National Storage Affiliates Trust Reports First Quarter 2024 Results
National Storage Affiliates Trust (NSA) reported a net income of $95.1 million for the first quarter of 2024, a 135.4% increase from the same period in 2023. The company reported diluted earnings per share of $0.65, a significant improvement from $0.24 in Q1 2023. However, core funds from operations (Core FFO) decreased by 9.1% per share compared to Q1 2023. Additionally, same store net operating income decreased by 3.7% due to lower total revenues and higher property operating expenses. Despite challenges, NSA remains positive about future prospects.
Reported net income of $95.1 million for Q1 2024, a 135.4% increase from Q1 2023.
Diluted earnings per share improved to $0.65 in Q1 2024 from $0.24 in Q1 2023.
Completed strategic milestones, positioning NSA for future growth.
Repurchased $203.5 million worth of common shares in Q1 2024.
Entered into a new joint venture agreement with Heitman Capital Management
Core FFO decreased by 9.1% per share compared to Q1 2023.
Same store net operating income decreased by 3.7% due to lower revenues and higher expenses.
Reported a decrease in same store period-end occupancy by 350 basis points.
Repaid $130.0 million of Term Loan Tranche B in Q1 2024.
Insights
The reported net income growth of
NSA's aggressive share repurchase program, involving an expenditure of over
The
The decline in same store net operating income (NOI) by
From the perspective of financial structuring, NSA's strategic move to repay
The reaffirmation of Core FFO guidance is a stabilizing factor for investors, providing a degree of predictability for future performance. However, the projected decrease in NOI growth and rising operating costs for fiscal year 2024 could flag potential headwinds that may affect profitability and warrant close watch on operational efficiency moving forward.
First Quarter 2024 Highlights
-
Reported net income of
$95.1 million 135.4% compared to the first quarter of 2023. Reported diluted earnings per share of$0.65 $0.24 -
Reported core funds from operations ("Core FFO") of
$72.4 million $0.60 9.1% per share compared to the first quarter of 2023. -
Reported a decrease in same store net operating income ("NOI") of
3.7% for the first quarter of 2024 compared to the same period in 2023, driven by a1.5% decrease in same store total revenues and an increase of4.5% in same store property operating expenses. -
Reported same store period-end occupancy of
85.9% as of March 31, 2024, a decrease of 350 basis points compared to March 31, 2023. -
Repurchased 5,491,925 of the Company's common shares for approximately
$203.5 million -
As previously announced, entered into a new joint venture (the "2024 Joint Venture") agreement between a subsidiary of NSA (the "2024 JV NSA Member") and a subsidiary of Heitman Capital Management LLC (the "2024 JV Investor" and together with the 2024 JV NSA Member, the "2024 JV Members"), with NSA as a
25% owner and the 2024 JV Investor as a75% owner. NSA contributed 56 wholly-owned properties for approximately$346.5 million -
Completed the sale of 71 wholly-owned self storage properties for approximately
$540.0 million -
As previously announced, repaid
$130.0 million
Highlights Subsequent to Quarter-End
-
Through April 29, 2024, repurchased an additional 1,908,397 of the Company's common shares for approximately
$71.6 million
David Cramer, President and Chief Executive Officer, commented, “We completed a handful of strategic milestones during the first quarter, which places NSA in a position to thrive as business fundamentals and capital markets improve. We’re excited about the medium- and long-term outlook for both NSA and the self storage sector in general.”
Mr. Cramer further commented, “Our team performed well in what remains a challenging operating environment characterized by continued pressure on street rates and significant competition to attract new customers. Rental volume and occupancy are increasing from the seasonal trough in February, but the next few months will be key determinants of full-year performance.”
Financial Results
($ in thousands, except per share and unit data) |
Three Months Ended March 31, |
|||||||||
|
2024 |
|
2023 |
|
Growth |
|||||
Net income |
$ |
95,088 |
|
$ |
40,392 |
|
135.4 |
% |
||
|
|
|
|
|
|
|||||
Funds From Operations ("FFO")(1) |
$ |
71,896 |
|
|
$ |
84,266 |
|
|
(14.7 |
)% |
Add back acquisition costs |
|
507 |
|
|
|
844 |
|
|
(39.9 |
)% |
Add loss on early extinguishment of debt |
|
— |
|
|
|
758 |
|
|
— |
% |
Core FFO(1) |
$ |
72,403 |
|
|
$ |
85,868 |
|
|
(15.7 |
)% |
|
|
|
|
|
|
|||||
Earnings per share - basic |
$ |
0.67 |
|
|
$ |
0.28 |
|
|
139.3 |
% |
Earnings per share - diluted |
$ |
0.65 |
|
|
$ |
0.24 |
|
|
170.8 |
% |
|
|
|
|
|
|
|||||
FFO per share and unit(1) |
$ |
0.60 |
|
|
$ |
0.64 |
|
|
(6.3 |
)% |
Core FFO per share and unit(1) |
$ |
0.60 |
|
|
$ |
0.66 |
|
|
(9.1 |
)% |
(1) |
Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information. |
Net income increased
The decrease in FFO and Core FFO for the first quarter of 2024 was primarily due to a decrease in NOI, primarily driven by the sales of (i) 32 self storage properties to a third party in December 2023, (ii) 39 self storage properties to a third party in the first quarter of 2024, and (iii) 56 self storage properties contributed to the 2024 Joint Venture in the first quarter of 2024, and a decrease in same store NOI. The decrease in FFO and Core FFO per share and unit was largely driven by a decrease in same store NOI, an increase in general and administrative expenses, and a decrease in NSA's share of FFO from its unconsolidated real estate ventures.
Same Store Operating Results (776 Stores)
($ in thousands, except per square foot data) |
Three Months Ended March 31, |
|||||||||
|
2024 |
|
2023 |
|
Growth |
|||||
Total revenues |
$ |
173,871 |
|
|
$ |
176,528 |
|
|
(1.5 |
)% |
Property operating expenses |
|
49,655 |
|
|
|
47,530 |
|
|
4.5 |
% |
Net Operating Income (NOI) |
$ |
124,216 |
|
|
$ |
128,998 |
|
|
(3.7 |
)% |
NOI Margin |
|
71.4 |
% |
|
|
73.1 |
% |
|
(1.7 |
)% |
|
|
|
|
|
|
|||||
Average Occupancy |
|
85.6 |
% |
|
|
89.4 |
% |
|
(3.8 |
)% |
Average Annualized Rental Revenue Per Occupied Square Foot |
$ |
15.80 |
|
|
$ |
15.43 |
|
|
2.4 |
% |
Year-over-year same store total revenues decreased
Year-over-year same store property operating expenses increased
Disposition and Investment Activity
During the first quarter, NSA sold 39 self storage properties, consisting of approximately 2.4 million rentable square feet configured in approximately 18,000 storage units for approximately
During the first quarter, NSA formed the 2024 Joint Venture with the 2024 JV Investor. On February 13, 2024, NSA contributed to the 2024 Joint Venture 56 self storage properties located across seven states, consisting of approximately 3.2 million rentable square feet configured in over 24,000 storage units for approximately
Balance Sheet
During the first quarter, NSA repurchased 5,491,925 of the Company's common shares for approximately
During the first quarter, NSA repaid
Common Share Dividends
On February 15, 2024, NSA's Board of Trustees declared a quarterly cash dividend of
2024 Guidance
NSA reaffirms its previously provided Core FFO guidance estimates and related assumptions for the year ended December 31, 2024:
|
Current Ranges for Full Year 2024 |
|
Actual Results for Full Year 2023 |
||
|
Low |
|
High |
|
|
Core FFO per share(1) |
|
|
|
|
|
|
|
|
|
|
|
Same store operations(2) |
|
|
|
|
|
Total revenue growth |
(4.0)% |
|
|
|
|
Property operating expenses growth |
|
|
|
|
|
NOI growth |
(6.0)% |
|
(2.0)% |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
|
|
|
General and administrative expenses (excluding equity-based compensation), in millions |
|
|
|
|
|
Equity-based compensation, in millions |
|
|
|
|
|
|
|
|
|
|
|
Management fees and other revenue, in millions |
|
|
|
|
|
Core FFO from unconsolidated real estate ventures, in millions |
|
|
|
|
|
|
|
|
|
|
|
Subordinated performance unit distributions, in millions |
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of self storage properties, in millions |
|
|
|
|
|
|
Current Ranges for Full Year 2024 |
||
|
Low |
|
High |
Earnings per share - diluted |
|
|
|
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method |
0.05 |
|
(0.01) |
Add real estate depreciation and amortization |
1.57 |
|
1.66 |
Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures |
0.11 |
|
0.09 |
Add NSA's share of FFO of unconsolidated real estate ventures |
0.20 |
|
0.22 |
FFO attributable to subordinated unitholders |
(0.34) |
|
(0.38) |
Less gain on sale of self storage properties |
(0.51) |
|
(0.51) |
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs |
0.01 |
|
0.01 |
Core FFO per share and unit |
|
|
|
|
|
|
|
(1) The table above provides a reconciliation of the range of estimated earnings per share - diluted to estimated Core FFO per share and unit. |
|||
(2) 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. |
|||
Supplemental Financial Information
The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on May 1, 2024.
Non-GAAP Financial Measures & Glossary
This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
Quarterly Teleconference and Webcast
The Company will host a conference call at 1:00 pm Eastern Time on Thursday, May 2, 2024 to discuss its first quarter 2024 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nationalstorageaffiliates.com.
Conference Call and Webcast:
Date/Time: Thursday, May 2, 2024, 1:00 pm ET
Webcast available at: www.nationalstorageaffiliates.com
Domestic (Toll Free US &
International: 412.902.1014
A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.
Upcoming Industry Conference
NSA management is scheduled to participate in Nareit REITweek: 2024 Investor Conference on June 4 - 6, 2024 in
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in
NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, inflation, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and the Company's ability to execute on its acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; and the Company's guidance estimates for the year ended December 31, 2024. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
National Storage Affiliates Trust Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) |
|||||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
REVENUE |
|
|
|
||||
Rental revenue |
$ |
180,382 |
|
|
$ |
194,129 |
|
Other property-related revenue |
|
6,692 |
|
|
|
6,807 |
|
Management fees and other revenue |
|
9,074 |
|
|
|
7,057 |
|
Total revenue |
|
196,148 |
|
|
|
207,993 |
|
OPERATING EXPENSES |
|
|
|
||||
Property operating expenses |
|
54,694 |
|
|
|
56,483 |
|
General and administrative expenses |
|
15,674 |
|
|
|
14,821 |
|
Depreciation and amortization |
|
47,331 |
|
|
|
55,458 |
|
Other |
|
3,492 |
|
|
|
1,173 |
|
Total operating expenses |
|
121,191 |
|
|
|
127,935 |
|
OTHER INCOME (EXPENSE) |
|
|
|
||||
Interest expense |
|
(38,117 |
) |
|
|
(37,948 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
(758 |
) |
Equity in (losses) earnings of unconsolidated real estate ventures |
|
(1,630 |
) |
|
|
1,678 |
|
Acquisition costs |
|
(507 |
) |
|
|
(844 |
) |
Non-operating income (expense) |
|
98 |
|
|
|
(598 |
) |
Gain on sale of self storage properties |
|
61,173 |
|
|
|
— |
|
Other income (expense), net |
|
21,017 |
|
|
|
(38,470 |
) |
Income before income taxes |
|
95,974 |
|
|
|
41,588 |
|
Income tax expense |
|
(886 |
) |
|
|
(1,196 |
) |
Net income |
|
95,088 |
|
|
|
40,392 |
|
Net income attributable to noncontrolling interests |
|
(36,061 |
) |
|
|
(11,433 |
) |
Net income attributable to National Storage Affiliates Trust |
|
59,027 |
|
|
|
28,959 |
|
Distributions to preferred shareholders |
|
(5,110 |
) |
|
|
(3,962 |
) |
Net income attributable to common shareholders |
$ |
53,917 |
|
|
$ |
24,997 |
|
|
|
|
|
||||
Earnings per share - basic |
$ |
0.67 |
|
|
$ |
0.28 |
|
Earnings per share - diluted |
$ |
0.65 |
|
|
$ |
0.24 |
|
|
|
|
|
||||
Weighted average shares outstanding - basic |
|
80,236 |
|
|
|
89,499 |
|
Weighted average shares outstanding - diluted |
|
138,148 |
|
|
|
148,622 |
|
National Storage Affiliates Trust Consolidated Balance Sheets (dollars in thousands, except per share amounts) (unaudited) |
|||||||
|
March 31, |
|
December 31, |
||||
|
2024 |
|
2023 |
||||
ASSETS |
|
|
|
||||
Real estate |
|
|
|
||||
Self storage properties |
$ |
5,797,653 |
|
|
$ |
5,792,174 |
|
Less accumulated depreciation |
|
(919,723 |
) |
|
|
(874,359 |
) |
Self storage properties, net |
|
4,877,930 |
|
|
|
4,917,815 |
|
Cash and cash equivalents |
|
64,233 |
|
|
|
64,980 |
|
Restricted cash |
|
24,847 |
|
|
|
22,713 |
|
Debt issuance costs, net |
|
7,731 |
|
|
|
8,442 |
|
Investment in unconsolidated real estate ventures |
|
240,025 |
|
|
|
211,361 |
|
Other assets, net |
|
130,015 |
|
|
|
134,002 |
|
Assets held for sale, net |
|
— |
|
|
|
550,199 |
|
Operating lease right-of-use assets |
|
22,084 |
|
|
|
22,299 |
|
Total assets |
$ |
5,366,865 |
|
|
$ |
5,931,811 |
|
LIABILITIES AND EQUITY |
|
|
|
||||
Liabilities |
|
|
|
||||
Debt financing |
$ |
3,285,547 |
|
|
$ |
3,658,205 |
|
Accounts payable and accrued liabilities |
|
87,875 |
|
|
|
92,766 |
|
Interest rate swap liabilities |
|
— |
|
|
|
3,450 |
|
Operating lease liabilities |
|
24,009 |
|
|
|
24,195 |
|
Deferred revenue |
|
22,362 |
|
|
|
27,354 |
|
Total liabilities |
|
3,419,793 |
|
|
|
3,805,970 |
|
Equity |
|
|
|
||||
Series A Preferred shares of beneficial interest, par value |
|
225,439 |
|
|
|
225,439 |
|
Series B Preferred shares of beneficial interest, par value |
|
115,212 |
|
|
|
115,212 |
|
Common shares of beneficial interest, par value |
|
769 |
|
|
|
823 |
|
Additional paid-in capital |
|
1,347,512 |
|
|
|
1,509,563 |
|
Distributions in excess of earnings |
|
(439,741 |
) |
|
|
(449,907 |
) |
Accumulated other comprehensive income |
|
27,836 |
|
|
|
21,058 |
|
Total shareholders' equity |
|
1,277,027 |
|
|
|
1,422,188 |
|
Noncontrolling interests |
|
670,045 |
|
|
|
703,653 |
|
Total equity |
|
1,947,072 |
|
|
|
2,125,841 |
|
Total liabilities and equity |
$ |
5,366,865 |
|
|
$ |
5,931,811 |
|
Reconciliation of Net Income to FFO and Core FFO (in thousands, except per share and unit amounts) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Net income |
$ |
95,088 |
|
|
$ |
40,392 |
|
Add (subtract): |
|
|
|
||||
Real estate depreciation and amortization |
|
46,964 |
|
|
|
55,152 |
|
Equity in losses (earnings) of unconsolidated real estate ventures |
|
1,630 |
|
|
|
(1,678 |
) |
Company's share of FFO in unconsolidated real estate ventures |
|
5,685 |
|
|
|
6,149 |
|
Gain on sale of self storage properties |
|
(61,173 |
) |
|
|
— |
|
Distributions to preferred shareholders and unitholders |
|
(5,568 |
) |
|
|
(3,962 |
) |
FFO attributable to subordinated performance unitholders(1) |
|
(10,730 |
) |
|
|
(11,787 |
) |
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
|
71,896 |
|
|
|
84,266 |
|
Add: |
|
|
|
||||
Acquisition costs |
|
507 |
|
|
|
844 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
758 |
|
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
$ |
72,403 |
|
|
$ |
85,868 |
|
|
|
|
|
||||
Weighted average shares and units outstanding - FFO and Core FFO:(2) |
|
|
|
||||
Weighted average shares outstanding - basic |
|
80,236 |
|
|
|
89,499 |
|
Weighted average restricted common shares outstanding |
|
22 |
|
|
|
25 |
|
Weighted average OP units outstanding |
|
37,633 |
|
|
|
38,736 |
|
Weighted average DownREIT OP unit equivalents outstanding |
|
2,120 |
|
|
|
2,120 |
|
Weighted average LTIP units outstanding |
|
693 |
|
|
|
551 |
|
Total weighted average shares and units outstanding - FFO and Core FFO |
|
120,704 |
|
|
|
130,931 |
|
|
|
|
|
||||
FFO per share and unit |
$ |
0.60 |
|
|
$ |
0.64 |
|
Core FFO per share and unit |
$ |
0.60 |
|
|
$ |
0.66 |
|
(1) |
Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented. |
|
(2) |
NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(3) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit. |
Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit (in thousands, except per share and unit amounts) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Earnings per share - diluted |
$ |
0.65 |
|
|
$ |
0.24 |
|
Impact of the difference in weighted average number of shares(3) |
|
0.10 |
|
|
|
0.04 |
|
Add real estate depreciation and amortization |
|
0.39 |
|
|
|
0.42 |
|
Add (subtract) equity in losses (earnings) of unconsolidated real estate ventures |
|
0.01 |
|
|
|
(0.01 |
) |
Add Company's share of FFO in unconsolidated real estate ventures |
|
0.05 |
|
|
|
0.04 |
|
Subtract gain on sale of self storage properties |
|
(0.51 |
) |
|
|
— |
|
FFO attributable to subordinated performance unitholders |
|
(0.09 |
) |
|
|
(0.09 |
) |
FFO per share and unit |
|
0.60 |
|
|
|
0.64 |
|
Add acquisition costs |
|
— |
|
|
|
0.01 |
|
Add loss on early extinguishment of debt |
|
— |
|
|
|
0.01 |
|
Core FFO per share and unit |
$ |
0.60 |
|
|
$ |
0.66 |
|
(3) |
Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared. |
Net Operating Income (dollars in thousands) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Net income |
$ |
95,088 |
|
|
$ |
40,392 |
|
(Subtract) add: |
|
|
|
||||
Management fees and other revenue |
|
(9,074 |
) |
|
|
(7,057 |
) |
General and administrative expenses |
|
15,674 |
|
|
|
14,821 |
|
Other |
|
3,492 |
|
|
|
1,173 |
|
Depreciation and amortization |
|
47,331 |
|
|
|
55,458 |
|
Interest expense |
|
38,117 |
|
|
|
37,948 |
|
Equity in losses (earnings) of unconsolidated real estate ventures |
|
1,630 |
|
|
|
(1,678 |
) |
Loss on early extinguishment of debt |
|
— |
|
|
|
758 |
|
Acquisition costs |
|
507 |
|
|
|
844 |
|
Income tax expense |
|
886 |
|
|
|
1,196 |
|
Gain on sale of self storage properties |
|
(61,173 |
) |
|
|
— |
|
Non-operating (income) expense |
|
(98 |
) |
|
|
598 |
|
Net Operating Income |
$ |
132,380 |
|
|
$ |
144,453 |
|
EBITDA and Adjusted EBITDA (dollars in thousands) (unaudited) |
|||||||
|
|
|
|
||||
|
Three Months Ended March 31, |
||||||
|
2024 |
|
2023 |
||||
Net income |
$ |
95,088 |
|
|
$ |
40,392 |
|
Add (subtract): |
|
|
|
||||
Depreciation and amortization |
|
47,331 |
|
|
|
55,458 |
|
Company's share of unconsolidated real estate venture depreciation and amortization |
|
4,552 |
|
|
|
4,471 |
|
Interest expense |
|
38,117 |
|
|
|
37,948 |
|
Income tax expense |
|
886 |
|
|
|
1,196 |
|
Loss on early extinguishment of debt |
|
— |
|
|
|
758 |
|
EBITDA |
|
185,974 |
|
|
|
140,223 |
|
Add (subtract): |
|
|
|
||||
Acquisition costs |
|
507 |
|
|
|
844 |
|
Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1) |
|
2,764 |
|
|
|
— |
|
Gain on sale of self storage properties |
|
(61,173 |
) |
|
|
— |
|
Equity-based compensation expense |
|
1,855 |
|
|
|
1,649 |
|
Adjusted EBITDA |
$ |
129,927 |
|
|
$ |
142,716 |
|
(1) Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. |
|||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240501283311/en/
National Storage Affiliates Trust
Investor/Media Relations
George Hoglund, CFA
Vice President - Investor Relations
720.630.2160
ghoglund@nsareit.net
Source: National Storage Affiliates Trust
FAQ
What was National Storage Affiliates Trust's net income for Q1 2024?
How did NSA's diluted earnings per share compare between Q1 2024 and Q1 2023?
What was the change in NSA's Core FFO per share from Q1 2023 to Q1 2024?
How did NSA's same store net operating income change in Q1 2024?
What strategic milestone did NSA achieve in Q1 2024?
