National Storage Affiliates Trust
Market Cap
US$2.4b
Last Updated
2020/03/30 04:27 UTC
Data Sources
Company Financials +
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
Risk Analysis
Snowflake Analysis
Reasonable 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's share price has been volatile over the past 3 months.
Market Performance
7 Day Return
16.2%
NSA
20.4%
US REITs
12.5%
US Market
1 Year Return
-6.0%
NSA
-19.8%
US REITs
-12.7%
US Market
Return vs Industry: NSA exceeded the US REITs industry which returned -19.8% over the past year.
Return vs Market: NSA exceeded the US Market which returned -12.7% over the past year.
Shareholder returns
| NSA | Industry | Market | |
|---|---|---|---|
| 7 Day | 16.2% | 20.4% | 12.5% |
| 30 Day | -21.4% | -19.3% | -14.7% |
| 90 Day | -21.1% | -24.5% | -21.5% |
| 1 Year | -2.2%-6.0% | -16.8%-19.8% | -10.9%-12.7% |
| 3 Year | 27.1%12.0% | -0.8%-12.9% | 12.6%5.4% |
| 5 Year | n/a | 12.1%-10.8% | 31.9%17.5% |
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
1 week ago | Simply Wall St
Executive Chairman Arlen Nordhagen Just Bought Shares In National Storage Affiliates Trust (NYSE:NSA)1 month ago | Simply Wall St
Here's What Analysts Are Forecasting For National Storage Affiliates Trust After Its Annual Results1 month ago | Simply Wall St
How Many National Storage Affiliates Trust (NYSE:NSA) Shares Did Insiders Buy, In The Last Year?Valuation
Is National Storage Affiliates Trust undervalued compared to its fair value and its price relative to the market?
35.5%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: NSA ($26.51) is trading below our estimate of fair value ($41.13)
Significantly Below Fair Value: NSA is trading below fair value by more than 20%.
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 (2.3x) compared to the US REITs industry average (1.3x).
Next Steps
Future Growth
How is National Storage Affiliates Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
79.6%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: NSA is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (1.7%).
Earnings vs Market: NSA is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: NSA's is expected to become profitable in the next 3 years.
Revenue vs Market: NSA's revenue (7.7% per year) is forecast to grow faster than the US market (7.3% per year).
High Growth Revenue: NSA's revenue (7.7% 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?
-35.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: NSA is currently unprofitable.
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 -35.9% 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 (5%).
Return on Equity
High ROE: NSA has a negative Return on Equity (4.55%), as it is currently unprofitable.
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).
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 has been profitable on average in the past, therefore cash runway is not a concern.
Forecast Cash Runway: NSA has been profitable on average in the past, therefore cash runway is not a concern.
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?
4.98%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: NSA's dividend (4.98%) is higher than the bottom 25% of dividend payers in the US market (1.98%).
High Dividend: NSA's dividend (4.98%) is low compared to the top 25% of dividend payers in the US market (5.49%).
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 (62.5%), 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
How experienced are the management team and are they aligned to shareholders interests?
0.8yrs
Average management tenure
CEO
Tammy Fischer (63yo)
0.17
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 ($USD4.58M).
Compensation vs Earnings: Tammy's compensation has increased whilst the company is unprofitable.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman | 5.17yrs | US$2.04m | 0.33% $7.8m | |
| President | 0.17yr | US$1.54m | 0.028% $666.7k | |
| Executive VP & CFO | no data | US$630.40k | 0.00042% $10.0k | |
| Executive VP & COO | 6.17yrs | US$1.02m | no data | |
| Vice President of Investor Relations | 1.17yrs | no data | no data | |
| Senior VP & Senior Legal Officer | 1.83yrs | no data | no data | |
| Arizona Market Executive Vice President of Storage Solutions | no data | no data | no data | |
| Texas Market Executive VP of Move It Self Storage | no data | no data | no data | |
| Senior Vice President of Acquisitions | 0.42yr | no data | no data | |
| Director of Investor Relations | no data | no data | no data |
0.8yrs
Average Tenure
55.5yo
Average Age
Experienced Management: NSA's management team is not considered experienced ( 0.8 years average tenure), which suggests a new team.
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| Executive Chairman | 5.17yrs | US$2.04m | 0.33% $7.8m | |
| President | 0.17yr | US$1.54m | 0.028% $666.7k | |
| Independent Trustee | 4.92yrs | US$150.00k | 0.032% $768.6k | |
| Lead Independent Trustee | 4.17yrs | US$152.50k | 0.025% $598.8k | |
| Independent Trustee | 4.92yrs | US$152.50k | no data | |
| Independent Trustee | 4.92yrs | US$145.00k | 0.068% $1.6m | |
| 4.92yrs | no data | no data | ||
| Member of PRO Advisory Committee | no data | no data | no data | |
| Independent Trustee | 0.83yr | no data | 0.086% $2.0m | |
| Independent Trustee | 4.92yrs | US$157.50k | no data |
4.9yrs
Average Tenure
63yo
Average Age
Experienced Board: NSA's board of directors are considered experienced (4.9 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: NSA 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 9.2%.
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$2.382b
- Market Cap: US$1.582b
- Shares outstanding: 89.85m
- 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
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| NSA | NYSE (New York Stock Exchange) | Yes | Common Shares | US | USD | Apr 2015 |
| 4GC | DB (Deutsche Boerse AG) | Yes | Common Shares | DE | EUR | Apr 2015 |
| NSA.PRA | NYSE (New York Stock Exchange) | 6% PFD BEN INT A | US | USD | Oct 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 December 31, 2019, the Company held ownership interests in and operated 742 self storage properties located in 35 states and Puerto Rico with approximately 47.1 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.
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/03/30 04:27 |
| End of Day Share Price | 2020/03/27 00:00 |
| Earnings | 2019/12/31 |
| Annual Earnings | 2019/12/31 |
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.