NYSE:NSA

Stock Analysis Report

NOT FOR DISTRIBUTION
Header cover image

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 Analysis

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


Market Performance


7 Day Return

11.7%

NSA

4.9%

US REITs

4.0%

US Market


1 Year Return

3.2%

NSA

-9.7%

US REITs

5.0%

US Market

Return vs Industry: NSA exceeded the US REITs industry which returned -10% over the past year.

Return vs Market: NSA underperformed the US Market which returned 4.8% over the past year.


Shareholder returns

NSAIndustryMarket
7 Day11.7%4.9%4.0%
30 Day-5.4%-2.4%0.9%
90 Day6.2%23.3%29.5%
1 Year7.4%3.2%-5.9%-9.7%7.2%5.0%
3 Year52.8%34.8%16.3%2.0%36.2%27.3%
5 Year193.9%136.6%43.8%14.2%65.4%47.0%

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?

11.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: NSA ($30.05) is trading below our estimate of fair value ($33.75)

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 (2.9x) compared to the US REITs industry average (1.4x).


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?

129.2%

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 (2.2%).

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 (4.5% per year) is forecast to grow slower than the US market (9.3% per year).

High Growth Revenue: NSA's revenue (4.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: NSA is forecast to be unprofitable in 3 years.


Next Steps

Past Performance

How has National Storage Affiliates Trust performed over the past 5 years?

-44.7%

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 -44.7% 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 (5.3%).


Return on Equity

High ROE: NSA has a negative Return on Equity (4.98%), as it is currently unprofitable.


Next Steps

Financial Health

How is National Storage Affiliates Trust's financial position?


Financial Position Analysis

Short Term Liabilities: NSA's short term assets ($37.9M) do not cover its short term liabilities ($163.3M).

Long Term Liabilities: NSA's short term assets ($37.9M) do not cover its long term liabilities ($1.7B).


Debt to Equity History and Analysis

Debt Level: NSA's debt to equity ratio (131.5%) is considered high.

Reducing Debt: NSA's debt to equity ratio has reduced from 263.2% to 131.5% over the past 5 years.

Debt Coverage: NSA's debt is not well covered by operating cash flow (11.1%).

Interest Coverage: NSA is unprofitable, therefore interest payments are not well covered by earnings.


Balance Sheet


Next Steps

Dividend

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

4.39%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NSA's dividend (4.39%) is higher than the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: NSA's dividend (4.39%) is low compared to the top 25% of dividend payers in the US market (4.51%).


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 (63.3%), 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?

0.5yrs

Average management tenure


CEO

Tammy Fischer (64yo)

0.50

Tenure

US$1,747,316

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 ($USD1.75M) is below average for companies of similar size in the US market ($USD5.84M).

Compensation vs Earnings: Tammy's compensation has increased whilst the company is unprofitable.


Leadership Team

NamePositionTenureCompensationOwnership
Arlen Nordhagen
Executive Chairman5.5yrsUS$2.28m7.52% $202.1m
Tamara Fischer
President0.50yrUS$1.75m0.028% $752.5k
Brandon Togashi
Executive VP0.50yrUS$730.14k0.00042% $11.3k
David Cramer
Executive VPno datano data3.16% $85.0m
George Hoglund
Vice President of Investor Relations1.5yrsno datano data
Tiffany Kenyon
Senior VP2.17yrsno datano data
Bill Bohannan
Arizona Market Executive Vice President of Storage Solutionsno datano datano data
Tracy Taylor
Texas Market Executive VP of Move It Self Storageno datano datano data
Russell Brown
Senior Vice President of Acquisitions0.75yrno datano data
Marti Dowling
Director of Investor Relationsno datano datano data

0.5yrs

Average Tenure

63yo

Average Age

Experienced Management: NSA's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Arlen Nordhagen
Executive Chairman5.5yrsUS$2.28m7.52% $202.1m
Tamara Fischer
President0.50yrUS$1.75m0.028% $752.5k
David Cramer
Executive VPno datano data3.16% $85.0m
George Chapman
Independent Trustee5.25yrsUS$150.00k0.032% $867.6k
Paul Hylbert
Lead Independent Trustee4.5yrsUS$152.50k0.025% $675.9k
Steven Osgood
Independent Trustee5.25yrsUS$152.50kno data
Chad Meisinger
Independent Trustee5.25yrsUS$145.00k0.068% $1.8m
Warren Allan
Member of PRO Advisory Committeeno datano datano data
J. Warren
Independent Trustee1.17yrsUS$137.50k0.086% $2.3m
Dominic Palazzo
Independent Trustee5.25yrsUS$150.00kno data

5.3yrs

Average Tenure

64yo

Average Age

Experienced Board: NSA's board of directors are considered experienced (5.3 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 2.7%.


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$2.688b
  • Market Cap: US$1.792b
  • Shares outstanding: 89.44m
  • 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 statistical areas throughout the United States. As of March 31, 2020, the Company held ownership interests in and operated 780 self storage properties located in 35 states and Puerto Rico with approximately 48.9 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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/07/04 00:09
End of Day Share Price2020/07/02 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.