NYSE$NSA
National Storage Affiliates Trust · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
National Storage Affiliates Trust reported fourth quarter and full year 2023 results.
National Storage Affiliates Trust reported a net income of $108.1 million for the fourth quarter of 2023, a 114.5% increase compared to the fourth quarter of 2022. Core FFO was $83.6 million, or $0.68 per share, a decrease of 4.2% per share compared to the fourth quarter of 2022. Same store NOI decreased by 1.6% due to a rise in property operating expenses.
- Net income increased 114.5% to $108.1 million for the fourth quarter of 2023.
- Core FFO decreased 4.2% per share to $0.68 for the fourth quarter of 2023.
- Same store NOI decreased 1.6% for the fourth quarter of 2023.
- Period-end occupancy decreased to 86.0% as of December 31, 2023, a decrease of 410 basis points compared to December 31, 2022.
Headline financials
Revenue & EPS history
NSA · Revenue · Quarterly
$215M
Revenue by segment
NSA · $219M total across 3 segments · Q3 2023
- Rental Revenue$202M+4.2%92.1%
- Management Fees and Other$9.55M+43.6%4.4%
- Other Property-Related$7.76M+21.3%3.5%
Forward guidance
NSA provided Core FFO per share guidance for the year ended December 31, 2024, with a range of $2.40 to $2.56.
Tailwinds
- Total revenue growth between -4.0% and 0.0%.
- Property operating expenses growth between 3.0% and 5.0%.
- NOI growth between -6.0% and -2.0%.
- General and administrative expenses (excluding equity-based compensation) between $54.5 million and $56.5 million.
- Management fees and other revenue between $32.0 million and $34.0 million.
Headwinds
- Subordinated performance unit distributions between $40.0 million and $44.0 million.
- Acquisitions of self storage properties between $100.0 million and $300.0 million.
- Core FFO from unconsolidated real estate ventures between $23.5 million and $25.5 million.
- 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.
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 Q4 2023
-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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