1315_Nareit Testimonials Cramer_2023-06-12_v2_1
06/14/2023 | by Nareit Staff

David Cramer, president and CEO of National Storage Affiliates Trust (NYSE: NSA), participated in a video interview at Nareit’s REITweek: 2023 Investor Conference, held in New York June 6-8.

Cramer discussed trends in 2023 regarding occupancy and how that might impact revenue growth, the pace of transaction activity as well as NSA’s captive pipeline of assets, and how NSA has positioned its balance sheet to deal with higher interest rates and other macro challenges.

Cramer’s observations included:

  • Occupancy levels have settled back into more historic patterns after record growth in 2021 and 2022. NSA has seen “flat, consistent” occupancy levels of around 90% the entire spring leasing season.
  • “Consumer behavior patterns are very consistent, what we’re just not seeing is the top end rental activity we thought we would get.”
  • External transaction activity has been slow. In the near term, NSA will be leaning more into its captive pipeline of assets.
  • “We’re very comfortable with where we carry our debt loads, we’re very comfortable in the stacks of capital we have available to us. From our seat, we’ve done everything we can to position ourselves for the near term and the long term.”