National Storage Affiliates (NSA) has seen over 20% outperformance since the last update. NSA is executing strategic initiatives, including asset rotation and JV partnerships, to improve portfolio concentration and generate capital. Despite projected FFO decline, NSA remains appealing due to valuation, potential growth, and historical performance.
National Storage Affiliates is a storage REIT with 65% exposure to the Sun Belt region. Occupancy and net operating income were both down Y/Y so far in 2024. The debt maturity profile is well-staggered, with net debt representing 40% of enterprise value.