Report). The associated price target remains the same with $40.00.

Ronald Kamdem has given his Hold rating due to a combination of factors influencing National Storage Affiliates. The company’s recent financial performance showed a core FFO that surpassed expectations, primarily due to better management fees and general administrative expenses. However, the guidance for 2025, while better than anticipated in some areas like same-store revenue and NOI, fell short in core FFO per share compared to consensus estimates.
Additionally, while NSA has initiated a substantial share repurchase program and entered a new sales agreement, these moves are not binding, which adds a layer of uncertainty. The acquisition of new properties indicates growth, but the overall mixed key performance indicators, such as a decline in occupancy rates, suggest a cautious approach. These elements combined lead to a neutral outlook, justifying the Hold rating as the stock price is expected to remain stable in the near term.

In another report released yesterday, Truist Financial also maintained a Hold rating on the stock with a $39.00 price target.