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Mar 31, 2022
NSA Q1 2022 Earnings Report
National Storage Affiliates Trust reported first quarter 2022 results, showing significant growth in net income, core FFO, and same-store NOI, driven by robust rental demand and rate growth.
Key Takeaways
National Storage Affiliates Trust reported a strong first quarter in 2022, with a 62.1% increase in net income, a 38.8% increase in core FFO per share, and a 22.2% increase in same-store NOI. These results were driven by strong rental demand, limited supply, and rate growth.
Net income increased by 62.1% to $44.8 million compared to Q1 2021.
Core FFO per share increased by 38.8% to $0.68 compared to Q1 2021.
Same store NOI increased by 22.2%, driven by a 16.6% increase in same store total revenues.
Same store period-end occupancy increased by 140 basis points to 94.8% as of March 31, 2022.
Revenue by Segment
Forward Guidance
NSA raised its same store NOI growth and core FFO per share guidance for 2022.
Positive Outlook
- Core FFO per share is now projected between $2.80 and $2.85.
- Total revenue growth is expected to be between 11.0% and 13.0%.
- Property operating expenses growth is anticipated between 5.0% and 6.25%.
- NOI growth is projected between 14.0% and 16.0%.
- Management fees and other revenue are expected to be between $27.0 million and $29.0 million.
Challenges Ahead
- General and administrative expenses (excluding equity-based compensation) are expected to be between $52.0 million and $54.0 million.
- Equity-based compensation is projected to be between $6.5 million and $7.0 million.
- Core FFO from unconsolidated real estate ventures is expected to be between $24.0 million and $25.0 million.
- Subordinated performance unit distributions are projected to be between $58.0 million and $61.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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