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Sep 30, 2023
NSA Q3 2023 Earnings Report
National Storage Affiliates Trust reported third quarter results, showing increased net income but decreased core funds from operations per share.
Key Takeaways
National Storage Affiliates Trust reported a 7.2% increase in net income to $43.1 million for the third quarter of 2023. However, core funds from operations decreased by 6.9% per share compared to the same period in 2022, driven by increased interest expenses offsetting net operating income gains. Same store NOI decreased slightly by 0.1%.
Net income increased by 7.2% to $43.1 million compared to Q3 2022.
Core FFO decreased by 6.9% per share to $0.67 compared to Q3 2022.
Same store NOI decreased by 0.1% due to rising operating expenses.
Period-end occupancy decreased by 360 basis points to 88.5% compared to September 30, 2022.
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 reaffirms its previously provided Core FFO guidance estimates and related assumptions for the year ended December 31, 2023.
Positive Outlook
- Total revenue growth between 1.50% and 2.75%.
- Management fees and other revenue between $32.0 million and $34.0 million.
- Core FFO from unconsolidated real estate ventures between $23.5 million and $25.0 million.
- Acquisitions of self storage properties between $200.0 million and $300.0 million.
- Property operating expenses growth between 4.50% and 5.75%.
Challenges Ahead
- General and administrative expenses (excluding equity-based compensation) between $51.0 million and $53.0 million.
- Equity-based compensation between $6.5 million and $7.0 million.
- Subordinated performance unit distributions between $46.0 million and $48.0 million.
- Core FFO per share between $2.63 and $2.69.
- NOI growth between 0.25% and 1.75%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income