National Storage Affiliates Trust - Understand $nsa stock

$NSA Market Cap: $5.87 Billion

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Financial Snapshot

Revenue

$795.6M

TTM

Gross Margin

72.5%

TTM

Net Earnings

$153.6M

TTM

Current Assets

$101.1M

Q3 2024

Current Liabilities

$131.9M

Q3 2024

Current Ratio

76.67%

Q3 2024

Total Assets

$5.390B

Q3 2024

Total Liabilities

$3.589B

Q3 2024

Book Value

$1.801B

Q3 2024

Cash

$69.89M

Q3 2024

P/E

38.22

Dec 04, 2024 EST

Free Cash Flow

$262.0M

TTM

Revenues

Revenue YoY Change

Revenues

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue	$858.1M	$801.6M	$585.7M	$432.2M	$387.9M	$330.9M	$268.1M	$199.0M	$133.9M	$76.97M	$40.20M
YoY Change	7.05%	36.86%	35.5%	11.43%	17.23%	23.41%	34.71%	48.63%	73.99%	91.47%	37.2%

Expenses

Cost Of Revenues

Gross Profit

Gross Profit Margin

Gross Profit

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Revenue	$858.1M	$801.6M	$585.7M	$432.2M	$387.9M	$330.9M	$268.1M	$199.0M	$133.9M	$76.97M	$40.20M
Cost Of Revenue	$229.0M	$211.0M	$155.3M	$123.5M	$110.3M	$103.9M	$84.46M	$64.80M
Gross Profit	$629.1M	$590.5M	$430.4M	$308.7M	$277.5M	$227.0M	$183.7M	$134.2M
Gross Profit Margin	73.31%	73.67%	73.49%	71.43%	71.55%	68.61%	68.5%	67.45%

Selling, General & Admin Expense

Research & Development

Depreciation, Depletion & Amortization

SGA Expense to Gross Profit Ratio

R&D To Gross Profit Ratio

DDA To Gross Profit Ratio

Operating Expenses Total

Operating Profits/Loss

Operational Expenses

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Selling, General & Admin	$288.3M	$270.3M	$206.3M	$167.1M	$155.9M	$140.1M	$114.5M	$86.30M	$61.70M	$36.10M	$19.50M
YoY Change	6.63%	31.06%	23.44%	7.18%	11.28%	22.36%	32.68%	39.87%	70.91%	85.13%	43.38%
% of Gross Profit	45.82%	45.78%	47.92%	54.12%	56.17%	61.71%	62.34%	64.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$222.0M	$233.2M	$158.3M	$117.2M	$105.1M	$89.10M	$75.10M	$55.10M	$40.70M	$23.80M	$9.400M
YoY Change	-4.79%	47.28%	35.08%	11.51%	17.96%	18.64%	36.3%	35.38%	71.01%	153.19%	147.37%
% of Gross Profit	35.29%	39.48%	36.78%	37.96%	37.87%	39.25%	40.89%	41.04%
Operating Expenses	$521.9M	$512.0M	$367.4M	$285.1M	$261.1M	$229.2M	$189.6M	$141.4M	$102.3M	$59.89M	$28.80M
YoY Change	1.93%	39.35%	28.88%	9.19%	13.9%	20.89%	34.12%	38.17%	70.87%	107.94%	65.52%
Operating Profit	$107.2M	$78.51M	$62.98M	$23.64M	$16.45M	$101.7M	$78.50M	$57.66M	$31.59M	$17.08M
YoY Change	36.52%	24.67%	166.44%	43.69%	-83.82%	29.5%	36.15%	82.51%	84.93%

Interest Expenses

Interest Expenses To Operating Income %

Other Expense/Income

Interest & Other Expense/Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Interest Expense	$166.1M	$110.6M	$72.06M	$62.60M	$56.46M	$42.72M	$34.07M	$24.11M	$20.78M	$23.03M	-$19.60M
YoY Change	50.22%	53.48%	15.12%	10.86%	32.16%	25.41%	41.31%	16.03%	-9.79%	-217.52%	14.62%
% of Operating Profit	155.01%	140.87%	114.43%	264.83%	343.27%	42.03%	43.4%	41.82%	65.78%	134.83%
Other Income/Expense, Net	-$98.12M	-$101.1M	-$69.62M	-$65.97M	-$59.49M	-$44.51M	-$31.34M	-$32.42M	-$26.61M	-$33.44M	-$100.0K
YoY Change	-2.94%	45.2%	5.53%	10.89%	33.64%	42.01%	-3.33%	21.85%	-20.43%	33340.0%

Income/Loss

Pretax Income

Income Tax

Net Profits/Loss

Pretax Income YoY Change

Income Tax Rate

Net Profits/Loss YoY Change

Basic EPS

Net Income To Revenue Ratio

Pretax & Net Income

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Pretax Income	$238.6M	$188.5M	$148.6M	$81.15M	$67.36M	$57.14M	$47.16M	$25.23M	$4.983M	-$16.40M	-$11.70M
YoY Change	26.6%	26.8%	83.15%	20.46%	17.88%	21.18%	86.88%	406.4%	-130.38%	40.17%	234.29%
Income Tax	$1.590M	$4.689M	$1.690M	$1.671M	$1.351M	$818.0K	$1.159M	$368.0K	$187.0K
% Of Pretax Income	0.67%	2.49%	1.14%	2.06%	2.01%	1.43%	2.46%	1.46%	3.75%
Net Earnings	$156.7M	$103.7M	$105.3M	$48.61M	$3.983M	$14.11M	$2.961M	$17.97M	$12.44M	$0.00	-$1.300M
YoY Change	51.03%	-1.44%	116.53%	1120.41%	-71.77%	376.49%	-83.52%	44.41%		-100.0%	-62.86%
Net Earnings / Revenue	18.26%	12.94%	17.97%	11.25%	1.03%	4.26%	1.1%	9.03%	9.29%	0.0%	-3.23%
Basic Earnings Per Share	$1.58	$0.99	$1.13	$0.53	-$0.15	$0.07	$0.01	$0.60	$0.80	$0.00
Diluted Earnings Per Share	$1.48	$0.99	$0.98	$0.53	-$0.15	$0.07	$0.01	$0.31	$0.17	$0.00	-$31.03K

Assets & Liabilities

Cash & Short-Term Investments

Cash & Equivalents

Cash To Operating Expenses Ratio

Inventory

Receivables

Total Short-Term Assets

Property, Plant And Equipment

Long-Term Investments

Total Long-Term Assets

Total Assets

Net Income To Total Assets Percentage

Accounts Payable

Short-Term Debt

Long Term Debt Due

Total Short-Term Liabilities

Long-Term Debt

Other Long-Term Liabilities

Total Long-Term Liabilities

Total Liabilities

Short-Term To Long-Term Debt Ratio

Short-Term Assets To Debt Ratio

Long-Term Debt To Net Income Ratio

Assets & Liabilities

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Cash & Short-Term Investments	$64.98M	$35.31M	$25.01M	$18.70M	$20.60M	$13.20M	$13.40M	$12.60M	$6.700M	$9.000M	$11.20M
YoY Change	84.02%	41.17%	33.76%	-9.22%	56.06%	-1.49%	6.35%	88.06%	-25.56%	-19.64%
Cash & Equivalents	$64.98M	$35.31M	$25.01M	$18.70M	$20.60M	$13.20M	$13.40M	$12.60M	$6.700M	$9.000M	$11.20M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables	$9.842M	$13.12M	$6.228M	$2.700M	$2.800M	$3.400M	$2.300M	$1.900M	$1.100M	$1.000M	$500.0K
Other Receivables	$22.53M	$30.33M	$12.43M	$10.10M	$7.500M	$6.600M	$2.200M	$1.700M	$200.0K	$400.0K	$100.0K
Total Short-Term Assets	$97.35M	$78.76M	$43.67M	$31.50M	$30.90M	$23.20M	$17.90M	$16.20M	$8.000M	$10.40M	$11.80M
YoY Change	23.6%	80.36%	38.64%	1.94%	33.19%	29.61%	10.49%	102.5%	-23.08%	-11.86%
Property, Plant & Equipment	$4.943B	$5.644B	$5.243B	$3.220B	$2.779B	$2.393B	$2.106B	$1.735B	$1.080B	$799.5M	$346.3M
YoY Change	-12.43%	7.65%	62.81%	15.88%	16.13%	13.61%	21.41%	60.69%	35.03%	130.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$211.4M	$227.4M	$188.2M	$202.5M	$221.8M	$245.1M	$89.10M	$81.50M
YoY Change	-7.07%	20.86%	-7.07%	-8.7%	-9.51%	175.08%	9.33%
Other Assets	$585.8M	$13.66M	$9.323M	$11.30M	$11.70M	$8.700M	$10.70M	$21.70M	$6.100M	$12.60M	$7.200M
YoY Change	4190.0%	46.47%	-17.5%	-3.42%	34.48%	-18.69%	-50.69%	255.74%	-51.59%	75.0%
Total Long-Term Assets	$5.834B	$5.991B	$5.519B	$3.482B	$3.053B	$2.706B	$2.249B	$1.876B	$1.091B	$822.3M	$356.5M
YoY Change	-2.62%	8.56%	58.49%	14.04%	12.83%	20.34%	19.88%	71.94%	32.68%	130.66%
Total Assets	$5.932B	$6.070B	$5.563B	$3.514B	$3.084B	$2.729B	$2.267B	$1.892B	$1.099B	$832.7M	$368.3M
YoY Change
Accounts Payable	$92.77M	$80.38M	$59.26M	$47.00M	$57.90M	$33.10M	$24.50M	$21.60M	$9.700M	$10.00M	$6.200M
YoY Change	15.41%	35.63%	26.09%	-18.83%	74.92%	35.1%	13.43%	122.68%	-3.0%	61.29%
Accrued Expenses	$24.20M	$25.74M	$23.98M	$24.80M	$24.70M
YoY Change	-6.01%	7.34%	-3.3%	0.4%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$117.0M	$106.1M	$83.24M	$71.80M	$82.60M	$33.10M	$24.50M	$21.60M	$9.700M	$16.80M	$6.200M
YoY Change	10.22%	27.48%	15.94%	-13.08%	149.55%	35.1%	13.43%	122.68%	-42.26%	170.97%
Long-Term Debt	$3.658B	$3.551B	$2.941B	$1.917B	$1.534B	$1.278B	$958.1M	$879.0M	$567.8M	$597.7M	$298.7M
YoY Change	3.01%	20.75%	53.41%	24.97%	20.02%	33.4%	9.0%	54.81%	-5.0%	100.1%
Other Long-Term Liabilities	$30.80M	$23.70M	$55.97M	$94.30M	$15.50M	$15.70M	$12.70M	$12.50M	$5.500M	$4.200M	$8.100M
YoY Change	30.0%	-57.66%	-40.65%	508.39%	-1.27%	23.62%	1.6%	127.27%	30.95%	-48.15%
Total Long-Term Liabilities	$3.689B	$3.575B	$2.997B	$2.011B	$1.550B	$1.294B	$970.8M	$891.5M	$573.3M	$601.9M	$306.8M
YoY Change	3.19%	19.29%	49.0%	29.8%	19.76%	33.27%	8.9%	55.5%	-4.75%	96.19%
Total Liabilities	$4.510B	$4.422B	$3.787B	$2.545B	$2.165B	$1.812B	$1.426B	$1.315B	$862.4M	$832.7M	$368.3M
YoY Change	1.99%	16.75%	48.84%	17.56%	19.43%	27.12%	8.42%	52.48%	3.57%	126.09%

Ownership

Basic Shares Outstanding

Diluted Shares Outstanding

Preferred Stock

Treasury Stock Shares

Stock Issuance & Repurchase

Ownership Data

Concept	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Basic Shares Outstanding	86.85M shares	91.24M shares	81.20M shares	66.55M shares	58.21M shares	53.29M shares	44.42M shares	29.89M shares	15.46M shares	1.000K shares
Diluted Shares Outstanding	146.0M shares	91.24M shares	134.5M shares	66.61M shares	58.21M shares	53.29M shares	44.42M shares	78.75M shares	45.41M shares	1.000K shares
Preferred Stock
Treasury Stock Shares

Return On Shareholders' Equity

Book Value

Free Cash Flow

Free Cash Flow YoY

Free Cash Flow Margin

Dividends

Stock Price

Market Cap: $5.8696 Billion

About National Storage Affiliates Trust

National Storage Affiliates Trust operates as a real estate investment trust. The company is headquartered in Greenwood Village, Colorado and currently employs 1,108 full-time employees. The company went IPO on 2015-04-23. The firm is focused on the ownership, operation and acquisition of self-storage properties located within various metropolitan statistical areas across the United States. The firm owns approximately 1,050 self-storage properties, located in 42 states and Puerto Rico, comprising approximately 68.6 million rentable square feet in approximately 5,42,000 storage units. The properties are managed with a local operational focus of the Company and its participating regional operators (PROs). The firm also managed through its property management platform an additional portfolio of 185 properties owned by the Company's unconsolidated real estate ventures. These properties contain approximately 51.9 million rentable square feet, in approximately 4,07,000 storage units. The Company’s operating partnership subsidiary is NSA OP, LP.

Industry: Real Estate Investment Trusts Peers: AMERICAN TOWER CORP /MA/ OUTFRONT Media Inc. CubeSmart EPR PROPERTIES Gaming & Leisure Properties, Inc. RAYONIER INC LAMAR ADVERTISING CO/NEW LIFE STORAGE, INC. POTLATCHDELTIC CORP