National Storage Affiliates (NSA) AI Stock Analysis

• Market Cap: $3.95B
• Dividend Yield: 7.76%
• Average Volume (3M): 1.35M
• Price to Earnings (P/E): 47.7
• Beta (1Y): 0.60
• Revenue Growth: -4.98%
• EPS Growth: -65.45%
• Country: US
• Employees: 1,466
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 0.17
• Shares Outstanding: 76,960,770
• 10 Day Avg. Volume: 1,412,852
• 30 Day Avg. Volume: 1,347,872
• PEG Ratio: -0.50
• Price to Book (P/B): 2.71
• Price to Sales (P/S): 3.78
• P/FCF Ratio: 8.51
• Enterprise Value/Market Cap: 1.69
• Enterprise Value/Revenue: 8.82
• Enterprise Value/Gross Profit: 16.49
• Enterprise Value/Ebitda: 15.83
• 1Y Price Target: $33.50
• Price Target Upside: 13.95% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 9
• EPS Forecast (FY): 0.59
• Revenue Forecast (FY): $745.74M

• Rating: 60 Neutral
• Price Target: $31.00 ▲(5.44% Upside)

National Storage Affiliates' overall stock score reflects a mix of strengths and challenges. The company's strong operational efficiency and solid balance sheet are offset by declining revenue and free cash flow growth. Technical indicators suggest bearish momentum, while valuation metrics indicate potential overvaluation despite an attractive dividend yield. The earnings call provides a cautiously optimistic outlook, highlighting strategic initiatives and sector opportunities, but also acknowledges ongoing challenges.

Positive Factors

Operational Efficiency

The company's operational efficiency and low leverage indicate effective management and financial stability, supporting long-term growth and resilience.

New Joint Venture and Preferred Equity Program

The joint venture and preferred equity program can enhance NSA's investment capabilities, providing higher yields and diversifying revenue streams, strengthening its market position.

Marketing and Revenue Management Improvements

Improved marketing and revenue management can drive higher occupancy and revenue, enhancing NSA's competitive edge and long-term profitability.

Negative Factors

Decline in Revenue Growth

The decline in revenue growth reflects a challenging market environment, which could hinder NSA's ability to expand and maintain profitability over the long term.

Increased Interest Expenses

Rising interest and expense growth can pressure NSA's margins and cash flow, potentially limiting its ability to invest in growth opportunities.

Payout Ratio Over 100%

A payout ratio over 100% suggests that NSA may struggle to sustain its dividend payments, which could impact investor confidence and financial flexibility.

National Storage Affiliates Business Overview & Revenue Model

Company Description

National Storage Affiliates Trust is a Maryland real estate investment trust focused on the ownership, operation and acquisition of self storage properties located within the top 100 metropolitan statistical areas throughout the United States. As of September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States.

How the Company Makes Money

National Storage Affiliates generates revenue primarily through the rental of self-storage units to customers. The company charges monthly fees for storage space, which can vary based on factors such as location, unit size, and additional services like climate control. Additionally, NSA earns income from ancillary services, including the sale of packing supplies and insurance options for stored items. The company's revenue model is supported by its strategic partnerships with regional operators, which allow for efficient management and marketing of facilities, enhancing occupancy rates and overall profitability. NSA also benefits from economies of scale in property management and marketing, allowing it to optimize operational efficiencies and drive revenue growth. Seasonal demand fluctuations, urbanization trends, and the increasing need for storage solutions due to lifestyle changes also contribute to NSA's earnings potential.

National Storage Affiliates Financial Statement Overview

Summary

National Storage Affiliates demonstrates strong operational efficiency and a solid balance sheet with low leverage. However, declining revenue and free cash flow growth pose challenges. The company maintains healthy profit margins, but the decrease in net profit margin and free cash flow growth indicates potential areas of concern. Continued focus on revenue growth and cash flow management will be crucial for sustaining financial health.

Income Statement

National Storage Affiliates has shown a decline in revenue growth with a negative rate of -21.1% in the TTM period, indicating a challenging market environment. The gross profit margin remains healthy at 65.2%, but the net profit margin has decreased to 8.9%, reflecting reduced profitability. EBIT and EBITDA margins are strong at 34.8% and 60.2%, respectively, suggesting efficient operational management despite revenue challenges.

Balance Sheet

The company's balance sheet reflects a strong equity position with a low debt-to-equity ratio of 0.02 in the TTM period, indicating low leverage and financial stability. Return on equity is moderate at 6.6%, suggesting decent profitability relative to shareholder equity. The equity ratio is not explicitly calculated, but the low leverage suggests a solid equity base.

Cash Flow

Cash flow analysis shows a decline in free cash flow growth at -12.3%, which could impact future investments and operations. The operating cash flow to net income ratio is robust at 8.12, indicating strong cash generation relative to net income. However, the free cash flow to net income ratio of 0.84 suggests some pressure on free cash flow generation.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	756.02M	770.34M	858.06M	801.57M	585.67M	432.22M
Gross Profit	404.34M	558.48M	629.08M	590.54M	430.41M	308.74M
EBITDA	421.06M	531.15M	626.72M	532.21M	379.00M	260.92M
Net Income	79.95M	111.52M	156.67M	103.74M	105.25M	48.61M
Balance Sheet
Total Assets	5.14B	5.35B	5.93B	6.07B	5.56B	3.51B
Cash, Cash Equivalents and Short-Term Investments	26.30M	50.41M	64.98M	35.31M	25.01M	18.72M
Total Debt	22.39M	3.47B	3.68B	3.58B	2.96B	2.02B
Total Liabilities	3.56B	3.59B	3.81B	3.68B	3.08B	2.08B
Stockholders Equity	973.13M	1.08B	1.42B	1.65B	1.78B	968.96M
Cash Flow
Free Cash Flow	315.62M	342.49M	406.03M	400.12M	303.35M	203.90M
Operating Cash Flow	345.83M	363.06M	441.58M	443.85M	331.35M	220.65M
Investing Cash Flow	-34.66M	425.42M	161.10M	-584.16M	-2.00B	-509.68M
Financing Cash Flow	-361.73M	-825.42M	-557.19M	154.64M	1.67B	286.45M

National Storage Affiliates Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 29.40
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NSA, the sentiment is Negative. The current price of 29.4 is below the 20-day moving average (MA) of 30.26, below the 50-day MA of 30.55, and below the 200-day MA of 32.78, indicating a bearish trend. The MACD of -0.45 indicates Positive momentum. The RSI at 38.65 is Neutral, neither overbought nor oversold. The STOCH value of 24.87 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NSA.

National Storage Affiliates Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSA	68 Neutral	$48.12B	28.50	20.00%	4.15%	2.30%	-0.22%
EXR	66 Neutral	$29.45B	29.72	6.86%	4.96%	3.38%	17.16%
IIPR	66 Neutral	$1.36B	11.45	6.49%	15.69%	-11.22%	-24.64%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
CUBE	65 Neutral	$8.39B	23.49	12.82%	5.77%	4.19%	-12.19%
SELF	62 Neutral	$56.46M	31.84	3.70%	5.71%	3.36%	-43.55%
NSA	60 Neutral	$3.95B	47.72	6.89%	7.76%	-4.98%	-65.45%

National Storage Affiliates Corporate Events

National Storage Affiliates Trust Reports Q3 2025 Earnings

National Storage Affiliates Trust, a real estate investment trust based in Greenwood Village, Colorado, focuses on owning, operating, and acquiring self-storage properties across the United States. In its third quarter of 2025 earnings report, the company announced a net income of $29.0 million, marking a 2.5% decrease from the previous year. The company’s diluted earnings per share also saw a slight decline from $0.18 to $0.17. Core funds from operations fell by 8.1% per share, reflecting challenges in the current market environment. Key financial metrics highlighted a decrease in same store net operating income by 5.7%, influenced by a 2.6% drop in same store total revenues and a 4.9% rise in property operating expenses. The company also reported a decrease in same store occupancy to 84.5%. Despite these challenges, NSA made strategic moves by acquiring two self-storage properties for $32.0 million and rebranding its Moove In stores to iStorage. Looking ahead, NSA’s management remains optimistic about the future, citing potential improvements in self-storage fundamentals due to expected interest rate cuts and a favorable supply environment. The company is poised to capitalize on these opportunities through enhanced operational efficiency and strategic capital recycling.

National Storage Affiliates Trust’s Optimistic Earnings Call

National Storage Affiliates Trust’s recent earnings call conveyed a cautiously optimistic sentiment, highlighting solid growth plans amidst ongoing challenges. While the company is poised for improvement in several areas, it faces hurdles such as declines in same-store revenue and increased expenses that need to be addressed.

National Storage Affiliates Trust Reports Q2 2025 Earnings

National Storage Affiliates Trust is a real estate investment trust focused on the ownership, operation, and acquisition of self-storage properties across the United States, with a significant presence in the top 100 metropolitan statistical areas. In its second quarter 2025 earnings report, the company announced a net income of $31.0 million, marking a 4.1% decline from the previous year, while diluted earnings per share increased to $0.19 from $0.16. The company also reported a decrease in core funds from operations by 11.3% per share compared to the same period in 2024. Key financial metrics highlighted include a 6.1% decrease in same-store net operating income, influenced by a 3.0% drop in same-store total revenues and a 4.6% rise in property operating expenses. The company also reported a decrease in same-store occupancy to 85.0% as of June 30, 2025. Despite these challenges, NSA made strategic acquisitions and dispositions, including the purchase of a wholly-owned self-storage property and the sale of ten properties for approximately $66.5 million. Looking ahead, NSA management remains optimistic about the positive momentum from enhanced marketing and revenue management strategies, although they acknowledge the impact of macroeconomic conditions on their revised guidance for 2025.

National Storage Affiliates Trust Earnings Call Highlights

The recent earnings call for National Storage Affiliates Trust painted a mixed picture, balancing positive operational trends with significant financial pressures. While there were notable improvements in occupancy and revenue per available square foot, the company faced challenges with declining financial metrics and increased operational expenses. The sentiment reflected cautious optimism amid ongoing market challenges.