Financial PerformanceKey performance indicators continue to lag peers with no improvement in both occupancy and average rent year-over-year.
Housing Market ChallengesNSA's more Sunbelt-oriented portfolio continues to see challenges around housing activity and supply in markets like Phoenix, Atlanta, and Florida where supply remains elevated and move-in demand is muted.
Operational CostsMarket expenses have increased quarter-over-quarter and are above the peer group, which may indicate higher operational costs.