NSA Q1 2024 Earnings Report
Key Takeaways
National Storage Affiliates Trust reported a net income of $95.1 million for Q1 2024, a 135.4% increase compared to Q1 2023. Core FFO was $72.4 million, or $0.60 per share, a decrease of 9.1% per share compared to the same period last year. Same store NOI decreased by 3.7%, driven by a 1.5% decrease in same store total revenues and a 4.5% increase in same store property operating expenses.
Net income increased 135.4% compared to the first quarter of 2023, reaching $95.1 million.
Core FFO decreased by 9.1% per share compared to the first quarter of 2023, totaling $72.4 million or $0.60 per share.
Same store NOI decreased by 3.7% compared to the same period in 2023.
Period-end occupancy stood at 85.9%, a decrease of 350 basis points compared to March 31, 2023.
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NSA Revenue by Segment
Forward Guidance
NSA reaffirms its previously provided Core FFO guidance estimates and related assumptions for the year ended December 31, 2024.