National Storage Affiliates Tr Stock Price, News & Analysis

National Storage Affiliates Trust (NYSE: NSA) has announced that its operating partnership, NSA OP, LP, has issued $350 million of senior unsecured notes in a private placement with institutional investors. The notes have a weighted average maturity of 7.6 years and a weighted average coupon of 5.60%. The issuance consists of three tranches:

• $75 million at 5.40% due September 5, 2028
• $125 million at 5.55% due September 5, 2031
• $150 million at 5.74% due September 5, 2034

NSA plans to use the proceeds to repay outstanding debt and for general corporate purposes. The notes are not registered under the Securities Act and are being offered under an exemption from registration.

National Storage Affiliates Trust (NYSE: NSA) and Solar Landscape have entered into an agreement to develop over 100 megawatts of rooftop solar across NSA's properties nationwide. The partnership aims to utilize approximately 8.5 million square feet of rooftop space on about 1,000 NSA properties in 42 states and Puerto Rico. These community solar projects will power nearby homes and businesses at a discount, creating a more efficient electric grid. Solar Landscape will develop, own, and operate the projects, making monthly lease payments to NSA. The initiative aligns with NSA's corporate responsibility goals and commitment to sustainability while generating value for shareholders. Additionally, Solar Landscape's STEP-UP program will continue to provide solar training and education, contributing to workforce development in the clean energy sector.

National Storage Affiliates Trust (NYSE: NSA) has announced the appointment of Warren Allan to its Board of Trustees, effective August 15, 2024. Allan, co-founder and former President of Optivest Properties, will also serve on the Company's Audit Committee. Simultaneously, Mark Van Mourick has retired from the board. Allan brings extensive self storage experience, having grown Optivest to over 100 properties under management. He previously served on NSA's PRO Advisory Committee for 10 years. The company's Executive Chairperson, Tamara Fischer, expressed confidence in Allan's valuable knowledge and perspective. NSA management is scheduled to participate in the 2024 BofA Securities Global Real Estate Conference on September 10-11, 2024, in New York City.

National Storage Affiliates Trust (NSA), a NYSE-listed company, has announced its quarterly dividends for the third quarter of 2024. The Board of Trustees declared a dividend of $0.56 per common share, which represents an annualized dividend rate of $2.24. Additionally, a dividend of $0.375 per share was declared for both the 6.000% Series A and Series B Cumulative Redeemable Preferred Shares. These dividends are payable on September 30, 2024, to shareholders of record as of September 13, 2024. The company also announced its participation in the upcoming 2024 BofA Securities Global Real Estate Conference in New York City on September 10-11, 2024.

National Storage Affiliates Trust (NYSE: NSA) reported its Q2 2024 results, showing a decrease in net income of 29.0% to $32.3 million compared to Q2 2023. Diluted earnings per share fell to $0.16 from $0.28 year-over-year. Core FFO decreased 8.8% to $0.62 per share. Same store net operating income (NOI) decreased by 5.6%, driven by a 2.8% decrease in revenues and a 4.8% increase in operating expenses. The company acquired three properties for $25.2 million and repurchased 1,908,397 common shares for $71.6 million. NSA also completed the internalization of its participating regional operator (PRO) structure on July 1, 2024, which is expected to benefit results going forward. The company updated its 2024 guidance, lowering Core FFO per share estimates to $2.36-$2.44 from $2.40-$2.56 previously.

National Storage Affiliates Trust (NYSE: NSA) has promoted Pam Valentine to Senior Vice President, People Operations from her previous role as Vice President. Valentine, who joined NSA in 2021, will continue to report to CEO David Cramer. Her achievements include overseeing staff onboarding from two PRO retirements, the internalization of eight remaining PROs, and the integration of over 250 new acquisition properties.

Cramer praised Valentine's contributions, highlighting her role in growing the team and upgrading human resource platforms to support NSA's rapidly expanding corporate operating platform. The company also announced its participation in the 2024 BofA Securities Global Real Estate Conference scheduled for September 10-11, 2024, in New York City.

National Storage Affiliates Trust (NSA) will release its financial results for Q2 2024 on August 5, 2024, after market close. A conference call to discuss these results, along with current market conditions and future outlook, will be held on August 6, 2024, at 1:00 p.m. ET. The call will include a Q&A session for registered analysts, while other participants can listen via a webcast on the company's website. A replay of the webcast will be available for 30 days. NSA will also participate in the 2024 BofA Securities Global Real Estate Conference on September 10-11 in New York City.

National Storage Affiliates Trust (NYSE: NSA) announced the internalization of its participating regional operating (PRO) structure, effective July 1, 2024. This strategic move involves transitioning 32% of NSA's 1,050 properties managed by eight existing PROs to NSA's platform, aiming to simplify structure and enhance growth. The internalization is expected to save $7.5 - $9.0 million annually in G&A expenses and provide an estimated $0.03 - $0.04 accretion in FFO per share. NSA will acquire PRO management agreements and tenant insurance contracts for $85.0 - $90.0 million, paid in cash and OP units, with a phased management transition over twelve months. The internalization will also include launching a new website and enhancing brand flexibility and market positioning.

National Storage Affiliates Trust (NSA) has declared quarterly cash dividends for Q2 2024. Shareholders of record by June 14, 2024, will receive payments on June 28, 2024. The dividends include $0.56 per common share, equating to a $2.24 annualized rate, and $0.375 per share on both the 6.000% Series A and Series B Cumulative Redeemable Preferred Shares. Additionally, NSA management will participate in the Nareit REITweek: 2024 Investor Conference in New York from June 4-6, 2024.