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Dec 31, 2019
NSA Q4 2019 Earnings Report
NSA's financial performance for Q4 2019 was reported, showing an increase in net income and Core FFO per share, alongside the announcement of SecurCare's internalization.
Key Takeaways
National Storage Affiliates Trust reported a net income of $18.8 million for Q4 2019, a 30% increase compared to Q4 2018. Core FFO was $36.8 million, or $0.40 per share, an 8.1% increase per share year-over-year. Same store NOI grew by 3.8%, driven by a 2.8% increase in same store total revenues.
Net income increased by 30.0% to $18.8 million compared to the fourth quarter of 2018.
Core FFO increased by 8.1% per share to $0.40 for the fourth quarter of 2019, compared to the fourth quarter of 2018.
Same store NOI grew by 3.8% compared to the same period in 2018.
Seven wholly-owned self storage properties were acquired for $32.2 million during the fourth quarter of 2019.
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
The Company's outlook for 2020 incorporates the effect of the SecurCare internalization assuming an effective date of April 1, 2020, which is expected to be accretive to Core FFO per share by approximately $0.03 in 2020, or $0.04 - $0.05 on an annualized basis.
Positive Outlook
- Core FFO per share between $1.64 and $1.68
- Total revenue growth between 2.25% and 3.25%
- NOI growth between 2.0% and 3.0%
- Management fees and other revenue between $21.0 million and $23.0 million
- Core FFO from unconsolidated real estate ventures between $15.0 million and $16.0 million
Challenges Ahead
- Property operating expenses growth between 3.0% and 4.0%
- General and administrative expenses between $41.0 and $43.0 million (excluding equity-based compensation)
- Equity-based compensation between $4.5 and $5.0 million
- Subordinated performance unit distributions between $28.0 million and $30.0 million
- Wholly-owned acquisitions between $400.0 million and $600.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income