NYSE$NSA
National Storage Affiliates Trust · Q3 2020 earnings
Q3 2020 earnings · · Investor relations
Briefing
National Storage Affiliates Trust reported third quarter 2020 results.
National Storage Affiliates Trust reported a net income of $21.4 million for the third quarter of 2020, a 29.7% increase compared to the third quarter of 2019. Core FFO was $44.0 million, or $0.44 per share, a 10.0% increase per share compared to the third quarter of 2019. Same store NOI increased by 0.2%, driven by a 0.4% decrease in same store property operating expenses.
- Net income increased by 29.7% compared to the third quarter of 2019, reaching $21.4 million.
- Core FFO increased by 10.0% per share compared to the third quarter of 2019, amounting to $44.0 million, or $0.44 per share.
- Same store NOI increased by 0.2% compared to the same period in 2019, driven by a 0.4% decrease in same store property operating expenses.
- Same store period-end occupancy reached 91.9% as of September 30, 2020, a 260 basis points increase compared to September 30, 2019.
Headline financials
Revenue & EPS history
NSA · Revenue · Quarterly
$109M
Revenue by segment
NSA · $109M total across 3 segments · Q3 2020
- Rental Revenue$99.7M—91.1%
- Management Fees and Other$5.9M—5.4%
- Other Property-Related$3.88M—3.5%
Forward guidance
NSA now believes that it will end the year with Core FFO per share of $1.66 to $1.68, with the midpoint being up 8.4% above 2019.
Tailwinds
- Core FFO per share is expected to be between $1.66 and $1.68.
- Total revenue growth is projected to be between 0.75% and 1.25%.
- Property operating expenses growth is estimated to be between 1.5% and 2.0%.
- NOI growth is expected to be between 0.25% and 1.00%.
- Management fees and other revenue are projected to be between $22.0 million and $23.0 million.
Headwinds
- General and administrative expenses (excluding equity-based compensation) are expected to be between $38.5 million and $39.5 million.
- Equity-based compensation is projected to be between $4.0 million and $4.5 million.
- Core FFO from unconsolidated real estate ventures is expected to be between $14.5 million and $15.5 million.
- Subordinated performance unit distributions are projected to be between $28.5 million and $29.5 million.
- Wholly-owned acquisitions are expected to be between $400.0 million and $500.0 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 Q3 2020
-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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