David Cramer, president and CEO of National Storage Affiliates Trust (NYSE: NSA), sat down for a video interview during Nareit’s REITworld: 2024 Annual Conference in Las Vegas, Nevada on Nov. 18-21.
Highlighting NSA's recent earnings report, Cramer emphasized the successful internalization of its PRO (Participating Regional Operator) structure, a significant milestone in the company's history. This transition, completed at the end of the second quarter, involved integrating approximately 300 employees into NSA’s management.
Cramer noted that all platform integrations, such as revenue management, customer acquisition, and website operations are 100% complete, while the store transition is about 90% finished. He stressed that these changes position NSA well for future growth.
Turning to capital market activity, Cramer observed increased deal momentum over the past four to five months as the price gap between buyers and sellers has narrowed. NSA closed $150 million worth of property transactions in the third quarter, including activity within a new joint venture, signaling a promising outlook for acquisition opportunities.
Looking ahead to 2025, Cramer outlined two top priorities: driving operational efficiencies through the internalization process and ramping up acquisition activity. He highlighted the potential for cost savings and increased net operating income through the streamlined structure, with all profits now benefiting shareholders. NSA also aims to leverage market conditions to secure accretive property deals, supporting its long-term growth strategy.