National Storage Affiliates (NSA) AI Stock Analysis

• Market Cap: $4.51B
• Dividend Yield: 8.28%
• Average Volume (3M): 1.29M
• Price to Earnings (P/E): 54.4
• Beta (1Y): 0.56
• 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: 1,690,563
• 30 Day Avg. Volume: 1,288,843
• 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: 1.48
• Enterprise Value/Revenue: 8.82
• Enterprise Value/Gross Profit: 12.40
• Enterprise Value/Ebitda: 14.44
• 1Y Price Target: $32.38
• Price Target Upside: -4.20% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 9
• EPS Forecast (FY): 0.6
• Revenue Forecast (FY): $751.87M

• Rating: 61 Neutral
• Price Target: $35.00 ▲(3.55% Upside)

National Storage Affiliates' overall score is driven by a stable financial position and strong cash flow management. However, technical indicators suggest bearish momentum, and the high P/E ratio indicates overvaluation concerns. The earnings call provides a cautiously optimistic outlook, but challenges in revenue growth and increased expenses remain significant factors.

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 rental income from its extensive network of self-storage facilities. The company's revenue model is built on long-term leases with customers who pay monthly for storage space, creating a steady and predictable income stream. In addition to rental income, NSA benefits from ancillary services such as retail sales of packing supplies, insurance offerings for stored goods, and administrative fees for late payments. The company also engages in strategic acquisitions of self-storage properties to enhance its portfolio and increase revenue. Partnerships with local operators allow NSA to leverage existing customer bases and operational expertise, further contributing to its earnings growth.

National Storage Affiliates Financial Statement Overview

Summary

National Storage Affiliates demonstrates a stable financial position with strong cash flow management and reduced leverage. However, the decline in revenue growth and gross profit margin in the TTM period suggests potential challenges in maintaining growth momentum. The company should focus on enhancing profitability and revenue generation to sustain its financial health.

Income Statement

The income statement shows a mixed performance. The TTM data indicates a decline in revenue growth rate, which is concerning, but the company maintains a reasonable net profit margin of 10.57%. The gross profit margin has decreased compared to previous years, suggesting pressure on costs or pricing. Despite these challenges, the EBIT and EBITDA margins remain solid, reflecting operational efficiency.

Balance Sheet

The balance sheet reflects a strong equity position with a low debt-to-equity ratio of 0.02 in the TTM period, indicating reduced leverage risk. However, the return on equity has slightly decreased, suggesting a need for improved profitability. The equity ratio remains healthy, indicating a stable financial structure.

Cash Flow

Cash flow analysis reveals a positive trajectory with a 6.82% growth in free cash flow in the TTM period. The operating cash flow to net income ratio is robust, indicating strong cash generation relative to earnings. The free cash flow to net income ratio is also healthy, underscoring efficient cash management.

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	537.69M	558.48M	629.08M	590.54M	430.41M	308.74M
EBITDA	461.61M	531.15M	626.72M	532.21M	379.00M	260.92M
Net Income	67.62M	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	3.43B	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	315.47M	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: Positive
• Last Price: 33.80
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

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 33.8 is above the 20-day moving average (MA) of 29.64, above the 50-day MA of 29.20, and above the 200-day MA of 30.83, indicating a bullish trend. The MACD of 1.15 indicates Negative momentum. The RSI at 80.99 is Negative, neither overbought nor oversold. The STOCH value of 97.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NSA.

National Storage Affiliates Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSA	73 Outperform	$51.42B	30.45	20.00%	4.63%	2.30%	-0.22%
CUBE	69 Neutral	$8.97B	25.11	12.82%	5.69%	4.19%	-12.19%
IIPR	69 Neutral	$1.42B	12.01	6.49%	13.07%	-11.22%	-24.64%
EXR	68 Neutral	$32.60B	32.90	6.86%	5.01%	3.38%	17.16%
SELF	67 Neutral	$57.48M	32.42	3.70%	5.63%	3.36%	-43.55%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
NSA	61 Neutral	$4.51B	54.44	6.89%	8.28%	-4.98%	-65.45%