National Storage Affiliates Trust (NSA) reported a total revenue of $770.3 million for the fiscal year ending December 31, 2024, a decrease of 10.2% from $858.1 million in 2023. The decline in revenue was primarily attributed to the sale of 32 self-storage properties in late 2023 and the contribution of 56 properties to a joint venture in early 2024. Rental revenue specifically fell by 11.8% to $700.2 million, reflecting a decrease in average occupancy from 88.0% in 2023 to 85.6% in 2024. Despite the revenue drop, the company reported a net income of $183.3 million, down from $237.0 million in the previous year.
In terms of operational changes, NSA completed the internalization of its participating regional operators (PROs) on July 1, 2024, transitioning to a fully integrated property management platform. This strategic move involved acquiring management contracts and intellectual property from the PROs, which is expected to enhance operational efficiency and reduce costs. The company also executed new management agreements with former PROs during the transition period. As of December 31, 2024, NSA managed 815 consolidated self-storage properties across 38 states and Puerto Rico, totaling approximately 52.2 million rentable square feet.
The company’s portfolio saw significant activity in acquisitions and dispositions. In 2024, NSA acquired seven self-storage properties for $64.9 million and sold 40 properties for $273.1 million, realizing a net gain of $63.8 million from these transactions. The company also reported a 24.2% increase in management fees and other revenue, totaling $42.7 million, driven by increased activity in its joint ventures and tenant insurance programs. As of the end of 2024, NSA's total assets were valued at approximately $5.35 billion, with total debt amounting to $3.45 billion.
Looking ahead, NSA aims to continue expanding its national platform through strategic acquisitions and partnerships with institutional investors. The company has a robust pipeline for future growth, leveraging its integrated management platform to optimize revenue and reduce operating costs. NSA's management remains optimistic about the potential for internal and external growth, despite the challenges posed by market conditions and competition in the self-storage industry. The company is committed to maintaining its REIT status and distributing at least 90% of its taxable income to shareholders, with a recent dividend of $0.57 per common share declared for March 2025.
About National Storage Affiliates Trust
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