NSA Q3 2020 Earnings Report
Key Takeaways
National Storage Affiliates Trust reported a net income of $21.4 million for the third quarter of 2020, a 29.7% increase compared to the third quarter of 2019. Core FFO was $44.0 million, or $0.44 per share, a 10.0% increase per share compared to the third quarter of 2019. Same store NOI increased by 0.2%, driven by a 0.4% decrease in same store property operating expenses.
Net income increased by 29.7% compared to the third quarter of 2019, reaching $21.4 million.
Core FFO increased by 10.0% per share compared to the third quarter of 2019, amounting to $44.0 million, or $0.44 per share.
Same store NOI increased by 0.2% compared to the same period in 2019, driven by a 0.4% decrease in same store property operating expenses.
Same store period-end occupancy reached 91.9% as of September 30, 2020, a 260 basis points increase compared to September 30, 2019.
NSA
NSA
NSA Revenue by Segment
Forward Guidance
NSA now believes that it will end the year with Core FFO per share of $1.66 to $1.68, with the midpoint being up 8.4% above 2019.
Positive Outlook
- Core FFO per share is expected to be between $1.66 and $1.68.
- Total revenue growth is projected to be between 0.75% and 1.25%.
- Property operating expenses growth is estimated to be between 1.5% and 2.0%.
- NOI growth is expected to be between 0.25% and 1.00%.
- Management fees and other revenue are projected to be between $22.0 million and $23.0 million.
Challenges Ahead
- General and administrative expenses (excluding equity-based compensation) are expected to be between $38.5 million and $39.5 million.
- Equity-based compensation is projected to be between $4.0 million and $4.5 million.
- Core FFO from unconsolidated real estate ventures is expected to be between $14.5 million and $15.5 million.
- Subordinated performance unit distributions are projected to be between $28.5 million and $29.5 million.
- Wholly-owned acquisitions are expected to be between $400.0 million and $500.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income