Q1 25 EPS
$0.10
MISS 34.60%
Est. $0.15
Q1 25 Revenue
$188.4M
BEAT +0.76%
Est. $186.9M
vs S&P Since Q1 25
-4.7%
TRAILING MARKET
NSA +26.5% vs S&P +31.2%
Market Reaction
Did NSA Beat Earnings? Q1 2025 Results
National Storage Affiliates delivered a mixed first quarter for 2025, posting a meaningful earnings miss even as revenue nudged ahead of expectations. Diluted EPS came in at $0.10, falling 34.60% short of the $0.15 consensus estimate, while revenue o… Read more National Storage Affiliates delivered a mixed first quarter for 2025, posting a meaningful earnings miss even as revenue nudged ahead of expectations. Diluted EPS came in at $0.10, falling 34.60% short of the $0.15 consensus estimate, while revenue of $188.35 million edged 0.76% above forecasts despite sliding 4.0% year-over-year as property dispositions and soft same-store performance weighed on the top line. The most significant pressure point was the self-storage sector's persistent occupancy erosion, with average occupancy dropping 190 basis points to 83.9% and same-store NOI contracting 5.7% to $116.41 million. The July 2024 internalization of NSA's participating regional operator structure also diluted per-share metrics by expanding the unit count from roughly 120.7 million to 135.2 million. CEO David Cramer expressed confidence that the same-store growth trough is behind the company, and NSA reaffirmed full-year Core FFO guidance of $2.30 to $2.38 per share, though some observers remain watchful given the company's elevated payout ratio and ongoing operational headwinds.
Key Takeaways
- • Same store total revenue decreased 3.0% year-over-year driven by 190 basis point decrease in average occupancy and 1.0% decrease in average annualized rental revenue per occupied square foot
- • Same store property operating expenses increased 3.7% driven by increases in marketing, repairs and maintenance, and utilities expense, partially offset by decreases in personnel costs
- • Same store NOI decreased 5.7% year-over-year
- • Management fees and other revenue increased $3.1 million year-over-year
- • General and administrative expenses decreased $2.5 million year-over-year following PRO internalization
- • Interest expense increased to $40.5 million from $38.1 million
- • Markets generating above-average same store revenue growth: Portland, Houston, San Juan PR
- • Markets generating below-average same store revenue growth: Riverside-San Bernardino, Atlanta, Sarasota
NSA YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
NSA Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first quarter results were in-line with our expectations. We're encouraged with the sequential improvement in the pace of year-over-year same store revenue and NOI growth from the fourth quarter, implying that the troughs in same store growth are now behind us. Although occupancy levels remain muted, street rates and in-place contract rents have grown sequentially every month of this year through April, providing momentum into the spring leasing season.”
— David Cramer, Q1 2025 Earnings Press Release
NSA Earnings Trends
NSA vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
NSA EPS Trend
Earnings per share: estimate vs actual
NSA Revenue Trend
Quarterly revenue: estimate vs actual
NSA Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $0.07 | $0.16 | +121.91% | $185.4M | -0.89% |
| Q4 25 BEAT FY | $0.10 | $0.23 | +124.39% | $187.0M | -0.25% |
| FY Full Year | $0.39 | $0.69 | +75.62% | $752.9M | -0.12% |
| Q3 25 BEAT | $0.14 | $0.57 | +321.91% | $188.7M | +2.65% |
| Q2 25 MISS | $0.19 | $0.19 | -0.78% | $188.8M | +1.84% |
| Q1 25 MISS | $0.15 | $0.10 | -34.60% | $188.4M | +0.76% |