National Storage (NSA) Q2 FFO Falls 11%
National Storage Affiliates Trust (NYSE:NSA), a real estate investment trust specializing in self-storage facilities, reported second quarter 2025 results on August 4, 2025. The update revealed declining key financial metrics, with core funds from operations per share at $0.55—significantly below the $0.62 Core FFO per share and unit reported in Q2 2024. GAAP revenue came in at $188.8 million, down 0.8% from a year ago. Diluted earnings per share (EPS) (GAAP) was $0.19. Weak demand in Sunbelt markets, elevated competition, and greater marketing spend contributed to declining margins and a reset of near-term expectations. Management’s assessment revised full-year guidance downward, with limited signs of near-term stabilization in key operating trends.
National Storage Affiliates Trust operates a large network of self-storage properties across the United States and Puerto Rico, owning 1,067 stores with approximately 69.7 million rentable square feet as of June 30, 2025. with a focus on convenience and quality. The company competes within a fragmented self-storage industry, targeting portfolio growth by acquiring new properties, entering joint ventures, and operating efficiently at scale.
Recent years highlighted two primary focuses for the company: expanding by acquiring or partnering on self-storage assets and shifting toward an internalized property management platform. This latter strategy is intended to control costs and yield operational benefits, including improved marketing capabilities and more effective staffing across properties. Financial flexibility remains another key factor, as NSA balances growth against prudent leverage and regulatory compliance to maintain its real estate investment trust (REIT) status and capture market opportunities.
Source Fool.com
