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Dec 31, 2024
NSA Q4 2024 Earnings Report
National Storage Affiliates Trust reported its fourth quarter and full year 2024 results, highlighting a decrease in net income and Core FFO per share compared to the previous year, primarily due to decreased NOI and property sales.
Key Takeaways
National Storage Affiliates Trust reported a net income of $26.1 million for Q4 2024, a significant decrease of 75.8% compared to Q4 2023. Diluted earnings per share were $0.15, down from $0.72 in the prior year. Core FFO per share was $0.60, an 11.8% decrease. The decline was mainly driven by a 7.5% decrease in same store net operating income, a 4.3% decrease in same store total revenues, and a 4.7% increase in same store property operating expenses.
Net income for Q4 2024 was $26.1 million, a 75.8% decrease from Q4 2023.
Diluted earnings per share for Q4 2024 were $0.15, down from $0.72 in Q4 2023.
Core FFO per share for Q4 2024 was $0.60, an 11.8% decrease from Q4 2023.
Same store net operating income decreased by 7.5% in Q4 2024, driven by a 4.3% decrease in revenues and a 4.7% increase in operating expenses.
Revenue by Segment
Forward Guidance
NSA's Core FFO per share guidance for full year 2025 is estimated to be between $2.30 and $2.38. This guidance is based on anticipated total revenue growth between -1.25% and 1.25%, property operating expenses growth between 3.0% and 4.0%, and NOI growth between -2.8% and 0.0%.
Positive Outlook
- No debt maturities in 2025, providing financial stability.
- Approximately $512.5 million of available capacity on its $950.0 million revolving line of credit.
- Expected Core FFO from unconsolidated real estate ventures between $21.5 million and $23.5 million.
- Anticipated management fees and other revenue between $49.5 million and $51.5 million.
- Focus on executing operationally and realizing accretion from PRO structure internalization.
Challenges Ahead
- Anticipated same store total revenue growth between -1.25% and 1.25%, indicating potential stagnation.
- Expected same store property operating expenses growth between 3.0% and 4.0%.
- Projected same store NOI growth between -2.8% and 0.0%, suggesting potential decline.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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