NYSE:NSA

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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. More Details


Snowflake Analysis

Moderate growth potential second-rate dividend payer.


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 has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.4%

NSA

-0.4%

US REITs

0.09%

US Market


1 Year Return

3.8%

NSA

-13.8%

US REITs

12.6%

US Market

Return vs Industry: NSA exceeded the US REITs industry which returned -13.8% over the past year.

Return vs Market: NSA underperformed the US Market which returned 12.6% over the past year.


Shareholder returns

NSAIndustryMarket
7 Day-0.4%-0.4%0.09%
30 Day1.4%-1.3%-1.6%
90 Day19.7%-0.05%7.9%
1 Year8.2%3.8%-10.4%-13.8%15.2%12.6%
3 Year61.8%42.8%13.2%-0.2%38.9%29.6%
5 Year210.1%147.2%46.1%16.8%87.6%66.5%

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

Valuation

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

13.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NSA ($34.36) is trading below our estimate of fair value ($39.56)

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


Price To Earnings Ratio

PE vs Industry: NSA is poor value based on its PE Ratio (259.4x) compared to the US REITs industry average (33.7x).

PE vs Market: NSA is poor value based on its PE Ratio (259.4x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: NSA is poor value based on its PEG Ratio (5.9x)


Price to Book Ratio

PB vs Industry: NSA is overvalued based on its PB Ratio (3.4x) compared to the US REITs industry average (1.5x).


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?

43.8%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NSA's forecast earnings growth (43.8% per year) is above the savings rate (2.2%).

Earnings vs Market: NSA's earnings (43.8% per year) are forecast to grow faster than the US market (23.2% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: NSA's revenue (7.3% per year) is forecast to grow slower than the US market (9.7% per year).

High Growth Revenue: NSA's revenue (7.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NSA's Return on Equity is forecast to be low in 3 years time (0.8%).


Next Steps

Past Performance

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

-44.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NSA has high quality earnings.

Growing Profit Margin: NSA became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: NSA's earnings have declined by 44.1% per year over the past 5 years.

Accelerating Growth: NSA has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: NSA has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (3.3%).


Return on Equity

High ROE: NSA's Return on Equity (5%) is considered low.


Next Steps

Financial Health

How is National Storage Affiliates Trust's financial position?


Financial Position Analysis

Short Term Liabilities: NSA's short term assets ($36.7M) do not cover its short term liabilities ($170.7M).

Long Term Liabilities: NSA's short term assets ($36.7M) do not cover its long term liabilities ($1.7B).


Debt to Equity History and Analysis

Debt Level: NSA's debt to equity ratio (133.9%) is considered high.

Reducing Debt: NSA's debt to equity ratio has increased from 81.4% to 133.9% over the past 5 years.

Debt Coverage: NSA's debt is not well covered by operating cash flow (11.4%).

Interest Coverage: NSA's interest payments on its debt are not well covered by EBIT (2.2x coverage).


Balance Sheet


Next Steps

Dividend

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

3.96%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NSA's dividend (3.96%) is higher than the bottom 25% of dividend payers in the US market (1.66%).

High Dividend: NSA's dividend (3.96%) is low compared to the top 25% of dividend payers in the US market (4.7%).


Stability and Growth of Payments

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

Growing Dividend: NSA'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 (62.7%), NSA's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NSA's dividends in 3 years are forecast to be covered by earnings (83.5% 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 (64 yo)

0.67

Tenure

US$1,747,316

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 ($USD1.75M) is below average for companies of similar size in the US market ($USD5.65M).

Compensation vs Earnings: Tammy's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Arlen Nordhagen
Executive Chairman5.67yrsUS$2.28m6.52%
$ 220.4m
Tamara Fischer
President0.67yrUS$1.75m0.024%
$ 821.2k
Brandon Togashi
Executive VP0.67yrUS$730.14k0.00036%
$ 12.2k
David Cramer
Executive VPno datano data2.74%
$ 92.7m
George Hoglund
Vice President of Investor Relations1.67yrsno datano data
Tiffany Kenyon
Senior VP2.33yrsno datano data
Bill Bohannan
Arizona Market Executive Vice President of Storage Solutionsno datano datano data
Tracy Taylor
Texas Market Executive VP of Move It Self Storageno datano datano data
Russell Brown
Senior Vice President of Acquisitions0.92yrno datano data
Marti Dowling
Director of Investor Relationsno datano datano data

0.7yrs

Average Tenure

63yo

Average Age

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


Board Members

NamePositionTenureCompensationOwnership
Arlen Nordhagen
Executive Chairman5.67yrsUS$2.28m6.52%
$ 220.4m
Tamara Fischer
President0.67yrUS$1.75m0.024%
$ 821.2k
David Cramer
Executive VPno datano data2.74%
$ 92.7m
George Chapman
Independent Trustee5.42yrsUS$150.00k0.028%
$ 946.3k
Paul Hylbert
Lead Independent Trustee4.67yrsUS$152.50k0.022%
$ 737.3k
Steven Osgood
Independent Trustee5.42yrsUS$152.50kno data
Chad Meisinger
Independent Trustee5.42yrsUS$145.00k0.059%
$ 2.0m
Mark Van Mourick
Independent Trustee5.42yrsUS$137.50k0.0029%
$ 98.4k
Warren Allan
Member of PRO Advisory Committeeno datano datano data
J. Warren
Independent Trustee1.33yrsUS$137.50k0.075%
$ 2.5m
Dominic Palazzo
Independent Trustee5.42yrsUS$150.00kno data
John Minar
South California Regional President of Guardian Storage Centers & Member of PRO Advisory Committeeno datano data0.22%
$ 7.6m

5.4yrs

Average Tenure

64yo

Average Age

Experienced Board: NSA's board of directors are considered experienced (5.4 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.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.6%.


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
  • Exchange: NYSE
  • Founded:
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: US$3.381b
  • Market Cap: US$2.363b
  • Shares outstanding: 98.39m
  • 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 statistic ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/09/20 06:16
End of Day Share Price2020/09/18 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.