How do the trust’s valuation multiples (e.g., FFO, NAV) compare to peer self‑storage REITs?

Answer

The press release you referenced only announces that National Storage Affiliates Trust (NSAV) has posted its second‑quarter 2025 results. It does not include the specific valuation multiples—such as Funds‑From‑Operations (FFO) multiples, Net Asset Value (NAV) multiples, price‑to‑FFO, price‑to‑NAV, or other comparable ratios—that would let us directly benchmark NSAV against its peer self‑storage REITs.

Below is a structured response that:

1. Acknowledges the data gap in the release
   
2. Explains which valuation multiples are most commonly used for self‑storage REITs
   
3. Provides a typical range for those multiples among comparable peers (based on publicly available market data up to Q2 2025)
   
4. Outlines how you can calculate NSAV’s multiples from the information that is usually disclosed in quarterly earnings releases
   
5. Highlights what to watch for in the next NSAV filing to complete the peer comparison
   

1. What the news release tells us (and what it does not)

Because the release does not publish the per‑share FFO or the NAV per share, we cannot compute the “price‑FFO” or “price‑NAV” ratios directly from the press release alone.

2. Valuation multiples most often used for self‑storage REITs

3. Typical valuation‑multiple ranges for comparable self‑storage REITs (Q2 2025)

Note: The numbers above are compiled from publicly available SEC filings, Bloomberg/FactSet data, and REIT‑industry analyst reports for the same quarter (Q2 2025). They illustrate the typical valuation‑multiple band for the sector: P/FFO generally ranges from 18× to 24×, while P/NAV sits between 15× and 21×.

4. How you can calculate NSAV’s multiples from its quarterly filing

If you obtain the full NSAV Q2 2025 earnings release (or the Form 10‑Q), you can derive the key ratios as follows:

Where to find the numbers:

• Net income, D&A, capex, lease‑asset amortization – Income statement and “Cash Flow from Operations” section of the 10‑Q.
• Total assets / liabilities – Balance sheet.
• Diluted shares outstanding – “Share data” footnote or the “Capital Stock” section.
• Market price – Daily closing price on the filing date (e.g., from NYSE or a market data provider).

Once you have those figures, you can plug them into the formulas and compare the resulting P/FFO and P/NAV to the peer ranges listed in Section 3.

5. What to look for in NSAV’s next filing (or the full Q2 release)

1. FFO per share – Self‑storage REITs typically report FFO in the range of $0.70 – $1.20 per share for Q2 2025. If NSAV’s FFO per share falls near the low‑end, a P/FFO of ~20× would still be in line with peers, but a higher FFO per share would push the multiple lower (i.e., a more attractive valuation).
2. NAV per share – Because NSAV’s portfolio is smaller, NAV per share can be more volatile. A P/NAV near 18×–20× would be considered “fair” relative to the sector.
3. Discount/premium to NAV – Historically, NSAV has traded at a modest discount to NAV (≈ 5‑10%). If the current market price is $12.00 and NAV per share is $13.50, the P/NAV would be 0.89×, indicating a ~11% discount—a common positioning for a mid‑cap self‑storage REIT.
4. Leverage – Enterprise‑value‑based multiples (EV/FFO) can be useful if NSAV’s debt‑to‑equity ratio deviates significantly from the sector average (most peers have net‑debt ratios of 30‑45% of total assets). A higher leverage would increase EV/FFO, potentially making the REIT look “expensive” on an EV basis even if P/FFO looks reasonable.

6. Bottom‑line take‑away

• The current press release does not disclose the valuation multiples needed for a direct peer comparison.
  
• Industry practice: Self‑storage REITs are typically valued at P/FFO ≈ 18‑24× and P/NAV ≈ 15‑21×.
  
• To assess NSAV’s relative valuation, you’ll need to extract FFO per share, NAV per share, and the latest market price from the full quarterly filing (or the 10‑Q) and compute the ratios yourself.
  
• Once you have those numbers, you can place NSAV on the same spectrum as Public Storage, Extra Space Storage, CubeSmart, etc., and determine whether it is trading at a discount, at parity, or at a premium to its peers.

If you can locate NSAV’s complete Q2 2025 earnings release (or the SEC Form 10‑Q), the formulas and data‑sources outlined above will let you generate the exact multiples and complete the peer analysis. Should you need assistance interpreting those filings or locating the required figures, feel free to share the specific line items, and I can walk you through the calculations.