NYSE$NSA
National Storage Affiliates Trust · Q2 2021 earnings
Q2 2021 earnings · · Investor relations
Briefing
NSA reported Q2 2021 results with increased net income and same store NOI.
National Storage Affiliates Trust reported a strong second quarter in 2021, with a 100.6% increase in net income compared to the same period in 2020, driven by growth in same store NOI of 21.5% and strategic acquisitions. The company has updated its full year guidance for Core FFO per share growth to 24.3% at the midpoint and expects total acquisitions to be well over $1.0 billion.
- Net income increased by 100.6% to $35.7 million compared to Q2 2020.
- Core FFO increased by 34.1% per share to $0.55 for the second quarter of 2021.
- Same store NOI increased by 21.5% compared to the same period in 2020.
- Same store period-end occupancy reached 96.7% as of June 30, 2021, a 720 basis point increase year-over-year.
Headline financials
Revenue & EPS history
NSA · Revenue · Quarterly
$138M
Revenue by segment
NSA · $138M total across 3 segments · Q2 2021
- Rental Revenue$127M+33.6%92.1%
- Management Fees and Other$6.11M+7.2%4.4%
- Other Property-Related$4.83M+41.3%3.5%
Forward guidance
NSA updated its FFO guidance estimates for the year ended December 31, 2021.
Tailwinds
- Core FFO per share is projected to be between $2.11 and $2.14.
- Total revenue growth is expected to be between 11.75% and 12.75%.
- NOI growth is anticipated to be between 15.0% and 17.0%.
- Management fees and other revenue are projected to be between $24.0 million and $25.0 million.
- Acquisitions of self storage properties are expected to reach between $1,100.0 million and $1,300.0 million.
Headwinds
- Property operating expenses growth is projected to be between 2.5% and 3.5%.
- General and administrative expenses (excluding equity-based compensation) are estimated to be between $45.0 million and $46.0 million.
- Equity-based compensation is expected to be between $5.5 million and $6.0 million.
- Core FFO from unconsolidated real estate ventures is projected to be between $19.0 million and $20.0 million.
- Subordinated performance unit distributions are estimated to be between $43.0 million and $45.0 million.
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 Q2 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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