David Cramer, president and CEO of National Storage Affiliates (NYSE: NSA), sat down for a video interview during Nareit’s REITworld: 2025 Annual Conference in Dallas on Dec. 8-11.
National Storage Affiliates Trust is beginning to see positive momentum across its portfolio as investments made over the past several years start to pay off, Cramer said. While competition remains elevated in certain markets, he says performance has stabilized and is trending upward.
“There’s still a lot of new supply that we’re absorbing, and time is the only thing that’s really going to fix the amount of new supply that’s been built,” Cramer said, pointing to markets such as Phoenix, Atlanta, Florida’s West Coast, and Las Vegas. Other markets, however, are showing healthier fundamentals. “In markets like Portland and San Juan, Puerto Rico, everything is in balance, supply and demand is in check, and we’re positive revenue there and on a good trajectory,” he added.
Across the broader portfolio, Cramer said results have turned a corner. “Overall, our portfolio has inflected off the bottom, and we’re really pleased with the direction we’re going,” he said, citing technology investments and a focus on team and talent that have begun to deliver results “even in today’s competitive environment.”
Looking ahead, NSA is deploying new strategies to support earnings growth, including a recently announced preferred equity investment program. The company plans to invest approximately $100 million alongside a partner, targeting a 10% preferred return and up to a 14% internal rate of return.
“We’re selling assets at a 6 cap and putting the equity back to work at a 10,” Cramer said, calling it an accretive use of recycled capital.