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What were the key takeaways from National Storage's earnings call?

- **Revenue Momentum**: Q3 same-store revenue down 2.6% YoY but improving 100bps QoQ, with October contract rates +160bps YoY. 
- **JV Growth**: $100M+ preferred equity program launched to invest in value-add properties via JV with former PRO. 
- **Balance Sheet**: Net debt-to-EBITDA 6.7x (down from 6.8x) with $550M revolver availability. 
- **2026 Outlook**: Positive supply-demand dynamics, potential rate cuts, and ECRI execution set up for recovery. 
- **Key Risk**: Occupancy still down 170bps YoY in October, though flat sequentially.

**【CEO Summary Section】**
- Delivered solid Q3 results with core FFO per share of $0.57, beating consensus estimates. 
- Sequential improvement in same-store revenue growth in 16 of 21 MSAs, with contract rates up 160bps YoY in October vs. 20bps in Q3. 
- Occupancy held steady at 84.3% in October (down 170bps YoY) despite hurricane-related demand last year. 
- Positive outlook for 2026 driven by reduced new supply, potential Fed rate cuts, and lower borrowing costs. 
- Enhanced execution on marketing, revenue management, and ECRI strategy showing results. 
- Preferred investment program launched to accrete returns through JV deals. 

**【CFO Financial Commentary】**
- Core FFO per share down 8% YoY to $0.57 due to same-store NOI decline and higher interest expense. 
- Same-store revenue down 2.6% YoY (rental revenue -2.2%, other revenue -40bps) but improving 100bps QoQ. 
- Expense growth of 4.9% driven by property taxes (+29% marketing spend), partially offset by insurance cost savings. 
- JV '23 acquired 2 properties for $32M, with proceeds used to deleverage and invest in preferred equity. 
- Net debt-to-EBITDA improved to 6.7x (from 6.8x Q2), with $550M revolver availability. 

**【Q&A Highlights】**
- **Capital Recycling**: Sold 2 assets in Q3, targeting modest, measured deployment of $100M+ preferred equity. 
- **JV Strategy**: New Mid-Atlantic JV with former PRO to acquire value-add properties, targeting 10% pref return. 
- **Move-in Rates**: October move-in rates +14% YoY (vs. +4.9% Q3), with discounts reducing impact to ~1.5pts. 
- **Demand Drivers**: Housing market recovery could boost Sun Belt markets, but no immediate impact from mortgage rates. 
- **Dividend Outlook**: Confident in trajectory to return payout ratio below 100% as FFO growth resumes. 
- **ECRI Cadence**: Testing new strategies but maintaining core cadence, with magnitude improving YoY.

National Storage Affiliates Trust (NSA) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

NSA

NSA fundamentals

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