Loading...
•
Jun 30, 2020
Extra Space Q2 2020 Earnings Report
Extra Space Storage Inc. reported a mixed performance in Q2 2020, with FFO growth offset by same-store revenue and NOI declines due to COVID-19 impacts.
Key Takeaways
Extra Space Storage Inc. announced its Q2 2020 results, revealing a decrease in net income per share and same-store revenue and NOI, while FFO per share increased slightly. The company's operations were impacted by COVID-19, leading to lower rental rates and reduced fee collection. Due to the uncertainty, the company has elected not to reinstate 2020 annual guidance at this time.
Net income attributable to common stockholders decreased by 1.2% to $0.80 per diluted share compared to Q2 2019.
FFO increased to $1.21 per diluted share, with Core FFO at $1.23 per diluted share, representing a 0.8% increase year-over-year.
Same-store revenue decreased by 3.1%, and same-store NOI decreased by 4.6% compared to the same period in 2019.
Same-store occupancy increased to 94.5% as of June 30, 2020, compared to 93.5% as of June 30, 2019.
Revenue by Segment
Forward Guidance
Due to the continuing uncertainty related to the impacts of the COVID-19 pandemic, the company has elected to not reinstate 2020 annual guidance at this time.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...