Core Viewpoint - The article discusses a selection of stocks with high dividend yields that are currently viewed unfavorably by Wall Street analysts, suggesting potential investment opportunities in these "hated" stocks. Group 1: Real Estate Investment Trusts (REITs) - National Storage Affiliates Trust (NSA) has a yield of 7.9% and operates 1,069 properties across 37 states and Puerto Rico, benefiting from a recession-resistant business model, although it is currently facing a 20% pullback in performance [3][4] - NSA's recent quarter showed declines in earnings, core FFO, same store net operating income, and occupancy, reflecting broader challenges in the self-storage sector rather than unique issues for NSA [3][4] - Alexander's (ALX) has an 8.5% yield and is highly concentrated, with 60% of its revenues coming from tenant Bloomberg. The company is in discussions for loan restructuring after failing to repay a $300 million loan [5][6] - Despite challenges, ALX has shown double-digit total returns in 2025, outperforming the broader real estate sector, but Wall Street remains skeptical due to dividend concerns [7] Group 2: Talent Solutions and Consulting - Robert Half (RHI) has a yield of 9.0% and operates in contract talent solutions, permanent placement, and consulting services. The company has seen its stock price drop 80% since its peak in 2022, leading to more Sell and Hold ratings than Buys [10][11] - The decline in RHI's stock is attributed to a post-COVID hiring moderation, with significant job losses reported, although the company believes the impact of AI on its business is overstated [12][13] - RHI's earnings are expected to drop by 45% this year, raising concerns about dividend coverage as the payout is projected to exceed earnings through at least the end of 2026 [14] Group 3: Crafting and Creativity Platform - Cricut (CRCT) boasts a high yield of 20.6% and operates as a creativity platform, offering machines and software for crafting. The company initiated a new semiannual dividend program despite declining profits [16][17] - The stock has seen a significant decline, leading to a yield increase above 20%, with analysts recommending selling the stock [19] - Despite a loyal user base and expected profit growth of over 20% in 2025, Cricut faces challenges with flat or declining revenues projected in the coming years, particularly if economic conditions affect holiday shopping [20][21]

4 High Dividend Yields up to 20% but Wall Street Keeps Ignoring Them ByContrarian Outlook AuthorBrett Owens Stock Markets Published 11/21/2025, 05:22 AM 4 High Dividend Yields up to 20% but Wall Street Keeps Ignoring Them View all comments (0)0 Contrarian Outlook Articles(1452)|My Homepage Follow RHI -1.04% ALX -1.78% NSA -1.15% CRCT 1.53% We contrarians follow Wall Street analysts because we like to fade their opinions! When most say Buy, we are cautious. There is nobody left to upgrade these shares. When ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jur ...

Financial Data and Key Metrics Changes - The company reported Core FFO per share of $0.57 for Q3 2025, an 8% decline from the prior year, primarily due to a decrease in same-store NOI and an increase in interest expense [9] - Same-store revenues declined by 2.6%, driven by a lower average occupancy of 150 basis points and a year-over-year decline in average revenue per square foot of 40 basis points [9][10] - Expense growth was 4.9% in Q3, with property taxes, marketing, and utilities being the main drivers [10] Business Line Data and Key Metrics Changes - Rental revenue was down 2.2% year-over-year in Q3, an improvement from a negative 3.2% in the first half of 2025 [10] - The other property-related revenue line item faced a difficult comparison due to outsized performance in the previous year [10] Market Data and Key Metrics Changes - Contract rates in October improved by 160 basis points compared to the previous year, while occupancy ended October at 84.3%, down 170 basis points year-over-year [4][9] - The company is optimistic about the self-storage sector's outlook for 2026 and beyond, citing expected reductions in new supply and potential increases in storage demand due to lower mortgage rates [5] Company Strategy and Development Direction - The company is focusing on improving occupancy levels and revenue growth through increased marketing spend, competitive positioning, and solid execution of the sales process [8] - A preferred investment program was launched to enhance earnings growth and return to being a growth company [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position for 2026, citing improvements in occupancy levels and contract rates [19][20] - The company believes it has reached an inflection point, with positive momentum in same-store revenue growth and operational stability [6][7] Other Important Information - The company amended its credit facility agreement, resulting in nearly $1 million of annual interest savings [13] - The company maintains ample liquidity and healthy access to various sources of capital, with no significant debt maturities until the second half of 2026 [13] Q&A Session Summary Question: What makes the company confident compared to peers? - Management highlighted the structural improvements made over the past couple of years, including consolidating brands and operating platforms, which have positioned the company for better performance [17][19] Question: What is the outlook for capital recycling? - Management indicated ongoing efforts in capital recycling, with some properties currently on the market and a focus on operational efficiency and returns for shareholders [22][24] Question: How do improved street rates impact same-store revenue growth? - Management noted that closing the occupancy gap and positioning in the market will help drive revenue growth, with confidence in the ECRI strategy to maximize rate changes [28][29] Question: What are the demand drivers for the quarter? - Management observed that moving remains a top reason for storage usage, but there hasn't been a significant shift in housing-related demand despite lower mortgage rates [95] Question: Why not narrow guidance at this point? - Management explained that the historical approach has been to leave guidance unchanged unless there are material changes, allowing for a consistent outlook [97]

Financial Performance - Reported net income of $29.0 million for Q3 2025, a decrease of 2.5% compared to Q3 2024[6] - Core funds from operations (Core FFO) of $76.5 million, or $0.57 per share, representing an 8.1% decrease per share compared to Q3 2024[6] - Year-over-year same store total revenue decreased by 2.6% for Q3 2025, primarily due to a 150 basis point decrease in average occupancy[12] - For the three months ended September 30, 2025, total revenue was $188.7 million, a decrease of 2.4% from $193.6 million in the same period of 2024[32] - Rental revenue for the same period was $169.9 million, down 2.9% from $174.5 million year-over-year[32] - Net income attributable to common shareholders for the three months ended September 30, 2025, was $13.3 million, compared to $13.6 million in the prior year, reflecting a decrease of 2.0%[32] - Funds From Operations (FFO) attributable to common shareholders for the three months ended September 30, 2025, was $75.1 million, down from $82.4 million in the prior year[36] - Core FFO per share for the three months ended September 30, 2025, was $0.57, compared to $0.62 in the same period of 2024[36] - Net Operating Income (NOI) for the three months ended September 30, 2025, was $121.02 million, a decrease from $129.16 million in 2024[40] - EBITDA for the three months ended September 30, 2025, was $122.51 million, slightly down from $123.61 million in 2024[41] Occupancy and Store Performance - Same store period-end occupancy was 84.5% as of September 30, 2025, a decrease of 140 basis points from September 30, 2024[6] - The company operated 1,069 self-storage properties as of September 30, 2025, with approximately 69.8 million rentable square feet[26] - Total occupancy rate for the same store pool decreased to 84.5% in Q3 2025 from 85.9% in Q3 2024, a decline of 1.4%[61] - Average occupancy for the total portfolio was 84.5% in Q3 2025, down from 85.9% in Q3 2024[68] - Average occupancy at period end was 84.5% in Q3 2025, compared to 85.0% in Q2 2025[68] - The average occupancy across all MSAs was 84.5% in Q3 2025, compared to 85.9% in Q3 2024, reflecting a 1.4% decline[61] Revenue and Expenses - Total revenue for the three months ended September 30, 2025, was $3,259 million, a significant increase from $28,011 million in the same period in 2018[56] - Property operating expenses for the three months ended September 30, 2025, were $1,376 million, a decrease from $9,022 million in 2018, indicating improved cost management[56] - Year-to-date property operating expenses increased by 4.4% to $157,795,000 from $151,172,000 in 2024[64] - Total property operating expenses for YTD 2025 were $157.795 million, an increase from $151.172 million in YTD 2024[68] - Average annualized rental revenue per occupied square foot was $15.68 in Q3 2025, down from $15.78 in Q3 2024[68] Acquisitions and Dispositions - The company acquired two self-storage properties for approximately $32.0 million during Q3 2025[6] - The company acquired 7 self-storage properties during 2025, totaling 3,392 units and 407,630 square feet, with total acquisition costs amounting to $74,879,000[46] - In the quarter ended September 30, 2025, the company disposed of 2 self-storage properties, generating net proceeds of $5,962,000 from 553 units and 82,972 square feet sold[47] Debt and Financing - As of September 30, 2025, NSA has approximately $543.6 million of available capacity on its $950.0 million revolving line of credit[16] - The company’s debt financing stood at $3.40 billion as of September 30, 2025, slightly down from $3.45 billion at the end of 2024[34] - As of September 30, 2025, total debt amounts to $3,403,399,000 with a weighted average effective interest rate of 4.50%[48] - The net debt to annualized current quarter adjusted EBITDA ratio is 6.7x, while the trailing twelve-month fixed charge coverage ratio is 2.6x[52] - Total leverage ratio stands at 46.6%, which is below the covenant limit of 60.0%[52] Guidance and Future Outlook - The company expects an improvement in self-storage fundamentals supported by an improving supply/demand balance in 2026 and beyond[5] - NSA reaffirms its Core FFO guidance for the year ended December 31, 2025, with estimates of $2.17 to $2.23 per share[18] - The company plans to participate in the Jefferies Real Estate Conference on November 17-19, 2025, and the Nareit REITworld 2025 Annual Conference on December 8-11, 2025[25] Management and Operational Metrics - Funds from operations (FFO) is a key performance measure for NSA, defined as net income excluding real estate depreciation and amortization, with adjustments for equity in earnings from unconsolidated ventures[78] - Core FFO is further adjusted to eliminate the impact of non-core items, such as acquisition costs and executive severance costs, providing a clearer view of operational performance[79] - Net operating income (NOI) represents rental revenue plus other property-related revenue less property operating expenses, serving as a primary measure of economic productivity for NSA's properties[82][91] - The company emphasizes that FFO and Core FFO should be considered alongside GAAP measures like total revenues and net income for a comprehensive understanding of performance[80]

Core Viewpoint - Four real estate stocks have shown significant declines in momentum despite the Federal Reserve entering a rate-cutting cycle, indicating persistent challenges in the sector's risk appetite and investor sentiment [2][9]. Group 1: Stock Performance - Cherry Hill Mortgage Investment Corp. (CHMI) saw its momentum score decrease from 10.68 to 10.50, a drop of 0.18 percentile points, with a year-to-date decline of 3.82% and a 30.58% drop over the past year [8]. - National Storage Affiliates Trust (NSA) experienced a momentum percentile slip from 10.68 to 9.35, a decrease of 1.33 points, with an 18.98% decline year-to-date and a 37.14% drop over the year [8]. - Sachem Capital Corp. (SACH) also saw its momentum score fall from 10.68 to 9.35, mirroring NSA's decline, with an 11.11% year-to-date drop and a 55.56% decline over the year [8]. - Smith Douglas Homes Corp. (SDHC) had its ranking decrease from 10.11 to 9.01, a reduction of 1.10 percentile points week-on-week, reflecting uncertainty around housing starts and affordability [7]. Group 2: Market Context - The underperformance of these four realty stocks is notable as rate reductions by the Fed typically stimulate the real estate sector by lowering capital costs and boosting demand [9]. - The decline in momentum rankings suggests that company-specific risks, such as credit quality and supply imbalances, are currently outweighing macro-level benefits [9].

Core Viewpoint - Four real estate stocks have shown significant declines in momentum despite the Federal Reserve entering a rate-cutting cycle, indicating persistent challenges in the sector's risk appetite and investor sentiment [2][9]. Group 1: Stock Performance - Cherry Hill Mortgage Investment Corp. (CHMI) saw its momentum score decrease from 10.68 to 10.50, reflecting sustained selling pressure, with a year-to-date decline of 3.82% and a 30.58% drop over the past year [8]. - National Storage Affiliates Trust (NSA) experienced a momentum percentile slip from 10.68 to 9.35, indicating reduced confidence in self-storage operators, with an 18.98% decline year-to-date and a 37.14% drop over the year [8]. - Sachem Capital Corp. (SACH) mirrored NSA's decline, with its momentum score falling from 10.68 to 9.35, and reported an 11.11% year-to-date decline and a 55.56% drop over the year [8]. - Smith Douglas Homes Corp. (SDHC) saw its ranking decrease from 10.11 to 9.01, reflecting ongoing uncertainty around housing starts and affordability [7]. Group 2: Market Context - The underperformance of these stocks is notable as rate reductions by the Fed typically stimulate the real estate sector by lowering capital costs and boosting demand; however, company-specific risks are currently overshadowing these macro-level benefits [9].

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]

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]

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]