National Storage Affiliates Trust (NSA) has reported 82.36 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $8.40 million, or $0.07 a share in the quarter, compared with $4.60 million, or $0.08 a share for the same period last year. Revenue during the quarter surged 54.48 percent to $59.16 million from $38.30 million in the previous year period.
Cost of revenue surged 47 percent or $5.99 million during the quarter to $18.73 million. Gross margin for the quarter expanded 161 basis points over the previous year period to 68.34 percent.
Total expenses were $42.60 million for the quarter, up 54.27 percent or $14.98 million from year-ago period. Operating margin for the quarter expanded 10 basis points over the previous year period to 28 percent.
Operating income for the quarter was $16.57 million, compared with $10.69 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $34.96 million compared with $21.78 million in the prior year period. At the same time, adjusted EBITDA margin improved 224 basis points in the quarter to 59.09 percent from 56.86 percent in the last year period.
For fiscal year 2017, the company expects diluted earnings per share to be in the range of $0.23 to $0.40.
Income from operating leases during the quarter surged 54.33 percent or $20.22 million to $57.44 million.
Revenue from other real estate activities during the quarter was $1.72 million, up 59.57 percent or $0.64 million from year-ago period.
Arlen Nordhagen, Chief Executive Officer and Chairman, commented, "2016 was an exceptional year on all fronts for NSA, reflecting the continued execution of our strategic internal and external growth initiatives. We achieved a 10.2% increase in same store NOI and a 21.7% per share increase in Core FFO. Operationally, we drove same store revenue and NOI growth of 7.7% and 10.2%, respectively, while on the external growth front we continue to identify and close high-quality self storage acquisitions in our core growth markets. During 2016, we acquired and made investments in properties totaling over $1.3 billion in value, which included 107 consolidated properties and our entrance into a new joint venture with a portfolio of 66 properties."
Total assets jumped 71.72 percent or $790.23 million to $1,892.09 million on Dec. 31, 2016. On the other hand, total liabilities were at $913.02 million as on Dec. 31, 2016, up 55.85 percent or $327.21 million from year-ago.
Return on assets moved down 22 basis points to 0.69 percent in the quarter. At the same time, return on equity moved down 3 basis points to 0.86 percent in the quarter.
Debt increases substantially
Total debt was at $878.95 million as on Dec. 31, 2016, up 54.80 percent or $311.16 million from year-ago. Shareholders equity stood at $979.07 million as on Dec. 31, 2016, up 89.72 percent or $463.02 million from year-ago. As a result, debt to equity ratio went down 20 basis points to 0.90 percent in the quarter.
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