NSA Q1 2020 Earnings Report
Key Takeaways
National Storage Affiliates Trust reported a net income of $15.8 million for Q1 2020, a 21.8% increase compared to Q1 2019. Core FFO was $37.1 million, or $0.40 per share, an 8.1% increase per share compared to the same period last year. Same store NOI growth was 3.5%, driven by a 3.0% increase in same store total revenues.
Net income increased by 21.8% compared to the first quarter of 2019, reaching $15.8 million.
Core FFO increased by 8.1% per share compared to the first quarter of 2019, reaching $37.1 million or $0.40 per share.
Same store NOI grew by 3.5% compared to the same period in 2019, driven by a 3.0% increase in same store total revenues.
The company completed the internalization of SecurCare on March 31, 2020.
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NSA Revenue by Segment
Forward Guidance
Given the heightened level of uncertainty in the Company's operations due to the unprecedented growth in unemployment combined with a lack of clarity as to when the COVID-19 pandemic will materially subside, the Company is withdrawing its full-year 2020 guidance, which was included in its February 24, 2020 earnings release.
Revenue & Expenses
Visualization of income flow from segment revenue to net income