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Jun 30, 2023
NSA Q2 2023 Earnings Report
National Storage Affiliates Trust reported second quarter 2023 results.
Key Takeaways
National Storage Affiliates Trust reported a net income of $45.5 million for Q2 2023, a decrease of 6.1% compared to Q2 2022. Core FFO was $88.2 million, or $0.68 per share, a decrease of 4.2% per share compared to the second quarter of 2022. Same store NOI increased by 3.4% driven by a 2.8% increase in same store total revenues.
Net income decreased by 6.1% compared to the second quarter of 2022, totaling $45.5 million.
Core FFO decreased by 4.2% per share compared to the second quarter of 2022, amounting to $88.2 million or $0.68 per share.
Same store NOI increased by 3.4% compared to the same period in 2022.
Same store period-end occupancy was 90.0% as of June 30, 2023, a decrease of 450 basis points compared to June 30, 2022.
Revenue by Segment
Forward Guidance
The Company's revisions to Core FFO per share estimates are primarily driven by lower same store growth assumptions and higher interest rates. Due to an improvement in our tenant insurance program, “Management fees and other revenue” are expected to be higher than previously estimated.
Positive Outlook
- Total revenue growth between 1.50% and 2.75%
- Property operating expenses growth between 4.50% and 5.75%
- NOI growth between 0.25% and 1.75%
- General and administrative expenses (excluding equity-based compensation) between $51.0 million and $53.0 million
- Management fees and other revenue between $32.0 million and $34.0 million
Challenges Ahead
- Core FFO per share between $2.63 and $2.69
- Equity-based compensation between $6.5 million and $7.0 million
- Core FFO from unconsolidated real estate ventures between $23.5 million and $25.0 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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