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National Storage Affiliates Trust (NSA) 10-Year Financial Performance & Capital Metrics

NSA • • REIT / Real Estate
Real EstateIndustrial REITsSelf-Storage REITsNational Self-Storage Leaders
AboutNational 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.Show more
  • Revenue $770M -10.2%
  • FFO $301M -20.4%
  • FFO/Share 3.92 +51.2%
  • FFO Payout 57.01% +13.1%
  • FFO per Share 3.92 +51.2%
  • NOI Margin 72.5% -1.1%
  • FFO Margin 39.12% -11.3%
  • ROE 5.73% -17.4%
  • ROA 1.98% -24.3%
  • Debt/Assets 64.84% +4.5%
  • Net Debt/EBITDA 7.03 +8.5%
  • Book Value/Share 22.95 +57.6%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 94.7%
  • ✓Sustainable FFO payout ratio of 57.0%
  • ✓High NOI margin of 72.5%
  • ✓Share count reduced 47.4% through buybacks
  • ✓Trading at only 1.5x book value

✗Weaknesses

  • ✗FFO declining 28.1% TTM
  • ✗Dividend payout exceeds 100% of earnings

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y25.9%
5Y15%
3Y9.57%
TTM-4.98%

Profit (Net Income) CAGR

10Y-
5Y94.73%
3Y1.95%
TTM-58.72%

EPS CAGR

10Y-
5Y0.87%
3Y2.68%
TTM-64.33%

ROCE

10Y Avg5.22%
5Y Avg5.67%
3Y Avg5.84%
Latest5.81%

Peer Comparison

National Self-Storage Leaders
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Size & Scale
Valuation
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Growth
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Quality & Returns
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Technical
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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
EXRExtra Space Storage Inc.31.23B147.1336.5127.64%28.88%6.57%5.98%0.88
NSANational Storage Affiliates Trust2.58B33.5428.42-10.22%8.94%4.27%13.27%1.97
PSAPublic Storage51.42B293.0327.543.94%39.53%20.11%5.27%0.95
CUBECubeSmart8.93B39.1422.761.51%32.21%12.5%7.07%1.03

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+133.92M199.05M268.13M330.9M382.93M432.22M585.67M801.57M858.06M770.34M
Revenue Growth %0.74%0.49%0.35%0.23%0.16%0.13%0.36%0.37%0.07%-0.1%
Property Operating Expenses45.41M64.8M84.45M103.88M106.46M123.49M155.26M211.03M228.99M211.85M
Net Operating Income (NOI)+----------
NOI Margin %----------
Operating Expenses+56.92M76.59M105.17M125.37M49.23M308.74M212.17M301.01M292.38M261.33M
G&A Expenses16.27M21.53M30.06M35.92M48.93M43.64M51M59.31M59.28M57.61M
EBITDA+72.24M196.37M265.82M332.71M332.35M260.92M376.55M522.7M558.69M487.01M
EBITDA Margin %----------
Depreciation & Amortization+40.65M138.71M187.32M231.06M105.12M117.17M158.31M233.16M221.99M189.85M
D&A / Revenue %----------
Operating Income+31.59M57.66M78.5M101.65M227.23M0218.24M289.54M336.69M297.16M
Operating Margin %----------
Interest Expense+20.78M24.11M34.07M42.72M56.46M62.59M72.06M110.6M166.15M154.26M
Interest Coverage1.52x2.39x2.30x2.38x4.02x-3.03x2.62x2.03x1.93x
Non-Operating Income5.83M8.31M-2.73M1.79M106.67M-143.74M-2.45M-9.52M-68.03M-44.14M
Pretax Income+4.8M24.87M47.16M57.14M67.36M81.15M148.63M188.45M238.58M187.04M
Pretax Margin %----------
Income Tax+-1.97M13.58M1.16M818K1.35M1.67M1.69M4.69M1.59M3.77M
Effective Tax Rate %----------
Net Income+12.44M17.96M2.96M14.11M3.98M48.61M105.25M103.74M156.67M111.52M
Net Margin %----------
Net Income Growth %-0.44%-0.84%3.76%-0.72%11.2%1.17%-0.01%0.51%-0.29%
Funds From Operations (FFO)+----------
FFO Margin %----------
FFO Growth %-1.95%0.21%0.29%-0.55%0.52%0.59%0.28%0.12%-0.2%
FFO per Share+----------
FFO Payout Ratio %----------
EPS (Diluted)+0.190.310.010.261.130.531.090.991.481.18
EPS Growth %-0.63%-0.97%25%3.35%-0.53%1.06%-0.09%0.49%-0.2%
EPS (Basic)0.800.600.010.261.130.531.130.992.481.18
Diluted Shares Outstanding66.64M78.75M44.42M53.29M58.21M66.61M134.54M91.24M146.02M76.84M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+1.1B1.89B2.27B2.73B3.08B3.51B5.56B6.07B5.93B5.35B
Asset Growth %0.32%0.72%0.2%0.2%0.13%0.14%0.58%0.09%-0.02%-0.1%
Real Estate & Other Assets+1.09B44.73M52.62M75.05M-52.17M3.58M5.22B5.67B4.96B4.84B
PP&E (Net)1.3M1.72M6.49M22.55M25.23M3.22B24.43M25.37M24.96M24.02M
Investment Securities331K1000K1000K1000K01000K1000K1000K1000K1000K
Total Current Assets+9.38M29.27M17.96M16.36M040.33M50.56M91.03M674.71M89.06M
Cash & Equivalents6.67M12.57M13.37M13.18M24.28M18.72M25.01M35.31M64.98M50.41M
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets4.2M4.65M6.99M7.45M-34.62M18.88M2.86M33.04M587.65M11.74M
Intangible Assets4.21M23.05M19.55M16.32M038.58M69.33M46.22M56.74M146.28M
Total Liabilities585.82M913.02M995.24M1.33B1.63B2.08B3.08B3.68B3.81B3.59B
Total Debt+570.61M878.95M958.1M1.28B1.56B2.02B2.96B3.58B3.68B3.47B
Net Debt563.95M866.38M944.73M1.26B1.53B2B2.94B3.54B3.62B3.42B
Long-Term Debt379.82M632.45M001.49B1.99B2.45B3.06B3.28B3.01B
Short-Term Borrowings00001000K01000K1000K1000K1000K
Capital Lease Obligations00172.5M172.5M24.66M24.76M23.98M25.74M24.2M22.89M
Total Current Liabilities+15.21M280.57M125.65M188.36M048.96M571.47M599.59M501.12M561.97M
Accounts Payable9.69M21.62M24.46M33.13M047.04M59.26M000
Deferred Revenue5.51M12.45M12.69M15.73M0022.21M23.21M27.35M20.01M
Other Liabilities185.28M255.66M856.91M1.12B-1.53B16.41M33.76M483K3.45M471K
Total Equity+516.05M979.07M1.27B1.4B1.45B1.43B2.48B2.39B2.13B1.76B
Equity Growth %0.21%0.9%0.3%0.1%0.04%-0.01%0.74%-0.04%-0.11%-0.17%
Shareholders Equity236.63M577.1M841.02M916.84M919.63M968.96M1.78B1.65B1.42B1.08B
Minority Interest279.41M401.97M430.46M485.46M532.47M461.52M707.23M740.81M703.65M687.37M
Common Stock230K431K503K567K597K713K912K898K823K763K
Additional Paid-in Capital236.39M576.37M711.47M844.28M905.76M1.05B1.87B1.78B1.51B1.25B
Retained Earnings11K-8.72M-55.73M-114.12M-197.07M0-291.26M-396.65M-449.91M-530.65M
Preferred Stock00172.5M172.5M218.18M218.32M218.42M225.44M340.65M340.89M
Return on Assets (ROA)0.01%0.01%0%0.01%0%0.01%0.02%0.02%0.03%0.02%
Return on Equity (ROE)0.03%0.02%0%0.01%0%0.03%0.05%0.04%0.07%0.06%
Debt / Assets0.52%0.46%0.42%0.47%0.51%0.57%0.53%0.59%0.62%0.65%
Debt / Equity1.11x0.90x0.75x0.91x1.07x1.41x1.19x1.50x1.73x1.97x
Net Debt / EBITDA7.81x4.41x3.55x3.80x4.62x7.67x7.81x6.78x6.47x7.03x
Book Value per Share7.7412.4328.6226.3124.9521.4818.4526.1814.5622.95

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+51.41M95.08M124.29M161.8M196.65M220.65M331.35M443.85M441.58M363.06M
Operating CF Growth %2.13%0.85%0.31%0.3%0.22%0.12%0.5%0.34%-0.01%-0.18%
Operating CF / Revenue %----------
Net Income4.8M24.87M46M56.33M66.01M79.48M146.94M183.76M236.99M183.27M
Depreciation & Amortization40.65M55.06M75.11M89.15M105.12M117.17M158.31M233.16M221.99M189.85M
Stock-Based Compensation3.03M2.6M3.76M3.84M4.53M4.28M5.46M6.26M6.68M8.31M
Other Non-Cash Items1.99M-40K605K1.1M1.49M16.52M17.08M15.04M-40.88M-18.26M
Working Capital Changes467K10.25M-2.91M2.17M3.41M3.2M3.56M5.63M16.8M-111K
Cash from Investing+-176.91M-642.87M-409.29M-514.49M-393.03M-509.68M-2B-584.16M161.1M425.42M
Acquisitions (Net)0-102.89M-15.29M-165.64M-6.6M-4.38M-2.87M-55.04M-16.92M-74.22M
Purchase of Investments-171.99M-615.48M-406.91M-479.35M-12.67M00-551.4M00
Sale of Investments141K1000K1000K1000K1000K1000K01000K00
Other Investing-172.42M-528.03M-378.76M-329.43M-357.66M-512.5M-1.97B55.04M213.58M552.95M
Cash from Financing+123.16M553.69M286.07M352.65M204.29M286.45M1.67B154.64M-557.19M-825.42M
Dividends Paid-12.43M-26.7M-49.97M-72.5M-86.94M-103.24M-144.81M-209.12M-209.93M-192.26M
Common Dividends-12.43M-26.7M-47.67M-62.15M-74.55M-90.14M-131.71M-195.7M-190.91M-171.82M
Debt Issuance (Net)-1000K1000K1000K1000K1000K1000K1000K1000K1000K-1000K
Share Repurchases0000000-90.11M-310.15M-284.7M
Other Financing-45.28M-54.07M-60.73M-66.94M-84.68M-77.24M-109.73M-157.75M-145.29M-138.92M
Net Change in Cash+-2.34M5.91M1.07M-44K7.91M-2.58M6.17M14.32M45.49M-36.94M
Exchange Rate Effect0000000000
Cash at Beginning9.01M6.67M15.34M16.41M16.36M24.28M21.7M27.88M42.2M87.69M
Cash at End6.67M12.57M16.41M16.36M24.28M21.7M27.88M42.2M87.69M50.75M
Free Cash Flow+46.92M83.14M109.04M142.38M175.19M203.9M303.35M400.12M406.03M342.49M
FCF Growth %2.77%0.77%0.31%0.31%0.23%0.16%0.49%0.32%0.01%-0.16%
FCF / Revenue %----------

Key Ratios

Metric2015201620172018201920202021202220232024
FFO per Share0.81.994.284.61.872.491.963.692.593.92
FFO Payout Ratio23.41%17.04%25.05%25.35%68.33%54.37%49.97%58.09%50.42%57.01%
NOI Margin66.09%67.45%68.5%68.61%72.2%71.43%73.49%73.67%73.31%72.5%
Net Debt / EBITDA7.81x4.41x3.55x3.80x4.62x7.67x7.81x6.78x6.47x7.03x
Debt / Assets51.79%46.45%42.27%46.83%50.54%57.48%53.3%58.93%62.08%64.84%
Interest Coverage1.52x2.39x2.30x2.38x4.02x-3.03x2.62x2.03x1.93x
Book Value / Share7.7412.4328.6226.3124.9521.4818.4526.1814.5622.95
Revenue Growth73.99%48.63%34.71%23.41%15.72%12.87%35.5%36.86%7.05%-10.22%

Revenue by Segment

2018201920202021202220232024
Tenant Insurance And Protection Plan Fees And Commissions7.5M9.1M11.1M15M19.8M24.1M22.9M
Tenant Insurance And Protection Plan Fees And Commissions Growth-21.33%21.98%35.14%32.00%21.72%-4.98%
Tenant Warranty Protection2.4M4.7M6.3M7.3M9.5M17.2M22.8M
Tenant Warranty Protection Growth-95.83%34.04%15.87%30.14%81.05%32.56%
Property Management, Call Center, And Platform Fees7.8M12.8M13.1M14.8M16.5M16.8M18.3M
Property Management, Call Center, And Platform Fees Growth-64.10%2.34%12.98%11.49%1.82%8.93%
Retail Products And Supplies1.5M1.7M1.8M2.3M2.6M2.3M1.9M
Retail Products And Supplies Growth-13.33%5.88%27.78%13.04%-11.54%-17.39%
Acquisition Fees1.6M1.8M1.7M800K1.2M-600K
Acquisition Fees Growth-12.50%-5.56%-52.94%50.00%--

Frequently Asked Questions

Valuation & Price

National Storage Affiliates Trust (NSA) has a price-to-earnings (P/E) ratio of 28.4x. This suggests investors expect higher future growth.

Growth & Financials

National Storage Affiliates Trust (NSA) reported $756.0M in revenue for fiscal year 2024. This represents a 2482% increase from $29.3M in 2012.

National Storage Affiliates Trust (NSA) saw revenue decline by 10.2% over the past year.

Yes, National Storage Affiliates Trust (NSA) is profitable, generating $67.6M in net income for fiscal year 2024 (14.5% net margin).

Dividend & Returns

Yes, National Storage Affiliates Trust (NSA) pays a dividend with a yield of 6.67%. This makes it attractive for income-focused investors.

National Storage Affiliates Trust (NSA) has a return on equity (ROE) of 5.7%. This is below average, suggesting room for improvement.

Industry Metrics

National Storage Affiliates Trust (NSA) generated Funds From Operations (FFO) of $258.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

National Storage Affiliates Trust (NSA) offers a 6.67% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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