Analyst Juan C. Sanabria of BMO Capital maintained a Hold rating on National Storage Affiliates, with a price target of $35.00.
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Juan C. Sanabria has given his Hold rating due to a combination of factors, including solid recent performance but tempered forward expectations. NSA delivered a fourth-quarter core FFO result slightly ahead of consensus, driven by better same-store performance and improving occupancy trends supported by higher marketing efforts, and 2026 guidance for same-store revenue also screened favorably versus initial expectations.
At the same time, Sanabria highlights that full-year 2025 Core FFO guidance sits essentially in line with Street estimates and implies a modest year-over-year decline, with flat same-store NOI reflecting persistent cost pressures. Given NSA’s substantial outperformance versus storage peers this year and already elevated investor expectations, he sees limited upside in the near term and prefers to wait for more visibility into the underlying assumptions behind the 2026 same-store revenue outlook before turning more constructive.