National Storage Affiliates(NSA)

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4 Real Estate Players Recede In Momentum Despite A Fed Rate Cut
Benzinga· 2025-09-30 08:22
Four real estate stocks have shown a marked decline in momentum in recent weeks, even as the Federal Reserve advanced into a rate-cutting cycle.4 Realty Stocks See Weakening MomentumDespite expectations that lower interest rates might buoy real estate equities, these four names, Cherry Hill Mortgage Investment Corp. (CHMI), National Storage Affiliates Trust (NSA), Sachem Capital Corp. (SACH), and Smith Douglas Homes Corp. (SDHC), have slipped to the bottom 10% in momentum rankings, suggesting broader headwi ...
4 Real Estate Players Recede In Momentum Despite A Fed Rate Cut - Invesco QQQ Trust, Series 1 (NASDAQ:QQQ), SPDR Dow Jones Industrial Average ETF (ARCA:DIA)
Benzinga· 2025-09-30 08:22
Four real estate stocks have shown a marked decline in momentum in recent weeks, even as the Federal Reserve advanced into a rate-cutting cycle.4 Realty Stocks See Weakening MomentumDespite expectations that lower interest rates might buoy real estate equities, these four names, Cherry Hill Mortgage Investment Corp. (CHMI), National Storage Affiliates Trust (NSA), Sachem Capital Corp. (SACH), and Smith Douglas Homes Corp. (SDHC), have slipped to the bottom 10% in momentum rankings, suggesting broader headwi ...
Evercore ISI Raises PT on National Storage Affiliates Trust (NSA) to $32, Maintains an ‘Underperform’ Rating
Insider Monkey· 2025-09-25 01:20
Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgency to invest now [1][13] - The energy demands of AI technologies are highlighted, with data centers consuming as much energy as small cities, leading to concerns about power grid strain and rising electricity prices [2][3] Investment Opportunity - A specific company is presented as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI [3][7] - This company is characterized as a "toll booth" operator in the AI energy boom, benefiting from the surge in demand for electricity driven by AI advancements [4][5] Market Position - The company is noted for its unique position in the market, being debt-free and holding a significant cash reserve, which is nearly one-third of its market capitalization [8] - It also has a substantial equity stake in another AI-related company, providing investors with indirect exposure to multiple growth engines in the AI sector [9][10] Future Trends - The article discusses the broader trends of onshoring driven by tariffs and the surge in U.S. LNG exports, positioning the company favorably within these developments [6][14] - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12] Conclusion - The narrative concludes with a strong call to action for investors to engage in the AI investment landscape, emphasizing the potential for significant returns within a 12 to 24-month timeframe [15][19]
13 Best Warehouse and Self-Storage Stocks to Buy Right Now
Insider Monkey· 2025-09-24 02:21
Industry Overview - The warehousing and self-storage market is projected to grow at a 7.5% compound annual growth rate (CAGR) from 2025 to 2029, with a market value of $798.45 billion in 2024, expected to reach $1.159 trillion by the end of the forecast period [2] - Key growth drivers include urbanization, population growth, and the rise of online shopping, leading to high demand for secure and flexible storage solutions [3] - The Asia-Pacific region is expected to lead the industry by 2025, with North America following closely [2] Market Challenges - Consumer awareness of self-storage services is low, with only 43% of the population familiar with them and just 8.7% actively considering using these services [3] - Customer satisfaction is high, but 39% of customers perceive pricing as expensive, indicating potential for new operators to address cost concerns [3] Technological Advancements - Warehouse and self-storage providers are investing in digital tools such as smart security and automation to enhance efficiency and improve customer experience [4] - The need for diversified storage and distribution hubs is highlighted by companies like Shein, which is leasing a warehouse in China to mitigate U.S.-China tariff risks [4] Investment Opportunities - A list of the 13 Best Warehouse and Self-Storage Stocks to Buy has been curated based on strong market capitalization and hedge fund sentiment [7] - The strategy of imitating top stock picks from hedge funds has shown significant outperformance, with a return of 373.4% since May 2014 [8] Company Highlights - **Americold Realty Trust, Inc. (NYSE:COLD)**: Recognized for its innovative cold-storage facility in Arkansas, which features advanced automated systems and sustainability measures [10][11] - **CubeSmart (NYSE:CUBE)**: Upgraded by Evercore ISI with a new price target of $48, citing attractive valuation metrics and potential housing market tailwinds [13][14] - **National Storage Affiliates Trust (NYSE:NSA)**: Received a price target increase from $31 to $32, indicating a recalibration of future cash flow expectations [15][16]
National Storage Affiliates: Fed Rate Cuts May Bring Long-Awaited Turnaround
Seeking Alpha· 2025-09-18 20:59
Group 1 - The article discusses the author's journey into investing, starting in high school in 2011, focusing on REITs, preferred stocks, and high-yield bonds, indicating a long-standing interest in markets and the economy [1] - The author has recently adopted a strategy that combines long stock positions with covered calls and cash secured puts, emphasizing a fundamental long-term investment approach [1] - The author primarily covers REITs and financials on Seeking Alpha, with occasional articles on ETFs and other stocks influenced by macro trade ideas [1]
National Storage Affiliates(NSA) - 2025 Q2 - Quarterly Report
2025-08-05 20:06
[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=4&type=section&id=ITEM%201.%20Financial%20Statements) H1 2025 financial statements show decreased assets, revenues, and net income, driven by lower property sale gains and reduced operating cash flow [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets decreased to $5.18 billion by June 30, 2025, from $5.35 billion, primarily due to reduced property values, impacting total equity Condensed Consolidated Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$5,181,285** | **$5,354,462** | | Self storage properties, net | $4,695,617 | $4,812,496 | | Cash and cash equivalents | $26,121 | $50,408 | | **Total Liabilities** | **$3,543,603** | **$3,591,115** | | Debt financing | $3,402,659 | $3,449,087 | | **Total Equity** | **$1,637,682** | **$1,763,347** | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue slightly decreased, but H1 2025 saw significant declines in total revenue and net income, primarily due to lower property sale gains Q2 Statement of Operations Highlights (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $188,842 | $190,448 | -0.8% | | Net Income | $30,958 | $32,280 | -4.1% | | Net Income Attributable to Common Shareholders | $14,357 | $11,952 | +20.1% | | EPS (basic and diluted) | $0.19 | $0.16 | +18.8% | Six Months Ended June 30 Statement of Operations Highlights (in thousands, except per share data) | Metric | H1 2025 | H1 2024 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $377,196 | $386,596 | -2.4% | | Gain on sale of self storage properties | $10,996 | $63,841 | -82.8% | | Net Income | $50,477 | $127,368 | -60.4% | | Net Income Attributable to Common Shareholders | $22,237 | $65,869 | -66.2% | | EPS (basic and diluted) | $0.29 | $0.85 | -65.9% | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 cash flow from operations decreased, with investing activities sharply lower due to reduced property sales, and financing activities also decreased Six Months Ended June 30 Cash Flow Summary (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $165,502 | $177,217 | | Net Cash Provided by Investing Activities | $25,549 | $544,654 | | Net Cash Used In Financing Activities | ($213,859) | ($742,525) | | **Decrease in Cash, Cash Equivalents and Restricted Cash** | **($22,808)** | **($20,654)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the company's self-storage REIT operations, including 807 consolidated properties, $3.4 billion debt, and the internalization of its PRO management structure - As of June 30, 2025, the company owned **807 consolidated self-storage properties** and managed an additional **260 properties** through unconsolidated real estate ventures[31](index=31&type=chunk)[32](index=32&type=chunk) - During the first six months of 2025, the company acquired **four properties** for approximately **$24.9 million** and sold **ten properties** for net proceeds of approximately **$67.1 million**, resulting in a net gain of **$11.0 million**[82](index=82&type=chunk)[84](index=84&type=chunk) - Total debt financing stood at approximately **$3.4 billion** as of June 30, 2025, composed of a credit facility, various term loans, senior unsecured notes, and fixed-rate mortgages[87](index=87&type=chunk) - Effective July 1, 2024, the company internalized its PRO (participating regional operators) structure by purchasing the PROs' management contracts, transitioning most operations in-house[98](index=98&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=34&type=section&id=ITEM%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2025 revenue decline from lower occupancy and property sales, H1 2025 net income drop, and declining non-GAAP metrics, while maintaining adequate liquidity [Results of Operations](index=36&type=section&id=Results%20of%20Operations) Q2 2025 total revenue decreased 0.8% from lower rental revenue, partially offset by increased management fees and reduced G&A, while H1 2025 net income fell sharply - Q2 2025 rental revenue decreased by **$4.5 million (2.6%)** YoY, attributed to a drop in average portfolio occupancy from **86.1% to 83.6%** and the sale of **11 properties**[135](index=135&type=chunk)[136](index=136&type=chunk) - Q2 2025 General and Administrative expenses decreased by **$3.4 million (20.9%)** YoY, primarily due to lower management fees paid following the internalization of the PRO structure[140](index=140&type=chunk) - For the first six months of 2025, the gain on sale of self-storage properties was **$11.0 million**, a significant decrease from **$63.8 million** in the same period of 2024, heavily impacting net income[161](index=161&type=chunk) [Non-GAAP Financial Measures](index=42&type=section&id=Non-GAAP%20Financial%20Measures) Key non-GAAP metrics declined, with Q2 2025 Core FFO per share at $0.55 and same-store NOI down 6.1%, reflecting decreased rental revenue and increased operating expenses Core FFO per Share and Unit | Period | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $0.55 | $0.62 | -11.3% | | Six Months Ended June 30 | $1.09 | $1.22 | -10.7% | Same Store Portfolio Performance (Q2 2025 vs Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Rental Revenue | $162,570K | $167,825K | -3.1% | | Property Operating Expenses | $52,720K | $50,407K | +4.6% | | Net Operating Income (NOI) | $116,255K | $123,777K | -6.1% | Adjusted EBITDA (in thousands) | Period | 2025 | 2024 | Change | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $123,825 | $127,751 | -3.1% | | Six Months Ended June 30 | $246,834 | $257,678 | -4.2% | [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity stems from operations, property sales, and a $1.355 billion credit facility, with H1 2025 cash used for debt payments, dividends, and capital expenditures - Primary sources of liquidity are cash flow from operations, proceeds from property dispositions, and access to debt and equity markets[189](index=189&type=chunk) - As of June 30, 2025, the company had a **$1.355 billion credit facility**, with **$544.1 million** of borrowing capacity remaining under its **$950.0 million** revolver[199](index=199&type=chunk)[200](index=200&type=chunk) - During H1 2025, the company paid **$87.2 million** in dividends to common shareholders and **$10.2 million** to preferred shareholders[217](index=217&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Primary market risk is interest rate fluctuations, with **$403.9 million** in unhedged variable-rate debt, where a 1% rate change impacts annual earnings by **$4.0 million** - The company's main market risk exposure is to interest rate fluctuations[224](index=224&type=chunk) - As of June 30, 2025, the company had **$403.9 million** of debt subject to variable interest rates, excluding debt covered by interest rate swaps[225](index=225&type=chunk) - A hypothetical **100 basis point (1%)** change in interest rates would result in an approximate **$4.0 million** annual change in interest expense on the unhedged variable-rate debt[225](index=225&type=chunk) [Controls and Procedures](index=53&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[227](index=227&type=chunk) - No changes in internal control over financial reporting occurred during the six months ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls[228](index=228&type=chunk) [PART II. OTHER INFORMATION](index=53&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=53&type=section&id=ITEM%201.%20Legal%20Proceedings) The company reports that it is not currently subject to any legal proceedings that it considers to be material - As of the filing date, the company is not involved in any material legal proceedings[231](index=231&type=chunk) [Risk Factors](index=54&type=section&id=ITEM%201A.%20Risk%20Factors) No material changes to 2024 Form 10-K risk factors, except for a new risk concerning potential adverse effects of recent U.S. and international tariff actions - A new risk factor has been added regarding the potential adverse effects of U.S. and international tariffs on the company's business, financial condition, and results of operations[234](index=234&type=chunk)[235](index=235&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=54&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q2 2025, the company issued **108,506 common shares** for OP unit redemptions and has **$350.3 million** remaining in its share repurchase program - In Q2 2025, the company issued **108,506 common shares** in exchange for an equal number of OP units to satisfy redemption requests from limited partners[236](index=236&type=chunk) - The company's share repurchase program had approximately **$350.3 million** of remaining capacity as of June 30, 2025[240](index=240&type=chunk)[241](index=241&type=chunk) [Exhibits](index=55&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and CEO/CFO certifications - The report includes standard exhibits such as Articles of Amendment, Bylaws, and CEO/CFO certifications pursuant to Sarbanes-Oxley Sections 302 and 906[246](index=246&type=chunk)[248](index=248&type=chunk)
National Storage Affiliates(NSA) - 2025 Q2 - Earnings Call Transcript
2025-08-05 18:02
Financial Data and Key Metrics Changes - The company reported core FFO per share of $0.55 for Q2 2025, an 11% decline from the prior year, primarily due to decreased same store NOI and increased interest expense [13][17]. - Same store revenues declined by 3%, driven by a lower average occupancy of 240 basis points and a year-over-year decline in average revenue per square foot of 30 basis points [13][15]. - Same store NOI growth was negative 6.1% for the quarter, with expense growth at 4.6%, mainly due to property taxes, marketing, repair and maintenance, and utilities [13][15]. Business Line Data and Key Metrics Changes - The company sold 10 properties in non-core markets and acquired one property in Texas and an annex in California, focusing on improving balance sheet metrics [7][8]. - The occupancy rate increased by 140 basis points sequentially during Q2 to finish at 85%, with further improvement to 85.3% in July [10]. - RevPath improved for five consecutive months, with the year-over-year delta decreasing from 4.2% in February to 1.6% in July [11]. Market Data and Key Metrics Changes - The company noted continued pressure from new supply in several markets, which has impacted performance more than expected [6]. - The housing market remains challenging, with no meaningful improvement in macroeconomic conditions affecting occupancy and revenue [5][6]. - The company expects new supply to decline over the next few years, supporting an improving supply-demand backdrop [9]. Company Strategy and Development Direction - The company is focused on improving its portfolio and occupancy position through increased marketing spend and the use of concessions [9]. - Management remains confident in the outlook for NSA, expecting to realize full benefits from the pro internalization as the housing market recovers [8][9]. - The company is being disciplined in capital allocation, balancing share repurchases with potential acquisitions [26][27]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the elevated use of concessions during the quarter was a near-term drag on revenues [7]. - The company is optimistic about the potential for recovery in the housing market, particularly in Sunbelt and suburban markets [9]. - Management believes they have hit bottom in fundamentals and are starting to see positive trends operationally [10]. Other Important Information - The company has ample liquidity with no significant debt maturities until 2026, maintaining a revolver balance of $400 million [16]. - The adjusted guidance for 2025 includes same store revenue growth of negative 2% to 3% and core FFO per share of $2.17 to $2.23 [17]. Q&A Session Summary Question: Can you walk through the scenarios for the updated guidance? - Management explained that the revised guidance is primarily anchored to same store revenue growth, with expectations of seasonal occupancy trends and the impact of higher discounts and concessions [20][21]. Question: How are you thinking about share repurchases? - Management views the current stock price as attractive and plans to balance share repurchases with capital allocation for acquisitions [26][27]. Question: How is the ECRI strategy performing in light of market pressures? - Management reported no significant changes in the ECRI program and noted that they are adjusting their approach based on customer behavior and churn [31][32]. Question: What is the competitive landscape like in your markets? - Management indicated that new supply has likely peaked in many markets, leading to more stability in asking rents and occupancy levels [51][52]. Question: Can you elaborate on the green shoots in your new marketing strategy? - Management highlighted improvements in visibility scores and top-of-funnel demand due to increased marketing spend and rebranding efforts [55][56]. Question: What are the challenges with the pro internalization? - Management noted that challenges are more market-driven rather than specific to individual pro properties, with some markets being particularly competitive [90][91]. Question: How many properties are earmarked for sale? - Management confirmed they have identified properties for potential sale and are evaluating strategies for reinvestment in the portfolio [96][97].
National Storage Affiliates(NSA) - 2025 Q2 - Earnings Call Transcript
2025-08-05 18:00
Financial Data and Key Metrics Changes - The company reported core FFO per share of $0.55 for Q2 2025, an 11% decline from the prior year, primarily due to decreased same store NOI and increased interest expense [13] - Same store revenues declined by 3%, driven by a lower average occupancy of 240 basis points and a year-over-year decline in average revenue per square foot of 30 basis points [13] - Expense growth was 4.6% in Q2, with property taxes, marketing, repair and maintenance, and utilities being the main drivers [14] Business Line Data and Key Metrics Changes - Same store NOI growth was negative 6.1%, reflecting the challenges faced in the current operating environment [14] - The company sold 10 properties in non-core markets and acquired one property in Texas, along with an annex in California [7][8] - RevPath improved for five consecutive months, with the year-over-year delta decreasing from 4.2% in February to 1.6% in July [11] Market Data and Key Metrics Changes - Occupancy increased by 140 basis points sequentially during Q2 to finish at 85%, with further improvement to 85.3% in July [10] - The year-over-year occupancy decline narrowed to 150 basis points in July from 220 basis points in June [10] - The company noted that new supply is projected to decline over the next few years, supporting an improving supply-demand backdrop [9] Company Strategy and Development Direction - The company is focused on improving its balance sheet metrics and remains disciplined in capital use, expecting to be a net seller of assets for the year [8][15] - Increased marketing spend and the use of concessions are part of the strategy to improve portfolio performance and occupancy [9] - The company is optimistic about the long-term outlook, particularly as the housing market recovers and new supply declines [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that macroeconomic conditions have not improved meaningfully, impacting occupancy and revenue expectations [6] - The elevated use of concessions during the quarter was a near-term drag on revenues, but management believes these actions are necessary given the current environment [7] - Management expressed confidence in the outlook for NSA, expecting to realize benefits from pro internalization and improved market conditions [8] Other Important Information - The company has ample liquidity with no significant debt maturities until 2026 and a current revolver balance of $400 million [15] - Adjusted guidance for 2025 includes same store revenue growth of negative 2% to 3% and core FFO per share of $2.17 to $2.23 [16] Q&A Session Summary Question: Can you walk through the scenarios underpinning the updated guidance? - Management explained that the revised guidance reflects expectations of occupancy trends and seasonal declines, with less dependency on macro conditions compared to earlier in the year [20][22] Question: How are you thinking about share repurchases given current share prices? - Management indicated that share repurchases are considered attractive but will be balanced with capital allocation decisions and maintaining balance sheet metrics [24] Question: How is the ECRI strategy performing in light of market pressures? - Management reported no significant changes in the ECRI program and noted that they are adjusting risk scores based on customer behavior [29][30] Question: What is the current state of your marketing strategy and its impact? - Management highlighted improvements in visibility scores and increased top-of-funnel demand due to enhanced marketing efforts and rebranding [56][78] Question: Can you elaborate on the challenges faced during the pro internalization? - Management noted that challenges are more market-driven rather than specific to individual properties, with some markets being particularly competitive [88] Question: What is the outlook for property dispositions and acquisitions? - Management confirmed that they have identified properties for sale and are being disciplined in capital allocation, focusing on optimizing existing portfolio performance [92][106]
National Storage (NSA) Q2 FFO Falls 11%
The Motley Fool· 2025-08-05 05:49
Core Insights - National Storage Affiliates Trust (NSA) reported a decline in key financial metrics for Q2 2025, with core funds from operations (Core FFO) per share at $0.55, down 11.3% from $0.62 in Q2 2024 [1][2] - GAAP revenue was $188.8 million, a decrease of 0.8% year-over-year, while diluted earnings per share (EPS) increased to $0.19, up 18.8% from $0.16 in Q2 2024 [1][2] - Management revised full-year guidance downward, indicating limited signs of near-term stabilization in key operating trends [1] Financial Performance - Core FFO per share for Q2 2025 was $0.55, compared to $0.62 in Q2 2024, reflecting an 11.3% decline [2] - GAAP revenue decreased to $188.8 million from $190.4 million in Q2 2024, marking a 0.8% decline [2] - Same store net operating income fell 6.1%, driven by a 3.0% decrease in same store total revenues and a 4.6% increase in same store property operating expenses [5] Operational Overview - NSA operates 1,067 self-storage facilities across the U.S. and Puerto Rico, with approximately 69.7 million rentable square feet [3] - The company is focusing on expanding through acquisitions and internalizing property management to control costs and improve operational efficiency [4] - Occupancy rates in the same store pool dropped to 85.0% from 87.2% in Q2 2024, with average occupancy at 84.2%, down 240 basis points [6] Strategic Initiatives - The internalization of the property management platform aimed to reduce general and administrative expenses, which decreased from $16.2 million in Q2 2024 to $12.8 million in Q2 2025 [7] - Increased marketing investments contributed to a rise in operating expenses, with same store property operating expenses increasing by 4.6% year-over-year [7] - NSA's growth strategy through acquisitions slowed, with only one wholly-owned property acquired for $11.4 million and one joint venture property for approximately $18.0 million [8] Future Outlook - Management lowered fiscal 2025 guidance for Core FFO per share to a range of $2.17–$2.23, with expectations for same store revenue and net operating income growth also reduced [11] - Same store revenue is projected to decline between 3.0% to 2.0% year-over-year for 2025, while same store NOI is expected to decrease between 5.75% to 4.25% [11] - The company plans to reduce acquisition activity, expecting $50–100 million for 2025, down from the original $100–300 million range [11]
National Storage (NSA) Q2 Earnings: Taking a Look at Key Metrics Versus Estimates
ZACKS· 2025-08-05 00:01
Core Insights - National Storage (NSA) reported revenue of $188.84 million for the quarter ended June 2025, reflecting a decrease of 0.8% year-over-year and a surprise of -0.36% compared to the Zacks Consensus Estimate of $189.53 million [1] - The earnings per share (EPS) for the quarter was $0.55, significantly higher than the $0.16 reported in the same quarter last year, but below the consensus estimate of $0.58, resulting in an EPS surprise of -5.17% [1] Revenue Breakdown - Rental revenue was reported at $169.84 million, slightly below the average estimate of $172.35 million, but showing a year-over-year increase of 1.1% [4] - Management fees and other revenue reached $12.23 million, compared to the estimated $12.43 million, marking a substantial year-over-year increase of 28.4% [4] - Other property-related revenue was $6.77 million, slightly above the two-analyst average estimate of $6.75 million, with a year-over-year change of 8.4% [4] Stock Performance - Over the past month, shares of National Storage have returned -9.2%, contrasting with the Zacks S&P 500 composite's increase of 0.6% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]