– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--National Storage Affiliates Trust ("NSA" or the "Company") (NYSE: NSA) today reported the Company’s fourth quarter and full year 2021 results.
Fourth Quarter 2021 Highlights
Full Year 2021 Highlights
Highlights Subsequent to Quarter-End
Tamara Fischer, President and Chief Executive Officer, commented, "2021 was truly a record setting year for NSA on multiple fronts. We invested nearly $2.2 billion in 229 self storage properties located in 37 states and eclipsed the 1,000 store milestone. Our property operating results exceeded our already lofty expectations and we achieved same store NOI growth of 20% year over year. Our significant acquisition volume combined with outstanding property operating results allowed us to deliver growth in Core FFO per share of 39% for the fourth quarter and 32% for full year 2021, representing the largest increases in Core FFO per share growth since NSA went public in 2015."
Ms. Fischer continued, "We are carrying this positive momentum forward into 2022 with the retirement and internalization of one of our largest PROs, Northwest Self Storage. This is the second PRO to be internalized by the Company and further demonstrates the competitive advantage of our unique PRO structure to build scale and deliver value for all of our stakeholders over the long term."
Financial Results
($ in thousands, except per share and unit data) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||||||||||
|
2021 |
|
2020 |
|
Growth |
|
2021 |
|
2020 |
|
Growth |
|||||||||||||
Net income |
$ |
42,895 |
|
$ |
24,517 |
|
75.0 |
% |
|
$ |
146,935 |
|
$ |
79,478 |
|
84.9 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Funds From Operations ("FFO")(1) |
$ |
77,917 |
|
|
$ |
46,184 |
|
|
68.7 |
% |
|
$ |
255,393 |
|
|
$ |
166,911 |
|
|
53.0 |
% |
|||
Add back acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
37.1 |
% |
|
|
1,941 |
|
|
|
2,424 |
|
|
(19.9 |
)% |
|||
Core FFO(1) |
$ |
78,936 |
|
|
$ |
46,927 |
|
|
68.2 |
% |
|
$ |
257,334 |
|
|
$ |
169,335 |
|
|
52.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Earnings (loss) per share - basic |
$ |
0.25 |
|
|
$ |
0.21 |
|
|
19.0 |
% |
|
$ |
1.13 |
|
|
$ |
0.53 |
|
|
113.2 |
% |
|||
Earnings (loss) per share - diluted |
$ |
0.25 |
|
|
$ |
0.18 |
|
|
38.9 |
% |
|
$ |
0.98 |
|
|
$ |
0.53 |
|
|
84.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
FFO per share and unit(1) |
$ |
0.63 |
|
|
$ |
0.46 |
|
|
37.0 |
% |
|
$ |
2.24 |
|
|
$ |
1.69 |
|
|
32.5 |
% |
|||
Core FFO per share and unit(1) |
$ |
0.64 |
|
|
$ |
0.46 |
|
|
39.1 |
% |
|
$ |
2.26 |
|
|
$ |
1.71 |
|
|
32.2 |
% |
|||
(1) |
|
Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information. |
Net income increased $18.4 million for the fourth quarter of 2021 and $67.5 million for the year ended December 31, 2021 ("year-to-date") as compared to the same periods in 2020. These increases resulted primarily from additional NOI generated from the 229 self storage properties acquired during the year ended December 31, 2021, same store NOI growth and increases in equity in earnings from the Company's unconsolidated real estate ventures, partially offset by increases in depreciation and amortization, interest expense and general and administrative expenses.
The increases in FFO and Core FFO for the fourth quarter of 2021 and year-to-date were primarily the result of incremental NOI from properties acquired during the year ended December 31, 2021 and same store NOI growth, partially offset by increases in subordinated performance unit distributions.
Same Store Operating Results (560 Stores)
($ in thousands, except per square foot data) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||||||||
|
2021 |
|
2020 |
|
Growth |
|
2021 |
|
2020 |
|
Growth |
|||||||||||
Total revenues |
$ |
116,561 |
|
|
$ |
99,264 |
|
|
17.4 |
% |
|
$ |
439,332 |
|
|
$ |
381,605 |
|
|
15.1 |
% |
|
Property operating expenses |
|
29,895 |
|
|
|
28,071 |
|
|
6.5 |
% |
|
|
117,672 |
|
|
|
113,165 |
|
|
4.0 |
% |
|
Net Operating Income (NOI) |
$ |
86,666 |
|
|
$ |
71,193 |
|
|
21.7 |
% |
|
$ |
321,660 |
|
|
$ |
268,440 |
|
|
19.8 |
% |
|
NOI Margin |
|
74.4 |
% |
|
|
71.7 |
% |
|
2.7 |
% |
|
|
73.2 |
% |
|
|
70.3 |
% |
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Occupancy |
|
95.5 |
% |
|
|
91.9 |
% |
|
3.6 |
% |
|
|
94.9 |
% |
|
|
89.3 |
% |
|
5.6 |
% |
|
Average Annualized Rental Revenue Per Occupied Square Foot |
$ |
13.87 |
|
|
$ |
12.28 |
|
|
12.9 |
% |
|
$ |
13.15 |
|
|
$ |
12.14 |
|
|
8.3 |
% |
|
Year-over-year same store total revenues increased 17.4% for the fourth quarter of 2021 and 15.1% year-to-date as compared to the same periods in 2020. The increase for the fourth quarter of 2021 was driven primarily by a 360 basis point increase in average occupancy and a 12.9% increase in average annualized rental revenue per occupied square foot. The year-to-date increase was driven primarily by a 560 basis point increase in average occupancy and an 8.3% increase in average annualized rental revenue per occupied square foot. Markets which generated above portfolio average same store total revenue growth for the fourth quarter of 2021 include: Riverside-San Bernardino, Atlanta and Sarasota. Markets which generated below portfolio average same store total revenue growth for the fourth quarter of 2021 include: Oklahoma City, Dallas and Los Angeles. Markets which generated above portfolio average same store total revenue growth for the year ended December 31, 2021 include: Portland, Phoenix and Sarasota. Markets which generated below portfolio average same store total revenue growth for the year ended December 31, 2021 include: Oklahoma City, Dallas and Los Angeles.
Year-over-year same store property operating expenses increased 6.5% for the fourth quarter of 2021 and 4.0% year-to-date as compared to the same periods in 2020. The increases primarily resulted from increases in personnel expense, utilities and repairs and maintenance expense offset by decreases in marketing expense.
Investment Activity
During the fourth quarter, NSA invested over $1.1 billion in the acquisition of 110 self storage properties consisting of approximately 7.7 million rentable square feet configured in approximately 59,300 storage units. Total consideration for these acquisitions included approximately $1.0 billion of net cash, the issuance of approximately $111.2 million of OP units, $5.6 million of subordinated performance units, $0.2 million of 6.000% Series A-1 cumulative redeemable preferred units and the assumption of approximately $5.3 million of other liabilities.
For full year 2021, NSA invested approximately $2.2 billion to acquire 229 self storage properties consisting of approximately 16.0 million rentable square feet configured in approximately 120,000 storage units. Total consideration for these acquisitions included approximately $2.0 billion of net cash, the issuance of approximately $154.0 million of OP units, $40.9 million of subordinated performance units, $0.2 million of 6.000% Series A-1 cumulative redeemable preferred units and the assumption of approximately $14.2 million of other liabilities.
During the fourth quarter, the Company received approximately $137.6 million of net proceeds from the sale of 2,212,000 common shares under the Company's ATM program. For full year 2021, the Company received approximately $306.4 million of net proceeds from the sale of 6,026,726 common shares under the Company's ATM program. The Company used the net proceeds for self storage property acquisitions and to repay borrowings outstanding under its Revolver. As of February 21, 2022, the Company has approximately $169.1 million of capacity remaining under its ATM program.
On November 9, 2021, the Company's operating partnership entered into an agreement to issue $450.0 million of senior unsecured notes, comprised of $75.0 million of 2.72% senior unsecured notes due November 30, 2030 (the "November 2030 Notes"), $175.0 million of 2.81% senior unsecured notes due November 30, 2031 (the "November 2031 Notes"), $125.0 million of 2.96% senior unsecured notes due November 30, 2033 (the "November 2033 Notes") and $75.0 million of 3.06% senior unsecured notes due November 30, 2036 (the "2036 Notes"). On December 14, 2021, the operating partnership issued the November 2030 Notes, November 2031 Notes and the 2036 Notes. On January 28, 2022, the operating partnership issued the November 2033 Notes. The Company used the proceeds for acquisitions, to repay outstanding amounts on its Revolver and for general corporate purposes.
On December 17, 2021, the Company increased the borrowing commitment under the Revolver by $150.0 million to $650.0 million, of which $154.3 million was available at December 31, 2021. As a result of this expansion of Revolver capacity, NSA has total borrowing capacity of $1.55 billion under its credit facility.
Common Share Dividends
On November 18, 2021, NSA's Board of Trustees declared a quarterly cash dividend of $0.45 per common share, representing a 28.6% increase from the fourth quarter 2020. The fourth quarter 2021 dividend was paid on December 30, 2021 to shareholders of record as of December 15, 2021.
For full year 2021, NSA's Board of Trustees declared cash dividends of $1.59 per common share, representing a 17.8% increase from 2020.
The following table outlines NSA's FFO guidance estimates and related assumptions for the year ended December 31, 2022:
|
Ranges for Full Year 2022 |
|
Actual Results for Full Year 2021 |
|||
|
Low |
|
High |
|
||
Core FFO per share(1) |
$2.68 |
|
$2.74 |
|
$2.26 |
|
|
|
|
|
|
|
|
Same store operations(2) |
|
|
|
|
|
|
Total revenue growth |
8.0% |
|
9.5% |
|
15.1% |
|
Property operating expenses growth |
5.25% |
|
6.5% |
|
4.0% |
|
NOI growth |
9.0% |
|
11.0% |
|
19.8% |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
|
|
|
|
General and administrative expenses (excluding equity-based compensation), in millions |
$51.0 |
|
$53.0 |
|
$45.5 |
|
Equity-based compensation, in millions |
$6.5 |
|
$7.0 |
|
$5.5 |
|
|
|
|
|
|
|
|
Management fees and other revenue, in millions |
$26.0 |
|
$28.0 |
|
$24.4 |
|
Core FFO from unconsolidated real estate ventures, in millions |
$22.0 |
|
$23.0 |
|
$20.7 |
|
|
|
|
|
|
|
|
Subordinated performance unit distributions, in millions |
$52.0 |
|
$55.0 |
|
$49.8 |
|
|
|
|
|
|
|
|
Acquisitions of self storage properties, in millions |
$400.0 |
|
$600.0 |
|
$2,175.0 |
|
|
||||
|
Ranges for Full Year 2022 |
|||
|
Low |
|
High |
|
Earnings (loss) per share - diluted |
$1.12 |
|
$1.22 |
|
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method |
0.19 |
|
0.07 |
|
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization |
1.76 |
|
1.86 |
|
FFO attributable to subordinated unitholders |
(0.40) |
|
(0.43) |
|
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs |
0.01 |
|
0.02 |
|
Core FFO per share and unit |
$2.68 |
|
$2.74 |
|
(1) |
The table above provides a reconciliation of the range of estimated earnings (loss) per share - diluted to estimated Core FFO per share and unit. |
|
(2) |
2022 guidance reflects NSA's 2022 same store pool comprising 631 stores. 2021 actual results reflect NSA's 2021 same store pool comprising 560 stores. |
Supplemental Financial Information
The full text of this earnings release and supplemental financial information, including certain financial information referenced in this release, are available on NSA's website at http://ir.nationalstorageaffiliates.com/quarterly-reporting and as exhibit 99.1 to the Company's Form 8-K furnished to the SEC on February 22, 2022.
Non-GAAP Financial Measures & Glossary
This press release contains certain non-GAAP financial measures. These non-GAAP measures are presented because NSA's management believes these measures help investors understand NSA's business, performance and ability to earn and distribute cash to its shareholders by providing perspectives not immediately apparent from net income (loss). These measures are also frequently used by securities analysts, investors and other interested parties. The presentations of FFO, Core FFO and NOI in this press release are not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. In addition, NSA's method of calculating these measures may be different from methods used by other companies, and, accordingly, may not be comparable to similar measures as calculated by other companies that do not use the same methodology as NSA. These measures, and other words and phrases used herein, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information.
Quarterly Teleconference and Webcast
The Company will host a conference call at 1:00 pm Eastern Time on Tuesday, February 22, 2022 to discuss its fourth quarter 2021 financial results. At the conclusion of the call, management will accept questions from certified financial analysts. All other participants are encouraged to listen to a webcast of the call by accessing the link found on the Company's website at www.nationalstorageaffiliates.com.
Conference Call and Webcast:
Date/Time: Tuesday, February 22, 2022, 1:00pm ET
Webcast available at: www.nationalstorageaffiliates.com
Domestic (Toll Free US & Canada): 877.407.9711
International: 412.902.1014
Domestic (Toll Free US & Canada): 877.660.6853
International: 201.612.7415
Conference ID: 13692161
A replay of the call will be available for one week through Tuesday, March 1, 2022. A replay of the webcast will be available for 30 days on NSA's website at www.nationalstorageaffiliates.com.
Upcoming Industry Conference
NSA management is scheduled to participate in Citi's 2022 Global Property CEO Conference on March 6 - 9, 2022 in Hollywood, Florida.
About National Storage Affiliates Trust
National Storage Affiliates Trust is a real estate investment trust headquartered in Greenwood Village, Colorado, focused on the ownership, operation and acquisition of self storage properties predominantly located within the top 100 metropolitan statistical areas throughout the United States. As of December 31, 2021, the Company held ownership interests in and operated 1,050 self storage properties located in 42 states and Puerto Rico with approximately 67.8 million rentable square feet. NSA is one of the largest owners and operators of self storage properties among public and private companies in the United States. For more information, please visit the Company’s website at www.nationalstorageaffiliates.com. NSA is included in the MSCI US REIT Index (RMS/RMZ), the Russell 2000 Index of Companies and the S&P MidCap 400 Index.
NOTE REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute forward-looking statements as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond the Company's control. These forward-looking statements include information about possible or assumed future results of the Company's business, financial condition, liquidity, results of operations, plans and objectives. Changes in any circumstances may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. When used in this release, the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions are intended to identify forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: market trends in the Company's industry, interest rates, the debt and lending markets or the general economy; the Company's business and investment strategy; the acquisition of properties, including those under contract and the Company's ability to execute on its acquisition pipeline; the timing of acquisitions under contract; the internalization of retiring participating regional operators ("PROs") into the Company; negative impacts from the COVID-19 pandemic on the economy, the self storage industry, the broader financial markets, the Company's financial condition, results of operations and cash flows and the ability of the Company's tenants to pay rent; and the Company's guidance estimates for the year ended December 31, 2022. For a further list and description of such risks and uncertainties, see the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission, and the other documents filed by the Company with the Securities and Exchange Commission. The forward-looking statements, and other risks, uncertainties and factors are based on the Company's beliefs, assumptions and expectations of its future performance, taking into account all information currently available to the Company. Forward-looking statements are not predictions of future events. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
National Storage Affiliates Trust Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) |
||||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
REVENUE |
|
|
|
|
|
|
|
|||||||||
Rental revenue |
$ |
161,690 |
|
|
$ |
104,266 |
|
|
$ |
541,547 |
|
|
$ |
394,660 |
|
|
Other property-related revenue |
|
5,643 |
|
|
|
3,852 |
|
|
|
19,750 |
|
|
|
14,524 |
|
|
Management fees and other revenue |
|
6,257 |
|
|
|
5,991 |
|
|
|
24,374 |
|
|
|
23,038 |
|
|
Total revenue |
|
173,590 |
|
|
|
114,109 |
|
|
|
585,671 |
|
|
|
432,222 |
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|||||||||
Property operating expenses |
|
44,542 |
|
|
|
31,091 |
|
|
|
155,265 |
|
|
|
123,486 |
|
|
General and administrative expenses |
|
14,301 |
|
|
|
11,399 |
|
|
|
51,001 |
|
|
|
43,640 |
|
|
Depreciation and amortization |
|
50,854 |
|
|
|
29,827 |
|
|
|
158,312 |
|
|
|
117,174 |
|
|
Other |
|
1,152 |
|
|
|
(522 |
) |
|
|
2,853 |
|
|
|
808 |
|
|
Total operating expenses |
|
110,849 |
|
|
|
71,795 |
|
|
|
367,431 |
|
|
|
285,108 |
|
|
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|||||||||
Interest expense |
|
(19,787 |
) |
|
|
(16,192 |
) |
|
|
(72,062 |
) |
|
|
(62,595 |
) |
|
Equity in earnings of unconsolidated real estate ventures |
|
1,679 |
|
|
|
516 |
|
|
|
5,294 |
|
|
|
265 |
|
|
Acquisition costs |
|
(1,019 |
) |
|
|
(743 |
) |
|
|
(1,941 |
) |
|
|
(2,424 |
) |
|
Non-operating expense |
|
(344 |
) |
|
|
(582 |
) |
|
|
(906 |
) |
|
|
(1,211 |
) |
|
Other expense |
|
(19,471 |
) |
|
|
(17,001 |
) |
|
|
(69,615 |
) |
|
|
(65,965 |
) |
|
Income before income taxes |
|
43,270 |
|
|
|
25,313 |
|
|
|
148,625 |
|
|
|
81,149 |
|
|
Income tax expense |
|
(375 |
) |
|
|
(796 |
) |
|
|
(1,690 |
) |
|
|
(1,671 |
) |
|
Net income |
|
42,895 |
|
|
|
24,517 |
|
|
|
146,935 |
|
|
|
79,478 |
|
|
Net income attributable to noncontrolling interests |
|
(17,422 |
) |
|
|
(6,465 |
) |
|
|
(41,682 |
) |
|
|
(30,869 |
) |
|
Net income attributable to National Storage Affiliates Trust |
|
25,473 |
|
|
|
18,052 |
|
|
|
105,253 |
|
|
|
48,609 |
|
|
Distributions to preferred shareholders |
|
(3,277 |
) |
|
|
(3,275 |
) |
|
|
(13,104 |
) |
|
|
(13,097 |
) |
|
Net income attributable to common shareholders |
$ |
22,196 |
|
|
$ |
14,777 |
|
|
$ |
92,149 |
|
|
$ |
35,512 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings (loss) per share - basic |
$ |
0.25 |
|
|
$ |
0.21 |
|
|
$ |
1.13 |
|
|
$ |
0.53 |
|
|
Earnings (loss) per share - diluted |
$ |
0.25 |
|
|
$ |
0.18 |
|
|
$ |
0.98 |
|
|
$ |
0.53 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding - basic |
|
89,763 |
|
|
|
69,240 |
|
|
|
81,195 |
|
|
|
66,547 |
|
|
Weighted average shares outstanding - diluted |
|
89,763 |
|
|
|
117,090 |
|
|
|
134,538 |
|
|
|
66,607 |
|
|
National Storage Affiliates Trust Consolidated Balance Sheets (dollars in thousands, except per share amounts) (unaudited) |
||||||||
|
December 31, |
|
December 31, |
|||||
|
2021 |
|
2020 |
|||||
ASSETS |
|
|
|
|||||
Real estate |
|
|
|
|||||
Self storage properties |
$ |
5,798,188 |
|
|
$ |
3,639,192 |
|
|
Less accumulated depreciation |
|
(578,717 |
) |
|
|
(443,623 |
) |
|
Self storage properties, net |
|
5,219,471 |
|
|
|
3,195,569 |
|
|
Cash and cash equivalents |
|
25,013 |
|
|
|
18,723 |
|
|
Restricted cash |
|
2,862 |
|
|
|
2,978 |
|
|
Debt issuance costs, net |
|
2,433 |
|
|
|
2,496 |
|
|
Investment in unconsolidated real estate ventures |
|
188,187 |
|
|
|
202,533 |
|
|
Other assets, net |
|
102,417 |
|
|
|
68,149 |
|
|
Operating lease right-of-use assets |
|
22,211 |
|
|
|
23,129 |
|
|
Total assets |
$ |
5,562,594 |
|
|
$ |
3,513,577 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|||||
Liabilities |
|
|
|
|||||
Debt financing |
$ |
2,940,931 |
|
|
$ |
1,916,971 |
|
|
Accounts payable and accrued liabilities |
|
59,262 |
|
|
|
47,043 |
|
|
Interest rate swap liabilities |
|
33,757 |
|
|
|
77,918 |
|
|
Operating lease liabilities |
|
23,981 |
|
|
|
24,756 |
|
|
Deferred revenue |
|
22,208 |
|
|
|
16,414 |
|
|
Total liabilities |
|
3,080,139 |
|
|
|
2,083,102 |
|
|
Equity |
|
|
|
|||||
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,736,719 and 8,732,719 issued and outstanding at December 31, 2021 and December 31, 2020, respectively, at liquidation preference |
|
218,418 |
|
|
|
218,318 |
|
|
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 91,198,929 and 71,293,117 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively |
|
912 |
|
|
|
713 |
|
|
Additional paid-in capital |
|
1,866,773 |
|
|
|
1,050,714 |
|
|
Distributions in excess of earnings |
|
(291,263 |
) |
|
|
(251,704 |
) |
|
Accumulated other comprehensive loss |
|
(19,611 |
) |
|
|
(49,084 |
) |
|
Total shareholders' equity |
|
1,775,229 |
|
|
|
968,957 |
|
|
Noncontrolling interests |
|
707,226 |
|
|
|
461,518 |
|
|
Total equity |
|
2,482,455 |
|
|
|
1,430,475 |
|
|
Total liabilities and equity |
$ |
5,562,594 |
|
|
$ |
3,513,577 |
|
|
Reconciliation of Net Income to FFO and Core FFO (in thousands, except per share and unit amounts) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net income |
$ |
42,895 |
|
|
$ |
24,517 |
|
|
$ |
146,935 |
|
|
$ |
79,478 |
|
|
Add (subtract): |
|
|
|
|
|
|
|
|||||||||
Real estate depreciation and amortization |
|
50,526 |
|
|
|
29,474 |
|
|
|
156,930 |
|
|
|
115,757 |
|
|
Company's share of unconsolidated real estate venture real estate depreciation and amortization |
|
3,845 |
|
|
|
3,869 |
|
|
|
15,408 |
|
|
|
15,297 |
|
|
Mark-to-market changes in value on equity securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
142 |
|
|
Distributions to preferred shareholders and unitholders |
|
(3,519 |
) |
|
|
(3,514 |
) |
|
|
(14,070 |
) |
|
|
(14,055 |
) |
|
FFO attributable to subordinated performance unitholders(1) |
|
(15,830 |
) |
|
|
(8,162 |
) |
|
|
(49,810 |
) |
|
|
(29,708 |
) |
|
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
|
77,917 |
|
|
|
46,184 |
|
|
|
255,393 |
|
|
|
166,911 |
|
|
Add: |
|
|
|
|
|
|
|
|||||||||
Acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
|
1,941 |
|
|
|
2,424 |
|
|
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
$ |
78,936 |
|
|
$ |
46,927 |
|
|
$ |
257,334 |
|
|
$ |
169,335 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares and units outstanding - FFO and Core FFO:(2) |
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding - basic |
|
89,763 |
|
|
|
69,240 |
|
|
|
81,195 |
|
|
|
66,547 |
|
|
Weighted average restricted common shares outstanding |
|
34 |
|
|
|
31 |
|
|
|
33 |
|
|
|
30 |
|
|
Weighted average effect of forward offering agreement(3) |
|
— |
|
|
|
240 |
|
|
|
100 |
|
|
|
60 |
|
|
Weighted average OP units outstanding |
|
30,681 |
|
|
|
29,471 |
|
|
|
30,127 |
|
|
|
29,863 |
|
|
Weighted average DownREIT OP unit equivalents outstanding |
|
1,925 |
|
|
|
1,925 |
|
|
|
1,925 |
|
|
|
1,906 |
|
|
Weighted average LTIP units outstanding |
|
523 |
|
|
|
507 |
|
|
|
542 |
|
|
|
543 |
|
|
Total weighted average shares and units outstanding - FFO and Core FFO |
|
122,926 |
|
|
|
101,414 |
|
|
|
113,922 |
|
|
|
98,949 |
|
|
|
|
|
|
|
|
|
|
|||||||||
FFO per share and unit |
$ |
0.63 |
|
|
$ |
0.46 |
|
|
$ |
2.24 |
|
|
$ |
1.69 |
|
|
Core FFO per share and unit |
$ |
0.64 |
|
|
$ |
0.46 |
|
|
$ |
2.26 |
|
|
$ |
1.71 |
|
|
| (1) | Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented. |
|
| (2) | NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(4) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit. |
|
| (3) | Represents the dilutive effect of the forward offering from the application of the treasury stock method. |
|
| Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit
(in thousands, except per share and unit amounts) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Earnings (loss) per share - diluted |
$ |
0.25 |
|
|
$ |
0.18 |
|
|
$ |
0.98 |
|
|
$ |
0.53 |
|
|
Impact of the difference in weighted average number of shares(4) |
|
(0.07 |
) |
|
|
0.03 |
|
|
|
0.18 |
|
|
|
(0.16 |
) |
|
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5) |
|
0.14 |
|
|
|
— |
|
|
|
— |
|
|
|
0.30 |
|
|
Add real estate depreciation and amortization |
|
0.41 |
|
|
|
0.29 |
|
|
|
1.38 |
|
|
|
1.17 |
|
|
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization |
|
0.03 |
|
|
|
0.04 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
FFO attributable to subordinated performance unitholders |
|
(0.13 |
) |
|
|
(0.08 |
) |
|
|
(0.44 |
) |
|
|
(0.30 |
) |
|
FFO per share and unit |
|
0.63 |
|
|
|
0.46 |
|
|
|
2.24 |
|
|
|
1.69 |
|
|
Add acquisition costs |
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
Core FFO per share and unit |
$ |
0.64 |
|
|
$ |
0.46 |
|
|
$ |
2.26 |
|
|
$ |
1.71 |
|
|
| (4) | Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared. |
|
| (5) | Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(4). |
|
| Net Operating Income
(dollars in thousands) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net income |
$ |
42,895 |
|
|
$ |
24,517 |
|
|
$ |
146,935 |
|
|
$ |
79,478 |
|
|
(Subtract) add: |
|
|
|
|
|
|
|
|||||||||
Management fees and other revenue |
|
(6,257 |
) |
|
|
(5,991 |
) |
|
|
(24,374 |
) |
|
|
(23,038 |
) |
|
General and administrative expenses |
|
14,301 |
|
|
|
11,399 |
|
|
|
51,001 |
|
|
|
43,640 |
|
|
Other |
|
1,152 |
|
|
|
(522 |
) |
|
|
2,853 |
|
|
|
808 |
|
|
Depreciation and amortization |
|
50,854 |
|
|
|
29,827 |
|
|
|
158,312 |
|
|
|
117,174 |
|
|
Interest expense |
|
19,787 |
|
|
|
16,192 |
|
|
|
72,062 |
|
|
|
62,595 |
|
|
Equity in earnings of unconsolidated real estate ventures |
|
(1,679 |
) |
|
|
(516 |
) |
|
|
(5,294 |
) |
|
|
(265 |
) |
|
Acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
|
1,941 |
|
|
|
2,424 |
|
|
Income tax expense |
|
375 |
|
|
|
796 |
|
|
|
1,690 |
|
|
|
1,671 |
|
|
Non-operating expense |
|
344 |
|
|
|
582 |
|
|
|
906 |
|
|
|
1,211 |
|
|
Net Operating Income |
$ |
122,791 |
|
|
$ |
77,027 |
|
|
$ |
406,032 |
|
|
$ |
285,698 |
|
|
EBITDA and Adjusted EBITDA (dollars in thousands) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net income |
$ |
42,895 |
|
$ |
24,517 |
|
$ |
146,935 |
|
$ |
79,478 |
|||||
Add: |
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization |
|
50,854 |
|
|
|
29,827 |
|
|
|
158,312 |
|
|
|
117,174 |
|
|
Company's share of unconsolidated real estate venture depreciation and amortization |
|
3,845 |
|
|
|
3,869 |
|
|
|
15,408 |
|
|
|
15,297 |
|
|
Interest expense |
|
19,787 |
|
|
|
16,192 |
|
|
|
72,062 |
|
|
|
62,595 |
|
|
Income tax expense |
|
375 |
|
|
|
796 |
|
|
|
1,690 |
|
|
|
1,671 |
|
|
EBITDA |
|
117,756 |
|
|
|
75,201 |
|
|
|
394,407 |
|
|
|
276,215 |
|
|
Add (subtract): |
|
|
|
|
|
|
|
|||||||||
Acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
|
1,941 |
|
|
|
2,424 |
|
|
Equity-based compensation expense |
|
1,374 |
|
|
|
1,170 |
|
|
|
5,462 |
|
|
|
4,278 |
|
|
Adjusted EBITDA |
$ |
120,149 |
|
|
$ |
77,114 |
|
|
$ |
401,810 |
|
|
$ |
282,917 |
|
|
GREENWOOD VILLAGE, Colo.— (BUSINESS WIRE) — National Storage Affiliates Trust («АНБ» или «Компания») (NYSE: NSA) сегодня сообщил о результатах компании за четвертый квартал и 2021 год за весь 2021 год.
Основные события четвертого квартала 2021 года
Основные моменты 2021 года
Основные моменты после окончания четверти
Тамара Фишер, президент и главный исполнительный директор, прокомментировала: «2021 год стал действительно рекордным годом для NSA по нескольким направлениям. Мы инвестировали почти 2,2 миллиарда долларов в 229 складских помещений, расположенных в 37 штатах, и превзошли рубеж в 1000 магазинов. превзошли наши и без того высокие ожидания, и мы добились того же роста NOI магазина на 20% в годовом исчислении.Наш значительный объем приобретений в сочетании с выдающимися операционными результатами позволили нам обеспечить рост основного FFO на акцию на 39% в четвертом квартале и 32% в четвертом квартале. полный 2021 год, что представляет собой самый большой рост основного FFO на акцию с тех пор, как NSA стала публичной в 2015 году».
Г-жа Фишер продолжила: «Мы сохраняем эту положительную динамику в 2022 году с выводом на пенсию и интернализацией одного из наших крупнейших PRO, Northwest Self Storage. Это второй PRO, который компания интернализует, и это еще раз демонстрирует конкурентное преимущество уникальная структура PRO для увеличения масштаба и обеспечения ценности для всех наших заинтересованных сторон в долгосрочной перспективе».
Финансовый результат
($ in thousands, except per share and unit data) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||||||||||
|
2021 |
|
2020 |
|
Growth |
|
2021 |
|
2020 |
|
Growth |
|||||||||||||
Net income |
$ |
42,895 |
|
$ |
24,517 |
|
75.0 |
% |
|
$ |
146,935 |
|
$ |
79,478 |
|
84.9 |
% |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Funds From Operations ("FFO")(1) |
$ |
77,917 |
|
|
$ |
46,184 |
|
|
68.7 |
% |
|
$ |
255,393 |
|
|
$ |
166,911 |
|
|
53.0 |
% |
|||
Add back acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
37.1 |
% |
|
|
1,941 |
|
|
|
2,424 |
|
|
(19.9 |
)% |
|||
Core FFO(1) |
$ |
78,936 |
|
|
$ |
46,927 |
|
|
68.2 |
% |
|
$ |
257,334 |
|
|
$ |
169,335 |
|
|
52.0 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Earnings (loss) per share - basic |
$ |
0.25 |
|
|
$ |
0.21 |
|
|
19.0 |
% |
|
$ |
1.13 |
|
|
$ |
0.53 |
|
|
113.2 |
% |
|||
Earnings (loss) per share - diluted |
$ |
0.25 |
|
|
$ |
0.18 |
|
|
38.9 |
% |
|
$ |
0.98 |
|
|
$ |
0.53 |
|
|
84.9 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
FFO per share and unit(1) |
$ |
0.63 |
|
|
$ |
0.46 |
|
|
37.0 |
% |
|
$ |
2.24 |
|
|
$ |
1.69 |
|
|
32.5 |
% |
|||
Core FFO per share and unit(1) |
$ |
0.64 |
|
|
$ |
0.46 |
|
|
39.1 |
% |
|
$ |
2.26 |
|
|
$ |
1.71 |
|
|
32.2 |
% |
|||
(1) |
|
Non-GAAP financial measures, including FFO, Core FFO and NOI, are defined in the Glossary in the supplemental financial information and, where appropriate, reconciliations of these measures and other non-GAAP financial measures to their most directly comparable GAAP measures are included in the Schedules to this press release and in the supplemental financial information. |
Чистая прибыль увеличилась на 18,4 млн долларов США за четвертый квартал 2021 года и на 67,5 млн долларов США за год, закончившийся 31 декабря 2021 года («с начала года»), по сравнению с теми же периодами 2020 года. 229 объектов индивидуального хранения, приобретенных в течение года, закончившегося 31 декабря 2021 г., показывают тот же рост NOI и увеличение собственного капитала в доходах от неконсолидированных предприятий Компании в сфере недвижимости, что частично компенсируется увеличением износа и амортизации, процентных расходов, а также общих и административных расходов.
Увеличение FFO и Core FFO в четвертом квартале 2021 г. и с начала года было в основном результатом увеличения NOI от объектов недвижимости, приобретенных в течение года, закончившегося 31 декабря 2021 г., и того же роста NOI магазина, что частично компенсировалось увеличением подчиненных показателей. единичные распределения.
Те же результаты работы магазина (560 магазинов)
($ in thousands, except per square foot data) |
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||||||||
|
2021 |
|
2020 |
|
Growth |
|
2021 |
|
2020 |
|
Growth |
|||||||||||
Total revenues |
$ |
116,561 |
|
|
$ |
99,264 |
|
|
17.4 |
% |
|
$ |
439,332 |
|
|
$ |
381,605 |
|
|
15.1 |
% |
|
Property operating expenses |
|
29,895 |
|
|
|
28,071 |
|
|
6.5 |
% |
|
|
117,672 |
|
|
|
113,165 |
|
|
4.0 |
% |
|
Net Operating Income (NOI) |
$ |
86,666 |
|
|
$ |
71,193 |
|
|
21.7 |
% |
|
$ |
321,660 |
|
|
$ |
268,440 |
|
|
19.8 |
% |
|
NOI Margin |
|
74.4 |
% |
|
|
71.7 |
% |
|
2.7 |
% |
|
|
73.2 |
% |
|
|
70.3 |
% |
|
2.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Average Occupancy |
|
95.5 |
% |
|
|
91.9 |
% |
|
3.6 |
% |
|
|
94.9 |
% |
|
|
89.3 |
% |
|
5.6 |
% |
|
Average Annualized Rental Revenue Per Occupied Square Foot |
$ |
13.87 |
|
|
$ |
12.28 |
|
|
12.9 |
% |
|
$ |
13.15 |
|
|
$ |
12.14 |
|
|
8.3 |
% |
|
По сравнению с прошлым годом общая выручка того же магазина увеличилась на 17,4% в четвертом квартале 2021 года и на 15,1% с начала года по сравнению с теми же периодами 2020 года. точечное увеличение средней заполняемости и увеличение среднегодового дохода от аренды на 12,9% на занимаемый квадратный фут. Увеличение с начала года было обусловлено главным образом увеличением средней заполняемости на 560 базисных пунктов и увеличением среднегодового дохода от аренды на 8,3% в расчете на один занимаемый квадратный фут. Рынки, которые продемонстрировали рост общей выручки выше среднего по портфелю в четвертом квартале 2021 года, включают: Риверсайд-Сан-Бернардино, Атланта и Сарасота. Рынки, которые продемонстрировали рост общей выручки ниже среднего по портфелю в четвертом квартале 2021 года, включают: Оклахома-Сити, Даллас и Лос-Анджелес. Рынки, которые продемонстрировали рост общей выручки выше среднего по портфелю за год, закончившийся 31 декабря 2021 г., включают: Портленд, Феникс и Сарасота. Рынки, которые продемонстрировали рост общей выручки ниже среднего по портфелю за год, закончившийся 31 декабря 2021 г., включают: Оклахома-Сити, Даллас и Лос-Анджелес.
По сравнению с аналогичным периодом прошлого года операционные расходы на имущество магазина увеличились на 6,5% в четвертом квартале 2021 года и на 4,0% с начала года по сравнению с теми же периодами 2020 года. Увеличение в основном связано с увеличением расходов на персонал, коммунальные услуги и ремонт и расходы на техническое обслуживание компенсируются снижением расходов на маркетинг.
Инвестиционная деятельность
В течение четвертого квартала NSA инвестировало более 1,1 миллиарда долларов в приобретение 110 складских помещений общей площадью около 7,7 миллиона квадратных футов, сконфигурированных примерно из 59 300 единиц хранения. Общее вознаграждение за эти приобретения включало около 1,0 миллиарда долларов чистых денежных средств, выпуск единиц OP на сумму около 111,2 миллиона долларов, субординированных единиц производительности на 5,6 миллиона долларов, 0,2 миллиона долларов 6,000% кумулятивных выкупаемых привилегированных единиц серии A-1 и предположение о приблизительно 5,3 миллиона долларов. прочих обязательств.
За весь 2021 год АНБ инвестировало около 2,2 миллиарда долларов в приобретение 229 объектов индивидуального хранения, состоящих примерно из 16,0 миллионов арендуемых квадратных футов, сконфигурированных примерно из 120 000 единиц хранения. Общее вознаграждение за эти приобретения включало около 2,0 млрд долларов чистых денежных средств, выпуск акций OP на сумму около 154,0 млн долларов, субординированных единиц производительности на 40,9 млн долларов, 0,2 млн долларов 6,000% кумулятивных выкупаемых привилегированных акций серии A-1 и допущение о сумме примерно 14,2 млн долларов. прочих обязательств.
В течение четвертого квартала Компания получила около 137,6 млн долларов чистой выручки от продажи 2 212 000 обыкновенных акций в рамках программы ATM Компании. За полный 2021 год Компания получила около 306,4 млн долларов чистой выручки от продажи 6 026 726 обыкновенных акций в рамках программы ATM Компании. Компания использовала чистую выручку для приобретения имущества для собственного хранения и для погашения займов, непогашенных в соответствии с Револьвером. По состоянию на 21 февраля 2022 года у Компании осталось около 169,1 млн долларов США в рамках программы ATM.
9 ноября 2021 года операционное партнерство Компании заключило соглашение о выпуске старших необеспеченных облигаций на сумму 450,0 млн долларов США, включая 75,0 млн долларов США в виде 2,72% старших необеспеченных облигаций со сроком погашения 30 ноября 2030 года («Ноябрьские облигации 2030 года»), 175,0 млн долларов США в виде Старшие необеспеченные облигации со ставкой 2,81% и сроком погашения 30 ноября 2031 г. («Ноябрьские облигации 2031 г.»), старшие необеспеченные облигации со ставкой 2,96% и сроком погашения 30 ноября 2033 г. на сумму 125,0 млн долларов США («Ноябрьские облигации 2033 г.») и старшие необеспеченные облигации со ставкой 3,06% на сумму 75,0 млн долл. 30 ноября 2036 г. («Заметки 2036 г.»). 14 декабря 2021 г. операционное товарищество выпустило ноябрьские облигации 2030 г., ноябрьские облигации 2031 г. и облигации 2036 г. 28 января 2022 года операционное товарищество выпустило ноябрьские облигации 2033 года. Компания использовала вырученные средства для приобретений, для погашения непогашенных сумм за Revolver и для общих корпоративных целей.
17 декабря 2021 г. Компания увеличила обязательства по займам в рамках Revolver на 150,0 млн долларов США до 650,0 млн долларов США, из которых 154,3 млн долларов США были доступны на 31 декабря 2021 года. 1,55 миллиарда долларов по кредитной линии.
Дивиденды по обыкновенным акциям
18 ноября 2021 г. Совет попечителей АНБ объявил ежеквартальные денежные дивиденды в размере 0,45 долл. США на обыкновенную акцию, что на 28,6% больше, чем в четвертом квартале 2020 г. Дивиденды за четвертый квартал 2021 г. были выплачены 30 декабря 2021 г. акционерам, зарегистрированным на дату 15 декабря 2021 г.
За весь 2021 год Совет попечителей NSA объявил денежные дивиденды в размере 1,59 доллара на обыкновенную акцию, что на 17,8% больше, чем в 2020 году.
В следующей таблице представлены прогнозные оценки NSA по FFO и соответствующие допущения за год, закончившийся 31 декабря 2022 г.:
|
Ranges for Full Year 2022 |
|
Actual Results for Full Year 2021 |
|||
|
Low |
|
High |
|
||
Core FFO per share(1) |
$2.68 |
|
$2.74 |
|
$2.26 |
|
|
|
|
|
|
|
|
Same store operations(2) |
|
|
|
|
|
|
Total revenue growth |
8.0% |
|
9.5% |
|
15.1% |
|
Property operating expenses growth |
5.25% |
|
6.5% |
|
4.0% |
|
NOI growth |
9.0% |
|
11.0% |
|
19.8% |
|
|
|
|
|
|
|
|
General and administrative expenses |
|
|
|
|
|
|
General and administrative expenses (excluding equity-based compensation), in millions |
$51.0 |
|
$53.0 |
|
$45.5 |
|
Equity-based compensation, in millions |
$6.5 |
|
$7.0 |
|
$5.5 |
|
|
|
|
|
|
|
|
Management fees and other revenue, in millions |
$26.0 |
|
$28.0 |
|
$24.4 |
|
Core FFO from unconsolidated real estate ventures, in millions |
$22.0 |
|
$23.0 |
|
$20.7 |
|
|
|
|
|
|
|
|
Subordinated performance unit distributions, in millions |
$52.0 |
|
$55.0 |
|
$49.8 |
|
|
|
|
|
|
|
|
Acquisitions of self storage properties, in millions |
$400.0 |
|
$600.0 |
|
$2,175.0 |
|
|
||||
|
Ranges for Full Year 2022 |
|||
|
Low |
|
High |
|
Earnings (loss) per share - diluted |
$1.12 |
|
$1.22 |
|
Impact of the difference in weighted average number of shares and GAAP accounting for noncontrolling interests, two-class method and treasury stock method |
0.19 |
|
0.07 |
|
Add real estate depreciation and amortization, including NSA's share of unconsolidated venture real estate depreciation and amortization |
1.76 |
|
1.86 |
|
FFO attributable to subordinated unitholders |
(0.40) |
|
(0.43) |
|
Add acquisition costs and NSA's share of unconsolidated real estate venture acquisition costs |
0.01 |
|
0.02 |
|
Core FFO per share and unit |
$2.68 |
|
$2.74 |
|
(1) |
The table above provides a reconciliation of the range of estimated earnings (loss) per share - diluted to estimated Core FFO per share and unit. |
|
(2) |
2022 guidance reflects NSA's 2022 same store pool comprising 631 stores. 2021 actual results reflect NSA's 2021 same store pool comprising 560 stores. |
Дополнительная финансовая информация
Полный текст этого отчета о прибылях и убытках и дополнительная финансовая информация, включая определенную финансовую информацию, указанную в этом отчете, доступны на веб-сайте АНБ по адресу http://ir.nationalstorageaffiliates.com/quarterly-reporting и в качестве приложения 99.1 к форме 8- Компании. K передан SEC 22 февраля 2022 года.
Финансовые показатели не по GAAP и глоссарий
Этот пресс-релиз содержит некоторые финансовые показатели, не относящиеся к GAAP. Эти показатели, не относящиеся к GAAP, представлены потому, что руководство АНБ считает, что эти показатели помогают инвесторам понять бизнес, результаты деятельности и способность АНБ зарабатывать и распределять денежные средства среди своих акционеров, предоставляя перспективы, которые не сразу очевидны из чистой прибыли (убытка). Эти меры также часто используются аналитиками по ценным бумагам, инвесторами и другими заинтересованными сторонами. Презентации FFO, Core FFO и NOI в этом пресс-релизе не предназначены для рассмотрения изолированно или как замена или превосходство финансовой информации, подготовленной и представленной в соответствии с GAAP. Кроме того, метод расчета этих показателей АНБ может отличаться от методов, используемых другими компаниями, и, соответственно, может быть несопоставим с аналогичными показателями, рассчитанными другими компаниями, которые не используют ту же методологию, что и АНБ. Эти показатели, а также другие слова и фразы, используемые в данном документе, определены в Глоссарии в дополнительной финансовой информации, и, где это уместно, сверка этих показателей и других финансовых показателей, не относящихся к GAAP, с их наиболее непосредственно сопоставимыми показателями GAAP включена в Приложения к в данном пресс-релизе и в дополнительной финансовой информации.
Ежеквартальная телеконференция и веб-трансляция
Компания проведет телефонную конференцию в 13:00 по восточному поясному времени во вторник, 22 февраля 2022 года, чтобы обсудить финансовые результаты за четвертый квартал 2021 года. По завершении звонка руководство ответит на вопросы сертифицированных финансовых аналитиков. Всем остальным участникам предлагается прослушать веб-трансляцию звонка, перейдя по ссылке на веб-сайте Компании по адресу www.nationalstorageaffiliates.com.
Конференц-связь и веб-трансляция:
Дата/время: вторник, 22 февраля 2022 г., 13:00 по восточноевропейскому времени.
Веб-трансляция доступна по адресу: www.nationalstorageaffiliates.com
Внутренний (бесплатный номер для США и Канады): 877.407.9711
Международный: 412.902.1014
Внутренний (бесплатный номер для США и Канады): 877.660.6853
Международный: 201.612.7415
Идентификатор конференции: 13692161
Повтор телеконференции будет доступен в течение одной недели до вторника, 1 марта 2022 г. Повтор веб-трансляции будет доступен в течение 30 дней на веб-сайте АНБ по адресу www.nationalstorageaffiliates.com.
Предстоящая отраслевая конференция
Планируется, что руководство NSA примет участие в конференции Citi Global Property CEO Conference 2022, которая пройдет с 6 по 9 марта 2022 года в Голливуде, штат Флорида.
Об National Storage Affiliates Trust
National Storage Affiliates Trust — это инвестиционный траст в сфере недвижимости со штаб-квартирой в Гринвуд-Виллидж, штат Колорадо, специализирующийся на владении, эксплуатации и приобретении складской недвижимости, преимущественно расположенной в 100 крупнейших статистических районах США. По состоянию на 31 декабря 2021 года Компания владела долей собственности и управляла 1050 складскими помещениями, расположенными в 42 штатах и Пуэрто-Рико, площадью около 67,8 млн квадратных футов, которые можно сдавать в аренду. АНБ является одним из крупнейших владельцев и операторов складских помещений среди государственных и частных компаний в Соединенных Штатах. Для получения дополнительной информации посетите веб-сайт Компании по адресу www.nationalstorageaffiliates.com. NSA включено в индекс MSCI US REIT (RMS/RMZ), индекс компаний Russell 2000 и индекс S&P MidCap 400.
примечание относительно прогнозных заявлений
Некоторые заявления, содержащиеся в этом пресс-релизе, представляют собой прогнозные заявления, как этот термин определен в разделе 27A Закона о ценных бумагах 1933 года с поправками и в разделе 21E Закона о ценных бумагах и биржах 1934 года с поправками, и такие заявления предназначены для быть охвачены безопасной гаванью, обеспечиваемой тем же самым. Прогнозные заявления подвержены значительным рискам и неопределенностям, многие из которых трудно предсказать и, как правило, неподконтрольны Компании. Эти прогнозные заявления включают информацию о возможных или предполагаемых будущих результатах деятельности Компании, ее финансовом состоянии, ликвидности, результатах деятельности, планах и целях. Изменения в любых обстоятельствах могут привести к тому, что фактические результаты Компании будут значительно отличаться от тех, которые выражены в любом прогнозном заявлении. При использовании в данном выпуске слова «верить», «ожидать», «предвидеть», «оценивать», «планировать», «продолжать», «намереваться», «следует», «может» или подобные выражения предназначены для обозначения прогнозные заявления. Заявления, касающиеся следующих тем, среди прочего, могут быть прогнозными: рыночные тенденции в отрасли Компании, процентные ставки, долговые и кредитные рынки или экономика в целом; бизнес компании и инвестиционная стратегия; приобретение недвижимости, в том числе по контракту, и способность Компании выполнять свои обязательства по приобретению; сроки приобретения по контракту; интернализация уходящих в отставку региональных операторов ("PRO") в Компанию; негативное воздействие пандемии COVID-19 на экономику, отрасль самообслуживания, финансовые рынки в целом, финансовое состояние Компании, результаты деятельности и денежные потоки, а также способность арендаторов Компании платить арендную плату; и ориентировочные оценки Компании на год, закончившийся 31 декабря 2022 г. Дополнительный список и описание таких рисков и неопределенностей см. в последнем годовом отчете Компании по форме 10-K и последующих квартальных отчетах по форме 10-Q и текущих отчетах. по форме 8-K, поданной в Комиссию по ценным бумагам и биржам, и другим документам, поданным Компанией в Комиссию по ценным бумагам и биржам. Прогнозные заявления, а также другие риски, неопределенности и факторы основаны на убеждениях, предположениях и ожиданиях Компании в отношении ее будущих результатов с учетом всей информации, доступной Компании в настоящее время. Прогнозные заявления не являются прогнозами будущих событий. Компания отказывается от каких-либо намерений или обязательств по обновлению или пересмотру любых прогнозных заявлений, будь то в результате получения новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных законом.
National Storage Affiliates Trust Consolidated Statements of Operations (in thousands, except per share amounts) (unaudited) |
||||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
REVENUE |
|
|
|
|
|
|
|
|||||||||
Rental revenue |
$ |
161,690 |
|
|
$ |
104,266 |
|
|
$ |
541,547 |
|
|
$ |
394,660 |
|
|
Other property-related revenue |
|
5,643 |
|
|
|
3,852 |
|
|
|
19,750 |
|
|
|
14,524 |
|
|
Management fees and other revenue |
|
6,257 |
|
|
|
5,991 |
|
|
|
24,374 |
|
|
|
23,038 |
|
|
Total revenue |
|
173,590 |
|
|
|
114,109 |
|
|
|
585,671 |
|
|
|
432,222 |
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|||||||||
Property operating expenses |
|
44,542 |
|
|
|
31,091 |
|
|
|
155,265 |
|
|
|
123,486 |
|
|
General and administrative expenses |
|
14,301 |
|
|
|
11,399 |
|
|
|
51,001 |
|
|
|
43,640 |
|
|
Depreciation and amortization |
|
50,854 |
|
|
|
29,827 |
|
|
|
158,312 |
|
|
|
117,174 |
|
|
Other |
|
1,152 |
|
|
|
(522 |
) |
|
|
2,853 |
|
|
|
808 |
|
|
Total operating expenses |
|
110,849 |
|
|
|
71,795 |
|
|
|
367,431 |
|
|
|
285,108 |
|
|
OTHER (EXPENSE) INCOME |
|
|
|
|
|
|
|
|||||||||
Interest expense |
|
(19,787 |
) |
|
|
(16,192 |
) |
|
|
(72,062 |
) |
|
|
(62,595 |
) |
|
Equity in earnings of unconsolidated real estate ventures |
|
1,679 |
|
|
|
516 |
|
|
|
5,294 |
|
|
|
265 |
|
|
Acquisition costs |
|
(1,019 |
) |
|
|
(743 |
) |
|
|
(1,941 |
) |
|
|
(2,424 |
) |
|
Non-operating expense |
|
(344 |
) |
|
|
(582 |
) |
|
|
(906 |
) |
|
|
(1,211 |
) |
|
Other expense |
|
(19,471 |
) |
|
|
(17,001 |
) |
|
|
(69,615 |
) |
|
|
(65,965 |
) |
|
Income before income taxes |
|
43,270 |
|
|
|
25,313 |
|
|
|
148,625 |
|
|
|
81,149 |
|
|
Income tax expense |
|
(375 |
) |
|
|
(796 |
) |
|
|
(1,690 |
) |
|
|
(1,671 |
) |
|
Net income |
|
42,895 |
|
|
|
24,517 |
|
|
|
146,935 |
|
|
|
79,478 |
|
|
Net income attributable to noncontrolling interests |
|
(17,422 |
) |
|
|
(6,465 |
) |
|
|
(41,682 |
) |
|
|
(30,869 |
) |
|
Net income attributable to National Storage Affiliates Trust |
|
25,473 |
|
|
|
18,052 |
|
|
|
105,253 |
|
|
|
48,609 |
|
|
Distributions to preferred shareholders |
|
(3,277 |
) |
|
|
(3,275 |
) |
|
|
(13,104 |
) |
|
|
(13,097 |
) |
|
Net income attributable to common shareholders |
$ |
22,196 |
|
|
$ |
14,777 |
|
|
$ |
92,149 |
|
|
$ |
35,512 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings (loss) per share - basic |
$ |
0.25 |
|
|
$ |
0.21 |
|
|
$ |
1.13 |
|
|
$ |
0.53 |
|
|
Earnings (loss) per share - diluted |
$ |
0.25 |
|
|
$ |
0.18 |
|
|
$ |
0.98 |
|
|
$ |
0.53 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding - basic |
|
89,763 |
|
|
|
69,240 |
|
|
|
81,195 |
|
|
|
66,547 |
|
|
Weighted average shares outstanding - diluted |
|
89,763 |
|
|
|
117,090 |
|
|
|
134,538 |
|
|
|
66,607 |
|
|
National Storage Affiliates Trust Consolidated Balance Sheets (dollars in thousands, except per share amounts) (unaudited) |
||||||||
|
December 31, |
|
December 31, |
|||||
|
2021 |
|
2020 |
|||||
ASSETS |
|
|
|
|||||
Real estate |
|
|
|
|||||
Self storage properties |
$ |
5,798,188 |
|
|
$ |
3,639,192 |
|
|
Less accumulated depreciation |
|
(578,717 |
) |
|
|
(443,623 |
) |
|
Self storage properties, net |
|
5,219,471 |
|
|
|
3,195,569 |
|
|
Cash and cash equivalents |
|
25,013 |
|
|
|
18,723 |
|
|
Restricted cash |
|
2,862 |
|
|
|
2,978 |
|
|
Debt issuance costs, net |
|
2,433 |
|
|
|
2,496 |
|
|
Investment in unconsolidated real estate ventures |
|
188,187 |
|
|
|
202,533 |
|
|
Other assets, net |
|
102,417 |
|
|
|
68,149 |
|
|
Operating lease right-of-use assets |
|
22,211 |
|
|
|
23,129 |
|
|
Total assets |
$ |
5,562,594 |
|
|
$ |
3,513,577 |
|
|
LIABILITIES AND EQUITY |
|
|
|
|||||
Liabilities |
|
|
|
|||||
Debt financing |
$ |
2,940,931 |
|
|
$ |
1,916,971 |
|
|
Accounts payable and accrued liabilities |
|
59,262 |
|
|
|
47,043 |
|
|
Interest rate swap liabilities |
|
33,757 |
|
|
|
77,918 |
|
|
Operating lease liabilities |
|
23,981 |
|
|
|
24,756 |
|
|
Deferred revenue |
|
22,208 |
|
|
|
16,414 |
|
|
Total liabilities |
|
3,080,139 |
|
|
|
2,083,102 |
|
|
Equity |
|
|
|
|||||
Preferred shares of beneficial interest, par value $0.01 per share. 50,000,000 authorized, 8,736,719 and 8,732,719 issued and outstanding at December 31, 2021 and December 31, 2020, respectively, at liquidation preference |
|
218,418 |
|
|
|
218,318 |
|
|
Common shares of beneficial interest, par value $0.01 per share. 250,000,000 shares authorized, 91,198,929 and 71,293,117 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively |
|
912 |
|
|
|
713 |
|
|
Additional paid-in capital |
|
1,866,773 |
|
|
|
1,050,714 |
|
|
Distributions in excess of earnings |
|
(291,263 |
) |
|
|
(251,704 |
) |
|
Accumulated other comprehensive loss |
|
(19,611 |
) |
|
|
(49,084 |
) |
|
Total shareholders' equity |
|
1,775,229 |
|
|
|
968,957 |
|
|
Noncontrolling interests |
|
707,226 |
|
|
|
461,518 |
|
|
Total equity |
|
2,482,455 |
|
|
|
1,430,475 |
|
|
Total liabilities and equity |
$ |
5,562,594 |
|
|
$ |
3,513,577 |
|
|
Reconciliation of Net Income to FFO and Core FFO (in thousands, except per share and unit amounts) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net income |
$ |
42,895 |
|
|
$ |
24,517 |
|
|
$ |
146,935 |
|
|
$ |
79,478 |
|
|
Add (subtract): |
|
|
|
|
|
|
|
|||||||||
Real estate depreciation and amortization |
|
50,526 |
|
|
|
29,474 |
|
|
|
156,930 |
|
|
|
115,757 |
|
|
Company's share of unconsolidated real estate venture real estate depreciation and amortization |
|
3,845 |
|
|
|
3,869 |
|
|
|
15,408 |
|
|
|
15,297 |
|
|
Mark-to-market changes in value on equity securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
142 |
|
|
Distributions to preferred shareholders and unitholders |
|
(3,519 |
) |
|
|
(3,514 |
) |
|
|
(14,070 |
) |
|
|
(14,055 |
) |
|
FFO attributable to subordinated performance unitholders(1) |
|
(15,830 |
) |
|
|
(8,162 |
) |
|
|
(49,810 |
) |
|
|
(29,708 |
) |
|
FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
|
77,917 |
|
|
|
46,184 |
|
|
|
255,393 |
|
|
|
166,911 |
|
|
Add: |
|
|
|
|
|
|
|
|||||||||
Acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
|
1,941 |
|
|
|
2,424 |
|
|
Core FFO attributable to common shareholders, OP unitholders, and LTIP unitholders |
$ |
78,936 |
|
|
$ |
46,927 |
|
|
$ |
257,334 |
|
|
$ |
169,335 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average shares and units outstanding - FFO and Core FFO:(2) |
|
|
|
|
|
|
|
|||||||||
Weighted average shares outstanding - basic |
|
89,763 |
|
|
|
69,240 |
|
|
|
81,195 |
|
|
|
66,547 |
|
|
Weighted average restricted common shares outstanding |
|
34 |
|
|
|
31 |
|
|
|
33 |
|
|
|
30 |
|
|
Weighted average effect of forward offering agreement(3) |
|
— |
|
|
|
240 |
|
|
|
100 |
|
|
|
60 |
|
|
Weighted average OP units outstanding |
|
30,681 |
|
|
|
29,471 |
|
|
|
30,127 |
|
|
|
29,863 |
|
|
Weighted average DownREIT OP unit equivalents outstanding |
|
1,925 |
|
|
|
1,925 |
|
|
|
1,925 |
|
|
|
1,906 |
|
|
Weighted average LTIP units outstanding |
|
523 |
|
|
|
507 |
|
|
|
542 |
|
|
|
543 |
|
|
Total weighted average shares and units outstanding - FFO and Core FFO |
|
122,926 |
|
|
|
101,414 |
|
|
|
113,922 |
|
|
|
98,949 |
|
|
|
|
|
|
|
|
|
|
|||||||||
FFO per share and unit |
$ |
0.63 |
|
|
$ |
0.46 |
|
|
$ |
2.24 |
|
|
$ |
1.69 |
|
|
Core FFO per share and unit |
$ |
0.64 |
|
|
$ |
0.46 |
|
|
$ |
2.26 |
|
|
$ |
1.71 |
|
|
| (1) | Amounts represent distributions declared for subordinated performance unitholders and DownREIT subordinated performance unitholders for the periods presented. |
|
| (2) | NSA combines OP units and DownREIT OP units with common shares because, after the applicable lock-out periods, OP units in the Company's operating partnership are redeemable for cash or, at NSA's option, exchangeable for common shares on a one-for-one basis and DownREIT OP units are also redeemable for cash or, at NSA's option, exchangeable for OP units in the Company's operating partnership on a one-for-one basis, subject to certain adjustments in each case. Subordinated performance units, DownREIT subordinated performance units and LTIP units may also, under certain circumstances, be convertible into or exchangeable for common shares (or other units that are convertible into or exchangeable for common shares). See footnote(4) for additional discussion of subordinated performance units, DownREIT subordinated performance units, and LTIP units in the calculation of FFO and Core FFO per share and unit. |
|
| (3) | Represents the dilutive effect of the forward offering from the application of the treasury stock method. |
|
| Reconciliation of Earnings (Loss) Per Share - Diluted to FFO and Core FFO Per Share and Unit
(in thousands, except per share and unit amounts) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Earnings (loss) per share - diluted |
$ |
0.25 |
|
|
$ |
0.18 |
|
|
$ |
0.98 |
|
|
$ |
0.53 |
|
|
Impact of the difference in weighted average number of shares(4) |
|
(0.07 |
) |
|
|
0.03 |
|
|
|
0.18 |
|
|
|
(0.16 |
) |
|
Impact of GAAP accounting for noncontrolling interests, two-class method and treasury stock method(5) |
|
0.14 |
|
|
|
— |
|
|
|
— |
|
|
|
0.30 |
|
|
Add real estate depreciation and amortization |
|
0.41 |
|
|
|
0.29 |
|
|
|
1.38 |
|
|
|
1.17 |
|
|
Add Company's share of unconsolidated real estate venture real estate depreciation and amortization |
|
0.03 |
|
|
|
0.04 |
|
|
|
0.14 |
|
|
|
0.15 |
|
|
FFO attributable to subordinated performance unitholders |
|
(0.13 |
) |
|
|
(0.08 |
) |
|
|
(0.44 |
) |
|
|
(0.30 |
) |
|
FFO per share and unit |
|
0.63 |
|
|
|
0.46 |
|
|
|
2.24 |
|
|
|
1.69 |
|
|
Add acquisition costs |
|
0.01 |
|
|
|
— |
|
|
|
0.02 |
|
|
|
0.02 |
|
|
Core FFO per share and unit |
$ |
0.64 |
|
|
$ |
0.46 |
|
|
$ |
2.26 |
|
|
$ |
1.71 |
|
|
| (4) | Adjustment accounts for the difference between the weighted average number of shares used to calculate diluted earnings per share and the weighted average number of shares used to calculate FFO and Core FFO per share and unit. Diluted earnings per share is calculated using the two-class method for the company's restricted common shares and the treasury stock method for certain unvested LTIP units, and assumes the conversion of vested LTIP units into OP units on a one-for-one basis and the hypothetical conversion of subordinated performance units, and DownREIT subordinated performance units into OP units, even though such units may only be convertible into OP units (i) after a lock-out period and (ii) upon certain events or conditions. For additional information about the conversion of subordinated performance units and DownREIT subordinated performance units into OP units, see Note 10 to the Company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission. The computation of weighted average shares and units for FFO and Core FFO per share and unit includes all restricted common shares and LTIP units that participate in distributions and excludes all subordinated performance units and DownREIT subordinated performance units because their effect has been accounted for through the allocation of FFO to the related unitholders based on distributions declared. |
|
| (5) | Represents the effect of adjusting the numerator to consolidated net income (loss) prior to GAAP allocations for noncontrolling interests, after deducting preferred share and unit distributions, and before the application of the two-class method and treasury stock method, as described in footnote(4). |
|
| Net Operating Income
(dollars in thousands) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net income |
$ |
42,895 |
|
|
$ |
24,517 |
|
|
$ |
146,935 |
|
|
$ |
79,478 |
|
|
(Subtract) add: |
|
|
|
|
|
|
|
|||||||||
Management fees and other revenue |
|
(6,257 |
) |
|
|
(5,991 |
) |
|
|
(24,374 |
) |
|
|
(23,038 |
) |
|
General and administrative expenses |
|
14,301 |
|
|
|
11,399 |
|
|
|
51,001 |
|
|
|
43,640 |
|
|
Other |
|
1,152 |
|
|
|
(522 |
) |
|
|
2,853 |
|
|
|
808 |
|
|
Depreciation and amortization |
|
50,854 |
|
|
|
29,827 |
|
|
|
158,312 |
|
|
|
117,174 |
|
|
Interest expense |
|
19,787 |
|
|
|
16,192 |
|
|
|
72,062 |
|
|
|
62,595 |
|
|
Equity in earnings of unconsolidated real estate ventures |
|
(1,679 |
) |
|
|
(516 |
) |
|
|
(5,294 |
) |
|
|
(265 |
) |
|
Acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
|
1,941 |
|
|
|
2,424 |
|
|
Income tax expense |
|
375 |
|
|
|
796 |
|
|
|
1,690 |
|
|
|
1,671 |
|
|
Non-operating expense |
|
344 |
|
|
|
582 |
|
|
|
906 |
|
|
|
1,211 |
|
|
Net Operating Income |
$ |
122,791 |
|
|
$ |
77,027 |
|
|
$ |
406,032 |
|
|
$ |
285,698 |
|
|
EBITDA and Adjusted EBITDA (dollars in thousands) (unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
Net income |
$ |
42,895 |
|
$ |
24,517 |
|
$ |
146,935 |
|
$ |
79,478 |
|||||
Add: |
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization |
|
50,854 |
|
|
|
29,827 |
|
|
|
158,312 |
|
|
|
117,174 |
|
|
Company's share of unconsolidated real estate venture depreciation and amortization |
|
3,845 |
|
|
|
3,869 |
|
|
|
15,408 |
|
|
|
15,297 |
|
|
Interest expense |
|
19,787 |
|
|
|
16,192 |
|
|
|
72,062 |
|
|
|
62,595 |
|
|
Income tax expense |
|
375 |
|
|
|
796 |
|
|
|
1,690 |
|
|
|
1,671 |
|
|
EBITDA |
|
117,756 |
|
|
|
75,201 |
|
|
|
394,407 |
|
|
|
276,215 |
|
|
Add (subtract): |
|
|
|
|
|
|
|
|||||||||
Acquisition costs |
|
1,019 |
|
|
|
743 |
|
|
|
1,941 |
|
|
|
2,424 |
|
|
Equity-based compensation expense |
|
1,374 |
|
|
|
1,170 |
|
|
|
5,462 |
|
|
|
4,278 |
|
|
Adjusted EBITDA |
$ |
120,149 |
|
|
$ |
77,114 |
|
|
$ |
401,810 |
|
|
$ |
282,917 |
|
|
