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Sep 30, 2022
NSA Q3 2022 Earnings Report
National Storage Affiliates Trust reported third quarter 2022 results.
Key Takeaways
National Storage Affiliates Trust reported a net income of $40.2 million, Core FFO of $93.1 million, and same-store NOI growth of 12.1%. The company acquired 23 wholly-owned self storage properties for approximately $321.8 million and issued $200.0 million of senior unsecured notes.
Net income was $40.2 million for the third quarter of 2022, a decrease of 1.4% compared to the third quarter of 2021.
Core FFO was $93.1 million, or $0.72 per share for the third quarter of 2022, an increase of 26.3% per share compared to the third quarter of 2021.
Same store NOI increased by 12.1% for the third quarter of 2022 compared to the same period in 2021.
Acquired 23 wholly-owned self storage properties for approximately $321.8 million during the third quarter of 2022.
Revenue by Segment
Forward Guidance
NSA's revision to Core FFO per share estimates is primarily driven by higher interest rates, third quarter adjustments to income tax accruals, and revised same store growth assumptions.
Positive Outlook
- Total revenue growth between 11.5% and 12.5%
- Property operating expenses growth between 5.5% and 6.5%
- NOI growth between 14.0% and 15.0%
- Management fees and other revenue, in millions between $27.0 and $29.0
- Core FFO from unconsolidated real estate ventures, in millions between $24.0 and $25.0
Challenges Ahead
- Earnings (loss) per share - diluted between $1.14 and $1.21
- Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method between 0.12 and 0.05
- FFO attributable to subordinated unitholders between (0.45) and (0.46)
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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