The following is a summary of the National Storage Affiliates Trust (NSA) Q3 2024 Earnings Call Transcript:

Financial Performance:

• NSA reported a core FFO per share of $0.62 for Q3 2024, a decrease of 7.5% year-over-year.

• Revenues declined 3.5% on a same-store basis, affected by a 290 basis point year-over-year decline in occupancy and a 0.9% decline in rent revenue per square foot.

• Expense growth was moderate at 1.2% in Q3, mainly driven by property taxes and insurance costs.

Business Progress:

• NSA was successful in transitioning 85% of PRO stores to NSA management, with the remainder expected to complete by mid-November.

• The company has closed on two portfolio transactions using the 2023 JV, enhancing operational efficiencies and expanding their footprint in existing markets.

• Operational improvements from the internalization of PRO structure are already showing early benefits.

Opportunities:

• NSA sees opportunity in the acquisition environment, expecting it to remain active and improve with an increase in deal flow.

• The internalization benefits and improving acquisition environment could potentially offset the near-term competitive operating environment.

Risks:

• Street rates are declining, with a 17% year-over-year decline in Q3, expected to widen in the near term.

• Elevated supply in certain Sunbelt markets continues, creating more competitive conditions for NSA.

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