Overview

* National Storage Affiliates Trust's ( NSA ) Q3 net income fell 2.5% yr/yr, Core FFO per share declined 8.1%

* Company's same store NOI decreased 5.7% due to revenue drop and higher expenses

* NSA acquired two self storage properties for $32 mln in Q3

Outlook

* NSA reaffirms 2025 Core FFO guidance at $2.17-$2.23 per share

* Company expects 2025 same store revenue to decline 2%-3%

* NSA anticipates 2025 property operating expenses to grow 3.25%-4.25%

Result Drivers

* SAME STORE NOI DECLINE - Driven by a 2.6% decrease in same store total revenues and a 4.9% increase in same store property operating expenses

* REBRANDING INITIATIVE - Completed rebranding of Moove In branded stores to iStorage, reducing operated brands to six

* MARKET IMPROVEMENT - Majority of markets showed sequential improvement in same store revenue growth, per CEO David Cramer

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net $29.02

Income mln

Q3 Core $76.51

FFO mln

Q3 FFO $75.07

mln

Q3 Core $0.57

FFO Per

Share

Q3 FFO $0.56

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 $33.50, about 13.2% above its October 31 closing price of $29.09

* The stock recently traded at 45 times the next 12-month earnings vs. a P/E of 36 three months ago

Press Release:

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(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.)