National Storage Affiliates Trust :NSA-US: Earnings Analysis: 2016 By the Numbers : March 2, 2017

National Storage Affiliates Trust reports financial results for the year ended December 31, 2016.

We analyze the earnings along side the following peers of National Storage Affiliates Trust – Acadia Realty Trust and Senior Housing Properties Trust (AKR-US and SNH-US) that have also reported for this period.

Highlights

  • Gross margins widened from 34.91% to 39.78% compared to the same period last year, operating (EBITDA) margins now 41.23% from 35.32%.
  • Earnings growth from operating margin improvements as well as one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income (See complete table at the end of this report):

2016 2015 2014 2013 2012
Relevant Numbers (Annual)
Revenues 199.05 132.22 78.05 40.16 29.28
Revenue Growth (YOY) N/A N/A N/A N/A N/A
Earnings 17.97 12.43 0 -1.25 -3.45
Earnings Growth (YOY) 44.52 0 100 63.7 N/A
Net Margin 9.03 9.4 0 -3.12 -11.79
EPS 0.31 0.17 -0.71 -0.46 -0.15
Return on Equity 2.4 3.41 0 -5.82 N/A
Return on Assets 1.2 1.29 0 -0.46 -1.92

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Earnings Growth Analysis

The company’s earnings growth was influenced by year-on-year improvement in gross margins from 34.91% to 39.78% as well as better cost controls. As a result, operating margins (EBITDA margins) rose from 35.32% to 41.23% compared to the same period last year. For comparison, gross margins were 34.91% and EBITDA margins were 35.32% in the last reporting period.

Gross Margin Versus EBITDA Margin

Quadrant label definitions. Hover to know more

Differentiated; Low Cost, Commodity; Low Cost, Commodity; High Cost, Differentiated; High Cost

Margins

The company’s earnings growth has also been influenced by the following factors: (1) Improvements in operating (EBIT) margins from 4.57% to 13.57% and (2) one-time items. The company’s pretax margins are now 12.49% compared to 3.63% for the same period last year.

EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
EBIT Margin History
PreTax Margin History

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Company Profile

National Storage Affiliates Trust operates as a real estate investment trust. It focused on the ownership, operation, and acquisition of self-storage properties located within the top 100 metropolitan statistical areas throughout the United States. The company was founded by Arlen D. Nordhagen in April 2013 and is headquartered in Greenwood Village, CO.

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