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Dec 31, 2019
Extra Space Q4 2019 Earnings Report
Extra Space Storage's Q4 2019 performance showed positive growth, with increases in net income, FFO, and same-store revenue.
Key Takeaways
Extra Space Storage Inc. reported a positive fourth quarter, marked by a 7.5% increase in net income attributable to common stockholders, a 2.5% rise in same-store revenue, and the addition of 41 stores to its third-party management platform.
Net income attributable to common stockholders increased by 7.5% to $0.86 per diluted share.
FFO reached $1.26 per diluted share, with Core FFO at $1.27 per diluted share, a 4.1% increase.
Same-store revenue grew by 2.5%, and same-store NOI increased by 1.0%.
Same-store occupancy was 92.4% as of December 31, 2019, compared to 91.7% the previous year.
Revenue by Segment
Forward Guidance
The company provided FFO estimates and annual assumptions for the year ending December 31, 2020.
Positive Outlook
- FFO is expected to be between $4.96 and $5.05.
- Core FFO is projected to be in the range of $4.99 to $5.08.
- Same-store revenue growth is anticipated to be between 0.75% and 1.75%.
- Net tenant reinsurance income is estimated at $107,000,000 to $108,000,000.
- Management fees, other income, and interest income are projected to be $69,000,000 to $70,000,000.
Challenges Ahead
- Dilution per share from C of O and value add acquisitions is expected to be $0.20.
- Same-store expense growth is projected to be between 4.00% and 5.00%.
- Same-store NOI growth is expected to be between -0.50% and 1.00%.
- Interest expense is estimated to be $179,000,000 to $181,000,000.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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