National Storage Affiliates Trust ("NSA" or the "Company")
(NYSE: NSA) today reported the Company’s fourth quarter and full
year 2022 results.
Fourth Quarter 2022 Highlights
- Reported net income of $50.4 million for the fourth quarter of
2022, an increase of 17.4% compared to the fourth quarter of 2021.
Reported diluted earnings per share of $0.31 for the fourth quarter
of 2022 compared to $0.25 for the fourth quarter of 2021.
- Reported core funds from operations ("Core FFO") of $90.9
million, or $0.71 per share for the fourth quarter of 2022, an
increase of 10.9% per share compared to the fourth quarter of
2021.
- Reported an increase in same store net operating income ("NOI")
of 9.4% for the fourth quarter of 2022 compared to the same period
in 2021, driven by a 7.4% increase in same store total revenues
partially offset by an increase of 1.6% in same store property
operating expenses.
- Reported same store period-end occupancy of 90.5% as of
December 31, 2022, a decrease of 450 basis points compared to
December 31, 2021.
- Acquired two wholly-owned self storage properties for
approximately $39.9 million during the fourth quarter of 2022.
Consideration for these acquisitions included the issuance of $32.1
million of OP equity.
- Repurchased 1,032,251 of the Company's common shares for
approximately $40.0 million under the previously announced share
repurchase program.
Full Year 2022 Highlights
- Reported net income of $183.8 million for full year 2022, an
increase of 25.1% compared to full year 2021. Reported diluted
earnings per share of $0.99 for full year 2022 compared to $0.98
for full year 2021.
- Reported Core FFO of $363.0 million, or $2.81 per share for
full year 2022, an increase of 24.3% per share compared to full
year 2021.
- Reported an increase in same store NOI of 14.9% for full year
2022 compared to full year 2021, driven by a 12.1% increase in same
store total revenues partially offset by an increase of 4.8% in
same store property operating expenses.
- Acquired 45 wholly-owned self storage properties for
approximately $569.2 million during full year 2022. Consideration
for these acquisitions included the issuance of $68.9 million of OP
equity.
Highlights Subsequent to Quarter-End
- Entered into an agreement on January 3, 2023, with lenders to
increase the total borrowing capacity under the Company's credit
facility by $405.0 million to $1.955 billion, and used incremental
borrowings under the credit facility to retire $300.0 million of
its $375.0 million of debt maturing in 2023.
- One of the Company's participating regional operators ("PROs"),
Move It Self Storage and its controlled affiliates ("Move It"),
retired effective January 1, 2023. As a result of the retirement,
on January 1, 2023, management of the Company's 72 properties in
the Move It managed portfolio was transferred to NSA and the Move
It brand name and related intellectual property were internalized
by the Company. In addition, NSA will no longer pay supervisory and
administrative fees or reimbursements to Move It and on January 1,
2023, issued a notice of non-voluntary conversion to cause all
subordinated performance units related to Move It's managed
portfolio to convert into OP units. As part of the internalization,
a majority of Move It's employees were offered and provided
employment by the Company to continue managing Move It's portfolio
of properties as members of NSA's existing property management
platform.
- On February 24, 2023, the Company entered into an agreement
with affiliates of Personal Mini, one of the Company's PROs, to
acquire a portfolio of 15 properties located in Florida for
approximately $145.0 million, subject to receipt of approval from
the selling entity's shareholders and other customary closing
conditions. The Company expects to complete the acquisition in the
first quarter of 2023.
“NSA had another exceptional year with annual same store growth
of nearly 15%, second highest in our history,” commented Tamara
Fischer, Chief Executive Officer. “Our strong organic growth
combined with our opportunistic acquisition strategy resulted in
over 24% annual growth in core FFO per share. We believe these
results demonstrate the strength of our team, the benefits of our
geographically diverse portfolio, as well as the ongoing advantages
of our differentiated PRO structure."
Dave Cramer, President and Chief Operating Officer, stated,
“We’re pleased with our strategies to balance rate and occupancy
which produced double digit revenue growth of over 12% for the
year, second highest in our history. I look forward to 2023 as we
continue our focus on people, processes and platforms which will
allow us to deliver growth and optimize value for all of our
stakeholders.”
Financial Results
($ in thousands, except per share and unit
data)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
Growth
2022
2021
Growth
Net income
$
50,377
$
42,895
17.4
%
$
183,765
$
146,935
25.1
%
Funds From Operations
("FFO")(1)
$
89,890
$
77,917
15.4
%
$
353,893
$
255,393
38.6
%
Add back acquisition costs
368
1,019
(63.9
)%
2,745
1,941
41.4
%
Add back casualty-related expenses
634
—
—
%
6,388
—
—
%
Core FFO(1)
$
90,892
$
78,936
15.1
%
$
363,026
$
257,334
41.1
%
Earnings per share - basic
$
0.31
$
0.25
24.0
%
$
0.99
$
1.13
(12.4
)%
Earnings per share - diluted
$
0.31
$
0.25
24.0
%
$
0.99
$
0.98
1.0
%
FFO per share and unit(1)
$
0.70
$
0.63
11.1
%
$
2.74
$
2.24
22.3
%
Core FFO per share and unit(1)
$
0.71
$
0.64
10.9
%
$
2.81
$
2.26
24.3
%
(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 $7.5 million for the fourth quarter of 2022
and increased by $36.8 million for the year ended December 31, 2022
("year-to-date") as compared to the same periods in 2021. The
increases resulted primarily from additional NOI generated from the
45 wholly-owned self storage properties acquired during the year
ended December 31, 2022, same store NOI growth, increases in
management fees and other revenue, and an increase in equity in
earnings from the Company's unconsolidated real estate ventures,
partially offset by increases in depreciation and amortization,
interest expense and general administrative expenses.
The increases in FFO and Core FFO for the fourth quarter of 2022
and year-to-date were primarily the result of incremental NOI from
properties acquired during the year ended December 31, 2022 and
same store NOI growth, partially offset by an increase in interest
expense.
Same Store Operating Results (628 Stores)
($ in thousands, except per square foot
data)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
Growth
2022
2021
Growth
Total revenues
$
139,470
$
129,910
7.4
%
$
548,739
$
489,338
12.1
%
Property operating expenses
34,350
33,810
1.6
%
140,724
134,276
4.8
%
Net Operating Income (NOI)
$
105,120
$
96,100
9.4
%
$
408,015
$
355,062
14.9
%
NOI Margin
75.4
%
74.0
%
1.4
%
74.4
%
72.6
%
1.8
%
Average Occupancy
91.4
%
95.6
%
(4.2
)%
93.8
%
94.7
%
(0.9
)%
Average Annualized Rental Revenue Per
Occupied Square Foot
$
15.44
$
13.74
12.4
%
$
14.80
$
13.05
13.4
%
Year-over-year same store total revenues increased 7.4% for the
fourth quarter of 2022 and 12.1% year-to-date as compared to the
same periods in 2021. The increase for the fourth quarter was
driven primarily by a 12.4% increase in average annualized rental
revenue per occupied square foot, partially offset by a 4.2%
decrease in average occupancy. The year-to-date increase was driven
primarily by a 13.4% increase in average annualized rental revenue
per occupied square foot, partially offset by a 90 basis point
decrease in average occupancy. Markets which generated above
portfolio average same store total revenue growth include:
Riverside-San Bernardino, Atlanta, and McAllen-Edinburg. Markets
which generated below portfolio average same store total revenue
growth include: Portland, New Orleans and Kansas City.
Year-over-year same store property operating expenses increased
1.6% for the fourth quarter of 2022 and 4.8% year-to-date as
compared to the same periods in 2021. The increases primarily
resulted from increases in marketing, utilities, and year-to-date
property tax expense offset by a decrease in personnel costs.
Investment Activity
During the fourth quarter, NSA invested $39.9 million in the
acquisition of two wholly-owned self storage properties consisting
of approximately 196,000 rentable square feet configured in
approximately 1,800 storage units. Total consideration for these
acquisitions included approximately $7.6 million of net cash, the
issuance of approximately $16.2 million of OP units, $15.9 million
of SP units and the assumption of approximately $0.2 million of
other liabilities.
Balance Sheet
During the fourth quarter, NSA repurchased 1,032,251 of the
Company's common shares for approximately $40.0 million under the
previously announced share repurchase program. For the full year
2022, the Company repurchased 1,986,175 shares for approximately
$90.0 million. Under the program, the Company has remaining
capacity of approximately $310.0 million out of a total of $400.0
million authorized.
On January 3, 2023, the Company entered into a third amended and
restated credit agreement which expands the total borrowing
capacity of its credit facility by $405.0 million to $1.955 billion
with an accordion feature to expand the total borrowing capacity to
$2.5 billion. The maturity date of the revolving line of credit is
now January 2027 versus the previous maturity date of January 2024,
while the total borrowing capacity was increased to $950.0 million
from $650.0 million. In connection with the credit facility recast,
the Company retired its $125.0 million term loan due January 2023
and its $175.0 million term loan facility due in June 2023, and
converted LIBOR-based borrowings to SOFR. The Company funded the
retirements with $230.0 million of incremental borrowings on
existing term loans and $70.0 million of borrowings on its
revolving line of credit. In Schedule 4 of the supplemental
financial information, the Company has presented its debt summary
as of December 31, 2022, giving pro forma effect for the credit
facility recast, debt retirements, and an interest rate swap that
was effective starting February 1, 2023.
Common Share Dividends
On November 9, 2022, NSA's Board of Trustees declared a
quarterly cash dividend of $0.55 per common share, representing a
22.2% increase from the fourth quarter 2021. The fourth quarter
2022 dividend was paid on December 30, 2022 to shareholders of
record as of December 15, 2022.
For full year 2022, NSA's Board of Trustees declared cash
dividends of $2.15 per common share, representing a 35.2% increase
from 2021.
2023 Guidance
The following table outlines NSA's Core FFO per share guidance
estimates and related assumptions for the year ended December 31,
2023.
Ranges for Full Year
2023
Actual
Results for
Full Year
2022
Low
High
Core FFO per share(1)
$2.78
$2.86
$2.81
Same store operations(2)
Total revenue growth
3.75%
5.25%
12.1%
Property operating expenses growth
4.50%
6.00%
4.8%
NOI growth
3.00%
5.50%
14.9%
General and administrative expenses
General and administrative expenses
(excluding equity-based compensation), in millions
$53.0
$55.0
$53.1
Equity-based compensation, in millions
$6.5
$7.0
$6.3
Management fees and other revenue, in
millions
$28.0
$30.0
$27.6
Core FFO from unconsolidated real estate
ventures, in millions
$25.0
$26.5
$24.8
Subordinated performance unit
distributions, in millions
$51.0
$53.0
$58.8
Acquisitions of self storage properties,
in millions
$200.0
$400.0
$569.2
Ranges for Full Year
2023
Low
High
Earnings (loss) per share -
diluted
$1.25
$1.31
Impact of the difference in weighted
average number of shares and GAAP accounting for noncontrolling
interests, two-class method and treasury stock method
0.07
0.02
Add real estate depreciation and
amortization, including NSA's share of unconsolidated venture real
estate depreciation and amortization
1.83
1.91
FFO attributable to subordinated
unitholders
(0.38
)
(0.41
)
Add loss on early extinguishment of
debt
—
0.01
Add acquisition costs and NSA's share of
unconsolidated real estate venture acquisition costs
0.01
0.02
Core FFO per share and unit
$2.78
$2.86
(1) The table above provides a
reconciliation of the range of estimated earnings (loss) per share
- diluted to estimated Core FFO per share and unit.
(2) 2023 guidance reflects NSA's 2023 same
store pool comprising 834 stores. 2022 actual results reflect NSA's
2022 same store pool comprising 628 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
February 27, 2023.
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 Tuesday, February 28, 2023 to discuss its fourth quarter 2022
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: Tuesday, February 28, 2023, 1:00 pm ET
Webcast available at: www.nationalstorageaffiliates.com
Domestic (Toll Free US & Canada): 877.407.9711
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 Citi's 2023 Global
Property CEO Conference on March 6 - 8, 2023 in Hollywood,
Florida.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment
trust headquartered in Greenwood Village, Colorado, focused on the
ownership, operation and acquisition of self storage properties
predominantly located within the top 100 metropolitan statistical
areas throughout the United States. As of December 31, 2022, the
Company held ownership interests in and operated 1,101 self storage
properties located in 42 states and Puerto Rico with approximately
71.8 million rentable square feet. NSA is one of the largest owners
and operators of self storage properties among public and private
companies in the United States. For more information, please visit
the Company’s website at www.nationalstorageaffiliates.com. NSA is
included in the MSCI US REIT Index (RMS/RMZ), the Russell 1000
Index of Companies and the S&P MidCap 400 Index.
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, 2023. 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 December
31,
Year Ended December
31,
2022
2021
2022
2021
REVENUE
Rental revenue
$
195,985
$
161,690
$
748,814
$
541,547
Other property-related revenue
6,224
5,643
25,131
19,750
Management fees and other revenue
6,513
6,257
27,624
24,374
Total revenue
208,722
173,590
801,569
585,671
OPERATING EXPENSES
Property operating expenses
53,347
44,542
211,025
155,265
General and administrative expenses
15,345
14,301
59,311
51,001
Depreciation and amortization
57,564
50,854
233,158
158,312
Other
1,186
1,152
8,537
2,853
Total operating expenses
127,442
110,849
512,031
367,431
OTHER (EXPENSE) INCOME
Interest expense
(34,633
)
(19,787
)
(110,599
)
(72,062
)
Equity in earnings of unconsolidated real
estate ventures
2,155
1,679
7,745
5,294
Acquisition costs
(368
)
(1,019
)
(2,745
)
(1,941
)
Non-operating expense
(352
)
(344
)
(951
)
(906
)
Gain on sale of self storage
properties
3,332
—
5,466
—
Other expense, net
(29,866
)
(19,471
)
(101,084
)
(69,615
)
Income before income taxes
51,414
43,270
188,454
148,625
Income tax expense
(1,037
)
(375
)
(4,689
)
(1,690
)
Net income
50,377
42,895
183,765
146,935
Net income attributable to noncontrolling
interests
(19,117
)
(17,422
)
(80,028
)
(41,682
)
Net income attributable to National
Storage Affiliates Trust
31,260
25,473
103,737
105,253
Distributions to preferred
shareholders
(3,382
)
(3,277
)
(13,425
)
(13,104
)
Net income attributable to common
shareholders
$
27,878
$
22,196
$
90,312
$
92,149
Earnings per share - basic
$
0.31
$
0.25
$
0.99
$
1.13
Earnings per share - diluted
$
0.31
$
0.25
$
0.99
$
0.98
Weighted average shares outstanding -
basic
90,627
89,763
91,239
81,195
Weighted average shares outstanding -
diluted
90,627
89,763
91,239
134,538
National Storage Affiliates
Trust
Consolidated Balance
Sheets
(dollars in thousands, except per
share amounts)
(unaudited)
December 31,
December 31,
2022
2021
ASSETS
Real estate
Self storage properties
$
6,391,572
$
5,798,188
Less accumulated depreciation
(772,661
)
(578,717
)
Self storage properties, net
5,618,911
5,219,471
Cash and cash equivalents
35,312
25,013
Restricted cash
6,887
2,862
Debt issuance costs, net
1,393
2,433
Investment in unconsolidated real estate
ventures
227,441
188,187
Other assets, net
156,228
102,417
Operating lease right-of-use assets
23,835
22,211
Total assets
$
6,070,007
$
5,562,594
LIABILITIES AND EQUITY
Liabilities
Debt financing
$
3,551,179
$
2,940,931
Accounts payable and accrued
liabilities
80,377
59,262
Interest rate swap liabilities
483
33,757
Operating lease liabilities
25,741
23,981
Deferred revenue
23,213
22,208
Total liabilities
3,680,993
3,080,139
Equity
Preferred shares of beneficial interest,
par value $0.01 per share. 50,000,000 authorized, 9,017,588 and
8,736,719 issued and outstanding at December 31, 2022 and December
31, 2021, respectively, at liquidation preference
225,439
218,418
Common shares of beneficial interest, par
value $0.01 per share. 250,000,000 shares authorized, 89,842,145
and 91,198,929 shares issued and outstanding at December 31, 2022
and December 31, 2021, respectively
898
912
Additional paid-in capital
1,777,984
1,866,773
Distributions in excess of earnings
(396,650
)
(291,263
)
Accumulated other comprehensive income
(loss)
40,530
(19,611
)
Total shareholders' equity
1,648,201
1,775,229
Noncontrolling interests
740,813
707,226
Total equity
2,389,014
2,482,455
Total liabilities and equity
$
6,070,007
$
5,562,594
Reconciliation of Net Income to FFO and
Core FFO (in thousands, except per share and unit amounts)
(unaudited)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net income
$
50,377
$
42,895
$
183,765
$
146,935
Add (subtract):
Real estate depreciation and
amortization
57,227
50,526
231,870
156,930
Company's share of unconsolidated real
estate venture real estate depreciation and amortization
4,461
3,845
17,072
15,408
Gain on sale of self storage
properties
(3,332
)
—
(5,466
)
—
Distributions to preferred shareholders
and unitholders
(3,653
)
(3,519
)
(14,510
)
(14,070
)
FFO attributable to subordinated
performance unitholders(1)
(15,190
)
(15,830
)
(58,838
)
(49,810
)
FFO attributable to common
shareholders, OP unitholders, and LTIP unitholders
89,890
77,917
353,893
255,393
Add:
Acquisition costs
368
1,019
2,745
1,941
Casualty-related expenses(2)
634
—
6,388
—
Core FFO attributable to common
shareholders, OP unitholders, and LTIP unitholders
$
90,892
$
78,936
$
363,026
$
257,334
Weighted average shares and units
outstanding - FFO and Core FFO:(3)
Weighted average shares outstanding -
basic
90,627
89,763
91,239
81,195
Weighted average restricted common shares
outstanding
25
34
27
33
Weighted average effect of forward
offering agreement(4)
—
—
—
100
Weighted average OP units outstanding
35,601
30,681
35,421
30,127
Weighted average DownREIT OP unit
equivalents outstanding
1,925
1,925
1,925
1,925
Weighted average LTIP units
outstanding
476
523
514
542
Total weighted average shares and units
outstanding - FFO and Core FFO
128,654
122,926
129,126
113,922
FFO per share and unit
$
0.70
$
0.63
$
2.74
$
2.24
Core FFO per share and unit
$
0.71
$
0.64
$
2.81
$
2.26
(1)
Amounts represent distributions
declared for subordinated performance unitholders and DownREIT
subordinated performance unitholders for the periods presented.
(2)
These casualty-related expenses
are recorded in the line item "Other" within operating expenses in
our consolidated statement of operations.
(3)
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(5) 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.
(4)
Represents the dilutive effect of
the forward offering from the application of the treasury stock
method.
Reconciliation of Earnings Per Share -
Diluted to FFO and Core FFO Per Share and Unit (in thousands,
except per share and unit amounts) (unaudited)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Earnings per share - diluted
$
0.31
$
0.25
$
0.99
$
0.98
Impact of the difference in weighted
average number of shares(5)
(0.08
)
(0.07
)
(0.28
)
0.18
Impact of GAAP accounting for
noncontrolling interests, two-class method and treasury stock
method(6)
0.15
0.14
0.62
—
Add real estate depreciation and
amortization
0.44
0.41
1.79
1.38
Add Company's share of unconsolidated real
estate venture real estate depreciation and amortization
0.03
0.03
0.13
0.14
Subtract gain on sale of self storage
properties
(0.03
)
—
(0.05
)
—
FFO attributable to subordinated
performance unitholders
(0.12
)
(0.13
)
(0.46
)
(0.44
)
FFO per share and unit
0.70
0.63
2.74
2.24
Add acquisition costs
—
0.01
0.02
0.02
Add casualty-related expenses
0.01
—
0.05
—
Core FFO per share and unit
$
0.71
$
0.64
$
2.81
$
2.26
(5)
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.
(6)
Represents the effect of
adjusting the numerator to consolidated net income (loss) prior to
GAAP allocations for noncontrolling interests, after deducting
preferred share and unit distributions, and before the application
of the two-class method and treasury stock method, as described in
footnote(5).
Net Operating Income (dollars in
thousands) (unaudited)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net income
$
50,377
$
42,895
$
183,765
$
146,935
(Subtract) add:
Management fees and other revenue
(6,513
)
(6,257
)
(27,624
)
(24,374
)
General and administrative expenses
15,345
14,301
59,311
51,001
Other
1,186
1,152
8,537
2,853
Depreciation and amortization
57,564
50,854
233,158
158,312
Interest expense
34,633
19,787
110,599
72,062
Equity in earnings of unconsolidated real
estate ventures
(2,155
)
(1,679
)
(7,745
)
(5,294
)
Acquisition costs
368
1,019
2,745
1,941
Income tax expense
1,037
375
4,689
1,690
Gain on sale of self storage
properties
(3,332
)
—
(5,466
)
—
Non-operating expense
352
344
951
906
Net Operating Income
$
148,862
$
122,791
$
562,920
$
406,032
EBITDA and Adjusted EBITDA (dollars
in thousands) (unaudited)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
Net income
$
50,377
$
42,895
$
183,765
$
146,935
Add:
Depreciation and amortization
57,564
50,854
233,158
158,312
Company's share of unconsolidated real
estate venture depreciation and amortization
4,461
3,845
17,072
15,408
Interest expense
34,633
19,787
110,599
72,062
Income tax expense
1,037
375
4,689
1,690
EBITDA
148,072
117,756
549,283
394,407
Add (subtract):
Acquisition costs
368
1,019
2,745
1,941
Gain on sale of self storage
properties
(3,332
)
—
(5,466
)
—
Casualty related expenses (recoveries)
634
—
6,388
—
Equity-based compensation expense
1,588
1,374
6,258
5,462
Adjusted EBITDA
$
147,330
$
120,149
$
559,208
$
401,810
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230227005732/en/
National Storage Affiliates Trust Investor/Media Relations
George Hoglund, CFA Vice President - Investor Relations
720.630.2160 ghoglund@nsareit.net
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