National Storage Affiliates (NYSE:NSA) Q4 2019 Earnings Conference Call - Final Transcript

Feb 25, 2020 • 11:00 am ET


National Storage Affiliates (NYSE:NSA) Q4 2019 Earnings Conference Call - Final Transcript


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Greetings, and welcome to the National Storage Affiliates' Fourth Quarter and 2019 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host George Hoglund, Vice President of Investor Relations for National Storage Affiliates. Thank you, Mr. Hoglund. You may begin.

George Hoglund

Good morning. Since this is our first earnings call of the year, I would like to remind everyone that it's a good time to get started on those New Year's resolutions and clean out your garages and basements and put those items into Storage. Remember, garages are for cars and basements are for man caves and rose rooms.

With that, we'd like to thank you for joining us today for the fourth quarter 2019 earnings conference call of National Storage Affiliates Trust. In addition to the press release distributed yesterday, we filed an 8-K with the SEC containing our supplemental package with additional detail on our results and in 8-K with additional detail on the internalization of our largest PRO, which may be found in the Investor Relations section on our website at

On today's call, management's prepared remarks and answers to your questions may contain forward-looking statements that are subject to risks and uncertainties. Company cautions that actual results may differ materially from those projected in any forward-looking statements. For additional detail, please refer to our public filings with the SEC. We also encourage listeners to review the definitions and reconciliations of non-GAAP financial measures, such as FFO, core FFO and net operating income contained in the supplemental information package available on the Investor Relation section on our website and SEC filings.

Today's conference call is hosted by National Storage Affiliates' Executive Chairman, Arlen Nordhagen; President and CEO, Tamara Fischer; and Chief Financial Officer; Brandon Togashi. Following prepared remarks, management will accept questions from registered financial analysts.

I will now turn the call over to Arlen.

Arlen Nordhagen

Thanks, George, and thank you all for joining our call. Today's call will wrap up my final reporting year as NSA's CEO. I'd like to start out by congratulating Tammy, on officially taking over as CEO and Brandon as CFO effective January 1st. I look forward to Tammy, leading NSA through its next growth phase and continuing the stellar track record that we've put together. With my transitioned into the Executive Chairman role, you can expect my participation on earnings calls and at investor conferences will be reduced going forward. However, I remain actively engaged and focused on overall Company strategy, key investments and PRO recruitment.

We wrapped up 2019 with another stellar quarter and full-year performance with results ahead of our expectations and same-store revenue, NOI and core FFO per share growth that we're confident, or once again, we have the top of our peer group. We also grew our total portfolio by 10% on both the property count and dollar value basis.

I'll let Tammy and Brandon to go into the details on our year, while I address the announcement