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Mar 31, 2020
Extra Space Q1 2020 Earnings Report
Extra Space Storage Inc. reported solid first quarter results, with same-store revenue growth in-line with expectations and same-store NOI and FFO growth per share ahead of expectations.
Key Takeaways
Extra Space Storage Inc. reported a solid first quarter with a 12.2% increase in net income attributable to common stockholders, reaching $0.83 per diluted share. Funds from operations (FFO) stood at $1.24 per diluted share, with same-store revenue increasing by 1.9% and same-store net operating income (NOI) rising by 1.2%. The company withdrew its 2020 annual guidance due to the uncertainty caused by the COVID-19 pandemic.
Net income attributable to common stockholders increased by 12.2% to $0.83 per diluted share.
Funds from operations (FFO) reached $1.24 per diluted share, representing a 6.9% increase.
Same-store revenue increased by 1.9%, and same-store net operating income (NOI) increased by 1.2%.
The company withdrew its 2020 annual guidance due to the uncertainty caused by the COVID-19 pandemic.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com Forward Guidance
The Company is withdrawing its previously provided FFO estimates and annual assumptions for the year ending December 31, 2020 due to the impact of COVID-19. The Company may reinstate guidance once greater visibility related to stay-at-home orders and other restrictions and their economic impacts become available.