NSA Q2 2022 Earnings Report
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.
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NSA Revenue by Segment
NSA Revenue by Geographic Location
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