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Dec 31, 2023
NSA Q4 2023 Earnings Report
National Storage Affiliates Trust reported fourth quarter and full year 2023 results.
Key Takeaways
National Storage Affiliates Trust reported a net income of $108.1 million for the fourth quarter of 2023, a 114.5% increase compared to the fourth quarter of 2022. Core FFO was $83.6 million, or $0.68 per share, a decrease of 4.2% per share compared to the fourth quarter of 2022. Same store NOI decreased by 1.6% due to a rise in property operating expenses.
Net income increased 114.5% to $108.1 million for the fourth quarter of 2023.
Core FFO decreased 4.2% per share to $0.68 for the fourth quarter of 2023.
Same store NOI decreased 1.6% for the fourth quarter of 2023.
Period-end occupancy decreased to 86.0% as of December 31, 2023, a decrease of 410 basis points compared to December 31, 2022.
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 provided Core FFO per share guidance for the year ended December 31, 2024, with a range of $2.40 to $2.56.
Positive Outlook
- Total revenue growth between -4.0% and 0.0%.
- Property operating expenses growth between 3.0% and 5.0%.
- NOI growth between -6.0% and -2.0%.
- General and administrative expenses (excluding equity-based compensation) between $54.5 million and $56.5 million.
- Management fees and other revenue between $32.0 million and $34.0 million.
Challenges Ahead
- Subordinated performance unit distributions between $40.0 million and $44.0 million.
- Acquisitions of self storage properties between $100.0 million and $300.0 million.
- Core FFO from unconsolidated real estate ventures between $23.5 million and $25.5 million.
- 2024 guidance reflects NSA's 2024 same store pool comprising 776 stores.
- 2023 actual results reflect NSA's 2023 same store pool comprising 724 stores.