Loading...
•
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.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com 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.
- Taxes associated with the Company's taxable REIT subsidiary are projected to be between $22,000,000 and $23,000,000.