Investment Thesis
National Storage Affiliates (NSA) delivered a solid Q2 2019 with mid-digit same-store net operating income growth. The company’s long-term growth outlook is positive thanks to favorable demographic trends in the U.S. In addition, the storage market remains fragmented and there are many opportunities for NSA to grow its business through acquisitions. The company currently pays a growing and attractive 3.6%-yielding dividend with a safe payout ratio. However, its shares are currently fairly valued. Therefore, we think investors may want to patiently wait on the sidelines until a better entry point.
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