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