Tue, May 6, 8:10 PM (17 days ago)
**National Storage Affiliates Trust (NSA, Ticker: NSA) Q1 2025 Financial Summary** **Financial Health and Performance:** - **Revenue:** Total revenue decreased by $7.8 million (4.0%) to $188.4 million, primarily due to the contribution of 56 self-storage properties to the 2024 Joint Venture and the sale of 42 properties. Rental revenue decreased by $10.9 million (6.0%) to $169.5 million. - **Profit Margins:** Net income decreased by $75.6 million (79.5%) to $19.5 million. Net income attributable to common shareholders decreased by $46.0 million (85.3%) to $7.9 million. - **Cash Flow:** Operating cash flow decreased by $8.4 million (8.9%) to $85.6 million. Investing cash flow used $9.7 million, primarily for property acquisitions and expenditures. Financing cash flow used $106.5 million, mainly for debt repayments and distributions. **Key Metrics:** - **Earnings Changes:** Earnings per share (basic and diluted) decreased to $0.10 from $0.67. - **Occupancy:** Average occupancy decreased from 85.2% to 83.4%. - **Debt:** Total debt was $3.43 billion, with $425.8 million subject to variable interest rates. The company has a credit facility with a total borrowing capacity of $1.355 billion. **Trends and Uncertainties:** - **Market Trends:** The self-storage business is subject to minor seasonal fluctuations, with higher occupancy typically in July and lower in February. - **Economic Factors:** The company's performance is sensitive to economic conditions, interest rates, and market volatility. - **Future Operations:** The company plans to meet liquidity needs through operating cash flow, debt financings, and equity offerings. They aim to acquire properties and manage capital expenditures through strategic financing. **Future Outlook:** - **Growth Strategy:** NSA focuses on acquiring and managing self-storage properties, with a portfolio of 816 consolidated properties and 259 unconsolidated properties as of Q1 2025. - **Risk Factors:** The company faces risks related to economic conditions, interest rates, and market volatility, which could impact their financial performance and liquidity. **Conclusion:** National Storage Affiliates Trust experienced a challenging quarter with decreased revenue and net income. However, the company remains focused on strategic acquisitions and managing its financial position to navigate market uncertainties and drive future growth.