Self-Storage REIT National Storage Affiliates Trust Releases 1Q 2016 Financial Results

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has released its financial statement for the quarter that ended March 31, 2016, showing gains in key areas including core funds from operations (FFO), net operating income (NOI) and occupancy. "NSAT kicked off 2016 with robust first-quarter results,” said Arlen Nordhagen, CEO.

National Storage Affiliates Trust (NSAT), a Maryland real estate investment trust (REIT) specializing in self-storage, has released its financial statement for the quarter that ended March 31, 2016, showing gains in key areas including core funds from operations (FFO), net operating income (NOI) and occupancy. "NSAT kicked off 2016 with robust first-quarter results,” said Arlen Nordhagen, CEO.

The REIT reported core FFO per share of $0.25 during the first quarter, a 19 percent year-over-year increase. Its NOI was $26.4 million, a 42.9 percent gain compared to the $18.4 million it reported for the same period last year. Same-store NOI was $20.4 million, up 11.3 percent.

Same-store revenue was $30.5 million during the quarter, a 9.1 percent increase from a year ago, and driven by a gain of 440 basis points in average occupancy and a 3.9 percent bump in average annualized rental revenue per occupied square foot. Average occupancy was 89.2 percent as of Mach 31, up from 84.8 percent last year.

The company acquired 17 self-storage properties during the quarter for $89 million. The facilities are in six states and comprise about 1.1 million rentable square feet in approximately 7,600 units.

On Feb. 25, the company declared a quarterly dividend of $0.20 per common share, which was paid on March 30 to holders of record on March 15.

Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self-storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has 315 self-storage facilities in 18 states comprising approximately 18.5 million net rentable square feet. It's 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.

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