National Storage Affiliates Trust :NSA-US: Earnings Analysis: Q4, 2016 By the Numbers : March 3, 2017

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

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

Highlights

  • Summary numbers: Revenues of USD 59.16 million, Net Earnings of USD 8.40 million.
  • Gross margins widened from 39.42% to 40.00% compared to the same period last year, operating (EBITDA) margins now 41.34% from 41.38%.
  • Earnings rose compared to same period last year, despite decline in operating and pretax margins.

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):

2016-12-31 2016-09-30 2016-06-30 2016-03-31 2015-12-31
Relevant Numbers (Quarterly)
Revenues (mil) 59.16 52.03 46.78 39.25 38.3
Revenue Growth (%YOY) 54.48 47.51 49.64 40.64 34.49
Earnings (mil) 8.4 -0.02 7.37 2.21 4.6
Earnings Growth (%YOY) 82.48 -100.34 112.8 0 0
Net Margin (%) 14.19 -0.03 15.74 5.62 12.01
EPS 0.07 -0 0.08 0.07 0.08
Return on Equity (%) 3.73 -0.01 5.29 1.7 3.57
Return on Assets (%) 1.93 -0 2.31 0.77 1.71

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Market Share Versus Profits

Revenues History
Earnings History

NSA-US‘s change in revenue this period compared to the same period last year of 54.48% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that NSA-US is holding onto its market share. Also, for comparison purposes, revenues changed by 13.71% and earnings by 56,073.33% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Leader, Earnings Focus, Laggard, Revenues Focus

Earnings Growth Analysis

The company’s earnings growth has been influenced by the year-on-year improvement in gross margins from 39.42% to 40.00%. However the company’s overhead costs have prevented it from fully capitalizing on these gross margin improvements. In fact, the company’s operating margins (EBITDA margins) showed no improvement over the same period last year.

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

Despite a decline in operating (EBIT) margins as well as a decline in pretax margins, the company’s earnings rose.

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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