Update 8/11/15 – NSAT has released its financial statement for the quarter that ended June 30, 2015, showing gains in key areas including core funds from operations (FFO), net operating income (NOI) and occupancy.
The REIT reported core FFO per share of $0.22 during the second quarter, a 10 percent year-over-year increase. Its NOI was $20.8 million, a 100 percent gain compared to the $10.2 million it reported for the same period last year. Same-store NOI was $9.6 million, up 11.8 percent.
“We are very pleased with our results this quarter and year-to-date. Core FFO per share and same-store NOI increased both year-over-year and from last quarter,” said Arlen Nordhagen, CEO. “In addition, we reported strong improvement in our same-store operations, with excellent growth in net operating income, occupancies and rental rates. We believe our differentiated structure positions us to continue with very rapid, accretive growth. With the completion of our IPO [on April 28], we are very well-positioned to create long-term shareholder value."
Same-store revenue was $14.7 million, a 6.8 percent increase from a year ago, and driven by a gain of 270 basis points in average occupancy and a 3.6 percent bump in average annualized rental revenue per occupied square foot. Average occupancy was 88.3 percent as of June 30, up from 85.6 percent last year.
The company acquired 21 self-storage properties during the quarter for $93 million. The facilities comprise about 1.3 million rentable square feet in approximately 9,300 units.
Since the quarter ended, NSAT has acquired 12 additional properties for $94 million, adding 900,000 square feet and 6,800 units to its operating portfolio. It has agreements to purchase 18 more properties for $80 million and expects those deals to close during the fourth quarter.
On June 3, NSAT declared a dividend of 15 cents per common share, which was paid on July 15 to holders of record on June 30.
Storage Solutions, which has 29 locations in Arizona and Nevada, also joined the company during the quarter as the REIT’s sixth participating regional operator.
7/16/15 – National Storage Affiliates Trust (NSAT), a Colorado-based real estate investment trust (REIT) specializing in self-storage, will release its financial results for the quarter and six months that ended June 30 after the market closes on Aug. 10. An accompanying conference call will be held at 1 p.m. ET on Aug. 11. Management will accept questions from registered financial analysts after prepared remarks. All other participants will have listen-only capability.
A live webcast of the conference call will be available from the company website at NationalStorageAffiliates.com. The dial-in numbers are 877.407.9711 for U.S. callers and 412.902.1014 for international callers.
After the live webcast, the call will remain available on the NSAT website for 30 days. The replay dial-in number is 877.660.6853 for domestic callers and 201.612.7415 for international callers. The conference number is 13613621.
The REIT recently declared a second-quarter dividend of $0.15 per common share and a quarterly distribution of $0.15 per operating-partnership (OP) unit.
NSAT is a self-administered, self-managed REIT with 246 self-storage facilities in 16 states comprising approximately 14 million net rentable square feet. The company is owned by its affiliate operators, who are contributing their interests in their self-storage assets over the next few years as their current mortgage debt matures.
