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National Storage Affiliates Trust (NSA)
NYSE:NSA
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National Storage Affiliates
(NYSE:NSA)
Rating:60Neutral
Price Target:
$33.00
â–²(2.90% Upside)
Positive Factors
Growth Potential
Investors seemed intrigued by NSA's potential to deliver enhanced industry growth as fundamentals grind higher.
Operational Stability
Employee turnover is at a three-year low and the team is now fully staffed.
Negative Factors
Dividend Concerns
The revised earnings now trigger a legitimate discussion around a dividend cut.
Financial Guidance
NSA significantly lowered its financial guidance for 2025, which missed analyst expectations.
Revenue Performance
Quarterly operations showed little improvement, with key revenue metrics declining compared to the previous year.
National Storage Affiliates (NSA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.27B
Dividend Yield7.08%
Average Volume (3M)1.08M
Price to Earnings (P/E)51.0
Beta (1Y)0.78
Revenue Growth-7.33%
EPS Growth-66.93%
CountryUS
Employees1,466
SectorReal Estate
Sector Strength52
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.19
Shares Outstanding76,765,050
10 Day Avg. Volume1,023,668
30 Day Avg. Volume1,079,458
Financial Highlights & Ratios
PEG Ratio-0.50
Price to Book (P/B)2.71
Price to Sales (P/S)3.78
P/FCF Ratio8.46
Enterprise Value/Market Cap1.60
Enterprise Value/Revenue8.94
Enterprise Value/Gross Profit12.39
Enterprise Value/Ebitda14.80
Forecast
1Y Price Target
$33.35Price Target Upside3.99% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering10
National Storage Affiliates Business Overview & Revenue Model
Company DescriptionNational Storage Affiliates (NSA) is a real estate investment trust (REIT) that specializes in acquiring, owning, and operating self-storage properties across the United States. The company operates through a unique structure that partners with regional operators to manage its self-storage facilities, allowing for a diversified portfolio of storage assets. NSA focuses on providing high-quality storage solutions to both residential and commercial customers, offering various unit sizes, climate-controlled options, and advanced security features.
How the Company Makes MoneyNational 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 Key Performance Indicators (KPIs)
Any
Ending Same-Store Occupancy
Indicates the percentage of storage units occupied at the end of a period in stores open for at least a year, reflecting demand stability and pricing power.
Indicates the percentage of storage units occupied at the end of a period in stores open for at least a year, reflecting demand stability and pricing power.
Data provided by:
Main Street Data
Main Street DataNational Storage Affiliates Earnings Call Summary
Earnings Call Date:Aug 04, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 29, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted improvements in occupancy and RevPar growth, along with advancements in technology and successful property dispositions. However, these are overshadowed by a decline in core FFO and same-store NOI, increased expenses, and challenges related to pro internalization and concessions. The overall sentiment reflects a balanced perspective with both achievements and ongoing challenges.Q2-2025 Updates
Positive Updates
Occupancy Improvement
Occupancy increased 140 basis points sequentially during the second quarter to finish at 85% and further increased in July to 85.3%.
RevPar Growth
RevPar has grown for 5 consecutive months ending July with the year-over-year delta improving from down 4.2% in February to down 1.6% in July.
Technology and Marketing Advances
The use of AI in call centers now handles 15% of total incoming call volume. Enhanced marketing strategies have led to improved top-of-the-funnel demand.
Successful Property Dispositions
Sold 10 properties in non-core markets and used net proceeds of $40 million to pay down the revolver.
Strong Portland Market Performance
Portland market shows a positive same-store revenue growth after overcoming a period of oversupply.
Negative Updates
Core FFO Per Share Decline
Reported core FFO per share of $0.55 for the second quarter, an 11% decline from the prior year period.
Same-Store NOI and Revenue Decline
Same-store revenues declined 3%, driven by lower average occupancy and a year-over-year decline in average revenue per square foot.
Increased Expenses
Expense growth was 4.6% in the second quarter, driven by property taxes, marketing, and R&M.
Challenges in Pro Internalization
Realizing benefits from the pro internalization is taking longer than expected, impacting revenue management strategies and brand consolidation.
Elevated Use of Concessions
Increased use of concessions during the quarter was a near-term drag on revenues.
Company Guidance
During the second quarter of 2025, National Storage Affiliates Trust (NSA) faced several challenges impacting their financial performance, leading to adjustments in their guidance. Core FFO per share declined by 11% year-over-year to $0.55, driven by a 3% decrease in same-store revenues, a 240 basis point drop in average occupancy, and a 30 basis point decrease in average revenue per square foot. Expenses grew by 4.6%, with significant increases in property taxes, marketing, and repair and maintenance costs. NSA's guidance for 2025 was updated to reflect these challenges, with same-store revenue growth expected to be between negative 2% to 3%, same-store NOI growth between negative 4.25% to 5.75%, and core FFO per share between $2.17 to $2.23. Despite the headwinds, NSA remains optimistic about future prospects, citing improvements in occupancy, a decline in new supply, and positive trends in certain markets.National Storage Affiliates Financial Statement Overview
Summary
National Storage Affiliates shows strong cash flow generation and stability in core operations, but faces challenges with revenue growth and high leverage. The declining net profit margin and high debt levels pose potential risks.Income Statement
The income statement reveals a mixed performance. Gross profit margin is strong at approximately 72.14% for TTM, indicating effective cost management. However, the net profit margin has decreased to 8.58% for TTM, showing a decline from 14.48% in 2024. Revenue growth has been negative in recent periods, with a decrease of 10.22% from 2023 to 2024, reflecting potential challenges in revenue generation. EBIT and EBITDA margins have shown stability, which is positive for core operations.65
Positive
Balance Sheet
The balance sheet shows a high debt-to-equity ratio of 3.34 for TTM, indicating significant leverage and potential risk. The equity ratio is relatively low at 19.67%, which points to heavy reliance on debt financing. Return on equity has decreased to 6.33% for TTM, down from 10.37% in 2024, suggesting reduced profitability for shareholders.55
Neutral
Cash Flow
Cash flow analysis indicates a strong free cash flow to net income ratio of 5.15 for TTM, reflecting robust cash generation. The operating cash flow to net income ratio is healthy at 5.42, showing efficient conversion of earnings to cash. Despite a slight decline in free cash flow from 2024 to TTM, the company maintains good cash flow management.72
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 762.54M | 770.34M | 858.06M | 801.57M | 585.67M | 432.22M |
| Gross Profit | 550.28M | 558.48M | 407.08M | 357.39M | 272.09M | 308.74M |
| EBITDA | 460.88M | 487.01M | 626.72M | 532.21M | 379.00M | 262.13M |
| Net Income | 65.48M | 111.52M | 156.67M | 103.74M | 105.25M | 48.61M |
Balance Sheet | ||||||
| Total Assets | 5.26B | 5.35B | 5.93B | 6.07B | 5.56B | 3.51B |
| Cash, Cash Equivalents and Short-Term Investments | 19.27M | 50.41M | 94.59M | 35.31M | 25.01M | 18.72M |
| Total Debt | 3.45B | 3.47B | 3.68B | 3.58B | 2.96B | 1.94B |
| Total Liabilities | 3.56B | 3.59B | 3.81B | 3.68B | 3.08B | 2.08B |
| Stockholders Equity | 1.03B | 1.08B | 1.42B | 1.65B | 1.78B | 968.96M |
Cash Flow | ||||||
| Free Cash Flow | 336.93M | 344.41M | 406.03M | 400.12M | 303.35M | 203.90M |
| Operating Cash Flow | 354.69M | 363.06M | 441.58M | 443.85M | 331.35M | 220.65M |
| Investing Cash Flow | -151.66M | 425.42M | 161.10M | -584.16M | -2.00B | -509.68M |
| Financing Cash Flow | -271.94M | -825.42M | -557.19M | 154.64M | 1.67B | 286.45M |
National Storage Affiliates Technical Analysis
Positive
32.07
Price Trends
31.44
Positive
33.00
Negative
35.49
Negative
Market Momentum
0.12
Negative
59.19
Neutral
65.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NSA, the sentiment is Positive. The current price of 32.07 is above the 20-day moving average (MA) of 30.53, above the 50-day MA of 31.44, and below the 200-day MA of 35.49, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 59.19 is Neutral, neither overbought nor oversold. The STOCH value of 65.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NSA.
National Storage Affiliates Risk Analysis
National Storage Affiliates disclosed 37 risk factors in its most recent earnings report. National Storage Affiliates reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
National Storage Affiliates Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $966.20M | 7.44 | 25.64% | 4.38% | -3.63% | 436.37% | |
76 Outperform | $50.68B | 31.62 | 18.98% | 4.12% | 2.49% | -14.10% | |
75 Outperform | $1.54B | 11.91 | 7.04% | 13.43% | -7.80% | -18.78% | |
73 Outperform | $9.22B | 24.62 | 13.43% | 5.08% | 3.14% | -8.01% | |
73 Outperform | $31.15B | 30.47 | 6.97% | 4.58% | 4.83% | 18.94% | |
63 Neutral | $7.00B | 13.45 | -0.52% | 6.98% | 3.61% | -22.78% | |
60 Neutral | $4.27B | 50.99 | 6.19% | 7.08% | -7.33% | -66.93% |
* Real Estate Sector Average
Performance Comparison
NSA
National Storage Affiliates
32.07
-11.37
-26.17%
CUBE
Cubesmart
40.71
-8.46
-17.21%
EXR
Extra Space Storage
141.57
-26.82
-15.93%
PSA
Public Storage
291.19
-37.87
-11.51%
IIPR
Innovative Industrial Properties
56.61
-54.58
-49.09%
PLYM
Plymouth Industrial Reit
21.92
-0.54
-2.40%
National Storage Affiliates Corporate Events
Executive/Board ChangesShareholder Meetings
National Storage Affiliates Holds Annual Shareholder Meeting
Neutral
May 15, 2025
On May 12, 2025, National Storage Affiliates Trust held its annual meeting of shareholders, where approximately 91.50% of the company’s common shares were represented. During the meeting, shareholders elected eleven trustees to the board, ratified KPMG LLP as the independent auditor for 2025, and approved executive compensation on an advisory basis.
The most recent analyst rating on (NSA) stock is a Sell with a $38.00 price target. To see the full list of analyst forecasts on National Storage Affiliates stock, see the NSA Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.