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"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
National Storage REIT's Owner Earnings per Share (TTM) ended in Jun. 2025 was $0.01. It's Price-to-Owner-Earnings ratio for today is 183.12.
The historical rank and industry rank for National Storage REIT's Owner Earnings per Share (TTM) or its related term are showing as below:
NTSGF'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 4.15 Med: 136.5 Max: 626.67
Current: 139.5
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
National Storage REIT Owner Earnings per Share (TTM) Related Terms
National Storage REIT Owner Earnings per Share (TTM) Historical Data
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The historical data trend for National Storage REIT's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
National Storage REIT Owner Earnings per Share (TTM) Chart
NTSGF vs PLD, PSA, EXR: Owner Earnings per Share (TTM) Comparison
For the REIT - Industrial subindustry, National Storage REIT's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
National Storage REIT Price-to-Owner-Earnings vs REITs Industry
For the REITs industry and Real Estate sector, National Storage REIT's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where National Storage REIT's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
National Storage REIT's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2025 was $0.0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $1.7 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous year. If the revenue decreased from the previous year, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous year, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
National Storage REIT's 5-Year Average Maintenance Capital Expenditure = $1.7 Mil
5. "Change In Working Capital" is from cashflow statement. National Storage REIT's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2025 was $0.0 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 0.01 mean?
National Storage REIT (NTSGF) has a Owner Earnings per Share (TTM) of 0.01 as of Jun. 2025. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on National Storage REIT. This is 100% below median its historical median of 136.50. Over the past decade, National Storage REIT's Owner Earnings per Share (TTM) has ranged from 4.15 to 626.67.
Is National Storage REIT's Owner Earnings per Share (TTM) too high?
National Storage REIT's current Owner Earnings per Share (TTM) of 0.01 is 100% below median its 10-year median of 136.50. Over the past 10 years, this metric has ranged from a low of 4.15 to a high of 626.67. The REITs industry median Owner Earnings per Share (TTM) is 14.38. National Storage REIT's value of 0.01 is 99.9% below this industry median. Overall, National Storage REIT has a GF Scoreâ„¢ of 78/100, reflecting its overall financial health beyond just this single metric.
How does National Storage REIT's Owner Earnings per Share (TTM) compare to PLD and PSA?
National Storage REIT's Owner Earnings per Share (TTM) of 0.01 can be compared against companies in the REITs industry. The industry median Owner Earnings per Share (TTM) is 14.38. National Storage REIT's value of 0.01 is 99.9% below this benchmark. Historically, National Storage REIT's own Owner Earnings per Share (TTM) has ranged from 4.15 to 626.67 over the past decade. While the company's 10-year median is 136.50 vs. the industry median of 14.38, National Storage REIT has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a REITs company?
The median Owner Earnings per Share (TTM) among REITs companies is 14.38, based on 333 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. National Storage REIT's current Owner Earnings per Share (TTM) of 0.01 is 99.9% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on National Storage REIT. For the REITs industry, the median Owner Earnings per Share (TTM) is 14.38 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. National Storage REIT's current Owner Earnings per Share (TTM) is 0.01, which is 100% below median its own 10-year median of 136.50. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is National Storage REIT stock overvalued right now?
National Storage REIT (NTSGF) has a current Owner Earnings per Share (TTM) of 0.01. The stock's GF Value™ is $1.72, compared to a current price of $1.83 — trading 6.5% above its estimated fair value. The current Owner Earnings per Share (TTM) is 0.01, which is 100% below median its 10-year median of 136.50 and 99.9% below the REITs industry median of 14.38. National Storage REIT's overall GF Score™ is 78/100 with 11 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For National Storage REIT (NTSGF), the current Owner Earnings per Share (TTM) is 0.01 as of Jun. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is National Storage REIT (NTSGF) Overvalued in 2026?
Based on GuruFocus' analysis, National Storage REIT stock appears to be overvalued.
The current stock price of $1.83 is trading 6.5% above its estimated GF Value™ of $1.72.
Key valuation signals for NTSGF:
Owner Earnings per Share (TTM): 0.01 (100% below median its 10-year median of 136.50)
GF Value™: $1.72 vs. price of $1.83 (6.5% above fair value)
No single metric tells the full story. See the NTSGF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
National Storage REIT is the largest self-storage operator in Australia and New Zealand. Majority of its income is derived from rents. Additional revenue streams come from ancillary products and services such as packaging materials, locks, and insurance. The REIT owns most of the centers it operates, and leases roughly a dozen of the sites secured under long-term agreements. The self-storage industry is fragmented, with three large players in National Storage, the listed Abacus Storage King, and privately owned Kennards, accounting for about one-third of the market. The rest are independent operators, with a single center or a small state-based portfolio of assets. Besides organic rent increases, the company's key growth drivers are acquisitions and developments.
78GF Score
Get the complete analysis for NTSGF
Owner Earnings per Share (TTM) is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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