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Mar 31, 2022
Extra Space Q1 2022 Earnings Report
Extra Space Storage Inc. reported first quarter results, demonstrating strong revenue growth and FFO.
Key Takeaways
Extra Space Storage Inc. announced strong first quarter 2022 results, with same-store revenue growth of 21.7% and FFO of $2.01 per diluted share. The company increased its quarterly dividend by 20% and is well-positioned for a strong leasing season.
Net income attributable to common stockholders was $1.51 per diluted share, a 1.3% decrease year-over-year due to a prior year gain.
FFO was $2.01 per diluted share, representing a 34.0% increase compared to the same period in the prior year.
Same-store revenue increased by 21.7% and same-store NOI increased by 27.6% compared to the same period in the prior year.
The company paid a quarterly dividend of $1.50 per share, a 20% increase over the previous quarter.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com Forward Guidance
Extra Space Storage provided estimates for the year ending December 31, 2022, including Core FFO between $8.05 and $8.30 and same-store revenue growth between 13.00% and 15.00%.
Positive Outlook
- Core FFO is projected to be between $8.05 and $8.30 per share.
- Same-store revenue growth is expected to be between 13.00% and 15.00%.
- Net tenant reinsurance income is estimated to be between $152.5 million and $154.5 million.
- Management fees and other income are projected to be between $80.5 million and $81.5 million.
- Interest income is estimated to be between $57.5 million and $58.5 million.
Challenges Ahead
- Dilution per share from C of O and value add acquisitions is estimated at $0.20.
- Same-store expense growth is expected to be between 6.50% and 8.00%.
- General and administrative expenses are projected to be between $121.5 million and $123.0 million.
- Interest expense is estimated to be between $196.5 million and $198.5 million.
- Income Tax Expense is estimated to be between $22.0 million and $23.0 million.