NSA Q4 2022 Earnings Report
Key Takeaways
National Storage Affiliates Trust reported a net income of $50.4 million for Q4 2022, a 17.4% increase compared to Q4 2021. Core FFO increased by 10.9% per share, and same store NOI grew by 9.4%.
Net income increased by 17.4% to $50.4 million for the fourth quarter of 2022.
Core FFO increased by 10.9% per share to $0.71 for the fourth quarter of 2022.
Same store NOI increased by 9.4% for the fourth quarter of 2022.
Acquired two wholly-owned self storage properties for approximately $39.9 million during the fourth quarter of 2022.
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NSA Revenue by Segment
Forward Guidance
NSA provided Core FFO per share guidance for the year ended December 31, 2023, with a range of $2.78 to $2.86. Same store total revenue growth is expected to be between 3.75% and 5.25%, and property operating expenses growth between 4.50% and 6.00%.
Positive Outlook
- Core FFO per share is projected to be between $2.78 and $2.86.
- Same store NOI growth is expected to be between 3.00% and 5.50%.
- Management fees and other revenue are projected to be between $28.0 million and $30.0 million.
- Core FFO from unconsolidated real estate ventures is expected to be between $25.0 million and $26.5 million.
- Acquisitions of self storage properties are projected to be between $200.0 million and $400.0 million.
Challenges Ahead
- Property operating expenses growth is expected to be between 4.50% and 6.00%.
- General and administrative expenses (excluding equity-based compensation) are projected to be between $53.0 million and $55.0 million.
- Equity-based compensation is projected to be between $6.5 million and $7.0 million.
- Subordinated performance unit distributions are projected to be between $51.0 million and $53.0 million.
- Guidance reflects NSA's 2023 same store pool comprising 834 stores, compared to 628 stores in 2022.