National Storage Affiliates Trust

NYSE:NSAUnited States

Oct 30, 2024

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• -- Earnings Flash (NSA) NATIONAL STORAGE AFFILIATES TRUST Posts Q3 FFO $0.62, from 4:43PM ET on Wednesday Oct 30, 2024 by MT Newswires

  4:43PM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: NSA
  04:43 PM EDT, 10/30/2024 (MT Newswires) -- ...

• -- Earnings Flash (NSA) NATIONAL STORAGE AFFILIATES TRUST Posts Q3 Revenue $193.6M, from 4:43PM ET on Wednesday Oct 30, 2024 by MT Newswires

  4:43PM ET on Wednesday Oct 30, 2024 by MT Newswires
  Companies Mentioned: NSA
  04:43 PM EDT, 10/30/2024 (MT Newswires) -- ...

• *DJ Natl Storage Affiliates 3Q EPS 18c >NSA, from 4:05PM ET on Wednesday Oct 30, 2024 by Dow Jones

  4:05PM ET on Wednesday Oct 30, 2024 by Dow Jones
  Companies Mentioned: NSA
  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. All outstanding subordinated performance units and DownREIT subordinated performance units were converted into OP units on July 1, 2024, in connection with the internalization of the PRO structure. 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. (6) Represents the effect of adjusting the numerator to consolidated net income 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(5) . Net Operating Income (dollars in thousands) (unaudited) Three Months Ended Nine Months Ended September 30, September 30, ----------------------- ------------------------- 2024 2023 2024 2023 ------------ --------- ------------ ----------- Net income $ 29,771 $ 43,064 $157,139 $128,932 (Subtract) add: Management fees and other revenue (11,749) (9,550) (30,345) (25,194) General and administrative expenses 13,114 15,100 44,977 44,325 Other 3,643 4,138 10,510 8,531 Depreciation and amortization 47,661 55,842 141,702 168,005 Interest expense 39,575 43,065 114,920 120,706 Equity in losses (earnings) of unconsolidated real estate ventures 4,712 (1,930) 10,791 (5,469) Loss on early extinguishment of debt 323 -- 323 758 Acquisition and integration costs 1,164 341 2,151 1,424 Income tax expense 863 922 2,290 2,855 Gain on sale of self storage properties -- -- (63,841) -- Non-operating expense (income) 83 24 (352) 426 ------- ------- ------- ------- Net Operating Income $129,160 $151,016 $390,265 $445,299 ======= ======= ======= ======= EBITDA and Adjusted EBITDA (dollars in thousands) (unaudited) ----------------------- ------------ --------- ------------ ----------- Three Months Ended Nine Months Ended September 30, September 30, ----------------------- ------------------------- 2024 2023 2024 2023 ------------ --------- ------------ ----------- Net income $ 29,771 $ 43,064 $157,139 $128,932 Add: Depreciation and amortization 47,661 55,842 141,702 168,005 Company's share of unconsolidated real estate ventures depreciation and amortization 5,418 4,287 15,110 13,073 Interest expense 39,575 43,065 114,920 120,706 Income tax expense 863 922 2,290 2,855 Loss on early extinguishment of debt 323 -- 323 758 ------- ------- ------- ------- EBITDA 123,611 147,180 431,484 434,329 Add (subtract): Acquisition costs 287 341 1,274 1,424 Effect of hypothetical liquidation at book value (HLBV) accounting for unconsolidated 2024 Joint Venture(1) 5,458 -- 13,707 -- Gain on sale of self storage properties -- -- (63,841) -- Integration and executive severance costs, excluding equity-based compensation(2) 877 -- 1,100 -- Casualty-related recoveries(3) -- -- -- (522) Equity-based compensation expense 1,911 1,702 6,097 5,028 ------- ------- ------- ------- Adjusted EBITDA $132,144 $149,223 $389,821 $440,259 ======= ======= ======= ======= (1) Reflects the non-cash impact of applying HLBV to the 2024 Joint Venture, which allocates GAAP income (loss) on a hypothetical liquidation of the underlying joint venture at book value as of the reporting date. (2) Integration costs relate to expenses incurred as a part of the internalization of the PRO structure. Executive severance costs are recorded within the line items "General and administrative expenses" and "Non-operating (expense) income" in our consolidated statements of operations. (3) Casualty-related recoveries relate to casualty-related expenses incurred during 2022 and are recorded in the line item "Other" within operating expenses in our consolidated statements of operations.