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Sep 30, 2020
Extra Space Q3 2020 Earnings Report
Extra Space Storage Inc. reported results for the third quarter of 2020.
Key Takeaways
Extra Space Storage Inc. reported a solid third quarter with FFO growth of 5.6%. Demand was healthy and vacates remained muted, resulting in strong occupancy and increased rental rates to new customers.
Net income attributable to common stockholders was $0.88 per diluted share, a 6.0% increase compared to the same period in 2019.
FFO was $1.30 per diluted share, and Core FFO was $1.31 per diluted share, a 5.6% increase compared to the same period in 2019.
Same-store revenue decreased by (1.5)% and same-store NOI decreased by (2.7)% compared to the same period in 2019.
Same-store occupancy was 95.9% as of September 30, 2020, compared to 93.8% as of September 30, 2019.
Revenue by Segment
Forward Guidance
Due to the continuing uncertainty related to the impacts of the COVID-19 pandemic, including the potential for future stay-at-home orders, the uncertain economic climate, and the resulting impact on customer behavior, the Company has elected to not reinstate 2020 annual guidance.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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