NYSE:NSA

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.

Snowflake

Fundamentals

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


Market Performance


7 Day Return

0.09%

NSA

2.4%

US REITs

0.9%

US Market


1 Year Return

19.9%

NSA

15.7%

US REITs

16.8%

US Market

Return vs Industry: NSA exceeded the US REITs industry which returned 15.7% over the past year.

Return vs Market: NSA exceeded the US Market which returned 16.8% over the past year.


Shareholder returns

NSAIndustryMarket
7 Day0.09%2.4%0.9%
30 Day-8.2%-2.0%4.5%
90 Day-3.1%1.7%6.2%
1 Year25.0%19.9%20.6%15.7%19.4%16.8%
3 Year80.0%58.5%40.0%22.5%47.5%38.0%
5 Yearn/a57.1%24.4%62.0%44.1%

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

Valuation

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

12.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NSA ($32.53) is trading below our estimate of fair value ($36.99)

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 unprofitable, so we can't compare its PE Ratio to the REITs industry average.

PE vs Market: NSA 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's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: NSA is overvalued based on its PB Ratio (2.8x) compared to the US REITs industry average (2x).


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?

18.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: NSA's revenue (8.4% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: NSA's revenue (8.4% 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 (0.2%).


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 has high quality earnings.

Growing Profit Margin: NSA is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: NSA 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's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: NSA is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (8.7%).


Return on Equity

High ROE: NSA 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 has a high level of physical assets or inventory.

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


Financial Institutions Analysis

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

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

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

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

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

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


Next Steps

Dividend

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

3.93%

Current Dividend Yield


Dividend Yield vs Market

company3.9%marketbottom25%1.4%markettop25%3.7%industryaverage3.7%forecastin3Years4.1%

Current dividend yield vs market & industry

Notable Dividend: NSA's dividend (3.93%) is higher than the bottom 25% of dividend payers in the US market (1.43%).

High Dividend: NSA's dividend (3.93%) is in the top 25% of dividend payers in the US market (3.68%)


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 4 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (61.9%), 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 thoroughly covered by earnings (0.8% payout ratio).


Next Steps

Management

What is the CEO of National Storage Affiliates Trust's salary, the management and board of directors tenure and is there insider trading?

1.5yrs

Average management tenure


CEO

Arlen Nordhagen (62yo)

6.5yrs

Tenure

US$2,040,167

Compensation

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  ...


CEO Compensation Analysis

Compensation vs Market: Arlen's total compensation ($USD2.04M) is below average for companies of similar size in the US market ($USD5.10M).

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


Management Age and Tenure

1.5yrs

Average Tenure

55.5yo

Average Age

Experienced Management: NSA's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.


Board Age and Tenure

4.6yrs

Average Tenure

63yo

Average Age

Experienced Board: NSA's board of directors are considered experienced (4.6 years average tenure).


Insider Trading

Insider Buying: NSA insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$13,20007 Nov 19
Tamara Fischer
EntityIndividual
Role
President
President
Shares400
Max PriceUS$33.00
BuyUS$15,49530 Aug 19
Paul Hylbert
EntityIndividual
Role
Lead Director
Lead Independent Trustee
Shares500
Max PriceUS$30.99
SellUS$283,00010 Dec 18
Mark Van Mourick
EntityIndividual
Shares10,000
Max PriceUS$28.30

Ownership Breakdown

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


Management Team

  • Tamara Fischer (63yo)

    President

    • Tenure: 1.3yrs
    • Compensation: US$1.54m
  • George Hoglund

    Vice President of Investor Relations

    • Tenure: 0.8yrs
  • Arlen Nordhagen (62yo)

    Chairman of the Board of Trustees & CEO

    • Tenure: 6.5yrs
    • Compensation: US$2.04m
  • Russell Brown

    Senior Vice President of Acquisitions

    • Tenure: 0.08yrs
  • Steve Treadwell (49yo)

    Executive VP & COO

    • Tenure: 5.8yrs
    • Compensation: US$1.02m
  • Bill Bohannan

    Arizona Market Executive Vice President of Storage Solutions

    • Tenure: 0yrs
  • John Minar

    Southern California Regional President of Guardian Storage Centers

    • Tenure: 0yrs
  • Tracy Taylor

    Texas Market Executive VP of Move It Self Storage & Member of PRO Advisory Committee

    • Tenure: 0yrs
  • Brandon Togashi (35yo)

    Senior VP & Chief Accounting Officer

    • Tenure: 2.8yrs
    • Compensation: US$630.40k
  • Tiffany Kenyon

    Senior VP & Senior Legal Officer

    • Tenure: 1.5yrs

Board Members

  • George Chapman (72yo)

    Independent Trustee

    • Tenure: 4.6yrs
    • Compensation: US$150.00k
  • Paul Hylbert (74yo)

    Lead Independent Trustee

    • Tenure: 3.8yrs
    • Compensation: US$152.50k
  • Steve Osgood (62yo)

    Independent Trustee

    • Tenure: 4.6yrs
    • Compensation: US$152.50k
  • Chad Meisinger (51yo)

    Independent Trustee

    • Tenure: 4.6yrs
    • Compensation: US$145.00k
  • Arlen Nordhagen (62yo)

    Chairman of the Board of Trustees & CEO

    • Tenure: 6.5yrs
    • Compensation: US$2.04m
  • Warren Allan

    Member of PRO Advisory Committee

    • Tenure: 0yrs
  • Tim Warren (64yo)

    Independent Trustee

    • Tenure: 0.5yrs
  • Dominic Palazzo (63yo)

    Independent Trustee

    • Tenure: 4.6yrs
    • Compensation: US$157.50k
  • John Minar

    Southern California Regional President of Guardian Storage Centers

    • Tenure: 0yrs
  • Tracy Taylor

    Texas Market Executive VP of Move It Self Storage & Member of PRO Advisory Committee

    • Tenure: 0yrs

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$2.927b
  • Market Cap: US$1.929b
  • 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 statistic ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/20 00:44
End of Day Share Price2019/11/19 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.