National Storage Affiliates Trust

NSA

Equity

ISIN US6378701063 / Valor 27168606

New York Stock Exchange, Inc (2024-12-24)

USD 38.05+0.40%

National Storage Affiliates Trust
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About company

National Storage Affiliates Trust (NSA) is a self-administered, self-managed real estate investment trust that owns, operates, and acquires high-quality self-storage facilities in high-growth markets. The company is comprised of eight Participating Regional Operators (PROs) and four internal brands, which manage NSA's joint ventures and corporate-managed stores. The PROs, who have an average of approximately 30 years of storage industry experience, contribute their properties in exchange for equity in NSA and continue to function as property managers under their existing brands. NSA benefits from the local expertise and shared best practices among its PROs, as well as their strong network of industry relationships, which fuel the company's portfolio growth.

Summarized from source with an LLMView SourceSector: Finance

Net Income

National Storage Affiliates Trust reported a net income of $32.3 million for the second quarter of 2024. This represents a decrease of 29.0% compared to the second quarter of 2023. The decline in net income was primarily attributed to a decrease in net operating income (NOI) and the sale of several self storage properties.

Earnings Per Share

The company reported diluted earnings per share of $0.16 for the second quarter of 2024. This is a significant drop from the $0.28 per share reported in the same quarter of the previous year. The decrease in earnings per share is reflective of the overall reduction in net income.

Core Funds From Operations

National Storage Affiliates Trust's core funds from operations (Core FFO) for the second quarter of 2024 were $71.2 million, or $0.62 per share. This marks a decrease of 8.8% per share compared to the second quarter of 2023. The decline in Core FFO was influenced by a reduction in same store NOI and increased general and administrative expenses.

Same Store Net Operating Income

The company reported a decrease in same store net operating income (NOI) of 5.6% for the second quarter of 2024 compared to the same period in 2023. This was driven by a 2.8% decrease in same store total revenues and a 4.8% increase in same store property operating expenses. The decrease in occupancy rates also contributed to the decline in same store NOI.

Acquisitions and Share Repurchase

During the second quarter of 2024, National Storage Affiliates Trust acquired three wholly-owned self storage properties for approximately $25.2 million. Additionally, the company repurchased 1,908,397 of its common shares for approximately $71.6 million under its previously announced share repurchase program. These strategic moves are part of the company's efforts to optimize its portfolio and enhance shareholder value.

Summarized from source with an LLMView Source

Key figures

-7.53%1Y

-43.3%3Y

16.2%5Y

Performance

28.7%1Y

30.1%3Y

34.4%5Y

Volatility