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Sep 30, 2024
Extra Space Q3 2024 Earnings Report
Extra Space Storage Inc. reported its Q3 2024 results, with a decrease in net income but an increase in Core FFO per share. Same-store revenue and NOI experienced slight declines, while ending same-store occupancy increased.
Key Takeaways
Extra Space Storage Inc. announced its Q3 2024 financial results, revealing a mixed performance. While net income attributable to common stockholders decreased by 5.2% year-over-year, Core FFO per share increased by 2.5%. Same-store revenue and NOI saw slight decreases, but the company maintained strong occupancy levels and expanded its third-party management platform.
Net income attributable to common stockholders decreased by 5.2% to $0.91 per diluted share.
Core FFO increased by 2.5% to $2.07 per diluted share.
Same-store revenue decreased by 0.3%, and same-store NOI decreased by 1.0%.
Ending same-store occupancy increased to 94.3% compared to 93.7% in the prior year.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com Forward Guidance
Extra Space Storage provided its outlook for the year ending December 31, 2024, with Core FFO estimates ranging from $8.00 to $8.15. The company anticipates same-store revenue growth between -0.25% and 0.50% for EXR stores and between 0.25% and 1.25% for Legacy LSI stores.
Positive Outlook
- Net tenant reinsurance income is projected to be between $256,000,000 and $258,000,000.
- Management fees and other income are expected to be between $119,000,000 and $120,000,000.
- Interest income is estimated to be between $121,500,000 and $122,500,000.
- Equity in earnings of real estate ventures is projected to be between $64,000,000 and $65,000,000.
- The company anticipates acquisitions totaling $500,000,000.
Challenges Ahead
- EXR Same-store NOI growth is projected to be between (2.25)% and (0.50)%.
- Legacy LSI Same-store NOI growth is projected to be between (1.50)% and 0.50%.
- General and administrative expenses are expected to be between $168,000,000 and $170,000,000.
- Interest expense is estimated to be between $547,000,000 and $550,000,000.
- Income Tax Expense is projected to be between $34,000,000 and $35,000,000.