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Dec 31, 2021
NSA Q4 2021 Earnings Report
Reported fourth quarter and full year results, demonstrating substantial growth and strategic advancements.
Key Takeaways
National Storage Affiliates Trust reported a strong fourth quarter and full year 2021, marked by significant increases in net income, core FFO per share, and same-store NOI. The company expanded its portfolio through strategic acquisitions and successfully internalized one of its largest participating regional operators.
Net income for Q4 2021 increased by 75.0% compared to Q4 2020, reaching $42.9 million.
Core FFO per share for Q4 2021 increased by 39.1% compared to Q4 2020, reaching $0.64 per share.
Same store NOI increased by 21.7% for Q4 2021 compared to the same period in 2020.
Acquired 110 wholly-owned self storage properties for over $1.1 billion during the fourth quarter of 2021.
Revenue by Segment
Forward Guidance
NSA provided guidance for the full year 2022, including estimates for Core FFO per share, same store total revenue growth, property operating expenses growth and NOI growth.
Positive Outlook
- Core FFO per share is projected to be between $2.68 and $2.74.
- Same store total revenue growth is expected to be between 8.0% and 9.5%.
- Property operating expenses growth is anticipated to be between 5.25% and 6.5%.
- NOI growth is projected to be between 9.0% and 11.0%.
- Management fees and other revenue are expected to be between $26.0 million and $28.0 million.
Challenges Ahead
- General and administrative expenses (excluding equity-based compensation) are estimated to be between $51.0 million and $53.0 million.
- Equity-based compensation is expected to be between $6.5 million and $7.0 million.
- Core FFO from unconsolidated real estate ventures is projected to be between $22.0 million and $23.0 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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