National Storage Affiliates (NSA) AI Stock Analysis

• Market Cap: $4.27B
• Dividend Yield: 7.27%
• Average Volume (3M): 1.12M
• Price to Earnings (P/E): 50.7
• Beta (1Y): 0.71
• Revenue Growth: -7.33%
• EPS Growth: -66.93%
• Country: US
• Employees: 1,466
• Sector: Real Estate
• Sector Strength: 53
• Industry: REIT - Industrial
• EPS (TTM): 0.19
• Shares Outstanding: 76,765,050
• 10 Day Avg. Volume: 1,010,060
• 30 Day Avg. Volume: 1,118,033
• 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: 1.60
• Enterprise Value/Revenue: 8.96
• Enterprise Value/Gross Profit: 13.74
• Enterprise Value/Ebitda: 14.89
• 1Y Price Target: $33.50
• Price Target Upside: 6.82% Upside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 10

• Rating: 64 Neutral
• Price Target: $34.00 ▲(8.42% Upside)

National Storage Affiliates faces challenges with declining revenue and free cash flow growth, impacting its financial performance. While operational efficiency and a solid balance sheet provide stability, the high P/E ratio suggests potential overvaluation. The earnings call reflects a balanced sentiment with both positive developments and ongoing challenges. Technical indicators show stable price trends, but the overall outlook remains cautious.

Positive Factors

Operational Efficiency

NSA's operational efficiency and low leverage provide a stable foundation for long-term growth, allowing it to manage costs effectively and maintain financial stability.

Occupancy Improvement

Improved occupancy rates indicate better asset utilization and potential revenue growth, enhancing NSA's competitive position in the self-storage market.

Technology and Marketing Advances

Adopting AI and enhanced marketing strategies can drive demand and operational efficiency, positioning NSA for sustained growth in a competitive industry.

Negative Factors

Declining Revenue Growth

Significant revenue decline suggests challenges in market demand or pricing power, potentially impacting long-term profitability and growth prospects.

Core FFO Per Share Decline

A decline in core FFO per share indicates reduced cash flow available for reinvestment or distribution, which could affect NSA's financial flexibility and investor returns.

Increased Expenses

Rising expenses can erode profit margins and limit NSA's ability to invest in growth initiatives, posing a challenge to maintaining competitive advantage.

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 presents a mixed financial picture. Strong cash flow generation and stable EBIT and EBITDA margins are positives. However, challenges include a declining net profit margin, negative revenue growth, and high leverage, which 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.

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	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	760.93M	770.34M	858.06M	801.57M	585.67M	432.22M
Gross Profit	496.24M	558.48M	407.08M	357.39M	272.09M	308.74M
EBITDA	458.11M	487.01M	626.72M	532.21M	379.00M	262.13M
Net Income	67.87M	111.52M	156.67M	103.74M	105.25M	48.61M
Balance Sheet
Total Assets	5.18B	5.35B	5.93B	6.07B	5.56B	3.51B
Cash, Cash Equivalents and Short-Term Investments	26.12M	50.41M	94.59M	35.31M	25.01M	18.72M
Total Debt	22.68M	3.47B	3.68B	3.58B	2.96B	1.94B
Total Liabilities	3.54B	3.59B	3.81B	3.68B	3.08B	2.08B
Stockholders Equity	1.00B	1.08B	1.42B	1.65B	1.78B	968.96M
Cash Flow
Free Cash Flow	295.33M	342.49M	406.03M	400.12M	303.35M	203.90M
Operating Cash Flow	351.35M	363.06M	441.58M	443.85M	331.35M	220.65M
Investing Cash Flow	-93.69M	425.42M	161.10M	-584.16M	-2.00B	-509.68M
Financing Cash Flow	-296.75M	-825.42M	-557.19M	154.64M	1.67B	286.45M

National Storage Affiliates Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 31.36
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• 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 31.36 is above the 20-day moving average (MA) of 31.15, above the 50-day MA of 31.02, and below the 200-day MA of 33.17, indicating a neutral trend. The MACD of 0.35 indicates Negative momentum. The RSI at 51.41 is Neutral, neither overbought nor oversold. The STOCH value of 37.95 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	―	$53.03B	32.98	18.98%	4.00%	2.49%	-14.10%
CUBE	―	$9.64B	25.63	13.43%	4.99%	3.14%	-8.01%
EXR	―	$33.30B	32.66	6.97%	4.33%	4.83%	18.94%
IIPR	―	$1.48B	11.42	7.04%	14.31%	-7.80%	-18.78%
Sector *	―	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
NSA	―	$4.27B	50.73	6.19%	7.27%	-7.33%	-66.93%
SELF	―	$56.69M	22.93	5.15%	5.78%	4.08%	11.03%

National Storage Affiliates Corporate Events

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.