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National Storage Affiliates Trust

NYSE:NSA
Snowflake Description

Reasonable growth potential average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NSA
NYSE
$3B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company 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 last earnings update was 44 days ago. More info.


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NSA Share Price and Events
7 Day Returns
-0.7%
NYSE:NSA
0.5%
US REITs
0.5%
US Market
1 Year Returns
1.4%
NYSE:NSA
13.1%
US REITs
0.8%
US Market
NSA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
National Storage Affiliates Trust (NSA) -0.7% -0.3% 8% 1.4% 45.8% -
US REITs 0.5% 1.5% 4.4% 13.1% 10.7% 26.4%
US Market 0.5% 0.2% 1.1% 0.8% 37.4% 37.5%
1 Year Return vs Industry and Market
  • NSA underperformed the REITs industry which returned 13.1% over the past year.
Price Volatility
NSA
Industry
5yr Volatility vs Market

Value

 Is National Storage Affiliates Trust undervalued based on future cash flows and its price relative to the stock market?

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.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for National Storage Affiliates Trust.

NYSE:NSA Discounted Cash Flow Data Sources
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 7.5%
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.

Calculation of Discount Rate/ Cost of Equity for NYSE:NSA
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 0.49
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.494 (1 + (1- 21%) (55.34%))
0.805
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.805 * 5.96%)
7.53%

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.

NYSE:NSA DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.53%)
2019 129.60 Analyst x2 120.53
2020 141.35 Analyst x2 122.25
2021 147.40 Analyst x1 118.56
2022 155.30 Analyst x1 116.16
2023 163.60 Analyst x1 113.80
2024 170.57 Est @ 4.26% 110.35
2025 177.06 Est @ 3.8% 106.52
2026 183.22 Est @ 3.48% 102.51
2027 189.18 Est @ 3.26% 98.44
2028 195.04 Est @ 3.1% 94.38
Present value of next 10 years cash flows $1,103.49
NYSE:NSA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $195.04 × (1 + 2.73%) ÷ (7.53% – 2.73%)
$4,175.20
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $4,175.20 ÷ (1 + 7.53%)10
$2,020.33
NYSE:NSA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $1,103.49 + $2,020.33
$3,123.82
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $3,123.82 / 87.09
$35.87
NYSE:NSA Discount to Share Price
Calculation Result
Value per share (USD) From above. $35.87
Current discount Discount to share price of $29.86
= -1 x ($29.86 - $35.87) / $35.87
16.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price National Storage Affiliates Trust is available for.
Intrinsic value
17%
Share price is $29.86 vs Future cash flow value of $35.87
Current Discount Checks
For National Storage Affiliates Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • 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?
Raw Data
NYSE:NSA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $0.01
NYSE:NSA Share Price ** NYSE (2019-06-14) in USD $29.86
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.95x
United States of America Market PE Ratio Median Figure of 3,091 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of National Storage Affiliates Trust.

NYSE:NSA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:NSA Share Price ÷ EPS (both in USD)

= 29.86 ÷ 0.01

2406.51x

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?
Raw Data
NYSE:NSA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2406.51x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
21.1%per year
United States of America REITs Industry PEG Ratio Median Figure of 142 Publicly-Listed REITs Companies 2.42x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

NYSE:NSA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 2406.51x ÷ 21.1%

114.08x

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?
Raw Data
NYSE:NSA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $12.72
NYSE:NSA Share Price * NYSE (2019-06-14) in USD $29.86
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.85x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NYSE:NSA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:NSA Share Price ÷ Book Value per Share (both in USD)

= 29.86 ÷ 12.72

2.35x

* 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.
X
Value checks
We assess National Storage Affiliates Trust's value by looking at:
  1. 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. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. 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

 How is National Storage Affiliates Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

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!
Annual Growth Rate
21.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is National Storage Affiliates Trust expected to grow at an attractive rate?
  • 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
Raw Data
NYSE:NSA Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:NSA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 21.1%
NYSE:NSA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 8.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.3%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
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
Raw Data
NYSE:NSA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:NSA Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 528 48 1
2022-12-31 497 44 1
2021-12-31 417 41 2
2020-12-31 425 43 4
2019-12-31 378 30 4
NYSE:NSA Past Financials Data
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.

Super high growth metrics
High Growth Checks
  • National Storage Affiliates Trust's earnings are expected to grow significantly at over 20% yearly.
  • National Storage Affiliates Trust's revenue is expected to grow by 8.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:NSA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months 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 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NSA Future Estimates Data
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
NYSE:NSA Past Financials Data
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%).
X
Future performance checks
We assess National Storage Affiliates Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
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
Below we compare National Storage Affiliates Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • 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
National Storage Affiliates Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from National Storage Affiliates Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NSA Past Revenue, Cash Flow and Net Income Data
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).
X
Past performance checks
We assess National Storage Affiliates Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
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.
Net Worth
  • 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
This treemap shows a more detailed breakdown of National Storage Affiliates Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • 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.
Raw Data

All data from National Storage Affiliates Trust Company Filings, last reported 2 months ago.

NYSE:NSA Past Debt and Equity Data
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 (100.8%) 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 100.8% today).
  • Debt is not well covered by operating cash flow (12.3%, 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).
X
Financial health checks
We assess National Storage Affiliates Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. National Storage Affiliates Trust has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. 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

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.29%
Current annual income from National Storage Affiliates Trust dividends. Estimated to be 4.31% next year.
If you bought $2,000 of National Storage Affiliates Trust shares you are expected to receive $86 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • National Storage Affiliates Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • 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.
Raw Data
NYSE:NSA Annualized Past and Future Dividends
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 185 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 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.

NYSE:NSA Future Dividends Estimate Data
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 1.29 5.00
2019-12-31 1.23 5.00
NYSE:NSA Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-23 1.280 4.295
2019-02-21 1.200 4.187
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).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (117.9x coverage).
X
Income/ dividend checks
We assess National Storage Affiliates Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. 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)
  7. 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

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Arlen Nordhagen
COMPENSATION $2,040,167
AGE 61
TENURE AS CEO 6.1 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, both up more than 20%.
  • 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:

2.4
Average Tenure
54.5
Average Age
  • The tenure for the National Storage Affiliates Trust management team is about average.
Management Team

Arlen Nordhagen

TITLE
Chairman of the Board of Trustees & CEO
COMPENSATION
$2M
AGE
61
TENURE
6.1 yrs

Tamara Fischer

TITLE
President
COMPENSATION
$2M
AGE
62
TENURE
0.9 yrs

Steve Treadwell

TITLE
Executive VP & COO
COMPENSATION
$1M
AGE
48
TENURE
5.4 yrs

Brandon Togashi

TITLE
Senior VP & Chief Accounting Officer
COMPENSATION
$630K
AGE
34
TENURE
2.4 yrs

George Hoglund

TITLE
Vice President of Investor Relations
TENURE
0.4 yrs

Bill Bohannan

TITLE
Arizona Market Executive Vice President of Storage Solutions

Tracy Taylor

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

John Minar

TITLE
Southern California Regional President of Guardian Storage Centers

Marti Dowling

TITLE
Director of Investor Relations
Board of Directors Tenure

Average tenure and age of the National Storage Affiliates Trust board of directors in years:

4.2
Average Tenure
62
Average Age
  • The tenure for the National Storage Affiliates Trust board of directors is about average.
Board of Directors

Arlen Nordhagen

TITLE
Chairman of the Board of Trustees & CEO
COMPENSATION
$2M
AGE
61
TENURE
4.4 yrs

Tracy Taylor

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

John Minar

TITLE
Southern California Regional President of Guardian Storage Centers

Dominic Palazzo

TITLE
Independent Trustee
COMPENSATION
$158K
AGE
62
TENURE
4.2 yrs

George Chapman

TITLE
Independent Trustee
COMPENSATION
$150K
AGE
71
TENURE
4.2 yrs

Steve Osgood

TITLE
COMPENSATION
$153K
AGE
61
TENURE
4.2 yrs

Paul Hylbert

TITLE
Lead Independent Trustee
COMPENSATION
$153K
AGE
73
TENURE
3.4 yrs

Warren Allan

TITLE
Member of PRO Advisory Committee

Tim Warren

TITLE
Independent Trustee
AGE
63
TENURE
0.1 yrs

Chad Meisinger

TITLE
Independent Trustee
COMPENSATION
$145K
AGE
50
TENURE
4.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) 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
X
Management checks
We assess National Storage Affiliates Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. 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

How Many National Storage Affiliates Trust (NYSE:NSA) Shares Did Insiders Buy, In The Last Year?

So before you buy or sell National Storage Affiliates Trust (NYSE:NSA), you may well want to know whether insiders have been buying or selling. … Check out our latest analysis for National Storage Affiliates Trust National Storage Affiliates Trust Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider purchase was by Chairman of the Board of Trustees &amp; CEO Arlen Nordhagen for US$526k worth of shares, at about US$26.30 per share. … NYSE:NSA Recent Insider Trading, May 29th 2019 National Storage Affiliates Trust is not the only stock insiders are buying.

Simply Wall St -

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 -

Should 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 -

What 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 -

Read 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 -

How 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 -

Is 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 -

Should 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 -

How 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 -

Is 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 -

Company 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:
$2,600,492,529
$1,697,847,781
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
Staff numbers
461
National Storage Affiliates Trust employees.
Industry
Specialized REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 00:44
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/05/30
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.