NYSE$NSA
National Storage Affiliates Trust · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
National Storage Affiliates Trust reported an increase in net income and core funds from operations, driven by same-store NOI growth and recent acquisitions.
National Storage Affiliates Trust reported a net income of $27.6 million for Q1 2021, a 75.3% increase compared to Q1 2020. Core FFO was $51.2 million, or $0.49 per share, a 22.5% increase per share compared to the same period last year. Same-store NOI increased by 11.5%, driven by an 8.1% increase in total revenues.
- Net income increased by 75.3% to $27.6 million compared to the first quarter of 2020.
- Core FFO increased by 22.5% per share to $0.49 compared to the first quarter of 2020.
- Same store NOI grew by 11.5% due to an 8.1% increase in total revenues.
- Period-end occupancy in same-store properties reached 93.8%, a 690 basis point increase year-over-year.
Headline financials
Revenue & EPS history
NSA · Revenue · Quarterly
$123M
Revenue by segment
NSA · $123M total across 3 segments · Q1 2021
- Rental Revenue$113M+18.6%92.0%
- Management Fees and Other$5.73M+5.1%4.7%
- Other Property-Related$4.14M+22.7%3.4%
Forward guidance
NSA has raised its same store NOI and core FFO per share guidance for 2021.
Tailwinds
- Total revenue growth between 5.5% and 6.5%.
- Property operating expenses growth between 3.5% and 4.5%.
- NOI growth between 6.0% and 8.0%.
- Management fees and other revenue expected between $22.0 and $23.0 million.
- Core FFO from unconsolidated real estate ventures expected between $17.0 and $18.0 million.
Headwinds
- General and administrative expenses (excluding equity-based compensation) expected between $42.0 and $44.0 million.
- Equity-based compensation expected between $5.5 and $6.0 million.
- Subordinated performance unit distributions expected between $37.0 and $39.0 million.
- Acquisitions of self storage properties expected between $500.0 and $650.0 million.
- Earnings (loss) per share - diluted between $0.75 and $0.85
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
-0.5%
Avg return
Earnings day
-0.0%
Avg return
5 days after
+1.5%
Avg return
30 days after
48%
21 / 44 earnings
Positive
+5.6%
Q4 2020
Best reaction
-12.0%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.7% | +5.0% | +3.2% | |
| Q4 2025 | +0.4% | +0.6% | +7.9% | |
| Q3 2025 | +2.8% | +5.5% | +1.8% | |
| Q1 2025 | -4.8% | -3.0% | -11.4% | |
| Q4 2024 | +2.0% | -0.5% | +1.3% | |
| Q3 2024 | -0.8% | -1.2% | +6.1% | |
| Q2 2024 | -1.6% | +0.5% | +8.3% | |
| Q1 2024 | +1.9% | +4.1% | +4.4% | |
| Q4 2023 | +0.6% | +3.1% | +10.0% | |
| Q3 2023 | +3.8% | +5.7% | +21.2% | |
| Q2 2023 | -1.4% | +0.0% | +4.0% | |
| Q1 2023 | -4.7% | -1.5% | -5.0% | |
| Q4 2022 | +2.1% | +7.7% | -2.3% | |
| Q3 2022 | -12.0% | -11.9% | -8.0% | |
| Q2 2022 | -1.0% | +1.8% | -5.0% | |
| Q1 2022 | -0.4% | -10.1% | -7.1% | |
| Q4 2021 | -1.5% | +3.3% | +5.1% | |
| Q3 2021 | +0.6% | -1.1% | +0.2% | |
| Q2 2021 | +0.7% | +0.2% | +7.7% | |
| Q1 2021 | +0.9% | +2.2% | +6.0% | |
| Q4 2020 | +5.6% | +2.2% | +4.7% | |
| Q3 2020 | -2.0% | +1.2% | -3.1% | |
| Q2 2020 | +4.6% | +3.8% | +7.7% | |
| Q1 2020 | -10.8% | -17.4% | +7.3% | |
| Q4 2019 | +0.6% | -7.9% | -35.1% | |
| Q3 2019 | -2.8% | -5.8% | -4.7% | |
| Q2 2019 | +0.6% | +1.0% | +10.5% | |
| Q1 2019 | +1.8% | +0.1% | +0.6% | |
| Q4 2018 | -1.4% | +0.2% | -0.0% | |
| Q3 2018 | -3.6% | +0.3% | +5.0% | |
| Q2 2018 | -2.2% | -1.2% | -2.9% | |
| Q1 2018 | -0.2% | +2.0% | +6.4% | |
| Q4 2017 | -0.4% | +1.1% | +2.7% | |
| Q3 2017 | +3.0% | +2.1% | +5.3% | |
| Q2 2017 | -5.7% | -3.3% | -2.3% | |
| Q1 2017 | -1.7% | +0.1% | +2.9% | |
| Q4 2016 | +1.2% | +3.1% | -1.0% | |
| Q3 2016 | -0.3% | +3.4% | +2.8% | |
| Q2 2016 | +3.7% | +4.5% | +5.1% | |
| Q1 2016 | -1.7% | — | — | |
| Q4 2015 | +5.3% | — | — | |
| Q3 2015 | -1.6% | — | — | |
| Q2 2015 | +0.3% | — | — | |
| Q1 2015 | -1.9% | — | — | |
| Q4 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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