Earnings GuidanceThe core FFO per share guidance for 2025 is below consensus expectations.
Housing Market ChallengesNSA's more Sunbelt-oriented portfolio continues to see challenges around housing activity and supply in markets like Phoenix, Atlanta, and Florida where supply remains elevated and move-in demand is muted.
Same-Store GrowthNSA faces more relative risk in its guide compared to larger peers, with an expectation of slightly negative same-store growth.