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Dec 31, 2020
NSA Q4 2020 Earnings Report
NSA reported excellent operating results despite the continued economic stress resulting from the pandemic.
Key Takeaways
National Storage Affiliates Trust reported a net income of $24.5 million for the fourth quarter of 2020, a 30.2% increase compared to Q4 2019. Same store revenues grew by 4.8% year-over-year, and same store occupancy numbers remain at record levels. The company acquired 33 wholly-owned self storage properties and two expansion projects for $260.5 million.
Net income increased by 30.2% compared to the fourth quarter of 2019, reaching $24.5 million.
Core FFO increased to $46.9 million, or $0.46 per share, a 15.0% increase per share compared to Q4 2019.
Same store NOI increased by 6.1%, driven by a 4.8% increase in same store total revenues.
Same store period-end occupancy reached 91.8%, a 460 basis point increase compared to December 31, 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
NSA's FFO guidance estimates and related assumptions for the year ended December 31, 2021.
Positive Outlook
- Core FFO per share between $1.81 and $1.86
- Same store total revenue growth between 3.0% and 4.5%
- Same store property operating expenses growth between 3.5% and 5.0%
- Same store NOI growth between 2.5% and 5.0%
- Acquisitions of self storage properties between $400.0 million and $650.0 million
Challenges Ahead
- General and administrative expenses (excluding equity-based compensation) between $41.0 million and $44.0 million
- Equity-based compensation between $5.5 million and $6.0 million
- Management fees and other revenue between $22.0 million and $23.0 million
- Core FFO from unconsolidated real estate ventures between $16.0 million and $17.0 million
- Subordinated performance unit distributions between $31.0 million and $34.0 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income