NSA Q4 2024 Earnings Report
Key Takeaways
National Storage Affiliates Trust reported a net income of $26.1 million for Q4 2024, a 75.8% decrease compared to Q4 2023. Core FFO was $81.2 million, or $0.60 per share, a decrease of 11.8% per share compared to the same period last year. Same store NOI decreased by 7.5%, driven by a decrease in same store total revenues and an increase in same store property operating expenses.
Net income decreased by 75.8% compared to the fourth quarter of 2023.
Core FFO per share decreased by 11.8% compared to the fourth quarter of 2023.
Same store NOI decreased by 7.5% compared to the same period in 2023.
Same store period-end occupancy decreased by 140 basis points compared to December 31, 2023, reaching 84.4%.
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NSA Revenue by Segment
Forward Guidance
NSA provided Core FFO per share guidance for the year ended December 31, 2025, with a range of $2.30 to $2.38.
Positive Outlook
- Total revenue growth between -1.25% and 1.25%.
- Management fees and other revenue between $49.5 million and $51.5 million.
- Core FFO from unconsolidated real estate ventures between $21.5 million and $23.5 million.
- Acquisitions - consolidated and joint venture (at share) between $100.0 million and $300.0 million.
- Dispositions - consolidated and joint venture (at share) between $100.0 million and $300.0 million.
Challenges Ahead
- Property operating expenses growth between 3.0% and 4.0%.
- NOI growth between -2.8% and 0.0%.
- General and administrative expenses (excluding equity-based compensation) between $45.5 million and $47.5 million.
- Equity-based compensation between $8.0 million and $8.5 million.
- Uncertainty in the macro environment for 2025.