National Storage Affiliates Trust wrapped up 2016 with strong growth numbers for both the fourth quarter and the entire year.
“2016 was an exceptional year on all fronts for NSA, reflecting the continued execution of our strategic internal and external growth initiatives,” said Arlen Nordhagen, NSA chief executive officer and chairman. “As we move forward into 2017, we look to further expand our platform, drive strong core FFO growth and create value for our shareholders over the long-term.”
Q4 2016 highlights
“NSA posted a net income of $6.1 million for Q4 2016.”
NSA capped off the year with solid figures for the final quarter of 2016. NSA posted a net income of $6.1 million, a $0.7 million year-over-year jump from the $5.4 million in Q4 2015. Core funds from operations increased 25 percent per share for Q4 going from $11.6 million or $0.24 per share in Q4 2015 up to $20 million or $0.30 per share in Q4 2016.
Same-store total revenues grew as well, increasing to $32.3 million, which represented a 6.3 percent growth rate from Q4 2015’s $30.4 million. Meanwhile, same-store net operating income improved to $22.2 million for the final quarter of 2016 after hitting $20.3 million for Q4 2015.
Full-year 2016 highlights
For the entire year, NSA boosted its net income from $4.8 million in 2015 to $24.9 million, an increase of $20.1 million. Core FFO rose from $35.8 million, or $0.92 per share, in 2015 to $65.5 million, or $1.12 per share, a 21.7 percent jump.
Same-store revenue increased 7.7 percent for the year, growing from $118.4 million in 2015 up to $127.5 million in 2016. Same-store NOI improved 10.2 percent to $86.6 million in 2016 after reaching $78.6 million in 2015.
“NSA acquired 107 self storage properties throughout the entire year.”
During the Q4 2016, NSA acquired 31 properties for about $228 million. In addition, NSA, along with a major state pension fund, acquired iStorage and its 66 property portfolio at an aggregated consideration of approximately $630 million. In total, NSA acquired 107 self-storage properties throughout the entire year, investing more than $1.3 billion in consolidated and unconsolidated self-storage properties acquisitions.
At the end of the year, NSA’s total consolidated portfolio sat at 382 self-storage properties, accounting for roughly 23.1 million rentable square feet. Of this space, 88.4 percent was being rented out at the end of 2016.
NSA plans to carry this strong momentum throughout 2017 and into the future. With a greater emphasis on showcasing stores throughout the country and a commitment to delivering high-quality storage solutions at an affordable price, NSA should continue its steady growth trajectory.
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