Earnings OutlookNSA reduced its 2024 core FFO per share outlook to a range of $2.36 and $2.44, with a midpoint of $2.40 that is meaningfully below consensus at $2.49.
Financial PerformanceOperating metrics were weak as same-store revenue decreased 2.8% y/y, average same-store occupancy contracted 320 bps y/y, same-store NOI decreased 2.1% y/y, and same-store NOI margins contracted 210 bps y/y.
Market ConditionsA muted housing market pressuring demand combined with new supply in the Sunbelt are weighing on operations.