National Storage Affiliates Trust (NYSE:NSA), a $5.56 billion self-storage REIT currently trading slightly below its InvestingPro Fair Value, has awarded special one-time grants of long-term incentive plan units (LTIP Units) to several of its executive officers, as disclosed in a recent 8-K filing with the Securities and Exchange Commission.
This move follows the successful internalization of the company's former participating regional operators, a strategic transition aimed at consolidating operations. The company maintains a strong financial health rating according to InvestingPro's comprehensive analysis.
On Monday, the company’s compensation, nominating, and corporate governance committee approved the grants in recognition of the executives' contributions to the internalization process. The awarded LTIP Units are divided between time-based and performance-based vesting conditions. Forty percent of the units will vest over time, with a set date of December 2, 2026, while the remaining sixty percent are contingent on meeting specific performance goals by December 2, 2025.
The executives receiving the awards include President and CEO David Cramer, who was granted 37,561 LTIP Units, and CFO Tamara Fischer, who received 18,781 units. Other recipients are Brandon Togashi, William Cowan, and Tiffany Kenyon, with 23,302, 22,607, and 8,695 units respectively. The company has demonstrated strong operational efficiency with a gross profit margin of 74.28% in the last twelve months, though InvestingPro data indicates analysts anticipate some sales decline in the current year.
National Storage Affiliates Trust is a Maryland-based real estate investment trust specializing in self-storage units. The company's shares are traded on the New York Stock Exchange under the ticker symbol NSA, along with its Series A and Series B Cumulative Redeemable Preferred Shares, labeled NSA Pr A and NSA Pr B respectively. Notable for income investors, the company offers a substantial 5.22% dividend yield and has maintained a decade-long streak of dividend increases.
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In other recent news, National Storage Affiliates reported significant developments, including Q4 dividends and Q3 earnings results. The company declared Q4 dividends of $0.57 per common share and $0.375 per share for both its 6.000% Series A and Series B Cumulative Redeemable Preferred Shares. In Q3, despite market challenges, National Storage Affiliates reported a decrease in core Funds From Operations (FFO) per share and a drop in revenues.
The company also announced plans to attend two major industry events, the Nareit REITworld 2024 Annual Conference and the Jefferies Real Estate Conference. Furthermore, National Storage Affiliates disclosed two portfolio transactions totaling approximately $148 million. The company also plans to sell properties worth $100 million to $200 million in the upcoming months.
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