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Jun 30, 2021
NSA Q2 2021 Earnings Report
NSA reported Q2 2021 results with increased net income and same store NOI.
Key Takeaways
National Storage Affiliates Trust reported a strong second quarter in 2021, with a 100.6% increase in net income compared to the same period in 2020, driven by growth in same store NOI of 21.5% and strategic acquisitions. The company has updated its full year guidance for Core FFO per share growth to 24.3% at the midpoint and expects total acquisitions to be well over $1.0 billion.
Net income increased by 100.6% to $35.7 million compared to Q2 2020.
Core FFO increased by 34.1% per share to $0.55 for the second quarter of 2021.
Same store NOI increased by 21.5% compared to the same period in 2020.
Same store period-end occupancy reached 96.7% as of June 30, 2021, a 720 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 updated its FFO guidance estimates for the year ended December 31, 2021.
Positive Outlook
- Core FFO per share is projected to be between $2.11 and $2.14.
- Total revenue growth is expected to be between 11.75% and 12.75%.
- NOI growth is anticipated to be between 15.0% and 17.0%.
- Management fees and other revenue are projected to be between $24.0 million and $25.0 million.
- Acquisitions of self storage properties are expected to reach between $1,100.0 million and $1,300.0 million.
Challenges Ahead
- Property operating expenses growth is projected to be between 2.5% and 3.5%.
- General and administrative expenses (excluding equity-based compensation) are estimated to be between $45.0 million and $46.0 million.
- Equity-based compensation is expected to be between $5.5 million and $6.0 million.
- Core FFO from unconsolidated real estate ventures is projected to be between $19.0 million and $20.0 million.
- Subordinated performance unit distributions are estimated to be between $43.0 million and $45.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income