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Dec 31, 2020
Extra Space Q4 2020 Earnings Report
Reported fourth quarter and year-end results for 2020, demonstrating strong Core FFO growth and solid rental rate growth.
Key Takeaways
Extra Space Storage Inc. reported a strong fourth quarter with Core FFO growth of 16.5%. The company achieved all-time high occupancy levels and solid rental rate growth. They also added 165 stores to their management platform and invested almost $1 billion in capital in the storage sector.
Net income attributable to common stockholders increased by 38.4% compared to the same period in 2019, reaching $1.19 per diluted share.
Funds from operations attributable to common stockholders and unit holders (FFO) was $1.48 per diluted share.
Same-store revenue increased by 2.3% and same-store net operating income (NOI) increased by 3.4% compared to the same period in 2019.
Same-store occupancy was 94.8% as of December 31, 2020, compared to 92.4% as of December 31, 2019.
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 estimated to be between $5.85 and $6.05.
- Core FFO is estimated to be between $5.85 and $6.05.
- Same-store revenue growth is projected to be between 4.25% and 5.50%.
- Net tenant reinsurance income is expected to be between $130,000,000 and $132,000,000.
- Management fees and other income are projected to be between $58,000,000 and $59,000,000.
Challenges Ahead
- Dilution per share from C of O and value add acquisitions is estimated at $0.16.
- Same-store expense growth is projected to be between 3.50% and 4.50%.
- General and administrative expenses are expected to be between $99,500,000 and $101,500,000.
- Interest expense is projected to be between $160,500,000 and $162,500,000.
- Taxes associated with the Company's taxable REIT subsidiary are estimated to be between $19,000,000 and $20,000,000.