National Storage reports Q1 FFO 54c, consensus 56c

Reports Q1 revenue $168.6M, consensus $186.9M. Reported a decrease in same store net operating income (“NOI”) of 5.7% for the first quarter of 2025 compared to the same period in 2024, driven by a 3.0% decrease in same store total revenues and a 3.7% increase in same store property operating expenses. Reported same store period-end occupancy of 83.6% as of March 31, 2025, a decrease of 240 basis points compared to March 31, 2024. David Cramer, CEO, commented, “Our first quarter results were in-line with our expectations. We’re encouraged with the sequential improvement in the pace of year-over-year same store revenue and NOI growth from the fourth quarter, implying that the troughs in same store growth are now behind us. Although occupancy levels remain muted, street rates and in-place contract rents have grown sequentially every month of this year through April, providing momentum into the spring leasing season. Despite increased economic uncertainty, we remain positive on the medium-term outlook for the self storage sector, and NSA specifically.”