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• Core FFO per Share: $0.60 for Q4 2024; $2.44 for the full year 2024.

• Same-Store Revenue Growth: Declined 4.3% in Q4 2024.

• Same-Store NOI Growth: Declined 5.5% for the full year 2024.

• Same-Store Rent Revenue per Square Foot: Declined 2.5% in Q4 2024.

• Average Occupancy: Declined 180 basis points year-over-year in Q4 2024.

• Expense Growth: 4.7% in Q4 2024; 3.7% for the full year 2024.

• Leverage: 6.5 times net debt to EBITDA at quarter end.

• Revolver Balance: Approximately $430 million with over $500 million of availability.

• 2025 Guidance - Same-Store Revenue Growth: Flat.

• 2025 Guidance - Same-Store Operating Expense Growth: 3.5%.

• 2025 Guidance - Same-Store NOI Growth: Negative 1.4%.

• 2025 Guidance - Core FFO per Share: $2.34.

• 2025 Guidance - Acquisition and Disposition Ranges: $100 million to $300 million.

• Warning! GuruFocus has detected 8 Warning Signs with NSA.

Release Date: February 27, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• National Storage Affiliates Trust (NYSE:NSA) successfully internalized its PRO structure, consolidating brands and onboarding approximately 250 properties and over 380 employees to its corporate platform.

• The company deployed $150 million of growth capital in a newly formed joint venture and repurchased $275 million of common shares, indicating strong capital management.

• NSA's markets have a higher average percentage of homeowners versus renters, making its portfolio more sensitive to housing market recovery, which is expected to benefit the company.

• The supply of new storage facilities is expected to decline substantially over the next few years, which should improve market conditions for NSA.

• NSA reported core FFO per share of $0.60 for the fourth quarter of 2024 and $2.44 for the full year, at the high end of its guidance range, driven by better-than-expected G&A and management fees.

Negative Points

• The company faces challenging operating conditions due to elevated supply and muted demand from historically low home sales.

• NSA's same-store revenue and NOI growth were down 3% and 5.5% respectively over the prior year, indicating pressure on financial performance.

• Interest expense is expected to contribute to a decline in core FFO per share in 2025, partly due to the expiration of interest rate swaps.

• The company anticipates near-term negative NOI growth, with the first quarter being seasonally the weakest, which will put additional pressure on leverage.

• NSA's guidance for 2025 reflects uncertainty regarding interest rates and their impact on the housing market, which could affect the spring leasing season.