National Storage Affiliates Trust

NSA

Equity

ISIN null / Valor 27168606

New York Stock Exchange, Inc (2025-11-21)

USD 28.81+1.84%

National Storage Affiliates Trust
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About company

National Storage Affiliates Trust (NSA) is a publicly traded real estate investment trust based in Greenwood Village, Colorado, that specializes in the ownership, operation, and acquisition of self-storage facilities across the United States. As of March 31, 2025, NSA manages over 1,075 properties in 41 states and Puerto Rico, offering approximately 70.2 million rentable square feet. The company's portfolio is primarily located within the top 100 metropolitan statistical areas, positioning NSA as one of the largest self-storage operators among both public and private firms in the U.S. Additionally, NSA is included in prominent stock indices such as the MSCI US REIT Index, the Russell 1000 Index, and the S&P MidCap 400 Index, underscoring its significant role in the real estate investment sector.

Summarized from source with an LLMView SourceSector: Finance

Net Income

For the second quarter of 2025, National Storage Affiliates Trust reported a net income of $31.0 million, marking a 4.1% decrease from $32.3 million in the second quarter of 2024. Despite the decline in net income, diluted earnings per share rose to $0.19 from $0.16 year-over-year.

Core Funds From Operations (Core FFO)

Core FFO for Q2 2025 stood at $74.4 million, or $0.55 per share, reflecting an 11.3% decrease compared to $0.62 per share in the second quarter of 2024. This decline was primarily driven by reduced same store NOI.

Same Store Net Operating Income (NOI)

Same store NOI decreased by 6.1% in Q2 2025 compared to Q2 2024. This was influenced by a 3.0% drop in total revenues and a 4.6% rise in property operating expenses.

Occupancy

Period-end occupancy for same store locations was 85.0% as of June 30, 2025, representing a decline of 220 basis points from 86.2% in June 30, 2024.

Investment and Disposition Activity

During Q2 2025, National Storage Affiliates Trust acquired one wholly-owned self storage property and one annex for approximately $11.4 million. Additionally, an unconsolidated real estate venture acquired a property for around $18.0 million. The company also entered into an agreement to sell ten self storage properties for approximately $66.5 million, with eight properties sold in June 2025 and the remaining two in July 2025.

Management Commentary

David Cramer, President and CEO, highlighted sequential improvements in contract rates and occupancy from the prior quarter. However, he noted that ongoing softness in storage demand, driven by low existing home sales and supply pressures in Sunbelt markets, along with increased use of concessions, negatively impacted revenues and same store NOI.

Summarized from source with an LLMView Source

Key figures

-34.8%1Y

-27.1%3Y

-17.0%5Y

Performance

27.8%1Y

28.8%3Y

28.5%5Y

Volatility