NYSE:NSA.PRA

Stock Analysis Report

National Storage Affiliates Trust

Executive Summary

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.

Rewards

Trading at 12.7% below its fair value

Revenue is forecast to grow 7.81% per year

Risk Analysis

Unstable dividend track record

Shareholders have been diluted in the past year



Snowflake Analysis

Second-rate dividend payer and overvalued.


Similar Companies

Share Price & News

How has National Storage Affiliates Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NSA.PRA has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.0%

NSA.PRA

3.0%

US REITs

1.5%

US Market


1 Year Return

11.4%

NSA.PRA

16.2%

US REITs

20.1%

US Market

Return vs Industry: NSA.PRA underperformed the US REITs industry which returned 16.2% over the past year.

Return vs Market: NSA.PRA underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

NSA.PRAIndustryMarket
7 Day-1.0%3.0%1.5%
30 Day1.1%4.5%1.4%
90 Day3.4%6.1%8.7%
1 Year18.1%11.4%20.9%16.2%22.7%20.1%
3 Yearn/a40.7%23.1%50.1%40.5%
5 Yearn/a57.9%25.3%73.1%54.1%

Price Volatility Vs. Market

How volatile is National Storage Affiliates Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is National Storage Affiliates Trust undervalued compared to its fair value and its price relative to the market?

12.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NSA.PRA ($27.33) is trading below our estimate of fair value ($31.31)

Significantly Below Fair Value: NSA.PRA is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: NSA.PRA is unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: NSA.PRA is unprofitable, so we can't compare its PE Ratio to the US market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate NSA.PRA's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: NSA.PRA is overvalued based on its PB Ratio (3.2x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is National Storage Affiliates Trust forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

68.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NSA.PRA is forecast to remain unprofitable over the next 3 years.

Earnings vs Market: NSA.PRA is forecast to remain unprofitable over the next 3 years.

High Growth Earnings: NSA.PRA is forecast to remain unprofitable over the next 3 years.

Revenue vs Market: NSA.PRA's revenue (7.8% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: NSA.PRA's revenue (7.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NSA.PRA's Return on Equity is forecast to be low in 3 years time (0.2%).


Next Steps

Past Performance

How has National Storage Affiliates Trust performed over the past 5 years?

-26.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NSA.PRA is currently unprofitable.

Growing Profit Margin: NSA.PRA is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: NSA.PRA is unprofitable, and losses have increased over the past 5 years at a rate of -26.4% per year.

Accelerating Growth: Unable to compare NSA.PRA's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NSA.PRA is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (6.9%).


Return on Equity

High ROE: NSA.PRA has a negative Return on Equity (4.23%), as it is currently unprofitable.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is National Storage Affiliates Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: NSA.PRA has a high level of physical assets or inventory.

Debt Coverage by Assets: NSA.PRA's debt is not covered by short term assets (assets are 0x debt).


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: NSA.PRA has been profitable on average in the past, therefore cash runway is not a concern.

Forecast Cash Runway: NSA.PRA has been profitable on average in the past, therefore cash runway is not a concern.


Financial Institutions Analysis

Asset Level: NSA.PRA's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if NSA.PRA has a sufficient allowance for bad loans.

Low Risk Liabilities: NSA.PRA reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if NSA.PRA has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NSA.PRA has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if NSA.PRA has an appropriate level of bad loans.


Next Steps

Dividend

What is National Storage Affiliates Trust's current dividend yield, its reliability and sustainability?

3.49%

Current Dividend Yield


Dividend Yield vs Market

company3.5%marketbottom25%1.4%markettop25%3.7%industryaverage3.5%forecastin3Years3.7%

Current dividend yield vs market & industry

Notable Dividend: NSA.PRA's dividend (3.49%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: NSA.PRA's dividend (3.49%) is low compared to the top 25% of dividend payers in the US market (3.69%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, NSA.PRA has been paying a dividend for less than 10 years.

Growing Dividend: NSA.PRA's dividend payments have increased, but the company has only paid a dividend for 5 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (61.9%), NSA.PRA's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NSA.PRA's dividends in 3 years are forecast to be thoroughly covered by earnings (0.8% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

0.7yrs

Average management tenure


CEO

Tammy Fischer (63yo)

0.08yrs

Tenure

US$1,540,733

Compensation

Ms. Tamara D. Fischer, also known as Tammy, B.A., serves as Independent Director of Duke Realty Corporation since January 29, 2020. Ms. Fischer serves as President, Chief Executive Officer and Director at  ...


CEO Compensation Analysis

Compensation vs Market: Tammy's total compensation ($USD1.54M) is below average for companies of similar size in the US market ($USD4.88M).

Compensation vs Earnings: Tammy's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Arlen Nordhagen
Executive Chairman5.1yrsUS$2.04m0.54% $18.5m
Tamara Fischer
President0.08yrsUS$1.54m0.026% $899.5k
Brandon Togashi
Executive VP & CFO0yrsUS$630.40k0.00042% $14.3k
Steven Treadwell
Executive VP & COO6.1yrsUS$1.02mno data
George Hoglund
Vice President of Investor Relations1.1yrsno datano data
Tiffany Kenyon
Senior VP & Senior Legal Officer1.8yrsno datano data
Bill Bohannan
Arizona Market Executive Vice President of Storage Solutions0yrsno datano data
Tracy Taylor
Texas Market Executive VP of Move It Self Storage & Member of PRO Advisory Committee0yrsno datano data
Russell Brown
Senior Vice President of Acquisitions0.3yrsno datano data
John Minar
Southern California Regional President of Guardian Storage Centers 0yrsno data0.071% $2.4m

0.7yrs

Average Tenure

55.5yo

Average Age

Experienced Management: NSA.PRA's management team is not considered experienced ( 0.7 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Arlen Nordhagen
Executive Chairman5.1yrsUS$2.04m0.54% $18.5m
Tamara Fischer
President0.08yrsUS$1.54m0.026% $899.5k
Tracy Taylor
Texas Market Executive VP of Move It Self Storage & Member of PRO Advisory Committee0yrsno datano data
John Minar
Southern California Regional President of Guardian Storage Centers 0yrsno data0.071% $2.4m
George Chapman
Independent Trustee4.8yrsUS$150.00k0.032% $1.1m
Paul Hylbert
Lead Independent Trustee4.1yrsUS$152.50k0.025% $859.4k
Steven Osgood
Independent Trustee4.8yrsUS$152.50kno data
Warren Allan
Member of PRO Advisory Committee0yrsno datano data
J. Warren
Independent Trustee0.8yrsno data0.086% $2.9m
Dominic Palazzo
Independent Trustee4.8yrsUS$157.50kno data

4.8yrs

Average Tenure

63yo

Average Age

Experienced Board: NSA.PRA's board of directors are considered experienced (4.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 13.7%.


Top Shareholders

Company Information

National Storage Affiliates Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: National Storage Affiliates Trust
  • Ticker: NSA.PRA
  • Exchange: NYSE
  • Founded:
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: US$3.398b
  • Market Cap: US$2.245b
  • Shares outstanding: 89.76m
  • Website: https://www.nationalstorageaffiliates.com

Number of Employees


Location

  • National Storage Affiliates Trust
  • 8400 East Prentice Avenue
  • 9th Floor
  • Greenwood Village
  • Colorado
  • 80111
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NSANYSE (New York Stock Exchange)YesCommon SharesUSUSDApr 2015
4GCDB (Deutsche Boerse AG)YesCommon SharesDEEURApr 2015
NSA.PRANYSE (New York Stock Exchange)6% PFD BEN INT AUSUSDOct 2017

Biography

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, 2019, the Company held ownership interests in and operated 735 self storage properties located in 35 states and Puerto Rico with approximately 46.8 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. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P SmallCap 600 Index. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 01:32
End of Day Share Price2020/02/14 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.