National Storage Affiliates Trust (NSA) has reported a 74.89 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $0.56 million, or $0.01 a share in the quarter, compared with $2.21 million, or $0.07 a share for the same period last year.
Revenue during the quarter surged 55.27 percent to $61.56 million from $39.65 million in the previous year period.
Cost of revenue surged 48.75 percent or $6.47 million during the quarter to $19.75 million. Gross margin for the quarter expanded 141 basis points over the previous year period to 67.92 percent.
Total expenses were $45.61 million for the quarter, up 60.02 percent or $17.11 million from year-ago period. Operating margin for the quarter contracted 220 basis points over the previous year period to 25.91 percent.
Operating income for the quarter was $15.95 million, compared with $11.14 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $36.67 million compared with $22.63 million in the prior year period. At the same time, adjusted EBITDA margin improved 249 basis points in the quarter to 59.56 percent from 57.08 percent in the last year period.
Revenue from real estate activities during the quarter surged 55.27 percent or $21.91 million to $61.56 million.
Income from operating leases during the quarter surged 50.24 percent or $19.34 million to $57.84 million.
Income from management fees during the quarter was at $1.84 million. Revenue from other real estate activities during the quarter was $1.88 million, up 63.85 percent or $0.73 million from year-ago period.
Arlen Nordhagen, chief executive officer and chairman, commented, "2017 is off to a great start for NSA, with financial results exceeding our forecasts for the quarter. Same store total revenue grew by 6.6%, driving same store NOI growth of 9.1% during the first quarter. We also closed on the addition of our eighth PRO, Personal Mini Storage, of Orlando, Florida and acquired five self storage properties."
Total assets jumped 61.52 percent or $725.88 million to $1,905.73 million on Mar. 31, 2017. On the other hand, total liabilities were at $927.71 million as on Mar. 31, 2017, up 41.69 percent or $272.96 million from year-ago.
Return on assets moved down 6 basis points to 0.77 percent in the quarter. At the same time, return on equity moved down 36 basis points to 0.06 percent in the quarter.
Debt increases substantially
Total debt was at $893.77 million as on Mar. 31, 2017, up 40.90 percent or $259.46 million from year-ago. Shareholders equity stood at $978.02 million as on Mar. 31, 2017, up 86.25 percent or $452.92 million from year-ago. As a result, debt to equity ratio went down 29 basis points to 0.91 percent in the quarter.
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