06/27/2022 | by Nareit Staff
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Tamara Fischer, president and CEO of National Storage Affiliates Trust (NYSE: NSA), participated in a video interview in conjunction with Nareit’s REITweek: 2022 Investor Conference in New York on June 7-9.

Fischer noted that fundamentals for the industry, and NSA in particular, “have never been stronger…we feel very optimistic heading into our busy season this summer. We’re in good shape and I think the sector itself will continue to show its strength and resilience.”

Fischer also commented on the progress NSA has made in terms of digesting $2.2 billion of assets that were acquired last year. “We’ve been very focused on integrating those assets and realizing some of the embedded value,” she said, and noted that assets acquired last year are outperforming on a pro-forma basis by 5%-10%.

Turning to new supply, Fischer said it has been muted within NSA’s markets. “We’re in a very good position with respect to new supply. New supply in general is more muted…what we’re seeing now is good for the industry.”

She noted that while many people are interested in entering the self-storage sector, entitlements are taking longer, while higher material and labor costs makes it more challenging. As a result, “supply will stay muted at least into the back half of 2023 and likely into 2024.”

Fischer also pointed to reasons to invest in NSA. They include its differentiated participating regional operators (PRO) structure, and its commitment to Sunbelt, secondary, and suburban markets. She added that NSA’s growth in core FFO will be sector leading this year.