Extra Space Q1 2022 Earnings Report
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.
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Extra Space Revenue by Segment
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.