National Storage Affiliates Trust

NSA

Market cap $2.58B

Not all REIT dividends are sustainable. Overleverage, troubled assets, and high payout ratios are clear red flags. I highlight 3 popular REITs at high risk of cutting their dividend.

National Storage Affiliates Trust (NSA) is a self-storage REIT trading at pandemic-era lows, offering a compelling value opportunity despite a high payout ratio. NSA's near-term outlook is challenged by lower occupancy, rising expenses, and a 103.6% dividend payout as a result, but internalization and capital recycling could boost margins long-term. Rate cuts are a key catalyst for NSA, as lower debt costs and improved supply-demand dynamics may drive a recovery in self-storage fundamentals from 2026 onwards.

We contrarians follow Wall Street analysts because we like to fade their opinions!

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--National Storage Affiliates Trust Announces Quarterly Dividends.

Indexes tracking real estate investment trust stocks outperformed the broader stock market indexes during the first week of November. The Dow Jones Equity All REIT closed the recent week up 1.40%, while the MSCI US REIT (RMZ) index rose 1.50%. All of the Dow Jones US real estate property sector indexes logged increases this past week.

National Storage Affiliates Trust ( NSA ) Q3 2025 Earnings Call November 4, 2025 1:00 PM EST Company Participants George Hoglund - Vice President of Investor Relations David Cramer - President, CEO & Trustee Brandon Togashi - Executive VP, CFO & Treasurer Conference Call Participants Samir Khanal - BofA Securities, Research Division Michael Goldsmith - UBS Investment Bank, Research Division Spenser Allaway - Green Street Advisors, LLC, Research Division Eric Wolfe - Citigroup Inc., Research Division Michael Griffin - Evercore ISI Institutional Equities, Research Division Juan Sanabria - BMO Capital Markets Equity Research Todd Thomas - KeyBanc Capital Markets Inc., Research Division Jonathan Petersen - Jefferies LLC, Research Division Ravi Vaidya - Mizuho Securities USA LLC, Research Division Brendan Lynch - Barclays Bank PLC, Research Division Ronald Kamdem - Morgan Stanley, Research Division Omotayo Okusanya - Deutsche Bank AG, Research Division Presentation Operator Greetings. Welcome to the National Storage Affiliates' Third Quarter 2025 Conference Call.

US equity real estate investment trust indexes dropped during the final week of October. The Dow Jones Equity All REIT index closed the recent week down 3.29%, while the MSCI US REIT (RMZ) index fell 2.88%. The healthcare REIT index was the sole Dow Jones US real estate property sector index to close the week in the black, recording a 1.47% gain.

National Storage (NSA) came out with quarterly funds from operations (FFO) of $0.57 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to FFO of $0.62 per share a year ago.

Although the revenue and EPS for National Storage (NSA) give a sense of how its business performed in the quarter ended September 2025, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--National Storage Affiliates Trust Reports Third Quarter 2025 Results.