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Jun 30, 2021
Extra Space Q2 2021 Earnings Report
Extra Space Storage Inc. reported strong second-quarter results, marked by record occupancy and rental rates, leading to substantial same-store NOI growth and increased FFO guidance.
Key Takeaways
Extra Space Storage Inc. announced strong Q2 2021 results, with a 56.3% increase in net income per diluted share, a 33.3% increase in FFO per diluted share, and a 20.2% increase in same-store NOI. The company also increased its FFO guidance for the year by 8.3%.
Net income attributable to common stockholders increased by 56.3% compared to the same period in 2020, reaching $1.25 per diluted share.
FFO attributable to common stockholders and unit holders was $1.64 per diluted share, representing a 33.3% increase compared to the same period in 2020.
Same-store revenue increased by 13.6%, and same-store net operating income (NOI) increased by 20.2% compared to the same period in 2020.
Same-store occupancy reached 97.0% as of June 30, 2021, compared to 94.2% as of June 30, 2020.
Revenue by Segment
Forward Guidance
The company has increased the midpoint of its FFO guidance by 8.3% to $6.53 per share.
Positive Outlook
- FFO guidance raised to $6.45 - $6.60
- Same-store revenue growth expected between 10.00% and 11.00%
- Same-store expense growth expected between 0.00% and 1.00%
- Net tenant reinsurance income projected between $136,500,000 and $137,500,000
- Acquisitions projected at $500,000,000
Challenges Ahead
- Dilution per share from C of O and value add acquisitions estimated at $0.12
- General and administrative expenses projected between $100,000,000 and $101,000,000
- Interest expense projected between $161,500,000 and $162,500,000
- Taxes associated with the Company's taxable REIT subsidiary projected between $20,000,000 and $21,000,000
Historical Earnings Impact
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Avg. Return Before/After Earnings
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