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NSA

National Storage Affiliates Trust NYSE:NSA Stock Report

Last Price

US$40.28

Market Cap

US$5.2b

7D

-8.0%

1Y

-23.7%

Updated

29 Sep, 2022

Data

Company Financials +
NSA fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance2/6
Financial Health2/6
Dividends4/6

NSA Stock Overview

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.

National Storage Affiliates Trust Competitors

Price History & Performance

Summary of all time highs, changes and price drops for National Storage Affiliates Trust
Historical stock prices
Current Share PriceUS$40.28
52 Week HighUS$70.04
52 Week LowUS$40.02
Beta0.66
1 Month Change-22.13%
3 Month Change-21.98%
1 Year Change-23.70%
3 Year Change18.33%
5 Year Change67.00%
Change since IPO209.85%

Recent News & Updates

Aug 25

National Storage Affiliates declares $0.55 dividend

National Storage Affiliates (NYSE:NSA) declares $0.55/share quarterly dividend, in line with previous. Forward yield 3.96% Payable Sept. 30; for shareholders of record Sept. 15; ex-div Sept. 14. See NSA Dividend Scorecard, Yield Chart, & Dividend Growth.

Aug 05

National Storage Affiliates: A No-Brainer Buy For High Yield And Growth

National Storage Affiliates is a well-positioned REIT that's demonstrating strong fundamentals. NSA has unique competitive advantages and a long runway for consolidation in the highly fragmented self-storage market. I also highlight the dividend, balance sheet, valuation, and other points worth considering. Even in this volatile market, it's hard to find high-yielding REITs that also offer compelling dividend growth at the same time. However, such opportunities exist so long as one is willing to do a bit of digging. This brings me to National Storage Affiliates (NSA) which appears to be one such opportunity that offers the best of both worlds. In this article, I highlight what makes NSA a compelling buy at the current valuation for potentially strong returns, so let's get started. Why NSA? National Storage Affiliates is a fast-growing Self-Storage REIT that has a core strategy around the integration of strong regional operators in the top 100 metropolitan statistical areas of the U.S. At present, NSA holds an ownership interest in 1,076 properties spread across 42 states and Puerto Rico. It is the sixth largest self-storage operator in the U.S., covering 70M rentable square feet. What sets NSA apart from traditional self-storage REITs is its focus on co-investing with PROs (participating regional operators), which covers over half of NSA's properties. This structure benefits NSA in that it's able to tap into local market expertise and branding, and has helped NSA achieve industry leading growth over the past 5 years, as shown below. NSA Track Record (Investor Presentation) It also helps to shield NSA from losses, as PROs absorb 50% of NOI declines until the 6% preferred allocation to subordinated performance equity is reached, then 100% of the NOI declines until the 6% preferred allocation to SP equity is completed eroded. This structure also incentivizes PROs to keep properties in good operating condition, while requiring less upfront capital from NSA, as illustrated by the following example. NSA PRO Structure (Investor Presentation) NSA continues to demonstrate strong growth, with same-store net operating income soaring by 17.3% YoY during the second quarter. This was driven by a 14.6% increase in same store total revenues, while same store property expenses increased by only 7.6%, implying increased efficiencies and higher margins at the property level. Occupancy remained strong at 95.2%, although this represents a 140 basis points decrease over the prior-year period. Also encouraging, NSA continues to grow, acquiring eight wholly-owned self-storage properties for $114.5 million during the second quarter, and NSA's joint real estate ventures acquired an additional seven properties for $208 million. Looking forward, NSA is well-positioned to grow, as it maintains a strong BBB+ rated balance sheet from Kroll Bond Rating Agency (upgraded from BBB in April of this year) with a safe 5.7x net debt to adjusted EBITDA ratio and 5.7x interest coverage. It also maintains low cost of debt with a weighted average interest rate of just 3.0% and has $650 million in available capital on its unsecured revolving credit facilities. NSA shouldn't have many problems identifying investment opportunities, as the self-storage sector remains highly fragmented with 51,000 properties spread across 30,000 operators. Moreover, NSA PRO growth primarily targets top private operators with 20 or more institutional quality properties in the top 100 MSAs in the U.S. Meanwhile, NSA pays a 4.2% dividend yield that's well covered by a 77% payout ratio based on Core FFO per share of $0.71 during the second quarter. What's even more is that NSA has given investors a 5-year dividend CAGR of 14.8% and 6 years of consecutive growth.

Shareholder Returns

NSAUS REITsUS Market
7D-8.0%-6.4%-3.1%
1Y-23.7%-20.3%-21.5%

Return vs Industry: NSA underperformed the US REITs industry which returned -19.2% over the past year.

Return vs Market: NSA underperformed the US Market which returned -20.3% over the past year.

Price Volatility

Is NSA's price volatile compared to industry and market?
NSA volatility
NSA Average Weekly Movement4.1%
REITs Industry Average Movement4.0%
Market Average Movement6.9%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.8%

Stable Share Price: NSA is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: NSA's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/a1,175Tammy Fischerhttps://www.nationalstorageaffiliates.com

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 September 30, 2020, the Company held ownership interests in and operated 788 self storage properties located in 35 states and Puerto Rico with approximately 49.5 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.

National Storage Affiliates Trust Fundamentals Summary

How do National Storage Affiliates Trust's earnings and revenue compare to its market cap?
NSA fundamental statistics
Market CapUS$5.17b
Earnings (TTM)US$92.69m
Revenue (TTM)US$717.32m

39.9x

P/E Ratio

5.2x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NSA income statement (TTM)
RevenueUS$717.32m
Cost of RevenueUS$182.72m
Gross ProfitUS$534.61m
Other ExpensesUS$441.91m
EarningsUS$92.69m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.01
Gross Margin74.53%
Net Profit Margin12.92%
Debt/Equity Ratio125.6%

How did NSA perform over the long term?

See historical performance and comparison

Dividends

5.5%

Current Dividend Yield

58%

Payout Ratio