National Storage Affiliates Trust (NYSE:NSA) Q4 2022 Earnings Conference Call February 28, 2023 1:00 PM ET
Company Participants
George Hoglund - Vice President of Investor Relations
Tamara Fischer - Chief Executive Officer
Brandon Togashi - Chief Financial Officer
Dave Bergeon - SVP, Operations
Conference Call Participants
Juan Sanabria - BMO Capital Markets
Smedes Rose - Citi
Todd Thomas - KeyBanc
Michael Goldsmith - UBS
Ronald Kamdem - Morgan Stanley
Wesley Golladay - Robert W. Baird
Operator
Greetings, and welcome to the National Storage Affiliates' Fourth Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [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
We'd like to thank you for joining us today for the fourth quarter 2022 earnings conference
call of National Storage Affiliates Trust. On the line with me here today are NSA's CEO, Tamara Fischer; President and COO, Dave Cramer; and CFO, Brandon Togashi. Following prepared remarks, management will accept questions from registered financial analysts. [Operator Instructions] In addition to the press release distributed yesterday afternoon, we furnished our supplemental package with additional detail on our results, which may be found in the Investor Relations section on our website at nationalstorageaffiliates.com.
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 and represent management's estimates as of today, February 28, 2023. The company assumes no obligation to revise or update any forward-looking statements because of changing market conditions or other circumstances after the date of this conference call.
The company cautions that actual results may differ materially from those projected in any forward-looking statements. For additional detail concerning our forward-looking statements, 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 in the Investor Relations section on our website and in our SEC filings.
I will now turn the call over to Tammy.
Tamara Fischer
Thanks George, and thanks, everyone, for joining our call today. We're very pleased with our fourth quarter results that capped off another impressive year, delivering growth in core FFO per share for the year of over 24%, the second highest year of growth for us since our IPO in 2015. Our same store growth for the year of almost 15% culminated a record three year period where same store NOI is now more than 40% and FFO per share is now more than 80% higher than the pre-pandemic levels of 2019. During the year, we acquired 53 stores valued at nearly $800 million comprised of 45 wholly owned properties valued at $570 million and 8 properties valued at $215 million that we acquired with our joint venture partners.