The following is a summary of the National Storage Affiliates Trust (NSA) Q1 2024 Earnings Call Transcript:

Financial Performance:

• National Storage Affiliates Trust reported a Q1 2024 core FFO per share of $0.60, indicating a decline of about 9% over the prior year.

• The decrease can be attributed to a drop in same-store NOI, an upsurge in G&A and a decreased contribution from joint ventures.

• Revenue growth also saw a decline of 1.5% due to a significant reduction in average occupancy.

• The occupancy rate dropped to 85.9%, reflecting a decrease of 350 basis points year-over-year.

• The company maintains healthy customer payment patterns with bad debt at a stable 2.5% of revenue.

• An increased spend on marketing by 32% was reported.

Business Progress:

• NSA saw positive rental activity and a seasonal increase in occupancy for the quarter.

• They successfully completed strategic initiatives aimed at growth, such as improving operating platforms and lease signing experience along with consistent utilization of an aggressive pricing strategy.

• The company has targeted numerous acquisitions for portfolio enhancement and currently possesses over $25 million under contract and around $200 million of properties under negotiation.

• Reactive measures are being taken to address the pressure on occupancy and street rates.

• The company is actively amplifying its platform through enhancements in their data systems, operating platforms, website, and call center.

• Acquisitions are expected to be predominantly routed through a joint venture, though some will also be balance-sheet associated.

• NSA foresees a deceleration in new market deliveries in 2024 - 2025 which is considered beneficial.

• NSA maintains a total debt stack of over $3 billion with plans for 10-20% of this to be floating rate by the year-end.

• Major focus being given to revamping internal operations including the operating platform, data center, call center platform, and user web experience.

• The company is transitioning to a more digitalized customer experience shaking up marketing and customer interactions.

• Implementation of new revenue management systems for improved rate and promotion dynamics is being initiated.

More details: National Storage Affiliates Trust IR

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