NSA Q4 2023 Earnings Report
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
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.