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Dec 31, 2022
Extra Space Q4 2022 Earnings Report
Extra Space Storage Inc. reported strong Q4 2022 results, with increased same-store revenue and NOI, and Core FFO growth.
Key Takeaways
Extra Space Storage Inc. reported Q4 2022 results, featuring a decrease in net income attributable to common stockholders, but an increase in FFO. The company also saw growth in same-store revenue and NOI.
Net income attributable to common stockholders decreased by 24.0% to $1.52 per diluted share.
FFO was $2.09 per diluted share, with Core FFO also at $2.09 per diluted share, representing a 9.4% increase.
Same-store revenue increased by 11.8% and same-store NOI increased by 13.4%.
Same-store occupancy was 94.2% as of December 31, 2022, compared to 95.3% as of December 31, 2021.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com Forward Guidance
The company provided initial Core FFO estimates and annual assumptions for the year ending December 31, 2023.
Positive Outlook
- Core FFO is estimated to be between $8.30 and $8.60 per share.
- Same-store revenue growth is projected to be between 3.75% and 5.25%.
- Net tenant reinsurance income is expected to be between $158,500,000 and $159,500,000.
- Management fees and other income are projected to be between $86,000,000 and $87,000,000.
- Interest income is estimated to be between $87,000,000 and $88,000,000.
Challenges Ahead
- Dilution per share from C of O and value add acquisitions is estimated at $0.25.
- Same-store expense growth is projected to be between 5.00% and 6.00%.
- Weighted average one-month LIBOR/SOFR is projected at 4.77% / 4.68%.
- General and administrative expenses are expected to be between $140,500,000 and $141,500,000.
- Interest expense is estimated to be between $333,000,000 and $336,000,000.