National Storage Affiliates Trust
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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. The last earnings update was 13 days ago. More info.
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NSA Share Price and Events
7 Day Returns
1 Year Returns
NSA Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| National Storage Affiliates Trust (NSA) | 1.8% | 6.9% | 5.4% | 15.4% | 45.1% | - |
| US REITs | 0.2% | -1.4% | 3.2% | 13% | 8.8% | 24% |
| US Market | -3.9% | -3.6% | 1.8% | 1.4% | 35.8% | 40.8% |
1 Year Return vs Industry and Market
- NSA outperformed the REITs industry which returned 13% over the past year.
- NSA outperformed the Market in United States of America which returned 1.4% over the past year.
Value
Value is all about what a company is worth versus what price it is
available for. If you went into a grocery store and all the bananas were on sale
at half price, they could be considered
undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current
share
price of
National Storage Affiliates Trust
to its discounted cash flow analysis.value.The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Below are the data sources, inputs and calculation used to determine the intrinsic value for National Storage Affiliates Trust.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations | |
| Levered Adjusted Funds From Operations | Average of 4 Analyst Estimates (S&P Global) | See below |
| Discount Rate (Cost of Equity) | See below | 7.7% |
| Perpetual Growth Rate | 10-Year US Government Bond Rate | 2.7% |
An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year US Govt Bond Rate | 2.7% |
| Equity Risk Premium | S&P Global | 6% |
| REITs Unlevered Beta | Simply Wall St/ S&P Global | 0.53 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.531 (1 + (1- 21%) (55.21%)) |
0.841 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.84 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.841 * 5.96%) |
7.74% |
Discounted Cash Flow Calculation for NYSE:NSA using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model
The calculations below outline how an intrinsic value for National Storage Affiliates Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.
National Storage Affiliates Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.
| Adjusted Funds From Operations (AFFO) (USD, Millions) | Source |
Present Value Discounted (@ 7.74%) |
|
|---|---|---|---|
| 2019 | 129.60 | Analyst x1 | 120.28 |
| 2020 | 138.70 | Analyst x1 | 119.48 |
| 2021 | 146.10 | Analyst x1 | 116.81 |
| 2022 | 153.90 | Analyst x1 | 114.20 |
| 2023 | 162.10 | Analyst x1 | 111.64 |
| 2024 | 169.32 | Est @ 4.46% | 108.23 |
| 2025 | 175.99 | Est @ 3.94% | 104.41 |
| 2026 | 182.29 | Est @ 3.58% | 100.37 |
| 2027 | 188.34 | Est @ 3.32% | 96.25 |
| 2028 | 194.27 | Est @ 3.14% | 92.14 |
| Present value of next 10 years cash flows | $1,083.80 | ||
| Calculation | Result | |
|---|---|---|
| Terminal Value |
= FCF2028
× (1 + g) ÷ (Discount Rate – g)
= $194.27 × (1 + 2.73%) ÷ (7.74% – 2.73%) |
$3,979.87 |
| Present Value of Terminal Value |
= Terminal Value ÷ (1 + r)10
= $3,979.87 ÷ (1 + 7.74%)10 |
$1,887.65 |
| Calculation | Result | |
|---|---|---|
| Total Equity Value |
= Present value of next 10 years cash flows +
Terminal Value
= $1,083.80 + $1,887.65 |
$2,971.44 |
| Equity Value per Share (USD) |
= Total value / Shares Outstanding
= $2,971.44 / 87.09 |
$34.27 |
| Calculation | Result | |
|---|---|---|
| Value per share (USD) | From above. | $34.27 |
| Current discount | Discount to share price of
$30.06
= -1 x ($30.06 - $34.27) / $34.27 |
12.3% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
Current Discount
Current Discount Checks
- National Storage Affiliates Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
- National Storage Affiliates Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for
it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing
when they are out of season, or how much your home is worth.The amount the stock market is willing to pay for National Storage Affiliates Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
National Storage Affiliates Trust's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2019-03-31) in USD | $0.01 |
| NYSE:NSA Share Price ** | NYSE (2019-05-15) in USD | $30.06 |
| United States of America REITs Industry PE Ratio | Median Figure of 155 Publicly-Listed REITs Companies | 32.37x |
| United States of America Market PE Ratio | Median Figure of 3,087 Publicly-Listed Companies | 17.79x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of National Storage Affiliates Trust.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = NYSE:NSA Share Price ÷ EPS (both in USD) = 30.06 ÷ 0.01 |
2422.63x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- National Storage Affiliates Trust is overvalued based on earnings compared to the US REITs industry average.
- National Storage Affiliates Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does
National Storage Affiliates Trust's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 2422.63x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts |
22.3%per year |
| United States of America REITs Industry PEG Ratio | Median Figure of 141 Publicly-Listed REITs Companies | 1.91x |
| United States of America Market PEG Ratio | Median Figure of 2,113 Publicly-Listed Companies | 1.52x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 2422.63x ÷ 22.3% |
108.59x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- National Storage Affiliates Trust is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
National Storage Affiliates Trust's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2019-03-31) in USD | $12.72 |
| NYSE:NSA Share Price * | NYSE (2019-05-15) in USD | $30.06 |
| United States of America REITs Industry PB Ratio | Median Figure of 191 Publicly-Listed REITs Companies | 1.86x |
| United States of America Market PB Ratio | Median Figure of 5,195 Publicly-Listed Companies | 1.83x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = NYSE:NSA Share Price ÷ Book Value per Share (both in USD) = 30.06 ÷ 12.72 |
2.36x |
* Primary Listing of National Storage Affiliates Trust.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- National Storage Affiliates Trust is overvalued based on assets compared to the US REITs industry average.
Value checks
We assess National Storage Affiliates Trust's value by looking at:- Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
- Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check) National Storage Affiliates Trust has a total score of 0/6, see the detailed checks below.
Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.
Full details on the Value part of the Simply Wall St company analysis model.
Future Performance
The future performance of a company is measured in the same way as past
performance, by looking at estimated
growth
and how much profit it is expected to make.Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Earnings growth vs Low Risk Savings
- National Storage Affiliates Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
- National Storage Affiliates Trust's earnings growth is expected to exceed the United States of America market average.
- National Storage Affiliates Trust's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| NYSE:NSA Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts | 22.3% |
| NYSE:NSA Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts | 7.7% |
| United States of America REITs Industry Earnings Growth Rate | Market Cap Weighted Average | 5.2% |
| United States of America REITs Industry Revenue Growth Rate | Market Cap Weighted Average | 4.3% |
| United States of America Market Earnings Growth Rate | Market Cap Weighted Average | 14% |
| United States of America Market Revenue Growth Rate | Market Cap Weighted Average | 7.3% |
*Line of best fit is calculated by linear regression .
Industry and Market average data is calculated daily.
Learn more about our growth rate calculations in Simply Wall St’s analysis model.
Analysts growth expectations
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | 524 | 47 | 1 | |
| 2022-12-31 | 493 | 43 | 1 | |
| 2021-12-31 | 415 | 40 | 2 | |
| 2020-12-31 | 430 | 37 | 4 | |
| 2019-12-31 | 384 | 34 | 4 |
| Date (Data in USD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2019-03-31 | 342 | 174 | 1 |
| 2018-12-31 | 329 | 162 | 4 |
| 2018-09-30 | 315 | 153 | 9 |
| 2018-06-30 | 298 | 143 | 9 |
| 2018-03-31 | 281 | 130 | 8 |
| 2017-12-31 | 266 | 124 | 1 |
| 2017-09-30 | 250 | 121 | 13 |
| 2017-06-30 | 235 | 110 | 11 |
| 2017-03-31 | 219 | 105 | 16 |
| 2016-12-31 | 198 | 95 | 18 |
| 2016-09-30 | 178 | 82 | 14 |
| 2016-06-30 | 161 | 71 | 19 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
All data from National Storage Affiliates Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2023-12-31 | ||||
| 2022-12-31 | ||||
| 2021-12-31 | ||||
| 2020-12-31 | ||||
| 2019-12-31 |
| Date (Data in USD Millions) | EPS * |
|---|---|
| 2019-03-31 | 0.01 |
| 2018-12-31 | 0.07 |
| 2018-09-30 | 0.19 |
| 2018-06-30 | 0.19 |
| 2018-03-31 | 0.17 |
| 2017-12-31 | 0.01 |
| 2017-09-30 | 0.30 |
| 2017-06-30 | 0.28 |
| 2017-03-31 | 0.47 |
| 2016-12-31 | 0.60 |
| 2016-09-30 | 0.54 |
| 2016-06-30 | 0.80 |
*GAAP earnings excluding extraordinary items.
Performance in 3 years
In the same way as past performance we look at the future estimated return
(profit) compared to the available
funds. We do this looking forward 3 years.
- National Storage Affiliates Trust is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
Future performance checks
We assess National Storage Affiliates Trust's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
National Storage Affiliates Trust has a total score of 4/6, see the detailed checks below.
Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.
Full details on the Future part of the Simply Wall St company analysis model.
Past Performance
How has National Storage Affiliates Trust performed over the past 5 years?
The past performance of a company can be measured by how much
growth
it has experienced and how much profit it makes relative to the funds and assets
it has available.
Past earnings growth
Past Earnings growth analysis
- National Storage Affiliates Trust's year on year earnings growth rate has been positive over the past 5 years, however the most recent earnings are below average.
- National Storage Affiliates Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- National Storage Affiliates Trust's 1-year earnings growth is negative, it can't be compared to the US REITs industry average.
Earnings and Revenue History
All data from National Storage Affiliates Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in USD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2019-03-31 | 341.50 | 0.68 | 42.78 | |
| 2018-12-31 | 329.47 | 3.73 | 40.32 | |
| 2018-09-30 | 315.18 | 9.42 | 37.31 | |
| 2018-06-30 | 297.70 | 8.89 | 35.94 | |
| 2018-03-31 | 281.45 | 7.95 | 34.89 | |
| 2017-12-31 | 265.79 | 0.63 | 33.76 | |
| 2017-09-30 | 250.18 | 12.56 | 32.26 | |
| 2017-06-30 | 234.98 | 11.30 | 30.04 | |
| 2017-03-31 | 218.69 | 16.29 | 27.47 | |
| 2016-12-31 | 197.56 | 17.95 | 24.63 | |
| 2016-09-30 | 178.18 | 14.16 | 21.24 | |
| 2016-06-30 | 160.91 | 18.54 | 20.04 | |
| 2016-03-31 | 145.28 | 14.64 | 19.39 | |
| 2015-12-31 | 133.92 | 12.43 | 18.67 | |
| 2015-09-30 | 122.35 | 7.83 | 14.60 | |
| 2015-06-30 | 107.54 | 3.46 | 12.86 | |
| 2015-03-31 | 92.10 | 0.00 | 10.46 | |
| 2014-12-31 | 76.97 | 0.00 | 9.89 | |
| 2014-09-30 | 62.74 | 0.00 | 9.15 | |
| 2014-06-30 | 53.81 | 1.25 | 7.71 | |
| 2014-03-31 | 45.46 | 0.63 | 6.50 | |
| 2013-12-31 | 40.16 | -1.25 | 4.66 | |
| 2012-12-31 | 29.28 | -3.45 | 2.76 |
*GAAP earnings excluding extraordinary items.
Performance last year
We want to ensure a company is making the most of what it has available. This is
done by comparing the return (profit) to a company's available
funds,
assets
and
capital.
- National Storage Affiliates Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- National Storage Affiliates Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
- National Storage Affiliates Trust has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess National Storage Affiliates Trust's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
National Storage Affiliates Trust has a total score of 2/6, see the detailed checks below.
Note: We use GAAP Net Income excluding extraordinary items in all our calculations.
Full details on the Past part of the Simply Wall St company analysis model.
Health
How is National Storage Affiliates Trust's financial health and their level of debt?
A company's financial position is much like your own financial position,
it includes everything you own
(assets)
and owe
(liabilities).The boxes below represent the relative size of what makes up National Storage Affiliates Trust's finances.
The net worth of a company is the difference between its assets and liabilities.
- National Storage Affiliates Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
- National Storage Affiliates Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
Assets
Liabilities and shares
- High level of physical assets or inventory.
- Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t
bad,
however if the debt is too high, or the company can’t afford to pay the interest
on its debts this may have impacts in the future.The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.
If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
All data from National Storage Affiliates Trust Company Filings, last reported 1 month ago.
| Date (Data in USD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2019-03-31 | 1,403.19 | 1,439.09 | 25.87 |
| 2018-12-31 | 1,402.30 | 1,278.10 | 29.35 |
| 2018-09-30 | 1,434.35 | 1,229.24 | 43.40 |
| 2018-06-30 | 1,270.24 | 1,149.79 | 42.28 |
| 2018-03-31 | 1,284.69 | 1,069.60 | 36.72 |
| 2017-12-31 | 1,271.49 | 958.10 | 25.78 |
| 2017-09-30 | 960.54 | 1,071.85 | 21.14 |
| 2017-06-30 | 974.67 | 969.14 | 21.15 |
| 2017-03-31 | 978.02 | 893.77 | 24.98 |
| 2016-12-31 | 979.07 | 878.95 | 21.31 |
| 2016-09-30 | 822.05 | 729.95 | 11.47 |
| 2016-06-30 | 589.52 | 763.15 | 9.94 |
| 2016-03-31 | 525.10 | 636.77 | 8.49 |
| 2015-12-31 | 516.05 | 568.77 | 7.00 |
| 2015-09-30 | 513.81 | 498.46 | 6.79 |
| 2015-06-30 | 505.39 | 409.38 | 6.06 |
| 2015-03-31 | 227.79 | 620.26 | 8.33 |
| 2014-12-31 | 214.10 | 598.76 | 9.01 |
| 2014-09-30 | 193.53 | 538.20 | 9.26 |
| 2014-06-30 | 124.34 | 406.49 | 14.34 |
| 2014-03-31 | 55.20 | 298.80 | 11.32 |
| 2013-12-31 | 55.20 | 298.80 | 11.32 |
| 2012-12-31 | -12.15 | 187.92 | 2.77 |
- National Storage Affiliates Trust's level of debt (102.6%) compared to net worth is high (greater than 40%).
- The level of debt compared to net worth has been reduced over the past 5 years (536.1% vs 102.6% today).
- Debt is not well covered by operating cash flow (12.1%, less than 20% of total debt).
- Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).
Financial health checks
We assess National Storage Affiliates Trust's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) National Storage Affiliates Trust has a total score of 2/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
Full details on the Health part of the Simply Wall St company analysis model.
Dividends
Dividends are regular cash payments to you from the company, similar to a
bank paying you interest on a savings account.
Annual Dividend Income
If you bought
$2,000 of
National Storage Affiliates Trust
shares you are expected to receive
$80
in your first year as a dividend.
Dividend Amount
- National Storage Affiliates Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.46%).
- National Storage Affiliates Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.71%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 4 Analyst Estimates (S&P Global) | See Below |
| United States of America REITs Industry Average Dividend Yield | Market Cap Weighted Average of 184 Stocks | 3.9% |
| United States of America Market Average Dividend Yield | Market Cap Weighted Average of 1997 Stocks | 2.5% |
| United States of America Minimum Threshold Dividend Yield | 10th Percentile | 0.8% |
| United States of America Bottom 25% Dividend Yield | 25th Percentile | 1.5% |
| United States of America Top 25% Dividend Yield | 75th Percentile | 3.7% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in $) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2023-12-31 | 1.29 | 2.00 |
| 2022-12-31 | 1.35 | 2.00 |
| 2021-12-31 | 1.32 | 4.00 |
| 2020-12-31 | 1.30 | 5.00 |
| 2019-12-31 | 1.22 | 4.00 |
| Date (Data in $) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-21 | 1.200 | 4.204 |
| 2018-11-15 | 1.200 | 4.369 |
| 2018-08-23 | 1.160 | 4.382 |
| 2018-05-23 | 1.160 | 3.957 |
| 2018-02-22 | 1.120 | 4.358 |
| 2017-11-09 | 1.120 | 4.346 |
| 2017-08-24 | 1.040 | 4.316 |
| 2017-05-25 | 1.040 | 4.595 |
| 2017-02-23 | 0.960 | 3.967 |
| 2016-11-10 | 0.960 | 4.420 |
| 2016-08-29 | 0.880 | 4.412 |
| 2016-05-26 | 0.880 | 4.167 |
| 2016-02-25 | 0.800 | 3.976 |
| 2015-11-13 | 0.800 | 4.825 |
| 2015-09-02 | 0.760 | 5.281 |
| 2015-06-03 | 0.600 | 4.773 |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Whilst dividend payments have been stable, National Storage Affiliates Trust has been paying a dividend for less than 10 years.
- Dividend payments have increased, but National Storage Affiliates Trust only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of
National Storage Affiliates Trust's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.6x coverage).
- Dividends after 3 years are expected to be thoroughly covered by earnings (117x coverage).
Income/ dividend checks
We assess National Storage Affiliates Trust's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can National Storage Affiliates Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) National Storage Affiliates Trust has a total score of 4/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | $2,040,167 |
| AGE | 61 |
| TENURE AS CEO | 6 years |
CEO Bio
Mr. Arlen Dale Nordhagen is a Co-Founder of National Storage Affiliates Trust (“NSA”) and has been its Chief Executive Officer since May 6, 2013 and Chairman of the Board of Trustees since 2015. He served as President at National Storage Affiliates Trust from May 6, 2013 to July 1, 2018. Mr. Nordhagen has over 25 years of experience in the self-storage industry. He served as President and Chief Executive Officer of NSA’s predecessor, SecurCare Self Storage (“SecurCare”), from 2000 to 2014. He co-founded SecurCare in 1988, is the majority owner and currently serves as its Chairman of the Board. In addition to SecurCare, Mr. Nordhagen was a Founder of MMM Healthcare, Inc. He has also served as Managing Member of various private investment funds and held various managerial positions at DuPont and Synthetech, Inc. Mr. Nordhagen graduated with high distinction from Harvard University with a Master’s in Business Administration and graduated summa cum laude from the University of North Dakota with a Bachelor of Science in Chemical Engineering.
CEO Compensation
- Arlen's compensation has been consistent with company performance over the past year.
- Arlen's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure
Average tenure and age of the National Storage Affiliates Trust management team in years:
- The tenure for the National Storage Affiliates Trust management team is about average.
Management Team
Arlen Nordhagen
Chairman of the Board of Trustees & CEO
$2M
61
6 yrs
Tamara Fischer
President
$2M
62
0.8 yrs
Steve Treadwell
Executive VP & COO
$1M
48
5.3 yrs
Brandon Togashi
Senior VP
$630K
34
2.3 yrs
George Hoglund
Vice President of Investor Relations
0.3 yrs
Bill Bohannan
Arizona Market Executive Vice President of Storage Solutions
Tracy Taylor
Texas Market Executive VP of Move It Self Storage & Member of PRO Advisory Committee
John Minar
Southern California Regional President of Guardian Storage Centers
Marti Dowling
Director of Investor Relations
Board of Directors Tenure
Average tenure and age of the National Storage Affiliates Trust board of directors in years:
- The tenure for the National Storage Affiliates Trust board of directors is about average.
Board of Directors
Tamara Fischer
President
$2M
62
Tracy Taylor
Texas Market Executive VP of Move It Self Storage & Member of PRO Advisory Committee
John Minar
Southern California Regional President of Guardian Storage Centers
Dominic Palazzo
Independent Trustee
$158K
62
4.1 yrs
Arlen Nordhagen
Chairman of the Board of Trustees & CEO
$2M
61
4.3 yrs
George Chapman
Independent Trustee
$150K
71
4.1 yrs
Steve Osgood
$153K
61
4.1 yrs
Paul Hylbert
Lead Independent Trustee
$153K
73
3.3 yrs
Warren Allan
Member of PRO Advisory Committee
Tim Warren
Member of PRO Advisory Committee
63
Who owns this company?
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price ($) | Value ($) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 10. Dec 18 | Sell | Mark Van Mourick | Individual | 06. Dec 18 | 06. Dec 18 | -10,000 | $28.30 | $-283,000 | ||
| 07. Nov 18 | Buy | Arlen Nordhagen | Individual | 05. Nov 18 | 05. Nov 18 | 20,000 | $26.30 | $526,000 | ||
| 18. Sep 18 | Buy | Chad Meisinger | Individual | 14. Sep 18 | 14. Sep 18 | 10,000 | $26.80 | $268,000 | ||
Management checks
We assess National Storage Affiliates Trust's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) National Storage Affiliates Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.
Note: We use the top 6 management executives and board members in our calculations.
Note 2: Insider trading include any internal stakeholders and these transactions .
Full details on the Management part of the Simply Wall St company analysis model.
News
Simply Wall St News
If You Had Bought National Storage Affiliates Trust (NYSE:NSA) Shares Three Years Ago You'd Have Made 44%
For example, the National Storage Affiliates Trust (NYSE:NSA) share price is up 44% in the last three years, slightly above the market return. … One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS). … Over the last three years, National Storage Affiliates Trust failed to grow earnings per share, which fell 73% (annualized).
Simply Wall St - – Full articleShould We Be Cautious About National Storage Affiliates Trust's (NYSE:NSA) ROE Of 4.0%?
To keep the lesson grounded in practicality, we'll use ROE to better understand National Storage Affiliates Trust (NYSE:NSA). … Over the last twelve months National Storage Affiliates Trust has recorded a ROE of 4.0%. … See our latest analysis for National Storage Affiliates Trust?
Simply Wall St - – Full articleWhat Did National Storage Affiliates Trust's (NYSE:NSA) CEO Take Home Last Year?
In 2013 Arlen Nordhagen was appointed CEO of National Storage Affiliates Trust (NYSE:NSA). … Check out our latest analysis for National Storage Affiliates Trust? … At the time of writing our data says that National Storage Affiliates Trust has a market cap of US$2.4b, and is paying total annual CEO compensation of US$2.9m.
Simply Wall St - – Full articleRead This Before Selling National Storage Affiliates Trust (NYSE:NSA) Shares
So shareholders might well want to know whether insiders have been buying or selling shares in National Storage Affiliates Trust (NYSE:NSA). … National Storage Affiliates Trust Insider Transactions Over The Last Year. … In the last twelve months there was more buying than selling by National Storage Affiliates Trust insiders
Simply Wall St - – Full articleHow Should You Analyze REIT Stock National Storage Affiliates Trust (NYSE:NSA)?
National Storage Affiliates Trust is a US$2.5b. … View our latest analysis for National Storage Affiliates Trust … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleIs National Storage Affiliates Trust's (NYSE:NSA) 3.8% ROE Worse Than Average?
To keep the lesson grounded in practicality, we'll use ROE to better understand National Storage Affiliates Trust (NYSE:NSA). … National Storage Affiliates Trust has a ROE of 3.8%, based on the last twelve months. … Check out our latest analysis for National Storage Affiliates Trust?
Simply Wall St - – Full articleShould You Worry About National Storage Affiliates Trust's (NYSE:NSA) CEO Pay Cheque?
Arlen Nordhagen became the CEO of National Storage Affiliates Trust (NYSE:NSA) in 2013. … View our latest analysis for National Storage Affiliates Trust? … Our data indicates that National Storage Affiliates Trust is worth US$2.4b, and total annual CEO compensation is US$2.9m.
Simply Wall St - – Full articleHow To Look At National Storage Affiliates Trust (NYSE:NSA)
National Storage Affiliates Trust is a US$2.3b. … See our latest analysis for National Storage Affiliates Trust … This term is very common in the REIT investing world as it provides a cleaner look at its cash flow from daily operations by excluding impact of one-off activities or non-cash items such as depreciation.
Simply Wall St - – Full articleIs National Storage Affiliates Trust's (NYSE:NSA) CEO Being Overpaid?
Arlen Nordhagen is the CEO of National Storage Affiliates Trust (NYSE:NSA), which has recently grown to a market capitalization of US$2.45b. … Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … This is because, if incentives are aligned, more value is created for shareholders which directly impacts your returns as an investor.
Simply Wall St - – Full articleInvesting In National Storage Affiliates Trust (NYSE:NSA): What You Need To Know
National Storage Affiliates Trust is a US$2.36b. … real estate investment trust (REIT) based in Greenwood Village, United States. … See our latest analysis for National Storage Affiliates Trust
Simply Wall St - – Full articleCompany Info
Description
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. The Company currently holds ownership interests in and operates 709 self storage properties located in 35 states and Puerto Rico with approximately 44.9 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.
Details
| Name: | National Storage Affiliates Trust |
| NSA | |
| Exchange: | NYSE |
| Founded: | |
| $2,606,588,794 | |
| $1,709,219,836 | |
| 87,089,502 | |
| Website: | http://www.nationalstorageaffiliates.com |
| Address: |
National Storage Affiliates Trust 8400 East Prentice Avenue, 9th Floor, Greenwood Village, Colorado, 80111, United States |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| NYSE | NSA | Common Shares | New York Stock Exchange | US | USD | 23. Apr 2015 | |
| DB | 4GC | Common Shares | Deutsche Boerse AG | DE | EUR | 23. Apr 2015 | |
| NYSE | NSA.PRA | 6% PFD BEN INT A | New York Stock Exchange | US | USD | 04. Oct 2017 |
Number of employees
Current staff
Industry
| Specialized REITs | |
| Real Estate |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/05/16 02:42 |
| End of day share price update: | 2019/05/15 00:00 |
| Last estimates confirmation: | 2019/05/14 |
| Last earnings filing: | 2019/05/03 |
| Last earnings reported: | 2019/03/31 |
| Last annual earnings reported: | 2018/12/31 |
All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.
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.
