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Mar 31, 2021
NSA Q1 2021 Earnings Report
National Storage Affiliates Trust reported an increase in net income and core funds from operations, driven by same-store NOI growth and recent acquisitions.
Key Takeaways
National Storage Affiliates Trust reported a net income of $27.6 million for Q1 2021, a 75.3% increase compared to Q1 2020. Core FFO was $51.2 million, or $0.49 per share, a 22.5% increase per share compared to the same period last year. Same-store NOI increased by 11.5%, driven by an 8.1% increase in total revenues.
Net income increased by 75.3% to $27.6 million compared to the first quarter of 2020.
Core FFO increased by 22.5% per share to $0.49 compared to the first quarter of 2020.
Same store NOI grew by 11.5% due to an 8.1% increase in total revenues.
Period-end occupancy in same-store properties reached 93.8%, a 690 basis point increase year-over-year.
NSA
NSA
NSA Revenue by Segment
Revenue by Segment
Rental Revenue
CapyFin.comOther Property-Related Revenue
CapyFin.comManagement Fees and Other Revenue
CapyFin.com Forward Guidance
NSA has raised its same store NOI and core FFO per share guidance for 2021.
Positive Outlook
- Total revenue growth between 5.5% and 6.5%.
- Property operating expenses growth between 3.5% and 4.5%.
- NOI growth between 6.0% and 8.0%.
- Management fees and other revenue expected between $22.0 and $23.0 million.
- Core FFO from unconsolidated real estate ventures expected between $17.0 and $18.0 million.
Challenges Ahead
- General and administrative expenses (excluding equity-based compensation) expected between $42.0 and $44.0 million.
- Equity-based compensation expected between $5.5 and $6.0 million.
- Subordinated performance unit distributions expected between $37.0 and $39.0 million.
- Acquisitions of self storage properties expected between $500.0 and $650.0 million.
- Earnings (loss) per share - diluted between $0.75 and $0.85
Revenue & Expenses
Visualization of income flow from segment revenue to net income