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Sep 30, 2021
Extra Space Q3 2021 Earnings Report
Extra Space Storage Inc. reported strong Q3 2021 results, marked by significant increases in net income, FFO, and same-store revenue and NOI, driven by record occupancy and rental rates.
Key Takeaways
Extra Space Storage Inc. announced strong operating results for the third quarter of 2021, with a 59.1% increase in net income per diluted share to $1.40, a 41.2% increase in FFO per diluted share to $1.85, and significant growth in same-store revenue and NOI. The company also expanded its portfolio through acquisitions and third-party management agreements.
Net income attributable to common stockholders increased by 59.1% to $1.40 per diluted share.
FFO increased by 41.2% to $1.85 per diluted share.
Same-store revenue increased by 18.4%, and same-store NOI increased by 27.8%.
Same-store occupancy reached 96.7% as of September 30, 2021.
Revenue by Segment
Forward Guidance
The company provided FFO estimates and annual assumptions for the year ending December 31, 2021.
Positive Outlook
- FFO is expected to be between $6.75 and $6.85.
- Core FFO is projected to be between $6.75 and $6.85.
- Same-store revenue growth is anticipated to be between 12.50% and 13.50%.
- Same-store NOI growth is expected to be between 18.00% and 19.50%.
- Net tenant reinsurance income is estimated to be between $141,000,000 and $142,000,000.
Challenges Ahead
- Dilution per share from C of O and value add acquisitions is estimated at $0.11.
- Same-store expense growth is projected to be between -1.00% and 0.00%.
- General and administrative expenses are expected to be between $100,000,000 and $101,000,000.
- Interest expense is estimated to be between $163,500,000 and $164,500,000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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