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Sep 30, 2021
NSA Q3 2021 Earnings Report
NSA's Q3 2021 results were reported, showing significant growth in net income, core FFO, and same-store NOI.
Key Takeaways
National Storage Affiliates Trust reported a strong third quarter in 2021, marked by a 90.2% increase in net income, substantial growth in core FFO per share, and a significant rise in same-store NOI. The company also completed several strategic acquisitions and capital market activities.
Net income increased by 90.2% to $40.7 million compared to Q3 2020.
Core FFO per share increased by 29.5% to $0.57 compared to Q3 2020.
Same store NOI increased by 24.3% driven by an 18.4% increase in same store total revenues.
Acquired 76 wholly-owned self storage properties for $599.3 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 updated its FFO guidance estimates and related assumptions for the year ended December 31, 2021.
Positive Outlook
- Core FFO per share is expected to be between $2.19 and $2.22.
- Same store total revenue growth is projected to be between 14.0% and 15.0%.
- Same store NOI growth is expected to be between 18.0% and 20.0%.
- Management fees and other revenue are estimated to be between $24.0 million and $25.0 million.
- Core FFO from unconsolidated real estate ventures is projected to be between $20.0 million and $21.0 million.
Challenges Ahead
- Same store property operating expenses growth is expected to be between 3.0% and 4.0%.
- General and administrative expenses (excluding equity-based compensation) are projected to be between $45.0 million and $46.0 million.
- Equity-based compensation is estimated to be between $5.5 million and $6.0 million.
- Subordinated performance unit distributions are projected to be between $46.0 million and $48.0 million.
- Acquisitions of self storage properties are expected to be between $1,500.0 million and $2,000.0 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income