Investors may want to keep an eye on National Storage (NSA).

After slipping to a two-year low, the REIT, which is focused on the ownership, operation and acquisition of self-storage properties all over the U.S., appears to be bottoming out.

Granted, occupancy rates are still elevated occupancy rates.  And, according to Baird analysts, the company “has above-average leverage and high exposure to variable-rate debt in a rising-rate environment,” says Barron’s.  As a result, Baird downgraded the REIT to a neutral rating.

But that’s not stopping insiders from buying.

Executive Chairman Arlen Nordhagen just paid $1.2 million on Dec. 16 for a total of 33,500 shares, an average price of $36.76 each. According to Barron’s, Nordhagen says, “At the current stock price, National Storage is greatly undervalued given the company’s prospects for continued growth in funds from operations and dividends per share. It represents a compelling value that I couldn’t pass up.”

Trustee Chad Meisinger paid $2.2 million in mid-Dec. for 55,000 shares of NSA at an average price of $39.11 each.  Meisinger added, “The sell-off in the shares and the underperformance relative to peers year-to-date is clearly overdone. With a current dividend yield of 6%, a great management team and great business model in a recession-resilient sector, buying more shares of National Storage was an easy decision.”

Shares of NSA last traded at $36.52.