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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.
Revenue by Segment
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%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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