NSA Q4 2020 Earnings Report
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
NSA Revenue by Geographic Location
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