National Storage Affiliates Trust (NSA): Evaluating Valuation After $350 Million Joint Venture and Guidance Reaffirmation

National Storage Affiliates Trust (NSA) just reaffirmed its 2025 guidance, shared a cautiously optimistic tone for the year ahead, and rolled out a new $350 million joint venture. This move could boost future acquisitions and growth.

See our latest analysis for National Storage Affiliates Trust.

Despite a tough year for National Storage Affiliates Trust, recent news such as solid Q3 results, new acquisition strategies, and guidance reaffirmation suggest momentum could be building. While the year-to-date share price return is negative, multi-year total shareholder returns are still positive, which justifies management’s cautiously optimistic outlook.

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With a challenging year behind it, a discount to analyst targets, and new capital ready to deploy, is National Storage Affiliates Trust setting up for a rebound? Or are markets already factoring in these growth prospects?

Most Popular Narrative: 9.1% Undervalued

The current narrative sets National Storage Affiliates Trust’s fair value at $33.77, which stands about $3 above its recent $30.71 close. This suggests that analysts see some upside, despite a tough year and modest outlook shifts ahead.

The recent internalization and rebranding of PRO (Participating Regional Operator) properties, combined with investments in centralized technology and enhanced digital marketing, are likely to drive efficiency gains and margin expansion as integration challenges subside, supporting earnings growth.

Read the complete narrative.

Curious what numbers justify such an upbeat price target? There is a bold assumption here tied to future revenue, margin expansion, and a profit multiple not usually associated with storage REITs. See for yourself which projections power this narrative’s fair value.

Result: Fair Value of $33.77 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, persistent high interest rates or delays in operational improvements could curb occupancy rates and slow the anticipated earnings rebound for National Storage Affiliates Trust.

Find out about the key risks to this National Storage Affiliates Trust narrative.

Another View: Market Multiples Cloud the Picture

Looking at National Storage Affiliates Trust through the lens of its price-to-earnings ratio, the story shifts. At 50.1x, its valuation is nearly double both industry averages (26x) and the fair ratio (33.2x). This suggests the stock may be expensive and challenges the earlier case for upside. If the market starts rethinking its optimism, a multiple correction could be next.

See what the numbers say about this price — find out in our valuation breakdown.

Build Your Own National Storage Affiliates Trust Narrative

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A great starting point for your National Storage Affiliates Trust research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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