According to the latest statistics from National Storage Affiliates, core funds from operations rose to $12.5 million for the first quarter of 2016. This is an increase of around 19 percent per share when compared on a year-over-year basis when Core FFO was about $4.4 million, or $0.21 per share.
First-quarter of the year produces positive growth
NSA reported impressive growth in operating income, in addition to a rise in Core FFO. In fact, net operating income rose close to 43 percent from $18.4 million a year ago to approximately $26.4 million for the first quarter of 2016.
Total revenues for Q1 of 2016 were $39.6 million, which is up 40.1 percent from the first three months of 2015. This increase was largely driven by revenue from 69 new self-storage facilities added between April 1, 2015, and March 31, 2016.
“NSA kicked off 2016 with robust first-quarter results,” said CEO Arlen Nordhagen in a statement. “Same-store average occupancy was up 440 basis points year-over-year, which drove same-store revenue growth of 9.1 percent and same-store NOI growth of 11.3 percent.”
“NSA reported impressive growth for operating income in addition to a rise in Core FFO.”
Nordhagen indicated NSA was pleased with the portfolio expansion, as well as property operating results during the first quarter of the year.
“Our acquisition activity has exceeded our expectations as we closed on 17 self-storage properties during the first quarter of 2016,” he added.
Second-quarter starts off strong
In addition to a successful first quarter, Nordhagen announced that the second quarter is also seeing solid growth.
“The addition of our seventh Participating Regional Operator (“PRO”), Hide-Away Storage Services, Inc. (“Hide-Away”), on April 1, demonstrates our ability to continue to grow our PRO network, expanding our portfolio of self-storage properties,” he noted.
NSA acquired 22 new properties since March 31 and has invested more than $260 million with the addition of more than 2.7 million square feet in rentable self-storage property. This equates to a 17 percent increase in NSA’s geographic footprint since the end of 2015.
“We recently increased our balance sheet flexibility by expanding and extending our credit facility, positioning the company well for its planned future growth,” said Nordhagen.
The future for NSA continues to look promising as expansion and growth are imminent.
SecurCare Self Storage was one of the original PROs to join NSA in 2013 to provide improved storage options for individuals seeking an appropriate solution. If you’re looking for a storage unit, contact us today.