National Storage Affiliates Trust appoints new board member

GREENWOOD VILLAGE, Colo. - National Storage Affiliates Trust (NYSE: NYSE:NSA), a real estate investment trust focusing on self storage properties, announced today the appointment of Warren Allan to its Board of Trustees, effective immediately. Allan, who brings a wealth of experience from the self storage industry, will also join the company's Audit Committee.

The appointment coincides with the retirement of Mark Van Mourick from the board, also effective today. Van Mourick has been a board member since the company's inception and has been acknowledged for his contributions to the growth of the company since its initial public offering.

Executive Chairperson of the Board of Trustees, Tamara Fischer, expressed her gratitude to Van Mourick for his years of service and welcomed Allan, highlighting his valuable insights gained as Co-Founder and former President of Optivest Properties, one of NSA's founding Participating Regional Operators (PROs).

Allan retired from Optivest in July 2024, after more than 17 years at the helm, where he spearheaded acquisition and financing strategies that significantly expanded the company's portfolio to over 100 managed properties. Additionally, Allan served on NSA's PRO Advisory Committee for a decade until its dissolution in June 2024.

National Storage Affiliates Trust, headquartered in Greenwood Village, Colorado, is one of the largest owners and operators of self storage properties in the United States. As of June 30, 2024, the trust owned interests in and operated 1,052 self storage properties across 42 states and Puerto Rico, covering approximately 68.8 million rentable square feet.

In related news, NSA management is scheduled to participate in the 2024 BofA Securities Global Real Estate Conference on September 10-11 in New York City. This event will provide an opportunity for investors to engage with the company's leadership.

The company's inclusion in the MSCI US REIT Index, the Russell 1000 Index, and the S&P MidCap 400 Index reflects its standing within the investment community. This news is based on a press release statement from National Storage Affiliates Trust.

In other recent news, National Storage Affiliates (NSA) has reported a challenging second quarter in 2024 due to a competitive operating environment and a muted housing market, which led to decreased customer demand for storage. The company has consequently revised its 2024 guidance. Despite these near-term headwinds, NSA remains optimistic about its long-term prospects, with a focus on acquisition opportunities and internalization processes to improve operational efficiencies. The company reported a core FFO per share of $0.62 for Q2 2024, marking a decrease from the previous year, mainly due to a decline in same-store NOI.

NSA has also completed a share repurchase program, buying back 1.9 million shares for $72 million. The company has closed on a high-quality property portfolio acquisition in the Rio Grande Valley for $72 million, with another 13-property portfolio under contract for $75 million. NSA has adjusted its strategies to address competitive pressures and softer demand, with revised 2024 guidance reflecting these challenges. The company expects to see stabilized returns from recent acquisitions and to benefit from G&A synergies and revenue management strategies in the coming years. NSA plans to term out debt to tackle upcoming maturities and the current revolver balance.

InvestingPro Insights

National Storage Affiliates Trust (NYSE: NSA) has recently made strategic changes to its Board of Trustees, signaling potential shifts in corporate governance and decision-making. As investors look to understand the implications of these changes, real-time data and insights from InvestingPro can offer valuable context.

InvestingPro data shows that NSA has a market capitalization of $4.84 billion, illustrating its significant presence in the self storage industry. The company's P/E ratio stands at 22.86, which may appeal to investors looking for reasonable valuations based on earnings. Additionally, NSA has demonstrated a strong return over the last three months, with a price total return of 16.65%, highlighting its recent market performance.

InvestingPro Tips suggest that NSA's management has been actively buying back shares, a sign that the company is confident in its value and future prospects. Furthermore, the company has a history of rewarding its shareholders, having raised its dividend for 9 consecutive years. This consistent return to shareholders may be particularly attractive to income-focused investors. For those seeking more insights, InvestingPro offers additional tips on NSA (https://www.investing.com/pro/NSA), including analysis on sales projections and the company's liquidity position.

As NSA prepares to participate in the upcoming 2024 BofA Securities Global Real Estate Conference, these financial metrics and insights from InvestingPro can help investors make more informed decisions regarding the company's stock. With a total of 11 InvestingPro Tips available for NSA, investors have access to a wealth of information to guide their investment strategies.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.