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Dec 31, 2021
Extra Space Q4 2021 Earnings Report
Extra Space Storage Inc. reported strong Q4 2021 results, marked by significant growth in net income, FFO, and same-store revenue.
Key Takeaways
Extra Space Storage Inc. announced exceptional Q4 2021 results, featuring all-time high occupancy and strong pricing power, leading to a 24.2% increase in same-store NOI. The company's Core FFO grew by 29.1%, driven by both internal and external growth strategies. Management anticipates continued solid storage fundamentals in 2022.
Net income attributable to common stockholders increased by 68.1% to $2.00 per diluted share.
FFO was $1.91 per diluted share, with Core FFO also at $1.91 per diluted share, a 29.1% increase year-over-year.
Same-store revenue increased by 18.3%, and same-store NOI increased by 24.2%.
Same-store occupancy was reported at 95.3% as of December 31, 2021, compared to 94.9% as of December 31, 2020.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com Forward Guidance
The company expects solid storage fundamentals again in 2022, with anticipated same-store revenue growth of 11.5% and Core FFO growth of 13.2% at the mid-points, despite very challenging 2021 comparables.
Positive Outlook
- FFO between $7.70 and $7.95
- Core FFO between $7.70 and $7.95
- Same-store revenue growth between 10.50% and 12.50%
- Net tenant reinsurance income between $153,500,000 and $155,500,000
- Management fees and other income between $76,000,000 and $77,000,000
Challenges Ahead
- Dilution per share from C of O and value add acquisitions of $0.23
- Same-store expense growth between 6.00% and 7.50%
- Weighted average one-month LIBOR of 0.80%
- General and administrative expenses between $121,500,000 and $123,000,000
- Interest expense between $183,500,000 and $185,500,000