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Jun 30, 2024
Extra Space Q2 2024 Earnings Report
Extra Space Storage Inc. reported results for the second quarter of 2024.
Key Takeaways
Extra Space Storage Inc. reported a decrease in net income attributable to common stockholders, primarily due to a loss related to the write down of assets held for sale and non-cash expenses related to the Life Storage Merger. However, the company maintained strong occupancy levels and saw positive revenue growth in both the Extra Space and Life Storage same-store pools.
Net income attributable to common stockholders decreased by 41.3% to $0.88 per diluted share.
FFO was $1.98 per diluted share, with Core FFO at $2.06 per diluted share, flat compared to the prior year.
Same-store revenue increased by 0.6%, while same-store NOI decreased by 1.1%.
Ending same-store occupancy was 94.3% as of June 30, 2024, compared to 94.0% as of June 30, 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
Extra Space Storage Inc. provided Core FFO estimates for the year ending December 31, 2024, with a range of $7.95 to $8.15. The guidance includes assumptions for same-store revenue and expense growth for both the EXR and Legacy LSI portfolios, as well as net tenant reinsurance income, management fees, interest income, and general and administrative expenses.
Positive Outlook
- Net tenant reinsurance income is expected to be between $253 million and $256 million.
- Management fees and other income are projected to be between $119 million and $120 million.
- Interest income is estimated to be between $117 million and $118 million.
- Equity in earnings of real estate ventures is expected to be between $66 million and $67 million.
- Weighted average share count is estimated at 221,866,000.
Challenges Ahead
- EXR Same-store revenue growth is projected to be between -1.00% and 0.50%.
- EXR Same-store NOI growth is expected to be between -3.00% and -0.50%.
- Legacy LSI Same-store NOI growth is projected to be between -1.50% and 1.00%.
- General and administrative expenses are expected to be between $171 million and $173 million.
- Interest expense is estimated to be between $541 million and $545 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income