National Storage Affiliates Trust Sees FY24 Core FFO $2.40-$2.56; EPS $1.43-$1.59
$NSA
Real Estate Investment Trusts
Real Estate
2024 Guidance
The following table outlines NSA's Core FFO per share guidance estimates and related assumptions for the year ended December 31, 2024.
| Ranges for Full Year 2024 | Actual Results for Full Year 2023 | |||||||||||
| Low | High | |||||||||||
| Core FFO per share(1) | $ | 2.40 | $ | 2.56 | $ | 2.69 | ||||||
| Same store operations(2) | ||||||||||||
| Total revenue growth | (4.0 | )% | 0.0 | % | 2.4 | % | ||||||
| Property operating expenses growth | 3.0 | % | 5.0 | % | 4.7 | % | ||||||
| NOI growth | (6.0 | )% | (2.0 | )% | 1.6 | % | ||||||
| General and administrative expenses | ||||||||||||
| General and administrative expenses (excluding equity-based compensation), in millions | $ | 54.5 | $ | 56.5 | $ | 52.6 | ||||||
| Equity-based compensation, in millions | $ | 7.25 | $ | 7.75 | $ | 6.7 | ||||||
| Management fees and other revenue, in millions | $ | 32.0 | $ | 34.0 | $ | 34.4 | ||||||
| Core FFO from unconsolidated real estate ventures, in millions | $ | 23.5 | $ | 25.5 | $ | 24.6 | ||||||
| Subordinated performance unit distributions, in millions | $ | 40.0 | $ | 44.0 | $ | 49.0 | ||||||
| Acquisitions of self storage properties, in millions | $ | 100.0 | $ | 300.0 | $ | 229.5 | ||||||
| Ranges for Full Year 2024 | |||||||
| Low | High | ||||||
| Earnings per share - diluted | $ | 1.43 | $ | 1.59 | |||
| Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method | 0.08 | 0.02 | |||||
| Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization | 1.73 | 1.83 | |||||
| FFO attributable to subordinated unitholders | (0.34 | ) | (0.38 | ) | |||
| Less gain on sale of self storage properties | (0.51 | ) | (0.51 | ) | |||
| Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs | 0.01 | 0.01 | |||||
| Core FFO per share and unit | $ | 2.40 | $ | 2.56 | |||
| (1) | The table above provides a reconciliation of the range of estimated earnings per share - diluted to estimated Core FFO per share and unit. | |
| (2) | 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. |