NSA Q1 2023 net income down 9.8% YoY; Core FFO per share -2.9%

National Storage Affiliates Trust

2023-Q1 EPS reported $0.24 revenue$207,993,000

Net income $40.4M (-9.8% YoY); diluted EPS $0.24 (flat YoY).
Core FFO $85.9M ($0.66/share, -2.9% YoY) as same-store NOI growth offset by higher interest.
Same-store NOI +4.8% (revenue +5.7%, expenses +8.3%); occupancy 89.8% (-380bps).
Acquired 16 properties for ~$160.5M; repurchased 1.6M shares for $69.3M.
Post-quarter: $120M private placement of 5.75% senior notes due 2028; Kroll affirmed BBB+ stable.

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