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National Storage Affiliates Trust (NSA)

National Storage Affiliates Trust is a real estate investment trust headquartered in Denver, Colorado, 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. 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 profile

Ticker
NSA, NSA-PA
Exchange
CEO
Tamara D. Fischer
Employees
Location
Fiscal year end
SEC CIK
Subsidiaries
2016 JV Property Holdings, LLC • 2016 MHC, LLC • All Stor Asheville, LLC • All Stor Carolina Beach, LLC • All Stor Durham, LLC • All Stor Indian Trail, LLC • All Stor NC, LLC • All Stor Prospect, LLC • All Stor Swansboro, LLC • All Stor Swansboro II, LLC ...

NSA stock data

Analyst ratings and price targets

Last 3 months

Calendar

4 Aug 22
11 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
27 May 22 Meisinger Chad LeRoy Class A OP Units Common shares of beneficial interest, $0.01 par value Conversion Acquire C No No 0 6,411 0 41,963
27 May 22 Meisinger Chad LeRoy LTIP Units [object Object] Conversion Dispose C No No 0 6,411 0 6,819
27 May 22 Meisinger Chad LeRoy Class A OP Units Common shares of beneficial interest, $0.01 par value Grant Acquire A No No 53.46 3,367 180K 41,963
27 May 22 Palazzo Dominic M Class A OP Units Common shares of beneficial interest, $0.01 par value Conversion Acquire C No No 0 5,245 0 43,248
27 May 22 Palazzo Dominic M LTIP Units [object Object] Conversion Dispose C No No 0 5,245 0 6,623
27 May 22 Palazzo Dominic M Class A OP Units Common shares of beneficial interest, $0.01 par value Grant Acquire A No No 53.46 3,664 195.88K 43,248
27 May 22 Steinfort Rebecca Lee Class A OP Units Common shares of beneficial interest, $0.01 par value Conversion Acquire C No No 0 6,119 0 22,590
27 May 22 Steinfort Rebecca Lee LTIP Units [object Object] Conversion Dispose C No No 0 6,119 0 6,819
27 May 22 Steinfort Rebecca Lee Class A OP Units Common shares of beneficial interest, $0.01 par value Grant Acquire A No No 53.46 3,367 180K 22,590
27 May 22 Osgood Steven G Class A OP Units Common shares of beneficial interest, $0.01 par value Conversion Acquire C No No 0 7,256 0 125,844
89.0% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 294 299 -1.7%
Opened positions 36 46 -21.7%
Closed positions 41 27 +51.9%
Increased positions 114 121 -5.8%
Reduced positions 101 97 +4.1%
13F shares Current Prev Q Change
Total value 5.18B 5.62B -7.8%
Total shares 81.69M 80.47M +1.5%
Total puts 8.3K 8.3K
Total calls 13.4K 47K -71.5%
Total put/call ratio 0.6 0.2 +250.7%
Largest owners Shares Value Change
Vanguard 13M $816.18M +1.4%
BLK Blackrock 12.87M $807.97M +0.4%
STT State Street 4.84M $304.03M +14.1%
Howard Kevin Maxen 4.08M $137.18M 0.0%
IVZ Invesco 2.64M $165.61M +4.9%
Wasatch Advisors 2.21M $138.92M -14.1%
Nuveen Asset Management 1.9M $115.65M +4.0%
Thrivent Financial For Lutherans 1.88M $118.17M +7.9%
Geode Capital Management 1.67M $104.54M -23.0%
Charles Schwab Investment Management 1.35M $84.65M +3.3%
Largest transactions Shares Bought/sold Change
Norges Bank 0 -735.23K EXIT
STT State Street 4.84M +598.64K +14.1%
Point72 Asset Management 517.33K +516.33K +51633.3%
Geode Capital Management 1.67M -496.54K -23.0%
FMR 495.28K +494.64K +76926.7%
MS Morgan Stanley 1.02M +373.35K +57.4%
Wasatch Advisors 2.21M -363.74K -14.1%
Capital Growth Management 0 -360K EXIT
Balyasny Asset Management 746.65K +316.32K +73.5%
MCQEF Macquarie 1.24M -308.65K -20.0%

Financial report summary

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Risks
  • Adverse economic or other conditions in the markets in which we do business and more broadly associated with the real estate industry could negatively affect our occupancy levels and rental rates and therefore our operating results and the value of our self storage properties.
  • We may not be successful in identifying and consummating suitable acquisitions, adding additional suitable new PROs, or integrating and operating such acquisitions, including integrating them into our financial and operational reporting infrastructure and internal control framework in a timely manner, which may impede our growth.
  • We face competition for tenants.
  • Increases in taxes and regulatory compliance costs, including as a result of changes in law or property reassessments, may reduce our income and adversely impact our cash flows.
  • Our storage leases are relatively short-term in nature, which exposes us to the risk that we may have to re-lease our units and we may be unable to do so on attractive terms, on a timely basis or at all.
  • Security breaches through cyber-attacks, cyber-intrusions, or other methods could disrupt our information technology networks and related systems.
  • Costs associated with complying with the ADA may result in unanticipated expenses.
  • Environmental compliance costs and liabilities associated with operating our properties may affect our results of operations.
  • We and certain of our PROs have tenant insurance- and/or tenant protection plan-related arrangements that are in some cases subject to state-specific governmental regulation, which may adversely affect our results.
  • Privacy concerns could result in regulatory changes that may harm our business.
  • Illiquidity of real estate investments could significantly impede our ability to respond to adverse changes in the performance of our properties.
  • Our business could be harmed if key personnel terminate their employment with us.
  • We invest in strategic joint ventures that subject us to additional risks.
  • We are restricted in making certain property sales on account of agreements with our PROs that may require us to keep certain properties that we would otherwise sell.
  • Our ability to terminate our facilities portfolio management agreements ("FPMAs") and asset management agreements ("AMAs") with a PRO is limited, which may adversely affect our ability to execute our business plan.
  • We may less vigorously pursue enforcement of terms of agreements entered into with our PROs because of conflicts of interest with our PROs.
  • We own self storage properties in some of the same geographic regions as our PROs and may compete for tenants with other properties managed by our PROs.
  • Our PROs may engage in other activities, diverting their attention from the management of our properties, which could adversely affect the execution of our business plan and our operating results.
  • When a PRO elects or is required to "retire" we may become exposed to new and additional costs and risks.
  • Our contribution transactions were generally not negotiated on an arm's-length basis and may not be as favorable to us as if they had been negotiated with unaffiliated third parties.
  • Conflicts of interest could arise with respect to certain transactions between the holders of OP units and subordinated performance units, which include our PROs, on the one hand, and us and our shareholders, on the other.
  • The partnership agreement of our operating partnership contains provisions that may delay, defer or prevent a change in control.
  • Certain provisions of the Maryland General Corporation Law (the "MGCL") and of our bylaws and our declaration of trust could inhibit a change in our control and have an adverse impact on the price of our shares.
  • Restrictions on ownership and transfer of our shares may restrict change of control or business combination opportunities in which our shareholders might receive a premium for their shares.
  • There are risks associated with our indebtedness.
  • Disruptions in the financial markets could affect our ability to obtain debt financing on reasonable terms or at all and have other adverse effects on us.
  • We depend on external sources of capital that are outside of our control, which could adversely affect our ability to acquire or develop properties, satisfy our debt obligations and/or make distributions to shareholders.
  • Increases in interest rates may increase our interest expense and adversely affect our cash flow and our ability to service our indebtedness and make cash distributions to our shareholders, and our decision to hedge against interest rate risk might not be effective.
  • The terms and covenants relating to our indebtedness could adversely impact our economic performance.
  • The discontinuation of the London interbank offered rate ("LIBOR") and transition to alternative reference rates may adversely impact our borrowings and interest rate hedging.
  • Our failure to remain qualified as a REIT would subject us to U.S. federal income tax and applicable state and local taxes, which would reduce the amount of operating cash flow to our shareholders.
  • Even if we qualify as a REIT, we may face other tax liabilities that reduce our cash flow.
  • Complying with the REIT requirements may cause us to forgo and/or liquidate otherwise attractive investments, and in some situations, to maintain our REIT qualification, we may be forced to borrow funds during unfavorable market conditions.
  • If our operating partnership is treated as a corporation for U.S. federal income tax purposes, we will cease to qualify as a REIT.
  • Complying with REIT requirements may limit our ability to hedge effectively and may cause us to incur tax liabilities.
  • The ability of our board of trustees to revoke our REIT election without shareholder approval may cause adverse consequences to our shareholders.
  • Legislative or regulatory tax changes related to REITs could materially and adversely affect our business.
  • Common shares and preferred shares eligible for future sale may have adverse effects on our share price.
  • We cannot assure our ability to pay dividends in the future.
  • Future offerings of debt or equity securities, which may rank senior to our common shares, may adversely affect the market price of our common shares.
Management Discussion
  • When reviewing our results of operations it is important to consider the timing of acquisition activity. We acquired 20 self storage properties during the six months ended June 30, 2022 and 229 self storage properties during the year ended December 31, 2021. As a result of these and other factors, we do not believe that our historical results of operations discussed and analyzed below are comparable or necessarily indicative of our future results of operations or cash flows.
  • To help analyze the operating performance of our self storage properties, we also discuss and analyze operating results relating to our same store portfolio. Our same store portfolio is defined as those properties owned and operated on a stabilized basis since the first day of the earliest year presented. We consider a property to be stabilized once it has achieved an occupancy rate that is representative of similar properties in the applicable market. We exclude any properties sold, expected to be sold or subject to significant changes such as expansions or casualty events which cause the portfolio's year-over-year operating results to no longer be comparable. The 2022 same store pool changed from 631 stores at March 31, 2022 to 629 stores at June 30, 2022, due to significant expansions at two of our consolidated self storage properties.
  • Net income was $48.4 million for the three months ended June 30, 2022, compared to $35.7 million for the three months ended June 30, 2021, an increase of $12.7 million. The increase was primarily due to an increase in net operating income ("NOI") generated from 206 self storage properties acquired between July 1, 2021 and June 30, 2022 and same store NOI growth, partially offset by increases in depreciation and amortization and interest expense. For a description of NOI, see "Non-GAAP Financial Measures – NOI".

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