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NSA (National Storage Affiliates Trust) Piotroski F-Score : 6 (As of Oct. 31, 2024)


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What is National Storage Affiliates Trust Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Storage Affiliates Trust has an F-score of 6 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for National Storage Affiliates Trust's Piotroski F-Score or its related term are showing as below:

NSA' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 6

During the past 12 years, the highest Piotroski F-Score of National Storage Affiliates Trust was 8. The lowest was 4. And the median was 6.


National Storage Affiliates Trust Piotroski F-Score Historical Data

The historical data trend for National Storage Affiliates Trust's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

National Storage Affiliates Trust Piotroski F-Score Chart

National Storage Affiliates Trust Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 4.00 6.00 7.00 5.00

National Storage Affiliates Trust Quarterly Data
Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 4.00 5.00 6.00 6.00 -

Competitive Comparison of National Storage Affiliates Trust's Piotroski F-Score

For the REIT - Industrial subindustry, National Storage Affiliates Trust's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


National Storage Affiliates Trust's Piotroski F-Score Distribution in the REITs Industry

For the REITs industry and Real Estate sector, National Storage Affiliates Trust's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where National Storage Affiliates Trust's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun24) TTM:Last Year (Jun23) TTM:
Net Income was 29.237 + 69.027 + 59.027 + 17.062 = $174.4 Mil.
Cash Flow from Operations was 129.397 + 93.994 + 94.001 + 83.216 = $400.6 Mil.
Revenue was 219.147 + 215.412 + 196.148 + 190.448 = $821.2 Mil.
Gross Profit was 160.566 + 158.584 + 141.454 + 138.247 = $598.9 Mil.
Average Total Assets from the begining of this year (Jun23)
to the end of this year (Jun24) was
(6161.391 + 6165.172 + 5931.811 + 5366.865 + 5321.101) / 5 = $5789.268 Mil.
Total Assets at the begining of this year (Jun23) was $6,161.4 Mil.
Long-Term Debt & Capital Lease Obligation was $3,167.6 Mil.
Total Current Assets was $104.4 Mil.
Total Current Liabilities was $336.5 Mil.
Net Income was 22.211 + 31.26 + 28.959 + 29.448 = $111.9 Mil.

Revenue was 206.773 + 208.722 + 207.993 + 215.511 = $839.0 Mil.
Gross Profit was 151.641 + 155.375 + 151.51 + 158.417 = $616.9 Mil.
Average Total Assets from the begining of last year (Jun22)
to the end of last year (Jun23) was
(5759.041 + 6063.738 + 6070.007 + 6185.425 + 6161.391) / 5 = $6047.9204 Mil.
Total Assets at the begining of last year (Jun22) was $5,759.0 Mil.
Long-Term Debt & Capital Lease Obligation was $3,114.9 Mil.
Total Current Assets was $88.5 Mil.
Total Current Liabilities was $662.1 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Storage Affiliates Trust's current Net Income (TTM) was 174.4. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

National Storage Affiliates Trust's current Cash Flow from Operations (TTM) was 400.6. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Jun23)
=174.353/6161.391
=0.02829767

ROA (Last Year)=Net Income/Total Assets (Jun22)
=111.878/5759.041
=0.0194265

National Storage Affiliates Trust's return on assets of this year was 0.02829767. National Storage Affiliates Trust's return on assets of last year was 0.0194265. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

National Storage Affiliates Trust's current Net Income (TTM) was 174.4. National Storage Affiliates Trust's current Cash Flow from Operations (TTM) was 400.6. ==> 400.6 > 174.4 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Jun24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun23 to Jun24
=3167.567/5789.268
=0.54714465

Gearing (Last Year: Jun23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Jun22 to Jun23
=3114.861/6047.9204
=0.51503009

National Storage Affiliates Trust's gearing of this year was 0.54714465. National Storage Affiliates Trust's gearing of last year was 0.51503009. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Jun24)=Total Current Assets/Total Current Liabilities
=104.355/336.469
=0.31014744

Current Ratio (Last Year: Jun23)=Total Current Assets/Total Current Liabilities
=88.491/662.129
=0.13364616

National Storage Affiliates Trust's current ratio of this year was 0.31014744. National Storage Affiliates Trust's current ratio of last year was 0.13364616. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

National Storage Affiliates Trust's number of shares in issue this year was 75.16. National Storage Affiliates Trust's number of shares in issue last year was 88.312. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=598.851/821.155
=0.72927888

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=616.943/838.999
=0.73533222

National Storage Affiliates Trust's gross margin of this year was 0.72927888. National Storage Affiliates Trust's gross margin of last year was 0.73533222. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Jun23)
=821.155/6161.391
=0.13327429

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Jun22)
=838.999/5759.041
=0.1456838

National Storage Affiliates Trust's asset turnover of this year was 0.13327429. National Storage Affiliates Trust's asset turnover of last year was 0.1456838. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+0+1+1+0+0
=6

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

National Storage Affiliates Trust has an F-score of 6 indicating the company's financial situation is typical for a stable company.

National Storage Affiliates Trust  (NYSE:NSA) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


National Storage Affiliates Trust Piotroski F-Score Related Terms

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National Storage Affiliates Trust Business Description

Traded in Other Exchanges
Address
8400 East Prentice Avenue, 9th Floor, Greenwood Village, CO, USA, 80111
National Storage Affiliates Trust Trust is a real estate investment trust. The company owns, operates, and acquires self-storage properties located within the metropolitan statistical areas throughout the United States. With the help of property management platform, the company manages and controls the day-to-day operations and affairs of consolidated properties and unconsolidated real estate ventures under the iStorage, SecurCare, Northwest and Move It brands.
Executives
Chad Leroy Meisinger director 71 VIA SONRISA, SAN CLEMENTE CA 92673
Arlen Dale Nordhagen director, 10 percent owner, officer: Chief Executive Officer 5200 DTC PARKWAY, STE 200, GREENWOOD VILLAGE CO 80111
Tamara D Fischer officer: Chief Financial Officer 5200 DTC PARKWAY, SUITE 200, GREENWOOD VILLAGE CO 80111
Cowan William S. Jr. officer: Chief Strategy Officer 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE CO 80111
Derek Bergeon officer: Chief Operating Officer 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE CO 80111
Tiffany S. Kenyon officer: Chief Legal Officer C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE CO 80111
J. Timothy Warren director C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE CO 80111
David Cramer officer: Chief Operating Officer 8400 E. PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE CO 80111
Hylbert Paul William Jr director 2705 SOUTH BOSTON COURT, DENVER CO 802231
Mourick Mark Van director 24901 DANA POINT HARBOR DRIVE, SUITE 230, DANA POINT CA 92629
Charles F Wu director C/O NATIONAL STORAGE AFFILIATES TRUST, 8400 EAST PRENTICE AVENUE, 9TH FLOOR, GREENWOOD VILLAGE CO 80111
Rebecca Lee Steinfort director 2500 W EXECUTIVE PKWY, #100, LEHI UT 84043
Brandon Togashi officer: Chief Accounting Officer C/O NATIONAL STORAGE AFFILIATES TRUST, 5200 DTC PARKWAY, SUIT 200, GREENWOOD VILLAGE CO 80111
Steven B Treadwell officer: Senior Vice President 5200 DTC PARKWAY, SUITE 200, GREENWOOD VILLAGE CO 80111
Kevin Maxen Howard director, 10 percent owner 14855 SE 82ND DRIVE, CLACKAMAS OR 97015