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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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