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Sep 30, 2022
Extra Space Q3 2022 Earnings Report
Extra Space Storage reported strong Q3 2022 results driven by revenue and NOI growth, and strategic acquisition.
Key Takeaways
Extra Space Storage Inc. announced strong operating results for the third quarter of 2022, with a 15.5% increase in same-store revenue and a 16.4% increase in same-store net operating income. The company's Core FFO grew by 19.5%, and it completed the acquisition of Storage Express, which is expected to drive future growth.
Net income attributable to common stockholders increased by 17.9% to $1.65 per diluted share.
Core FFO increased by 19.5% to $2.21 per diluted share.
Same-store revenue increased by 15.5%, and same-store NOI increased by 16.4%.
Acquired 116 operating stores and completed one development for a total cost of approximately $759.9 million.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com Forward Guidance
The company provided its current and initial Core FFO estimates and annual assumptions for the year ending December 31, 2022.
Positive Outlook
- Same-store revenue growth is expected to be between 16.25% and 17.25%.
- Management fees and other income are projected to be between $83.5 million and $84.5 million.
- Interest income is estimated to be between $69 million and $70 million.
- Equity in earnings of real estate ventures is expected to be between $41 million and $42 million.
- The weighted average share count is projected to be 143,000,000.
Challenges Ahead
- Dilution per share from C of O and value add acquisitions is estimated at $0.20.
- Same-store expense growth is projected to be between 8.50% and 9.50%.
- General and administrative expenses are expected to be between $126.5 million and $127.5 million.
- Interest expense is estimated to be between $219 million and $221 million.
- Income Tax Expense is estimated to be between $22 million and $23 million.