Overview

* National Storage Affiliates Trust ( NSA ) Q2 net income falls 4.1% yr/yr

* Co's Core FFO per share down 11.3%

* Same store NOI declines 6.1% due to lower revenues, higher expenses

* Co sells ten properties for $66.5 mln, impacting financial results

Outlook

* NSA revises 2025 Core FFO guidance to $2.17-$2.23 per share

* Company expects 2025 same store revenue growth between -3.0% and -2.0%

* NSA anticipates 2025 property operating expenses growth of 3.25%-4.25%

Result Drivers

* LOW DEMAND - Storage demand remains soft due to low existing home sales and supply pressures, impacting Sunbelt markets

* HIGHER EXPENSES - Same store property operating expenses increased 4.6% in Q2, driven by marketing, repairs, maintenance, and property tax expenses

* CONCESSIONS IMPACT - Elevated use of concessions to drive rental volume negatively impacted revenues, per CEO David Cramer

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Net $30.96

Income mln

Q2 Core $74.38

FFO mln

Q2 FFO $72.34

mln

Q2 Core $0.55

FFO Per

Share

Q2 FFO $0.54

Per

Share

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 1 "strong buy" or "buy", 9 "hold" and 5 "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy."

* Wall Street's median 12-month price target for National Storage Affiliates Trust ( NSA ) is $37.00, about 20% above its August 1 closing price of $29.60

* The stock recently traded at 36 times the next 12-month earnings vs. a P/E of 49 three months ago

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)