National Storage Affiliates(US:NSA)2020-02-28 11:13Financial Performance - Q4 2019 - Net income for Q4 2019 was $18.8 million, a 30.0% increase compared to Q4 2018[8, 14] - Core FFO for Q4 2019 was $36.8 million, or $0.40 per share, an 8.1% per share increase compared to Q4 2018[8] - Same store NOI growth for Q4 2019 was 3.8%, driven by a 2.8% increase in same store total revenues, partially offset by a 0.3% increase in same store property operating expenses[8] Financial Performance - Full Year 2019 - Net income for full year 2019 was $66.0 million, a 17.2% increase compared to full year 2018[9] - Core FFO for full year 2019 was $140.5 million, or $1.54 per share, an 11.6% per share increase compared to full year 2018[9] - Same store NOI growth for full year 2019 was 5.0%, driven by a 4.0% increase in same store total revenues, partially offset by a 1.6% increase in same store property operating expenses[9] Investment Activity - Acquired seven wholly-owned self storage properties for $32.2 million during Q4 2019[8] - Acquired 69 wholly-owned self storage properties for $447.8 million during full year 2019[9] - Subsequent to year-end, acquired 34 wholly-owned self storage properties for approximately $205.8 million and two joint venture properties totaling approximately $12.1 million[11] Strategic Initiatives - Internalization of SecurCare Self Storage, Inc, the Company's largest PRO, is expected to close during the second quarter of 2020 and is expected to be accretive to Core FFO per share by approximately $0.03 in 2020, or $0.04 - $0.05 on an annualized basis[7, 10, 26]