Extra Space Storage Inc. Reports 2021 Third Quarter Results
SALT LAKE CITY, UT - Oct. 27, 2021
Highlights for the three months ended
- Achieved net income attributable to common stockholders of
$1.40 per diluted share, representing a 59.1% increase compared to the same period in 2020. - Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of
$1.85 per diluted share. FFO, excluding adjustments for non-cash interest ("Core FFO"), was also$1.85 per diluted share, representing a 41.2% increase compared to the same period in 2020. - Increased same-store revenue by 18.4% and same-store net operating income ("NOI") by 27.8% compared to the same period in 2020.
- Reported same-store occupancy of 96.7% as of
September 30, 2021 , compared to 95.8% as ofSeptember 30, 2020 . - Acquired 10 operating stores and four stores at completion of construction (a "Certificate of Occupancy store" or "C of O store") for a total cost of approximately
$198.0 million . - In conjunction with joint venture partners, acquired 10 operating stores for a total cost of approximately
$133.6 million , of which the Company invested$13.4 million . - Closed
$75.5 million in mortgage and mezzanine bridge loans, and sold$30.1 million in mortgage bridge loans. - Completed a public bond offering issuing
$600.0 million of 2.35% senior unsecured notes due 2032. - Added 96 stores (gross) to the Company’s third-party management platform. As of
September 30, 2021 , the Company managed 827 stores for third parties and 261 stores in joint ventures, for a total of 1,088 managed stores. - Paid a quarterly dividend of
$1.25 per share, a 25% increase over the second quarter 2021 dividend.
Highlights for the nine months ended
- Achieved net income attributable to common stockholders of
$4.19 per diluted share, representing a 67.6% increase compared to the same period in 2020. - Achieved FFO of
$5.00 per diluted share. Core FFO was also$5.00 per diluted share, representing a 32.3% increase compared to the same period in 2020. - Increased same-store revenue by 12.2% and same-store NOI by 18.1% compared to the same period in 2020.
- Acquired 32 operating stores and six C of O stores for a total cost of approximately
$530.4 million . - In conjunction with joint venture partners, acquired 15 operating stores for a total cost of approximately
$202.2 million , of which the Company invested$20.2 million . - Sold 16 wholly-owned stores into a new joint venture for a total sales price of
$168.9 million , resulting in a gain on real estate transactions of$64.8 million . The Company retained a 55% interest in the joint venture. - Closed
$145.6 million in mortgage and mezzanine bridge loans, and sold$117.9 million in mortgage bridge loans. - Sold 1,600,000 shares of common stock through an overnight offering and an additional 585,685 shares of common stock using the Company’s "at the market" ("ATM") program resulting in total net proceeds of approximately
$273.7 million . - Added 196 stores (gross) to the Company’s third-party management platform.
FFO Per Share:
The following table (unaudited) outlines the Company’s FFO and Core FFO for the three and nine months ended
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||
(per share)1 | (per share)1 | (per share)1 | (per share)1 | ||||||||||||||||||||||||||||
Net income attributable to | $ | 188,276 | $ | 1.40 | $ | 114,633 | $ | 0.88 | $ | 559,222 | $ | 4.19 | $ | 325,723 | $ | 2.50 | |||||||||||||||
Impact of the difference in | (0.07) | (0.05) | (0.23) | (0.15) | |||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Real estate depreciation | 58,177 | 0.41 | 53,909 | 0.38 | 170,462 | 1.21 | 160,202 | 1.16 | |||||||||||||||||||||||
Amortization of intangibles | 1,262 | 0.01 | 247 | — | 2,963 | 0.02 | 1,402 | 0.01 | |||||||||||||||||||||||
Gain on real estate | — | — | — | — | (63,883) | (0.45) | — | — | |||||||||||||||||||||||
Unconsolidated joint venture | 3,051 | 0.02 | 2,279 | 0.02 | 8,635 | 0.06 | 6,667 | 0.05 | |||||||||||||||||||||||
Unconsolidated joint venture | — | — | — | — | (6,251) | (0.04) | — | — | |||||||||||||||||||||||
Distributions paid on Series | (572) | — | (572) | — | (1,716) | (0.01) | (1,716) | (0.01) | |||||||||||||||||||||||
Income allocated to | 11,544 | 0.08 | 9,221 | 0.07 | 34,678 | 0.25 | 25,550 | 0.18 | |||||||||||||||||||||||
FFO | $ | 261,738 | $ | 1.85 | $ | 179,717 | $ | 1.30 | $ | 704,110 | $ | 5.00 | $ | 517,828 | $ | 3.74 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||
Acceleration of share-based | — | — | — | — | — | — | 1,823 | 0.01 | |||||||||||||||||||||||
Non-cash interest expense | — | — | 1,233 | 0.01 | — | — | 3,675 | 0.03 | |||||||||||||||||||||||
CORE FFO | $ | 261,738 | $ | 1.85 | $ | 180,950 | $ | 1.31 | $ | 704,110 | $ | 5.00 | $ | 523,326 | $ | 3.78 | |||||||||||||||
Weighted average number of | 141,315,129 | 138,719,395 | 140,910,152 | 138,415,939 | |||||||||||||||||||||||||||
(1) | Per share amounts may not recalculate due to rounding. |
(2) | Adjustment to account for the difference between the number of shares used to calculate earnings per share and the number of shares used to calculate FFO per share. Earnings per share is calculated using the two-class method, which uses a lower number of shares than the calculation for FFO per share and Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3). |
(3) |
Operating Results and Same-Store Performance:
The following table (unaudited) outlines the Company’s same-store performance for the three and nine months ended
For the Three Months | Percent | For the Nine Months | Percent | ||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||
Same-store rental revenues2 | $ | 318,448 | $ | 268,889 | 18.4% | $ | 892,100 | $ | 795,207 | 12.2% | |||||||||
Same-store operating expenses2 | 75,909 | 79,090 | (4.0)% | 228,691 | 233,699 | (2.1)% | |||||||||||||
Same-store net operating income2 | $ | 242,539 | $ | 189,799 | 27.8% | $ | 663,409 | $ | 561,508 | 18.1% | |||||||||
Same-store square foot occupancy as of quarter end | 96.7% | 95.8% | 96.7% | 95.8% | |||||||||||||||
Properties included in same-store | 860 | 860 | 860 | 860 | |||||||||||||||
(1) | A reconciliation of net income to same-store net operating income is provided later in this release, entitled "Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income." |
(2) | Same-store revenues, operating expenses and net operating income do not include tenant reinsurance revenue or expense. |
Same-store revenues for the three and nine months ended
Same-store expenses were lower for the three months ended
Same-store expenses were also lower for the nine months ended
Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three and nine months ended
Investment and Property Management Activity:
The following table (unaudited) outlines the Company’s acquisitions and developments that are closed, completed or under agreement (dollars in thousands):
Closed through | Closed/Completed | Scheduled to Still | Total 2021 | |||||||||||||||||||||
Stores | Price | Stores | Price | Stores | Price | Stores | Price | |||||||||||||||||
Operating Stores | 32 | $ | 439,990 | 9 | $ | 151,250 | 6 | $ | 78,500 | 47 | $ | 669,740 | ||||||||||||
Less: Proposed interest to be sold into a joint venture1 | — | — | — | — | (13) | (224,973) | (13) | (224,973) | ||||||||||||||||
C of O and Development Stores2 | 6 | 90,400 | — | — | 1 | 11,400 | 7 | 101,800 | ||||||||||||||||
38 | 530,390 | 9 | 151,250 | (6) | (135,073) | 41 | 546,567 | |||||||||||||||||
15 | 20,220 | 1 | 1,910 | 9 | 20,265 | 25 | 42,395 | |||||||||||||||||
Add: Proposed interest to be sold into a joint venture1 | — | — | — | — | 13 | 56,243 | 13 | 56,243 | ||||||||||||||||
15 | 20,220 | 1 | 1,910 | 22 | 76,508 | 38 | 98,638 | |||||||||||||||||
Total EXR Investment | 53 | $ | 550,610 | 10 | $ | 153,160 | 16 | $ | (58,565) | 79 | $ | 645,205 | ||||||||||||
(1) | The Company acquired a six-store portfolio during the three months ended |
(2) | The locations of C of O and development stores and joint venture ownership interest details are included in the supplemental financial information published on the Company’s Investor Relations website at https://ir.extraspace.com/. |
The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.
Bridge Loans:
During the three months ended
Dispositions:
As previously announced, the Company sold 16 properties into a new unconsolidated joint venture during the first quarter 2021, retaining a 55% interest, with the expectation to sell a 39% interest to a third joint venture partner in the third quarter. The Company did not sell and no longer anticipates selling any additional interest, and will retain a 55% interest in the joint venture.
The Company has an additional 16 properties held for sale that are under agreement, all of which are anticipated to close during 2021. The Company does not anticipate retaining any ownership in these properties, but will retain management of 14 stores.
Property Management:
As of
Balance Sheet:
During the three months ended
As of
Dividends:
On
Outlook:
The following table outlines the Company’s FFO estimates and annual assumptions for the year ending
Ranges for 2021 Annual Assumptions | Notes | ||||||||
Low | High | ||||||||
FFO | $ | 6.75 | $ | 6.85 | |||||
Core FFO | $ | 6.75 | $ | 6.85 | |||||
Dilution per share from C of O and value add acquisitions | $ | 0.11 | $ | 0.11 | |||||
Same-store revenue growth | 12.50 | % | 13.50 | % | Same-store pool of 860 stores | ||||
Same-store expense growth | (1.00) | % | — | % | Same-store pool of 860 stores | ||||
Same-store NOI growth | 18.00 | % | 19.50 | % | Same-store pool of 860 stores | ||||
Weighted average one-month LIBOR | 0.10 | % | 0.10 | % | |||||
Net tenant reinsurance income | $ | 141,000,000 | $ | 142,000,000 | |||||
Management fees and other income | $ | 63,000,000 | $ | 64,000,000 | |||||
Interest income | $ | 46,500,000 | $ | 47,500,000 | Includes dividends from JCAP | ||||
General and administrative expenses | $ | 100,000,000 | $ | 101,000,000 | Includes non-cash | ||||
Average monthly cash balance | $ | 60,000,000 | $ | 60,000,000 | |||||
Equity in earnings of real estate ventures | $ | 31,500,000 | $ | 32,500,000 | Includes dividends from | ||||
Acquisitions | $ | 700,000,000 | $ | 700,000,000 | Represents the Company’s | ||||
Bridge loans | $ | 100,000,000 | $ | 100,000,000 | Represents the Company’s | ||||
Interest expense | $ | 163,500,000 | $ | 164,500,000 | |||||
Taxes associated with Company’s taxable REIT subsidiary | $ | 22,000,000 | $ | 23,000,000 | |||||
Weighted average share count | 141,100,000 | 141,100,000 | Assumes redemption of all OP | ||||||
(1) | A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. A reconciliation of net income per share outlook to funds from operations per share outlook is provided later in this release entitled "Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share." |
FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company’s estimates are forward-looking and based on management’s view of current and future market conditions. The Company’s actual results may differ materially from these estimates.
Supplemental Financial Information:
Supplemental unaudited financial information regarding the Company’s performance can be found on the Company’s website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on "Investor Relations," then under the "Financials & Stock Information" navigation menu click on "Quarterly Earnings." This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.
Conference Call:
The Company will host a conference call at 1:00 p.m. Eastern Time on
A replay of the call will also be available by telephone from 4:30 p.m. Eastern Time on
Forward-Looking Statements:
Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning the benefits of store acquisitions, developments, favorable market conditions, our outlook and estimates for the year and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, the competitive landscape, plans or intentions relating to acquisitions and developments and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-
- adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
- failure to close pending acquisitions and developments on expected terms, or at all;
- the effect of competition from new and existing stores or other storage alternatives, which could cause rents and occupancy rates to decline;
- potential liability for uninsured losses and environmental contamination;
- the impact of the regulatory environment as well as national, state and local laws and regulations, including, without limitation, those governing real estate investment trusts ("REITs"), tenant reinsurance and other aspects of our business, which could adversely affect our results;
- disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
- impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
- increases in interest rates;
- reductions in asset valuations and related impairment charges;
- our lack of sole decision-making authority with respect to our joint venture investments;
- the effect of recent or future changes to
U.S. tax laws; - the failure to maintain our REIT status for
U.S. federal income tax purposes; and - economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan.
All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
Definition of FFO:
FFO provides relevant and meaningful information about the Company’s operating performance that is necessary, along with net income and cash flows, for an understanding of the Company’s operating results. The Company believes FFO is a meaningful disclosure as a supplement to net income. Net income assumes that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company’s real estate assets. FFO is defined by the
For informational purposes, the Company also presents Core FFO. Core FFO excludes revenues and expenses not core to our operations and non-cash interest. Although the Company’s calculation of Core FFO differs from NAREIT’s definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding revenues and expenses not core to our operations and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company’s performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company’s ability to make cash distributions.
Definition of Same-Store:
The Company’s same-store pool for the periods presented consists of 860 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to occupancy, rental revenue (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments. Same-store results should not be used as a basis for future same-store performance or for the performance of the Company’s stores as a whole.
About
Extra Space Storage Inc. Condensed Consolidated Balance Sheets (In thousands, except share data)
| |||||||
September 30, 2021 | December 31, 2020 | ||||||
(Unaudited) | |||||||
Assets: | |||||||
Real estate assets, net | $ | 8,272,671 | $ | 7,893,802 | |||
Real estate assets - operating lease right-of-use assets | 229,184 | 252,172 | |||||
Investments in unconsolidated real estate entities | 373,765 | 397,444 | |||||
Investments in debt securities and notes receivable | 606,115 | 593,810 | |||||
Cash and cash equivalents | 65,565 | 109,124 | |||||
Restricted cash | 15,717 | 18,885 | |||||
Other assets, net | 145,341 | 130,611 | |||||
Total assets | $ | 9,708,358 | $ | 9,395,848 | |||
Liabilities, Noncontrolling Interests and Equity: | |||||||
Notes payable, net | $ | 5,409,828 | $ | 4,797,303 | |||
Revolving lines of credit | 174,000 | 949,000 | |||||
Operating lease liabilities | 234,118 | 263,485 | |||||
Cash distributions in unconsolidated real estate ventures | 63,196 | 47,126 | |||||
Accounts payable and accrued expenses | 164,674 | 130,012 | |||||
Other liabilities | 279,668 | 272,798 | |||||
Total liabilities | 6,325,484 | 6,459,724 | |||||
Commitments and contingencies | |||||||
Noncontrolling Interests and Equity: | |||||||
Preferred stock, | — | — | |||||
Common stock, | 1,338 | 1,314 | |||||
Additional paid-in capital | 3,283,847 | 3,000,458 | |||||
Accumulated other comprehensive loss | (64,155) | (99,093) | |||||
Accumulated deficit | (229,269) | (354,900) | |||||
2,991,761 | 2,547,779 | ||||||
Noncontrolling interest represented by | 170,248 | 172,052 | |||||
Noncontrolling interests in | 220,865 | 216,293 | |||||
Total noncontrolling interests and equity | 3,382,874 | 2,936,124 | |||||
Total liabilities, noncontrolling interests and equity | $ | 9,708,358 | $ | 9,395,848 | |||
Consolidated Statement of Operations for the Three and Nine Months Ended (In thousands, except share and per share data) - Unaudited
| |||||||||||||||
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenues: | |||||||||||||||
Property rental | $ | 351,355 | $ | 290,423 | $ | 976,448 | $ | 856,438 | |||||||
Tenant reinsurance | 44,258 | 39,294 | 126,211 | 107,985 | |||||||||||
Management fees and other income | 16,879 | 13,307 | 47,320 | 38,299 | |||||||||||
Total revenues | 412,492 | 343,024 | 1,149,979 | 1,002,722 | |||||||||||
Expenses: | |||||||||||||||
Property operations | 92,794 | 92,322 | 274,316 | 271,659 | |||||||||||
Tenant reinsurance | 7,509 | 7,189 | 21,405 | 20,725 | |||||||||||
General and administrative | 24,395 | 23,894 | 74,276 | 72,242 | |||||||||||
Depreciation and amortization | 61,516 | 56,412 | 179,685 | 167,705 | |||||||||||
Total expenses | 186,214 | 179,817 | 549,682 | 532,331 | |||||||||||
Gain on real estate transactions | — | — | 63,883 | — | |||||||||||
Income from operations | 226,278 | 163,207 | 664,180 | 470,391 | |||||||||||
Interest expense | (39,670) | (42,213) | (120,605) | (127,610) | |||||||||||
Non-cash interest expense related to amortization of discount on | — | (1,233) | — | (3,675) | |||||||||||
Interest income | 11,729 | 3,145 | 36,871 | 6,488 | |||||||||||
Income before equity in earnings and dividend income from | 198,337 | 122,906 | 580,446 | 345,594 | |||||||||||
Equity in earnings and dividend income from unconsolidated real | 8,255 | 5,605 | 23,533 | 15,692 | |||||||||||
Equity in earnings of unconsolidated real estate ventures - gain on | — | — | 6,251 | — | |||||||||||
Income tax expense | (6,772) | (4,657) | (16,330) | (10,013) | |||||||||||
Net income | 199,820 | 123,854 | 593,900 | 351,273 | |||||||||||
Net income allocated to | (3,529) | (3,248) | (10,647) | (9,498) | |||||||||||
Net income allocated to | (8,015) | (5,973) | (24,031) | (16,052) | |||||||||||
Net income attributable to common stockholders | $ | 188,276 | $ | 114,633 | $ | 559,222 | $ | 325,723 | |||||||
Earnings per common share | |||||||||||||||
Basic | $ | 1.41 | $ | 0.89 | $ | 4.19 | $ | 2.52 | |||||||
Diluted | $ | 1.40 | $ | 0.88 | $ | 4.19 | $ | 2.50 | |||||||
Weighted average number of shares | |||||||||||||||
Basic | 133,809,750 | 128,862,341 | 133,197,903 | 129,044,954 | |||||||||||
Diluted | 140,425,269 | 129,871,096 | 139,854,881 | 130,066,121 | |||||||||||
Cash dividends paid per common share | $ | 1.25 | $ | 0.90 | $ | 3.25 | $ | 2.70 | |||||||
Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Nine Months | |||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Net Income | $ | 199,820 | $ | 123,854 | $ | 593,900 | $ | 351,273 | |||||||
Adjusted to exclude: | |||||||||||||||
Gain on real estate transactions | — | — | (63,883) | — | |||||||||||
Equity in earnings and dividend income from | (8,255) | (5,605) | (23,533) | (15,692) | |||||||||||
Equity in earnings of unconsolidated real estate ventures | — | — | (6,251) | — | |||||||||||
Interest expense | 39,670 | 43,446 | 120,605 | 131,285 | |||||||||||
Depreciation and amortization | 61,516 | 56,412 | 179,685 | 167,705 | |||||||||||
Income tax expense | 6,772 | 4,657 | 16,330 | 10,013 | |||||||||||
General and administrative | 24,395 | 23,894 | 74,276 | 72,242 | |||||||||||
Management fees, other income and interest income | (28,608) | (16,452) | (84,191) | (44,787) | |||||||||||
Net tenant insurance | (36,749) | (32,105) | (104,806) | (87,260) | |||||||||||
Non-same store rental revenue | (32,907) | (21,534) | (84,348) | (61,231) | |||||||||||
Non-same store operating expense | 16,885 | 13,232 | 45,625 | 37,960 | |||||||||||
Total same-store net operating income | $ | 242,539 | $ | 189,799 | $ | 663,409 | $ | 561,508 | |||||||
Same-store rental revenues | 318,448 | 268,889 | 892,100 | 795,207 | |||||||||||
Same-store operating expenses | 75,909 | 79,090 | 228,691 | 233,699 | |||||||||||
Same-store net operating income | $ | 242,539 | $ | 189,799 | $ | 663,409 | $ | 561,508 | |||||||
Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per | ||||||||
For the Year Ending | ||||||||
Low End | High End | |||||||
Net income attributable to common stockholders per diluted share | $ | 5.20 | $ | 5.30 | ||||
Income allocated to noncontrolling interest - | 0.33 | 0.33 | ||||||
Fixed component of income allocated to non-controlling interest - Preferred | (0.02) | (0.02) | ||||||
Net income attributable to common stockholders for diluted computations | 5.51 | 5.61 | ||||||
Adjustments: | ||||||||
Real estate depreciation | 1.63 | 1.63 | ||||||
Amortization of intangibles | 0.02 | 0.02 | ||||||
Unconsolidated joint venture real estate depreciation and amortization | 0.08 | 0.08 | ||||||
Unconsolidated joint venture gain on sale of real estate assets and purchase | (0.04) | (0.04) | ||||||
Gain on real estate transactions | (0.45) | (0.45) | ||||||
Funds from operations attributable to common stockholders | 6.75 | 6.85 | ||||||
Core funds from operations attributable to common stockholders | $ | 6.75 | $ | 6.85 | ||||
Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the Year Ending
| |||||||
For the Year Ending | |||||||
Low | High | ||||||
Net Income | $ | 706,500 | $ | 727,500 | |||
Adjusted to exclude: | |||||||
Equity in earnings of unconsolidated joint ventures | (31,500) | (32,500) | |||||
Interest expense | 164,500 | 163,500 | |||||
Depreciation and amortization | 242,000 | 242,000 | |||||
Income tax expense | 23,000 | 22,000 | |||||
General and administrative | 101,000 | 100,000 | |||||
Management fees and other income | (63,000) | (64,000) | |||||
Interest income | (46,500) | (47,500) | |||||
Net tenant insurance income | (141,000) | (142,000) | |||||
Non same-store rental revenues | (119,000) | (119,000) | |||||
Non same-store operating expenses | 61,000 | 61,000 | |||||
Total same-store net operating income1 | $ | 897,000 | $ | 911,000 | |||
Same-store rental revenues1 | 1,206,000 | 1,217,000 | |||||
Same-store operating expenses1 | 309,000 | 306,000 | |||||
Total same-store net operating income1 | $ | 897,000 | $ | 911,000 | |||
(1) | Estimated same-store rental revenues, operating expenses and net operating income are for the Company’s 2021 same-store pool of 860 stores. |
SOURCE
View original content: PRNewswire
Extra Space Storage, Inc.
Symbol: EXR
CIK: 1289490
Exchange: NYSE
Founded: 1977 (47 years)
Type of REIT: Equity REIT
Listing Status: Public
Market Capitalization: Large-Cap
REIT Sector: Self Storage
REITRating is REITNote's Real Estate Investment Trust industry-specific rating and ranking system. The overall score is out of ten points, with ten being the best score.
Latest Price: $134.30
High: $136.86
Low: $133.64
Open: $136.28
Previous Close: $136.10
Volume: 746,369
52-Week High: $163.18
52-Week Low: $98.97
Last updated: 2024-04-18 - v1.3