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