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National Storage Affiliates Trust is a fully integrated, self-administered and self-managed real estate investment trust organized in the state of Maryland on May 16, 2013. We have elected and we believe that we have qualified to be taxed as a REIT for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2015.
Margins and capital returns are both well above average: 37.01% operating margin, ROIC at 26.65%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue declined 2.3% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 13% versus the prior year, cash generation momentum has weakened.
Profitability & Returns
Revenue (TTM)
$750M
▼ -2.3% YoY
Net Income (TTM)
$72M
▼ -33.8% YoY
Op. Margin
37.60%
▼ -1.6pp YoY
ROIC
28.50%
▲ +3.6pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$297M
▼ -12.9% YoY
Op. Cash Flow (TTM)
$340M
▼ -6.8% YoY
Net Debt
-$5M
Net Cash Position
Cash & Equiv.
$28M
5Y CAGR: +11.7%
5Y CAGR: +8.0%
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