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, 2024 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 ...

Core Insights - National Storage (NSA) reported revenue of $193.62 million for the quarter ended September 2024, reflecting an 11.7% decrease year-over-year, while EPS increased to $0.62 from $0.26 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $191.39 million by 1.17%, and the EPS also surpassed the consensus estimate of $0.60 by 3.33% [1] Revenue Breakdown - Rental revenue was reported at $174.47 million, slightly above the estimated $173.89 million, but showed a significant decline of 13.6% compared to the previous year [3] - Management fees and other revenue reached $11.75 million, exceeding the average estimate of $10.81 million, marking a year-over-year increase of 23% [3] - Other property-related revenue was $7.41 million, slightly above the estimated $7.10 million, but represented a decrease of 4.6% year-over-year [3] Earnings Performance - The diluted earnings per share (EPS) was reported at $0.18, which is higher than the average estimate of $0.14 [3] Stock Performance - Over the past month, shares of National Storage have declined by 10.4%, contrasting with the Zacks S&P 500 composite's increase of 1.8% [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

分组1 - National Storage (NSA) reported quarterly funds from operations (FFO) of $0.62 per share, exceeding the Zacks Consensus Estimate of $0.60 per share, but down from $0.67 per share a year ago, indicating a 7.46% year-over-year decline [1] - The company achieved revenues of $193.62 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.17%, but down from $219.15 million in the same quarter last year [2] - Over the last four quarters, National Storage has surpassed consensus FFO estimates two times and revenue estimates three times [2] 分组2 - The stock has gained approximately 2.5% since the beginning of the year, while the S&P 500 has increased by 22.3%, indicating underperformance relative to the broader market [3] - The current consensus FFO estimate for the upcoming quarter is $0.60 on revenues of $192.68 million, and for the current fiscal year, it is $2.40 on revenues of $770.64 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is in the top 24% of over 250 Zacks industries, suggesting a favorable industry outlook [8]

Financial Performance - Reported net income of $29.8 million for Q3 2024, a decrease of 30.9% compared to Q3 2023[2] - Core funds from operations (Core FFO) were $83.9 million, or $0.62 per share, a decrease of 7.5% per share compared to Q3 2023[3] - Total revenues for same store operations decreased by 3.5% in Q3 2024 compared to Q3 2023[13] - Total revenue for the nine months ended September 30, 2024, was $580.2 million, down from $642.7 million in the same period of 2023, representing a decrease of approximately 9.7%[32] - Net income attributable to common shareholders for the nine months ended September 30, 2024, was $79.5 million, compared to $73.7 million in 2023, an increase of approximately 7.5%[32] - The company reported a diluted earnings per share of $1.03 for the nine months ended September 30, 2024, compared to $0.77 in the same period of 2023[32] - Total revenue for Q3 2024 was $174.8 million, a decrease of 3.5% compared to $181.2 million in Q3 2023[55] - Net operating income for Q3 2024 was $124.6 million, down 5.3% from $131.6 million in Q3 2023[55] Occupancy and Revenue Trends - Same store period-end occupancy was 85.6% as of September 30, 2024, a decrease of 270 basis points compared to September 30, 2023[4] - Average occupancy decreased by 2.9% to 86.3% for Q3 2024 compared to 89.2% in Q3 2023[13] - Total same store occupancy for Q3 2024 was 85.6%, down from 88.3% in Q3 2023, representing a decrease of 2.7%[57] - Average annualized rental revenue per occupied square foot decreased to $15.67 in Q3 2024 from $15.81 in Q3 2023, a decline of 0.9%[57] - The average occupancy for the 2023 same store pool was 86.5%, down from 89.5% in the previous year, reflecting a 3.0% decline[57] Property Acquisitions and Dispositions - The company acquired 18 self-storage properties for approximately $147.9 million through a joint venture, contributing about $37.0 million[4][15] - The company acquired self-storage properties for $229.5 million in 2023, with guidance for 2024 acquisitions ranging from $100 million to $300 million[21] - A total of 96 self-storage properties were disposed of, generating net proceeds of $616,812,000, with 39 properties sold in Q1 2024 alone[46] - The company has acquired self-storage properties in multiple states, including Georgia (11), Indiana (7), and Texas (19)[46] Expenses and Cost Management - Property operating expenses for the nine months ended September 30, 2024, were $159.6 million, compared to $172.2 million in 2023, reflecting a decrease of about 7.3%[32] - General and administrative expenses for the nine months ended September 30, 2024, were $45.0 million, slightly up from $44.3 million in 2023[32] - The average property operating expenses increased by 3.4% to $149,659,000 for the nine months ended September 30, 2024[59] - Property operating expenses totaled $52,712,000 in Q3 2024, down from $58,581,000 in Q3 2023, a decrease of approximately 10.5%[66] Debt and Financing - Issued $350.0 million of senior unsecured notes with a weighted average interest rate of 5.6% and a maturity of 7.6 years[5] - Debt financing decreased from $3,658,205 to $3,428,304, a reduction of approximately 6.3%[34] - The company has a total debt of $3,428,304,000, with a weighted average effective interest rate of 4.34%[48] - The net debt to annualized current quarter adjusted EBITDA ratio stands at 6.4x, while the trailing twelve-month fixed charge coverage ratio is 2.8x[49] Guidance and Future Outlook - The company reaffirms its previously provided Core FFO guidance estimates for the year ended December 31, 2024[20] - Core FFO per share for 2023 was $2.69, with guidance for 2024 ranging from $2.36 to $2.44[21] - Same store total revenue growth for 2023 was 2.4%, while the guidance for 2024 indicates a potential decline of 3.75% to 2.25%[21] Joint Ventures and Investments - The total investments in unconsolidated real estate ventures for the quarter ended September 30, 2024, amounted to $147,858,000, with 18 properties and 7,698 units[45] - The total outstanding debt across all ventures amounted to $1,212,881,000 as of September 30, 2024[52] - The total rentable square feet across all ventures reached 17,978,106, with an overall occupancy rate of 86.7% as of Q3 2024[52] Market and Regional Performance - The MSA with the highest revenue in Q3 2024 was Riverside-San Bernardino-Ontario, generating $11.2 million[55] - The Riverside-San Bernardino-Ontario area experienced a 2.2% decrease in occupancy, dropping to 87.3% in Q3 2024 from 89.5% in Q3 2023[57] - The Houston-The Woodlands-Sugar Land area reported a 3.8% decline in total revenue to $40,150,000, with net operating income down 5.6% to $31,086,000[59]

These REIT stocks offer more than just juicy dividend yields. Own real estate without the headaches of owning real estate. That's the big advantage of investing in real estate investment trusts (REITs). And REIT stocks come in lots of different flavors. Realty Income (O -0.32%) and National Storage Affiliates Trust (NSA 2.23%) are great examples. The former owns several types of commercial properties, while the latter focuses exclusively on self-storage facilities. Here's why I just bought these two high-yi ...

Now is the time for income investors to buy these great stocks. Arguably the most important decision for investors to make is which stocks to buy. But when to buy them ranks pretty high on the list, too. Sometimes, it makes sense to wait to buy a given stock. However, there are other times when moving quickly is better. I think several stocks fit into the latter category right now for income investors. Here are three high-yield dividend stocks to buy sooner rather than later. 1. National Storage Affiliates ...

MicroStockHub/iStock via Getty Images Introduction National Storage Affiliates (NYSE:NSA) has performed in line with the Vanguard Real Estate Index Fund ETF (VNQ) so far in 2024, posting a mid-single-digit total return: ● 55 NSA vs VNQ in 2024 (Seeking Alpha) I also covered the shares back in June 2024, arguing deteriorating operating performance was not adequately reflected in the company's valuation. The recently released Q2 2024 results have strengthened my conviction there is no alpha to be found in Nat ...

Financial Data and Key Metrics Changes - The company reported core FFO per share of $0.62 for Q2 2024, a decrease of approximately 9% year-over-year, primarily due to a decline in same-store NOI [10] - Revenue growth declined by 2.8% on a same-store basis, driven by a 320 basis point year-over-year decline in average occupancy, despite a 60 basis point increase in rent revenue per square foot [10][11] - Expense growth was 4.8% in Q2, with increases in repairs and maintenance, marketing, and insurance, partially offset by a decline in property taxes [11] Business Line Data and Key Metrics Changes - Same-store occupancy ended June at 87% and July at 86.6%, with street rates declining by 1.7% in July and down 14% from the previous year [5][10] - The company is seeing more acquisition opportunities, having closed on a $72 million property portfolio in the Rio Grande Valley, with an average occupancy in the mid-70s [6][7] Market Data and Key Metrics Changes - The Sunbelt markets are experiencing more challenges, with occupancy only up 50 basis points and street rates down 9%, compared to non-Sunbelt markets which saw a sequential occupancy gain of 180 basis points and street rates up about 2% [14][15] - The company noted that the competitive operating environment is affecting customer demand for storage, particularly due to a muted housing market and absorption of new supply [5][6] Company Strategy and Development Direction - The company is focusing on internalizing its PRO structure, with 70% of PRO-managed stores now on the NSA platform, aiming for 94% by year-end [8] - The company expects accretion from the PRO internalization in three areas: G&A savings, elimination of cash flow splits, and operational efficiencies [8][9] - The company is optimistic about long-term growth despite near-term headwinds, emphasizing the importance of optimizing its portfolio and generating access to growth capital via joint ventures [9] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued pressure from a competitive environment throughout the second half of the year, adjusting full-year expectations accordingly [5][6] - The company believes that the current operating environment will remain challenging, particularly in Sunbelt markets, but expects these markets to outperform in the long term [15][43] - Management is hopeful for a stronger leasing season in 2025, contingent on potential changes in the housing market and interest rates [58] Other Important Information - The company repurchased 1.9 million shares for $72 million during the quarter and converted subordinated performance units into OP units, simplifying its capital structure [12] - The company is actively seeking to push out debt maturities and create more capacity on its line of credit as interest rates become more favorable [11] Q&A Session Summary Question: Can you discuss the PRO internalization and the occupancy gap? - Management plans to close the occupancy gap by bringing stores onto their platforms and utilizing marketing strategies and AI tools [16][17] Question: What are the cap rates for the recent acquisitions? - Recent acquisitions had cap rates in the mid-6s for stabilized assets and low 4s for properties with lease-up components [18][19] Question: What are the ECRI assumptions in guidance? - ECRI assumptions remain assertive, with no changes based on customer behavior, and the company plans to continue pushing rate increases [21][22] Question: Are you seeing more inbound calls for transactions? - There is increased deal flow, with sellers' expectations becoming more realistic compared to six months ago [25][26] Question: What is the outlook for same-store expenses? - The company has increased the low end of expense guidance due to higher marketing spend and uncertainty in property taxes [44][46] Question: How is customer demand being influenced? - The company has not seen significant impacts from economic slowing, but new supply and housing market conditions are affecting customer transitions [41][42] Question: What is the outlook for street rates? - Street rates are expected to remain competitive, with management anticipating a gradual improvement in year-over-year comparisons [63][66]

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 June 30, 2024 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 jurisdic ...

MOLEIT BOAT & RV S NATIONAL STORAGE - AFFILIATES - 2024 SECOND QUARTER EARNINGS RELEASE & SUPPLEMENTAL FINANCIAL INFORMATION Table of Contents Page 1 Earnings Release 7 Consolidated Statements of Operations 8 Consolidated Balance Sheets 9 Schedule 1 - Funds From Operations and Core Funds From Operations 11 Schedule 2 - Other Non-GAAP Financial Measurements 12 Schedule 3 - Portfolio Summary 14 Schedule 4 - Debt and Equity Capitalization 16 Schedule 5 - Summarized Information for Unconsolidated Real Estate Ve ...