National Storage Affiliates (NSA) AI Stock Analysis

• Market Cap: $3.98B
• Dividend Yield: 7.67%
• Average Volume (3M): 1.17M
• Price to Earnings (P/E): 49.9
• Beta (1Y): 0.78
• Revenue Growth: -9.89%
• EPS Growth: -70.29%
• Country: US
• Employees: 1,466
• Sector: Real Estate
• Sector Strength: 58
• Industry: REIT - Industrial
• EPS (TTM): 0.19
• Shares Outstanding: 76,489,210
• 10 Day Avg. Volume: 942,994
• 30 Day Avg. Volume: 1,172,343
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.87
• Enterprise Value/Revenue: 9.75
• Enterprise Value/Gross Profit: 13.52
• Enterprise Value/Ebitda: 15.69
• 1Y Price Target: $35.31
• Price Target Upside: 19.29% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 9

• Rating: 56 Neutral
• Price Target: $30.00 ▲(1.35%Upside)

The overall score reflects a company facing financial challenges with high leverage and declining profitability. Technical indicators suggest bearish market sentiment, and valuation metrics indicate potential overvaluation. Despite this, strong cash flow and optimistic management guidance could support future performance improvement.

Positive Factors

Contract Rent Growth

NSA's street and in-place contract rents have grown sequentially every month through April.

Earnings Guidance

NSA maintained 2025 FFO/sh guidance at $2.34/sh, which is in line with the consensus and slightly above some estimates.

Future Revenue Growth

Same-store revenue is guided to re-accelerate in the second half of the year with move-in rates increasing.

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 Business Overview & Revenue Model

Company Description

National Storage Affiliates Trust (NSA) is a prominent real estate investment trust (REIT) operating in the self-storage sector across the United States. The company focuses on the ownership, operation, and acquisition of self-storage properties, providing secure and convenient storage solutions for personal, business, and vehicle needs. NSA is known for its innovative PRO (Participating Regional Operators) structure, which aligns the interests of regional operators with the company, promoting growth and operational efficiency.

How the Company Makes Money

National Storage Affiliates generates revenue primarily through the rental income of its self-storage facilities. The company leases storage units to individuals and businesses on a short-term basis, typically month-to-month, which provides a consistent and recurring revenue stream. Additional income is derived from ancillary services such as tenant insurance, packing supplies, and administrative fees. NSA's PRO structure allows it to partner with regional operators who contribute their properties and expertise, aligning their interests with the overall performance of the company, which enhances operational efficiencies and contributes to revenue growth. Additionally, NSA may engage in strategic acquisitions of existing self-storage properties to expand its portfolio and increase its market presence, further driving revenue.

National Storage Affiliates Financial Statement Overview

Summary

National Storage Affiliates presents a mixed financial picture. Strong cash flow conversion and stable EBIT/EBITDA margins are positive, but revenue decline and high leverage pose risks. The net profit margin's decrease and high debt levels are concerning, requiring attention to revenue growth and debt management.

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.

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.

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.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	770.34M	858.06M	801.57M	585.67M	432.22M
Gross Profit	558.48M	407.08M	357.39M	272.09M	308.74M
EBITDA	487.01M	626.72M	532.21M	379.00M	262.13M
Net Income	111.52M	156.67M	103.74M	105.25M	48.61M
Balance Sheet
Total Assets	5.35B	5.93B	6.07B	5.56B	3.51B
Cash, Cash Equivalents and Short-Term Investments	50.41M	94.59M	35.31M	25.01M	18.72M
Total Debt	3.47B	3.68B	3.58B	2.96B	1.94B
Total Liabilities	3.59B	3.81B	3.68B	3.08B	2.08B
Stockholders Equity	1.08B	1.42B	1.65B	1.78B	968.96M
Cash Flow
Free Cash Flow	344.41M	406.03M	400.12M	303.35M	203.90M
Operating Cash Flow	363.06M	441.58M	443.85M	331.35M	220.65M
Investing Cash Flow	425.42M	161.10M	-584.16M	-2.00B	-509.68M
Financing Cash Flow	-825.42M	-557.19M	154.64M	1.67B	286.45M

National Storage Affiliates Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 29.60
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 29.6 is below the 20-day moving average (MA) of 31.41, below the 50-day MA of 32.32, and below the 200-day MA of 36.39, indicating a bearish trend. The MACD of -0.73 indicates Positive momentum. The RSI at 30.18 is Neutral, neither overbought nor oversold. The STOCH value of 12.69 is Positive, 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
PLYM	79 Outperform	$662.49M	4.72	26.05%	6.67%	-3.48%	615.20%
PSA	77 Outperform	$48.93B	30.43	18.98%	4.30%	2.49%	-14.10%
CUBE	74 Outperform	$9.14B	24.32	13.43%	5.19%	3.14%	-8.01%
IIPR	71 Outperform	$1.44B	9.88	7.78%	14.79%	-1.33%	-8.62%
EXR	66 Neutral	$30.87B	30.27	6.97%	4.65%	4.83%	18.94%
Sector *	63 Neutral	$6.73B	14.24	-1.44%	7.30%	4.75%	-35.88%
NSA	56 Neutral	$3.98B	49.88	5.66%	7.67%	-9.89%	-70.29%

National Storage Affiliates Corporate Events

National Storage Affiliates Holds Annual Shareholder Meeting

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.