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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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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