National Storage Affiliates Trust ("NSA" or the "Company")
(NYSE: NSA) today reported the Company’s second quarter 2022
results.
Second Quarter 2022 Highlights
- Reported net income of $48.4 million for the second quarter of
2022, an increase of 35.7% compared to the second quarter of 2021.
Reported diluted earnings per share of $0.24 for the second quarter
of 2022 compared to $0.25 for the second quarter of 2021.
- Reported core funds from operations ("Core FFO") of $91.6
million, or $0.71 per share for the second quarter of 2022, an
increase of 29.1% per share compared to the second quarter of
2021.
- Reported an increase in same store net operating income ("NOI")
of 17.3% for the second quarter of 2022 compared to the same period
in 2021, driven by a 14.6% increase in same store total revenues
partially offset by an increase of 7.6% in same store property
operating expenses.
- Reported same store period-end occupancy of 95.2% as of June
30, 2022, a decrease of 140 basis points compared to June 30,
2021.
- Acquired eight wholly-owned self storage properties for
approximately $114.5 million during the second quarter of 2022.
Consideration for these acquisitions included the issuance of $13.9
million of OP equity.
- One of the Company's unconsolidated real estate ventures
acquired seven self storage properties for approximately $207.6
million. The venture financed the acquisition with capital
contributions from the venture members, of which the Company
contributed approximately $51.9 million.
- Executed an agreement with lenders for a new $285 million term
loan which matures in seven years and has an effective, variable
interest rate of 3.34% as of June 30, 2022.
- Announced the promotion of David Cramer, 58, who was previously
the Company's executive vice president and chief operating officer
to the position of president and chief operating officer, effective
July 1, 2022.
- Kroll Bond Rating Agency upgraded the issuer credit rating of
NSA's operating partnership to BBB+ with a Stable Outlook from BBB
with a Positive Outlook.
Highlights Subsequent to Quarter-End
- Acquired six wholly-owned self storage properties for
approximately $71.6 million.
- On July 11, 2022, NSA approved a share repurchase program
authorizing, but not obligating, the repurchase of up to $400
million of NSA's common shares of beneficial interest from time to
time. NSA expects to acquire shares through open market or
privately negotiated transactions. The timing and amount of
repurchase transactions, if any, will be determined by NSA's
management based on its evaluation of market conditions, share
price, legal requirements and other factors.
Tamara Fischer, Chief Executive Officer, commented, “We’re
exceptionally pleased to deliver another quarter of double-digit
growth in same store NOI and Core FFO per share, both of which
remain well above industry historical averages. We were also active
on the acquisition front, closing on the acquisition of 15 stores
valued at over $320 million. As the economy enters more challenging
times, NSA's differentiated structure and exposure to secondary,
suburban and sunbelt markets should continue to benefit all of our
stakeholders." Regarding the establishment of its share repurchase
program, Ms. Fischer continued, “We’re pleased that our board has
authorized the program which provides strategic flexibility to our
capital investment opportunities. Based on our outlook for NSA, the
depressed stock price provides a compelling opportunity to deliver
an outstanding long-term ROI for our shareholders.”
Financial Results
($ in thousands, except per share and unit
data)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
Growth
2022
2021
Growth
Net income
$
48,425
$
35,675
35.7
%
$
93,211
$
63,310
47.2
%
Funds From Operations
("FFO")(1)
$
90,932
$
59,603
52.6
%
$
177,788
$
110,510
60.9
%
Add back acquisition costs
682
118
478.0
%
1,235
410
201.2
%
Core FFO(1)
$
91,614
$
59,721
53.4
%
$
179,023
$
110,920
61.4
%
Earnings per share - basic
$
0.24
$
0.33
(27.3
)%
$
0.48
$
0.58
(17.2
)%
Earnings per share - diluted
$
0.24
$
0.25
(4.0
)%
$
0.48
$
0.44
9.1
%
FFO per share and unit(1)
$
0.70
$
0.55
27.3
%
$
1.37
$
1.03
33.0
%
Core FFO per share and unit(1)
$
0.71
$
0.55
29.1
%
$
1.38
$
1.04
32.7
%
(1)
Non-GAAP financial measures, including
FFO, Core FFO and NOI, are defined in the Glossary in the
supplemental financial information and, where appropriate,
reconciliations of these measures and other non-GAAP financial
measures to their most directly comparable GAAP measures are
included in the Schedules to this press release and in the
supplemental financial information.
Net income increased $12.8 million for the second quarter of
2022 and $29.9 million for the six months ended June 30, 2022
("year-to-date") as compared to the same periods in 2021. These
increases resulted primarily from additional NOI generated from the
206 self storage properties acquired between July 1, 2021 and June
30, 2022, same store NOI growth, increases in management fees and
other revenue, and an increase in equity in earnings from the
Company's unconsolidated real estate ventures, partially offset by
increases in depreciation and amortization, interest expense and
general and administrative expenses.
The increases in FFO and Core FFO for the second quarter of 2022
and year-to-date were primarily the result of incremental NOI from
properties acquired between July 1, 2021 and June 30, 2022 and same
store NOI growth, partially offset by an increase in interest
expense.
Same Store Operating Results (629 Stores)
($ in thousands, except per square foot
data)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
Growth
2022
2021
Growth
Total revenues
$
137,339
$
119,827
14.6
%
$
269,454
$
233,132
15.6
%
Property operating expenses
35,602
33,080
7.6
%
69,833
66,275
5.4
%
Net Operating Income (NOI)
$
101,737
$
86,747
17.3
%
$
199,621
$
166,857
19.6
%
NOI Margin
74.1
%
72.4
%
1.7
%
74.1
%
71.6
%
2.5
%
Average Occupancy
95.1
%
95.2
%
(0.1
) %
94.9
%
93.7
%
1.2
%
Average Annualized Rental Revenue Per
Occupied Square Foot
$
14.55
$
12.66
14.9
%
$
14.30
$
12.51
14.3
%
Year-over-year same store total revenues increased 14.6% for the
second quarter of 2022 and 15.6% year-to-date as compared to the
same periods in 2021. The increase for the second quarter was
driven primarily by a 14.9% increase in average annualized rental
revenue per occupied square foot, partially offset by a 10 basis
point decrease in average occupancy. The year-to-date increase was
driven primarily by a 120 basis point increase in average occupancy
and a 14.3% increase in average annualized rental revenue per
occupied square foot. Markets which generated above portfolio
average same store total revenue growth include: Atlanta,
Riverside-San Bernardino and Sarasota. Markets which generated
below portfolio average same store total revenue growth include:
Portland, Colorado Springs and Kansas City.
Year-over-year same store property operating expenses increased
7.6% for the second quarter of 2022 and 5.4% year-to-date as
compared to the same periods in 2021. The increases primarily
resulted from increases in property tax expense and utilities.
Investment Activity
During the second quarter, NSA invested $114.5 million in the
acquisition of eight wholly-owned self storage properties
consisting of approximately 685,000 rentable square feet configured
in approximately 5,400 storage units. Total consideration for these
acquisitions included approximately $100.0 million of net cash,
$13.9 million of OP units, and the assumption of approximately $0.6
million of other liabilities. Additionally, one of the Company's
unconsolidated real estate ventures acquired seven self storage
properties for approximately $207.6 million. The venture financed
the acquisition with capital contributions from the venture
members, of which the Company contributed approximately $51.9
million.
Balance Sheet
On April 11, 2022, Kroll Bond Rating Agency upgraded the issuer
credit rating of the Company's operating partnership to BBB+ with a
Stable Outlook from BBB with a Positive Outlook.
On June 24, 2022, NSA entered into an agreement with a
syndicated group of lenders for a new $285 million unsecured term
loan, including an expansion option, which, if exercised in full,
would provide for total borrowings of up to $300 million. The term
loan matures in seven years and has an effective, variable interest
rate of 3.34% as of June 30, 2022, and is subject to leverage and
credit rating-based margins ranging from 1.55% to 2.2% over SOFR.
NSA used the proceeds from the term loan to repay outstanding
amounts under its revolving line of credit.
Common Share Dividends
On May 25, 2022, NSA's Board of Trustees declared a quarterly
cash dividend of $0.55 per common share, representing a 45%
increase from the second quarter 2021 and a 10% increase from the
previous quarter. The second quarter 2022 dividend was paid on June
30, 2022 to shareholders of record as of June 15, 2022.
2022 Guidance
NSA reaffirms its previously provided FFO guidance estimates and
related assumptions for the year ended December 31, 2022. The 2022
same store pool changed from 631 stores at March 31, 2022 to 629
stores at June 30, 2022 due to significant expansions at two of our
properties.
Current Ranges for Full
Year 2022
Actual Results for Full Year
2021
Low
High
Core FFO per share(1)
$
2.80
$
2.85
$
2.26
Same store operations(2)
Total revenue growth
11.0
%
13.0
%
15.1
%
Property operating expenses growth
5.0
%
6.25
%
4.0
%
NOI growth
14.0
%
16.0
%
19.8
%
General and administrative expenses
General and administrative expenses
(excluding equity-based compensation), in millions
$
52.0
$
54.0
$
45.5
Equity-based compensation, in millions
$
6.5
$
7.0
$
5.5
Management fees and other revenue, in
millions
$
27.0
$
29.0
$
24.4
Core FFO from unconsolidated real estate
ventures, in millions
$
24.0
$
25.0
$
20.7
Subordinated performance unit
distributions, in millions
$
58.0
$
61.0
$
49.8
Acquisitions of self storage properties,
in millions
$
400.0
$
600.0
$
2,175.0
Current Ranges for Full
Year 2022
Low
High
Earnings (loss) per share -
diluted
$
1.28
$
1.38
Impact of the difference in weighted
average number of shares and GAAP accounting for noncontrolling
interests, two-class method and treasury stock method
0.16
0.02
Add real estate depreciation and
amortization, including NSA's share of unconsolidated venture real
estate depreciation and amortization
1.80
1.90
FFO attributable to subordinated
unitholders
(0.45
)
(0.47
)
Add acquisition costs and NSA's share of
unconsolidated real estate venture acquisition costs
0.01
0.02
Core FFO per share and unit
$
2.80
$
2.85
(1)
The table above provides a reconciliation
of the range of estimated earnings (loss) per share - diluted to
estimated Core FFO per share and unit.
(2)
2022 guidance reflects NSA's 2022 same
store pool comprising 629 stores. 2021 actual results reflect NSA's
2021 same store pool comprising 560 stores.
Supplemental Financial Information
The full text of this earnings release and supplemental
financial information, including certain financial information
referenced in this release, are available on NSA's website at
http://ir.nationalstorageaffiliates.com/quarterly-reporting and as
exhibit 99.1 to the Company's Form 8-K furnished to the SEC on
August 3, 2022.
Non-GAAP Financial Measures & Glossary
This press release contains certain non-GAAP financial measures.
These non-GAAP measures are presented because NSA's management
believes these measures help investors understand NSA's business,
performance and ability to earn and distribute cash to its
shareholders by providing perspectives not immediately apparent
from net income (loss). These measures are also frequently used by
securities analysts, investors and other interested parties. The
presentations of FFO, Core FFO and NOI in this press release are
not intended to be considered in isolation or as a substitute for,
or superior to, the financial information prepared and presented in
accordance with GAAP. In addition, NSA's method of calculating
these measures may be different from methods used by other
companies, and, accordingly, may not be comparable to similar
measures as calculated by other companies that do not use the same
methodology as NSA. These measures, and other words and phrases
used herein, are defined in the Glossary in the supplemental
financial information and, where appropriate, reconciliations of
these measures and other non-GAAP financial measures to their most
directly comparable GAAP measures are included in the Schedules to
this press release and in the supplemental financial
information.
Quarterly Teleconference and Webcast
The Company will host a conference call at 1:00 pm Eastern Time
on Thursday, August 4, 2022 to discuss its second quarter 2022
financial results. At the conclusion of the call, management will
accept questions from certified financial analysts. All other
participants are encouraged to listen to a webcast of the call by
accessing the link found on the Company's website at www.nationalstorageaffiliates.com.
Conference Call and Webcast:
Date/Time: Thursday, August 4, 2022, 1:00 pm ET Webcast
available at: www.nationalstorageaffiliates.com Domestic (Toll
Free US & Canada): 877.407.9711 International: 412.902.1014
Replay:
Domestic (Toll Free US & Canada): 877.660.6853
International: 201.612.7415 Conference ID: 13692161
A replay of the call will be available for one week through
Thursday, August 11, 2022. A replay of the webcast will be
available for 30 days on NSA's website at www.nationalstorageaffiliates.com.
Upcoming Industry Conference
NSA management is scheduled to participate in the BofA
Securities 2022 Global Real Estate Conference September 13 -
September 14, 2022 in New York, New York and in the Evercore 8th
Annual Storage Symposium on September 29, 2022 in New York, New
York.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment
trust headquartered in Greenwood Village, Colorado, focused on the
ownership, operation and acquisition of self storage properties
predominantly located within the top 100 metropolitan statistical
areas throughout the United States. As of June 30, 2022, the
Company held ownership interests in and operated 1,076 self storage
properties located in 42 states and Puerto Rico with approximately
69.9 million rentable square feet. NSA is one of the largest owners
and operators of self storage properties among public and private
companies in the United States. For more information, please visit
the Company’s website at www.nationalstorageaffiliates.com. NSA is included
in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of
Companies and the S&P MidCap 400 Index.
NOTE REGARDING FORWARD LOOKING
STATEMENTS
Certain statements contained in this press release constitute
forward-looking statements as such term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, and such statements
are intended to be covered by the safe harbor provided by the same.
Forward-looking statements are subject to substantial risks and
uncertainties, many of which are difficult to predict and are
generally beyond the Company's control. These forward-looking
statements include information about possible or assumed future
results of the Company's business, financial condition, liquidity,
results of operations, plans and objectives. Changes in any
circumstances may cause the Company's actual results to differ
significantly from those expressed in any forward-looking
statement. When used in this release, the words "believe,"
"expect," "anticipate," "estimate," "plan," "continue," "intend,"
"should," "may" or similar expressions are intended to identify
forward-looking statements. Statements regarding the following
subjects, among others, may be forward-looking: market trends in
the Company's industry, interest rates, inflation, the debt and
lending markets or the general economy; the Company's business and
investment strategy; the acquisition of properties, including those
under contract and the Company's ability to execute on its
acquisition pipeline; the timing of acquisitions under contract;
the internalization of retiring participating regional operators
("PROs") into the Company; negative impacts from the COVID-19
pandemic on the economy, the self storage industry, the broader
financial markets, the Company's financial condition, results of
operations and cash flows and the ability of the Company's tenants
to pay rent; and the Company's guidance estimates for the year
ended December 31, 2022. For a further list and description of such
risks and uncertainties, see the Company's most recent Annual
Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q
and Current Reports on Form 8-K filed with the Securities and
Exchange Commission, and the other documents filed by the Company
with the Securities and Exchange Commission. The forward-looking
statements, and other risks, uncertainties and factors are based on
the Company's beliefs, assumptions and expectations of its future
performance, taking into account all information currently
available to the Company. Forward-looking statements are not
predictions of future events. The Company disclaims any intention
or obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
National Storage Affiliates
Trust
Consolidated Statements of
Operations
(in thousands, except per share
amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
REVENUE
Rental revenue
$
184,636
$
127,310
$
359,105
$
240,437
Other property-related revenue
6,341
4,829
12,507
8,966
Management fees and other revenue
7,913
6,107
14,462
11,835
Total revenue
198,890
138,246
386,074
261,238
OPERATING EXPENSES
Property operating expenses
53,188
36,654
102,546
71,258
General and administrative expenses
14,702
12,450
28,668
23,688
Depreciation and amortization
57,891
36,051
115,963
68,475
Other
525
310
995
707
Total operating expenses
126,306
85,465
248,172
164,128
OTHER (EXPENSE) INCOME
Interest expense
(24,448
)
(17,339
)
(47,095
)
(34,131
)
Equity in earnings of unconsolidated real
estate ventures
1,962
1,174
3,456
1,933
Acquisition costs
(682
)
(118
)
(1,235
)
(410
)
Non-operating expense
(261
)
(148
)
(373
)
(321
)
Gain on sale of self storage
properties
—
—
2,134
—
Other expense, net
(23,429
)
(16,431
)
(43,113
)
(32,929
)
Income before income taxes
49,155
36,350
94,789
64,181
Income tax expense
(730
)
(675
)
(1,578
)
(871
)
Net income
48,425
35,675
93,211
63,310
Net income attributable to noncontrolling
interests
(23,387
)
(6,957
)
(42,945
)
(13,754
)
Net income attributable to National
Storage Affiliates Trust
25,038
28,718
50,266
49,556
Distributions to preferred
shareholders
(3,382
)
(3,276
)
(6,661
)
(6,551
)
Net income attributable to common
shareholders
$
21,656
$
25,442
$
43,605
$
43,005
Earnings per share - basic
$
0.24
$
0.33
$
0.48
$
0.58
Earnings per share - diluted
$
0.24
$
0.25
$
0.48
$
0.44
Weighted average shares outstanding -
basic
91,541
76,712
91,433
74,267
Weighted average shares outstanding -
diluted
91,541
129,578
91,433
126,396
National Storage Affiliates
Trust
Consolidated Balance
Sheets
(dollars in thousands, except per
share amounts)
(unaudited)
June 30,
December 31,
2022
2021
ASSETS
Real estate
Self storage properties
$
6,016,699
$
5,798,188
Less accumulated depreciation
(672,208
)
(578,717
)
Self storage properties, net
5,344,491
5,219,471
Cash and cash equivalents
32,345
25,013
Restricted cash
3,271
2,862
Debt issuance costs, net
1,858
2,433
Investment in unconsolidated real estate
ventures
234,075
188,187
Other assets, net
121,274
102,417
Operating lease right-of-use assets
21,727
22,211
Total assets
$
5,759,041
$
5,562,594
LIABILITIES AND EQUITY
Liabilities
Debt financing
$
3,142,293
$
2,940,931
Accounts payable and accrued
liabilities
68,166
59,262
Interest rate swap liabilities
—
33,757
Operating lease liabilities
23,558
23,981
Deferred revenue
23,711
22,208
Total liabilities
3,257,728
3,080,139
Equity
Preferred shares of beneficial interest,
par value $0.01 per share. 50,000,000 authorized, 9,017,588 and
8,736,719 issued and outstanding at June 30, 2022 and December 31,
2021, respectively, at liquidation preference
225,439
218,418
Common shares of beneficial interest, par
value $0.01 per share. 250,000,000 shares authorized, 91,755,672
and 91,198,929 shares issued and outstanding at June 30, 2022 and
December 31, 2021, respectively
918
912
Additional paid-in capital
1,841,880
1,866,773
Distributions in excess of earnings
(343,834
)
(291,263
)
Accumulated other comprehensive income
(loss)
24,372
(19,611
)
Total shareholders' equity
1,748,775
1,775,229
Noncontrolling interests
752,538
707,226
Total equity
2,501,313
2,482,455
Total liabilities and equity
$
5,759,041
$
5,562,594
Reconciliation of Net Income to FFO and
Core FFO (in thousands, except per share and unit amounts)
(unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net income
$
48,425
$
35,675
$
93,211
$
63,310
Add (subtract):
Real estate depreciation and
amortization
57,581
35,698
115,340
67,768
Company's share of unconsolidated real
estate venture real estate depreciation and amortization
4,324
3,840
8,170
7,721
Gain on sale of self storage
properties
—
—
(2,134
)
—
Distributions to preferred shareholders
and unitholders
(3,652
)
(3,517
)
(7,204
)
(7,034
)
FFO attributable to subordinated
performance unitholders(1)
(15,746
)
(12,093
)
(29,595
)
(21,255
)
FFO attributable to common
shareholders, OP unitholders, and LTIP unitholders
90,932
59,603
177,788
110,510
Add:
Acquisition costs
682
118
1,235
410
Core FFO attributable to common
shareholders, OP unitholders, and LTIP unitholders
$
91,614
$
59,721
$
179,023
$
110,920
Weighted average shares and units
outstanding - FFO and Core FFO:(2)
Weighted average shares outstanding -
basic
91,541
76,712
91,433
74,267
Weighted average restricted common shares
outstanding
28
33
28
29
Weighted average effect of forward
offering agreement(3)
—
—
—
199
Weighted average OP units outstanding
35,390
29,963
35,370
29,858
Weighted average DownREIT OP unit
equivalents outstanding
1,925
1,925
1,925
1,925
Weighted average LTIP units
outstanding
501
536
552
561
Total weighted average shares and units
outstanding - FFO and Core FFO
129,385
109,169
129,308
106,839
FFO per share and unit
$
0.70
$
0.55
$
1.37
$
1.03
Core FFO per share and unit
$
0.71
$
0.55
$
1.38
$
1.04
(1)
Amounts represent distributions declared
for subordinated performance unitholders and DownREIT subordinated
performance unitholders for the periods presented.
(2)
NSA combines OP units and DownREIT OP
units with common shares because, after the applicable lock-out
periods, OP units in the Company's operating partnership are
redeemable for cash or, at NSA's option, exchangeable for common
shares on a one-for-one basis and DownREIT OP units are also
redeemable for cash or, at NSA's option, exchangeable for OP units
in the Company's operating partnership on a one-for-one basis,
subject to certain adjustments in each case. Subordinated
performance units, DownREIT subordinated performance units and LTIP
units may also, under certain circumstances, be convertible into or
exchangeable for common shares (or other units that are convertible
into or exchangeable for common shares). See footnote(4) for
additional discussion of subordinated performance units, DownREIT
subordinated performance units, and LTIP units in the calculation
of FFO and Core FFO per share and unit.
(3)
Represents the dilutive effect of the
forward offering from the application of the treasury stock
method.
Reconciliation of Earnings Per Share - Diluted to FFO and Core
FFO Per Share and Unit(in thousands, except per share and unit
amounts) (unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Earnings per share - diluted
$
0.24
$
0.25
$
0.48
$
0.44
Impact of the difference in weighted
average number of shares(4)
(0.07
)
0.04
(0.14
)
0.09
Impact of GAAP accounting for
noncontrolling interests, two-class method and treasury stock
method(5)
0.18
—
0.33
—
Add real estate depreciation and
amortization
0.44
0.33
0.89
0.63
Add Company's share of unconsolidated real
estate venture real estate depreciation and amortization
0.03
0.04
0.06
0.07
Subtract gain on sale of self storage
properties
—
—
(0.02
)
—
FFO attributable to subordinated
performance unitholders
(0.12
)
(0.11
)
(0.23
)
(0.20
)
FFO per share and unit
0.70
0.55
1.37
1.03
Add acquisition costs
0.01
—
0.01
0.01
Core FFO per share and unit
$
0.71
$
0.55
$
1.38
$
1.04
(4)
Adjustment accounts for the difference
between the weighted average number of shares used to calculate
diluted earnings per share and the weighted average number of
shares used to calculate FFO and Core FFO per share and unit.
Diluted earnings per share is calculated using the two-class method
for the company's restricted common shares and the treasury stock
method for certain unvested LTIP units, and assumes the conversion
of vested LTIP units into OP units on a one-for-one basis and the
hypothetical conversion of subordinated performance units, and
DownREIT subordinated performance units into OP units, even though
such units may only be convertible into OP units (i) after a
lock-out period and (ii) upon certain events or conditions. For
additional information about the conversion of subordinated
performance units and DownREIT subordinated performance units into
OP units, see Note 10 to the Company's most recent Annual Report on
Form 10-K, filed with the Securities and Exchange Commission. The
computation of weighted average shares and units for FFO and Core
FFO per share and unit includes all restricted common shares and
LTIP units that participate in distributions and excludes all
subordinated performance units and DownREIT subordinated
performance units because their effect has been accounted for
through the allocation of FFO to the related unitholders based on
distributions declared.
(5)
Represents the effect of adjusting the
numerator to consolidated net income (loss) prior to GAAP
allocations for noncontrolling interests, after deducting preferred
share and unit distributions, and before the application of the
two-class method and treasury stock method, as described in
footnote(4).
Net Operating Income(dollars in thousands) (unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net income
$
48,425
$
35,675
$
93,211
$
63,310
(Subtract) add:
Management fees and other revenue
(7,913
)
(6,107
)
(14,462
)
(11,835
)
General and administrative expenses
14,702
12,450
28,668
23,688
Other
525
310
995
707
Depreciation and amortization
57,891
36,051
115,963
68,475
Interest expense
24,448
17,339
47,095
34,131
Equity in earnings of unconsolidated real
estate ventures
(1,962
)
(1,174
)
(3,456
)
(1,933
)
Acquisition costs
682
118
1,235
410
Income tax expense
730
675
1,578
871
Gain on sale of self storage
properties
—
—
(2,134
)
—
Non-operating expense
261
148
373
321
Net Operating Income
$
137,789
$
95,485
$
269,066
$
178,145
EBITDA and Adjusted EBITDA (dollars
in thousands) (unaudited)
Three Months Ended June
30,
Six Months Ended June
30,
2022
2021
2022
2021
Net income
$
48,425
$
35,675
$
93,211
$
63,310
Add:
Depreciation and amortization
57,891
36,051
115,963
68,475
Company's share of unconsolidated real
estate venture depreciation and amortization
4,324
3,840
8,170
7,721
Interest expense
24,448
17,339
47,095
34,131
Income tax expense
730
675
1,578
871
EBITDA
135,818
93,580
266,017
174,508
Add (subtract):
Acquisition costs
682
118
1,235
410
Gain on sale of self storage
properties
—
—
(2,134
)
—
Equity-based compensation expense
1,580
1,348
3,124
2,634
Adjusted EBITDA
$
138,080
$
95,046
$
268,242
$
177,552
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220803005825/en/
National Storage Affiliates Trust Investor/Media Relations
George Hoglund, CFA Vice President - Investor Relations
720.630.2160 ghoglund@nsareit.net
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