Why National Storage Affiliates Trust have been downgraded?

National Storage Affiliates Trust (NYSE:NSA) received a stock rating downgrade from Jefferies on Apr-05-16. In a note to investors, the firm issued a Hold rating. The analysts previously had a Buy rating on the stock.

The 52-week price range is $11.50-$21.70 and the company has a market capitalization of $466.06 billion. Analysts covering the shares maintain a consensus Buy rating, according to Zacks Investment Research. Zero analyst has rated the stock with a sell rating, 3 has assigned a hold rating, 0 says it’s a buy, and 3 have assigned a strong buy rating to the company.

National Storage Affiliates Trust (NSA) on March 2, 2016 reported the Company’s fourth quarter and full year 2015 results.

Fourth Quarter 2015 Highlights

• Core funds from operations (“Core FFO”) was $11.6 million, or $0.24 per share for the fourth quarter of 2015, an increase of 14.3% per share compared to Core FFO of $4.2 million, or $0.21 per share, for the fourth quarter of 2014.


• Net operating income (“NOI”) was $25.6 million for the fourth quarter of 2015, an increase of 46.2% compared to NOI of $17.5 million for the fourth quarter of 2014.


• Same store NOI was $9.8 million for the fourth quarter of 2015, an increase of 10.7% compared to same store NOI of $8.9 million for the fourth quarter of 2014.


• Same store total revenue was $15.0 million for the fourth quarter of 2015, an increase of 6.5% compared to same store total revenue of $14.0 million for the fourth quarter of 2014.


• Acquired 16 self storage properties during the fourth quarter of 2015 for approximately $70.4 million.

Full Year 2015 Highlights

• Core FFO was $35.8 million, or $0.92 per share, for the full year 2015, an increase of 22.7% per share compared to Core FFO of $10.4 million, or $0.75 per share, for the full year 2014.


• NOI was $88.5 million for the full year 2015, an increase of 80.4% compared to NOI of $49.1 million for the full year 2014.


• Same store NOI was $38.3 million for the full year 2015, an increase of 11.5% compared to same store NOI of $34.4 million for the full year 2014.


• Same store total revenue was $58.7 million for the full year 2015, an increase of 7.8% compared to same store total revenue of $54.5 million for the full year 2014.


• Acquired 58 properties for the full year 2015 for approximately $313.0 million.

Arlen Nordhagen, Chief Executive Officer, commented, “2015 proved to be an excellent year for NSA. We are extremely pleased with our full year results which reflect significant year-over-year growth across the board in Core FFO, NOI, same store NOI and same store revenue. From an operational standpoint, full year total revenue increased approximately 74% to $134 million and our full year total portfolio average rent per occupied square foot increased approximately 8% to $10.62. Our fourth quarter performance was also strong as Core FFO per share increased 14.3%, same store NOI increased 10.7% and same store total revenue increased 6.5%. During the quarter we acquired 16 additional self storage properties for approximately $70 million.

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