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Jun 30, 2022
NSA Q2 2022 Earnings Report
NSA Q2 2022 results reported with net income increasing by 35.7% compared to Q2 2021.
Key Takeaways
National Storage Affiliates Trust reported a strong second quarter in 2022, with double-digit growth in same store NOI and Core FFO per share. The company was active on the acquisition front, closing on 15 stores valued at over $320 million. The board authorized a share repurchase program, providing strategic flexibility to capital investment opportunities.
Net income increased by 35.7% to $48.4 million compared to the second quarter of 2021.
Core FFO increased by 29.1% per share compared to the second quarter of 2021, reaching $91.6 million, or $0.71 per share.
Same store NOI increased by 17.3% driven by a 14.6% increase in same store total revenues.
Eight wholly-owned self storage properties were acquired for approximately $114.5 million.
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 reaffirms its previously provided FFO guidance estimates and related assumptions for the year ended December 31, 2022.
Positive Outlook
- Core FFO per share between $2.80 and $2.85
- Total revenue growth between 11.0% and 13.0%
- Property operating expenses growth between 5.0% and 6.25%
- NOI growth between 14.0% and 16.0%
- Acquisitions of self storage properties between $400.0 and $600.0 million
Challenges Ahead
- General and administrative expenses (excluding equity-based compensation) between $52.0 and $54.0 million
- Equity-based compensation between $6.5 and $7.0 million
- Management fees and other revenue between $27.0 and $29.0 million
- Core FFO from unconsolidated real estate ventures between $24.0 and $25.0 million
- Subordinated performance unit distributions between $58.0 and $61.0 million