National Storage Affiliates Trust (NSA) Q4 2024 earnings summary

Executive summary

• Completed internalization of the PRO structure, consolidating brands from 12 to 7, onboarding 250 properties and 380+ employees, and reducing management fees.

• Net income for Q4 2024 was $26.1M, down 75.8% year-over-year; full year net income was $183.3M, down 22.7% from 2023.

• Core FFO for Q4 2024 was $81.2M ($0.60/share), down 11.8% per share year-over-year; full year Core FFO was $308.7M ($2.44/share), down 9.3%, at the high end of guidance.

• Repurchased 7.4M shares for $275.2M, deployed $150M in a new JV, sold 49 core facilities for $270M+, and acquired $65M in properties.

• Transitioned all stores to a single property management system and consolidated web domains, positioning for improved operational efficiency and shareholder returns.

Financial highlights

• Q4 2024 diluted EPS was $0.15, down from $0.72 in Q4 2023; full year diluted EPS was $1.18, down from $1.48.

• Core FFO per share was $0.60 for Q4 2024 and $2.44 for the full year.

• Same-store revenue declined 4.3% in Q4, with a 2.5% drop in rent per sq ft and 180 bps decline in average occupancy.

• Same-store NOI fell 7.5% in Q4 and 5.5% for the year; expense growth was 4.7% in Q4 and 3.7% for the year, mainly due to property tax, marketing, and utilities.

• As of Dec 31, 2024, 1,074 properties operated in 42 states and Puerto Rico, totaling 70.2M rentable sq ft.

Outlook and guidance

• 2025 Core FFO per share guidance: $2.30–$2.38, below 2024 actual of $2.44.

• 2025 same-store revenue growth expected between -1.25% and 1.25%; NOI growth between -2.8% and 0.0%.

• Acquisition/disposition guidance: $100M–$300M each, including JV share.

• No debt maturities in 2025; revolver balance at $430M–$512.5M with $500M+ in liquidity.

• Guidance assumes modest improvement in housing market and demand, with occupancy expected to rise 200 bps from trough to peak.