Core Insights - Nokia has successfully completed its first 5G non-standalone (NSA) Cloud RAN trial with Bharti Airtel in India, marking a significant milestone in Airtel's network evolution [2][3][4] - The trial aims to enhance customer experience through high-performing networks, offering increased service innovation, automation, flexibility, and efficient resource scaling [2][3][4] Group 1: Trial Details - The trial utilized 3.5 GHz spectrum for 5G and 2100 MHz for 4G, achieving a throughput of over 1.2 Gbps with commercial user devices [7] - Nokia's RAN Software was employed for virtualized Distributed Unit (vDU) and virtualized Centralized Unit (vCU) on x86 hardware, incorporating a Container as a Service (CaaS) layer [7] - The trial demonstrated enhanced power efficiency through Nokia's L1 acceleration, supporting the anyRAN benefits of a hybrid network [7] Group 2: Strategic Implications - The successful trial supports Airtel's ambition to integrate advanced technologies into its network, enhancing customer experiences [4][9] - Nokia's anyRAN approach allows operators to evolve towards a hybrid RAN environment, combining Cloud RAN and purpose-built RAN deployments for consistent performance [8][9] - This partnership is expected to drive efficiency, innovation, and scalability in Airtel's network evolution [9][10]

Company Overview - National Storage Affiliates (NSA) is a storage REIT with interests in 1,050 properties across 42 states and Puerto Rico, primarily focused in the Sun Belt region, which accounts for 65% of its locations [3][15] - The largest exposure is in Texas, making up 18.5% of NSA properties [3] Operational Performance - As of June 2024, occupancy was reported at 86.7%, a slight increase from 85.9% at the end of Q1 2024, but down 3% year-over-year, indicating oversupply in the storage market [5][23] - Core FFO was $0.60 per share in Q1 2024, down 9.1% year-over-year, with revenues declining against rising costs, leading to a 3.7% decrease in net operating income (NOI) year-over-year [16] - The full-year NOI growth outlook for 2024 is bleak, with a projected 4% year-over-year decline, and Core FFO expected at about $2.48 per share, down 7.8% year-over-year [17] Financial Metrics - Total revenue growth is projected to decline by 4.0% in 2024, with property operating expenses expected to rise by 3.0% to 5.0% [9] - The company ended Q1 2024 with net debt of $3.2 billion, with 40% of enterprise value funded by debt and 5% by preferred shares [18] - The weighted average cost of debt is 4.1%, with 96% of the debt being fixed rate [10] Market Dynamics - The market-implied cap rate is approximately 7.2%, which is not attractive given the declining occupancy and NOI dynamics [19] - The company is internalizing its participating regional operating structure, which may save $0.03-$0.04 per share in general and administrative expenses, translating to $7.5-$9 million in cumulative savings [20] Strategic Initiatives - After disposals in Q4 2023 and Q1 2024, the company generated $540 million in liquidity, reducing its indebtedness [21] - The company continues to buy back shares, which may increase leverage in the future [21] Investment Considerations - Given the operational underperformance in 2024, the company is expected to face challenges in returning to growth, with the oversupply in the self-storage market likely to persist [23] - Preferred shares (NSA.PR.A) offer a 6.3% yield, well-covered by Core FFO and market capitalization, presenting an alternative investment option [22]

National Storage Affiliates Trust (NYSE:NSA) Q1 2024 Earnings Conference Call May 2, 2024 1:00 PM ET Company Participants George Hoglund - Vice President, Investor Relations Dave Cramer - President and CEO Brandon Togashi - Chief Financial Officer Conference Call Participants Samir Khanal - Evercore ISI Dan Byun - Bank of America Michael Goldsmith - UBS Juan Sanabria - BMO Capital Markets Eric Wolfe - Citi Todd Thomas - KeyBanc Capital Markets Ron Kamdem - Morgan Stanley Keegan Carl - Wolfe Research Wes Gol ...

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 March 31, 2024 OR Commission file number: 001-37351 National Storage Affiliates Trust (Exact name of Registrant as specified in its charter) Maryland 46-5053858 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 8400 East Prentice Avenue, 9th Floor Greenwood V ...

For the quarter ended March 2024, National Storage (NSA) reported revenue of $196.15 million, down 5.7% over the same period last year. EPS came in at $0.60, compared to $0.24 in the year-ago quarter.The reported revenue compares to the Zacks Consensus Estimate of $194.83 million, representing a surprise of +0.68%. The company delivered an EPS surprise of -1.64%, with the consensus EPS estimate being $0.61.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...

National Storage (NSA) came out with quarterly funds from operations (FFO) of $0.60 per share, missing the Zacks Consensus Estimate of $0.61 per share. This compares to FFO of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -1.64%. A quarter ago, it was expected that this real estate investment trust would post FFO of $0.66 per share when it actually produced FFO of $0.68, delivering a surprise of 3.03%.Over the last four qua ...

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 Ventures 17 Schedule 6 - Same Store Performance Summary By MSA 19 Schedule 7 - Same Store Operating Data - Trailing Five Quarte ...

Financial Data and Key Metrics Changes - For Q4 2023, revenue growth was flat on a same-store basis, with rent revenue per square foot increasing by 3.6%, but average occupancy declined by 380 basis points year-over-year to 86% [17][30] - Core FFO per share for Q4 2023 was $0.68, representing a decrease of approximately 4% compared to the prior year, primarily due to increased interest expenses [30][31] - The company raised $250 million through a debt private placement, allowing it to repay its entire revolver balance and eliminate floating rate debt exposure [16][18] Business Line Data and Key Metrics Changes - The company sold a portfolio of 71 properties for a gross price of $540 million, enhancing operational efficiencies and improving long-term growth prospects [37][38] - The company contributed 56 assets totaling almost $350 million to a newly formed joint venture, retaining a 25% interest in the JV [21][29] Market Data and Key Metrics Changes - The Sump Delta market is facing demand challenges due to a muted housing market and new supply, with markets like Phoenix, Sarasota, and Las Vegas performing below portfolio averages [15] - The company noted that the existing customer base remains healthy, but competition for new customers is high, particularly in markets with supply pressures [20] Company Strategy and Development Direction - The company is focused on portfolio optimization, including asset sales and joint ventures, to enhance growth and operational efficiencies [14][38] - Investments in technology and data analytics are aimed at improving revenue management and customer experience [36][106] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth prospects of Sunbelt markets despite current challenges [15] - The operating environment remains competitive, with expectations of continued downward pressure on rates and occupancy in the near term [31][88] Other Important Information - The company has been active in share repurchase programs, buying back approximately $120 million of common shares since the last earnings call [23][98] - The company expects to see a gradual improvement in occupancy as market conditions stabilize [68][92] Q&A Session Summary Question: Progress on portfolio optimization - Management indicated that the majority of heavy lifting regarding asset sales and joint ventures is complete, positioning the company for growth [42] Question: Cap rate on portfolio sale - The cap rate for the sale of the 71 assets was approximately 6% [43] Question: Revenue-enhancing opportunities in the JV - Management noted that the JV structure allows for revenue-enhancing projects that would be best executed off-balance sheet [46] Question: Interest rates impact on guidance - Management highlighted that interest rates and their impact on the housing market are significant factors influencing guidance for 2024 [88] Question: Expected occupancy trends - Management anticipates potential occupancy improvement as competitive pressures ease [68][92] Question: Street rates year-over-year change - Street rates ended Q4 down approximately 14.2% year-over-year, with a slight deterioration noted in February [103][134]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 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 jurisdiction ...

Financial Performance - Reported net income of $108.1 million for Q4 2023, an increase of 114.5% compared to Q4 2022, with diluted earnings per share of $0.72[5] - Net income attributable to common shareholders for Q4 2023 was $63.9 million, compared to $27.9 million in Q4 2022, with diluted earnings per share rising to $0.72 from $0.31[35] - Net income for Q4 2023 was $108,056, a 114% increase from $50,377 in Q4 2022[46] - For the year ended December 31, 2023, total revenue reached $214,292 million, resulting in a net income of $29,949 million[66] - Total revenue for the year ended December 31, 2023, was $670,527,000, representing a 2.4% increase compared to $654,529,000 in 2022[76] Funds From Operations (FFO) and Core FFO - Core funds from operations (Core FFO) for Q4 2023 were $83.6 million, or $0.68 per share, a decrease of 4.2% per share compared to Q4 2022[5] - Funds From Operations (FFO) attributable to common shareholders was $83.37 million for Q4 2023, a decrease of 7.8% compared to $89.89 million in Q4 2022[39] - Core FFO per share for the year ended December 31, 2023, was $2.69, down from $2.81 in 2022, reflecting a decline of 4.3%[43] - NSA uses FFO and Core FFO as key performance indicators to evaluate operational performance, excluding items like gains from property sales and depreciation[93] Revenue and Occupancy - Same store total revenues increased by 2.4% for full year 2023, driven by a 6.1% increase in average annualized rental revenue per occupied square foot[13] - Same store net operating income (NOI) decreased by 1.6% in Q4 2023, driven by a negligible increase in total revenues and a 4.8% rise in property operating expenses[5] - Same store period-end occupancy was 86.0% as of December 31, 2023, a decrease of 410 basis points compared to December 31, 2022[5] - Average annualized rental revenue per occupied square foot increased to $16.05 in Q4 2023, up 3.6% from $15.49 in Q4 2022[73] - The average occupancy rate across the same store pool was 87.2% in Q4 2023, down from 91.0% in Q4 2022, reflecting a 3.8% decrease[73] Property Acquisitions and Sales - Acquired 20 wholly-owned self storage properties for approximately $229.5 million during full year 2023, with $113.2 million in preferred shares and $67.3 million in OP equity[8] - Entered into an agreement to sell 71 self storage properties for approximately $540.0 million, with 32 properties sold in December 2023 and 39 properties classified as held for sale[5] - The company plans to acquire self-storage properties with a budget ranging from $100 million to $300 million in 2024[22] - The company reported a gain on the sale of self-storage properties of $63.91 million in 2023, compared to $5.47 million in 2022[39] Debt and Financing - Debt financing rose to $3.66 billion in 2023, an increase of 3% from $3.55 billion in 2022[37] - Total liabilities increased to $3.81 billion in 2023, compared to $3.68 billion in 2022, marking a rise of 3.3%[37] - The weighted average effective interest rate of maturing debt is 3.35%[57] - Net debt to annualized current quarter adjusted EBITDA is 6.1x[60] Dividends and Share Repurchase - The Board declared a quarterly cash dividend of $0.56 per share, a 1.8% increase from Q4 2022, with total dividends for 2023 at $2.23 per share, reflecting a 3.7% increase from 2022[20] - Repurchased 8,836,639 common shares for approximately $310.2 million under the share repurchase program during full year 2023[8] - In Q4 2023, NSA repurchased 852,771 shares for approximately $27.4 million, totaling 8,836,639 shares repurchased for about $310.2 million in the full year[19] Operational Metrics - The company held ownership interests in 1,050 self-storage properties as of December 31, 2023, with approximately 68.6 million rentable square feet[29] - Total stores operated as of December 31, 2023, reached 1,050, with a total of 541,696 units and 68,610,915 rentable square feet, maintaining an occupancy rate of 85.3%[47] - The company reported interest expenses of $45,441 for Q4 2023, compared to $34,633 in Q4 2022, reflecting a 31.5% increase[46] Future Guidance - For 2024, NSA's Core FFO per share guidance is estimated between $2.40 and $2.56, compared to $2.69 for 2023[22] - Total revenue growth for 2024 is projected to decline by 4.0% to 0.0%, while property operating expenses are expected to grow by 3.0% to 5.0%[22]