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Mar 31, 2025
NSA Q1 2025 Earnings Report
Reported First Quarter 2025 Results
Key Takeaways
National Storage Affiliates Trust reported a significant decrease in net income and diluted earnings per share for the first quarter of 2025 compared to the same period in 2024. Core FFO per share also decreased. Same store NOI declined, driven by lower revenues and higher operating expenses. The company acquired three properties during the quarter and reaffirmed its full-year 2025 guidance.
Net income for Q1 2025 was $19.5 million, a 79.5% decrease compared to Q1 2024.
Diluted earnings per share for Q1 2025 were $0.10, down from $0.65 in Q1 2024.
Core FFO per share was $0.54 in Q1 2025, a 10.0% decrease year-over-year.
Same store NOI decreased by 5.7% in Q1 2025, with a 3.0% decrease in same store total revenues and a 3.7% increase in same store property operating expenses.
Revenue by Segment
Forward Guidance
NSA reaffirms its previously provided Core FFO guidance estimates and related assumptions for the full year ended December 31, 2025.
Positive Outlook
- Anticipates Core FFO per share between $2.30 and $2.38 for the full year 2025.
- Projects same store total revenue growth between -1.25% and 1.25% for the full year 2025.
- Forecasts management fees and other revenue between $49.5 million and $51.5 million for the full year 2025.
- Estimates Core FFO from unconsolidated real estate ventures between $21.5 million and $23.5 million for the full year 2025.
- Targets consolidated and joint venture acquisitions (at share) between $100.0 million and $300.0 million for the full year 2025.
Challenges Ahead
- Projects same store NOI growth between -2.8% and 0.0% for the full year 2025.
- Forecasts same store property operating expenses growth between 3.0% and 4.0% for the full year 2025.
- Estimates general and administrative expenses (excluding equity-based compensation) between $45.5 million and $47.5 million for the full year 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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