Q3 2025 National Storage Affiliates Trust Earnings Call Transcript

Nov 4, 2025 / 06:00 PM GMT

Release Date Price: $29.86 (+2.58%)

Transcript 10-Q8-K

Key Points

Positve

National Storage Affiliates Trust (NSA) delivered solid results in the third quarter, with sequential improvement in year-over-year same-store revenue growth in 16 of their 21 reported MSAs.
Core FFO per share exceeded consensus estimates, indicating strong financial performance.
The company is optimistic about the self-storage sector's outlook for 2026 and beyond, expecting new supply to decrease, which will positively impact the supply-demand balance.
NSA has implemented upgraded tools and a consolidated platform, which are starting to show positive results, including improved occupancy rates.
The company has launched a preferred investment program, adding new earnings growth drivers and positioning NSA as a growth company.

Negative

Same-store revenues declined by 2.6% in the third quarter, driven by lower average occupancy and a decline in average revenue per square foot.
Interest expenses increased, contributing to an 8% decline in core FFO per share compared to the prior year period.
Expense growth was 4.9% in the third quarter, driven by higher property taxes, marketing, and utilities costs.
Occupancy was down 170 basis points year-over-year, partly due to the absence of hurricane demand that benefited the previous year.
The company faces challenges with elevated discounts and concessions, which are impacting revenue growth.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

NSA.N - National Storage Affiliates Trust
Q3 2025 National Storage Affiliates Trust Earnings Call
Nov 04, 2025 / 06:00PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings. Welcome to the National Storage affiliates 3rd quarter 2025 conference call.

At this time, all participants will be in listen-only mode.

Brief question-and-answer session will follow the formal presentation.

If anybody today should require our assistance, please press 0 from your telephone keypad.

As a reminder, the conference is being recorded.

It's now my pleasure to introduce your host George Hogland, Vice President of investor relations for National Storage Affiliates.

Thank you, Mr. Hoagland. You may now begin.

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Unidentified_2 [2]
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