NYSE$NSA
National Storage Affiliates Trust · Q4 2024 earnings
Q4 2024 earnings · · After market close · Investor relations
Briefing
National Storage Affiliates Trust reported its fourth quarter and full year 2024 results, highlighting a decrease in net income and Core FFO per share compared to the previous year, primarily due to decreased NOI and property sales.
National Storage Affiliates Trust reported a net income of $26.1 million for Q4 2024, a significant decrease of 75.8% compared to Q4 2023. Diluted earnings per share were $0.15, down from $0.72 in the prior year. Core FFO per share was $0.60, an 11.8% decrease. The decline was mainly driven by a 7.5% decrease in same store net operating income, a 4.3% decrease in same store total revenues, and a 4.7% increase in same store property operating expenses.
- Net income for Q4 2024 was $26.1 million, a 75.8% decrease from Q4 2023.
- Diluted earnings per share for Q4 2024 were $0.15, down from $0.72 in Q4 2023.
- Core FFO per share for Q4 2024 was $0.60, an 11.8% decrease from Q4 2023.
- Same store net operating income decreased by 7.5% in Q4 2024, driven by a 4.3% decrease in revenues and a 4.7% increase in operating expenses.
Headline financials
Revenue & EPS history
NSA · Revenue · Quarterly
$190M
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's Core FFO per share guidance for full year 2025 is estimated to be between $2.30 and $2.38. This guidance is based on anticipated total revenue growth between -1.25% and 1.25%, property operating expenses growth between 3.0% and 4.0%, and NOI growth between -2.8% and 0.0%.
Tailwinds
- No debt maturities in 2025, providing financial stability.
- Approximately $512.5 million of available capacity on its $950.0 million revolving line of credit.
- Expected Core FFO from unconsolidated real estate ventures between $21.5 million and $23.5 million.
- Anticipated management fees and other revenue between $49.5 million and $51.5 million.
- Focus on executing operationally and realizing accretion from PRO structure internalization.
Headwinds
- Anticipated same store total revenue growth between -1.25% and 1.25%, indicating potential stagnation.
- Expected same store property operating expenses growth between 3.0% and 4.0%.
- Projected same store NOI growth between -2.8% and 0.0%, suggesting potential decline.
- Uncertainty in the macro environment for 2025.
- Expected dispositions of consolidated and joint venture properties (at share) between $100.0 million and $300.0 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 Q4 2024
-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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