National Storage Affiliates TrustNYSE: NSA

National Storage Affiliates (NSA) has seen over 20% outperformance since the last update. NSA is executing strategic initiatives, including asset rotation and JV partnerships, to improve portfolio concentration and generate capital. Despite projected FFO decline, NSA remains appealing due to valuation, potential growth, and historical performance.

National Storage Affiliates is a storage REIT with 65% exposure to the Sun Belt region. Occupancy and net operating income were both down Y/Y so far in 2024. The debt maturity profile is well-staggered, with net debt representing 40% of enterprise value.

The overall performance of National Storage (NSA) in the quarter ending March 2024 can be understood by looking at the headline numbers, but it might be beneficial to also analyze key metrics in comparison to Wall Street predictions and the previous year's results.

National Storage (NSA) reported quarterly funds from operations (FFO) of $0.60 per share, which fell short of the Zacks Consensus Estimate of $0.61 per share. This is lower than the FFO of $0.66 per share reported in the same quarter last year.

National Storage Affiliates is trading below its historical valuations, presenting a potential opportunity for investors. NSA has a strategy of owning properties in secondary markets with above-average population growth, positioning it for long-term growth. Despite a slowdown in operating metrics, NSA has achieved strong growth in revenue and NOI over the past five years and has potential for a rebound in performance.

National Storage Affiliates Trust (NSA) Q4 2023 Earnings Call Transcript

Although the revenue and EPS for National Storage (NSA) give a sense of how its business performed in the quarter ended December 2023, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

National Storage (NSA) came out with quarterly funds from operations (FFO) of $0.68 per share, beating the Zacks Consensus Estimate of $0.66 per share. This compares to FFO of $0.71 per share a year ago.

Besides Wall Street's top -and-bottom-line estimates for National Storage (NSA), review projections for some of its key metrics to gain a deeper understanding of how the company might have fared during the quarter ended December 2023.