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Sep 30, 2020
NSA Q3 2020 Earnings Report
National Storage Affiliates Trust reported third quarter 2020 results.
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.
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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