Loading...
•
Mar 31, 2024
Extra Space Q1 2024 Earnings Report
Extra Space Storage reported first quarter results, noting a decrease in net income primarily due to non-cash interest and amortization of intangibles related to the Life Storage Merger, but positive year-over-year occupancy growth.
Key Takeaways
Extra Space Storage Inc. reported its first quarter results for 2024, which included a net income of $1.01 per diluted share and Core FFO of $1.96 per diluted share. The company saw a 1.0% increase in same-store revenue and a slight decrease of 0.5% in same-store NOI. Ending same-store occupancy was reported at 93.2%.
Net income attributable to common stockholders was $1.01 per diluted share, a 30.8% decrease year-over-year.
FFO was $1.87 per diluted share, with Core FFO at $1.96 per diluted share, representing a 3.0% decrease year-over-year.
Same-store revenue increased by 1.0%, while same-store NOI decreased by 0.5% compared to the same period last year.
Ending same-store occupancy reached 93.2% as of March 31, 2024, compared to 92.7% as of March 31, 2023.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Property Rental Revenue
CapyFin.comTenant Reinsurance Revenue
CapyFin.comManagement Fees and Other Income Revenue
CapyFin.com Forward Guidance
The company provided Core FFO estimates and assumptions for the year ending December 31, 2024, with Core FFO expected to be between $7.85 and $8.15.
Positive Outlook
- EXR Same-store revenue growth between -2.00% and 0.50%.
- Legacy LSI Same-store revenue growth between 2.00% and 4.50%.
- Net tenant reinsurance income between $248,000,000 and $251,000,000.
- Management fees and other income between $117,500,000 and $118,500,000.
- Interest income between $105,000,000 and $106,000,000.
Challenges Ahead
- Dilution per share from C of O and value add acquisitions of $0.20.
- EXR Same-store expense growth between 4.00% and 5.50%.
- EXR Same-store NOI growth between -4.25% and -0.50%.
- Legacy LSI Same-store expense growth between 6.25% and 7.75%.
- Legacy LSI Same-store NOI growth between -0.25% and 4.00%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income