Loading...
•
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.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com 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
- Weighted average share count at 141,100,000