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02.05.2023 16:10
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Extra Space Storage Inc. Reports 2023 First Quarter Results
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PR Newswire
SALT LAKE CITY, May 2, 2023
SALT LAKE CITY, May 2, 2023 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a constituent of the S&P 500, announced operating results for the three months ended March 31, 2023.
Highlights for the three months ended March 31, 2023:
- Achieved net income attributable to common stockholders of $1.46 per diluted share, representing a 3.3% decrease compared to the same period in the prior year.
- Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $2.02 per diluted share. FFO, excluding adjustments ("Core FFO"), was also $2.02 per diluted share, representing a 0.5% increase compared to the same period in the prior year.
- Increased same-store revenue by 7.4% and same-store net operating income ("NOI") by 8.7% compared to the same period in the prior year.
- Reported same-store occupancy of 93.5% as of March 31, 2023, compared to 94.3% as of March 31, 2022.
- Acquired one store at completion of construction (a "Certificate of Occupancy store" or "C of O store") for a total cost of approximately $13.1 million.
- In conjunction with joint venture partners, acquired five operating stores for a total cost of approximately $101.2 million, of which the Company invested $20.2 million.
- Originated $53.0 million in mortgage and mezzanine bridge loans and sold $34.2 million in mortgage bridge loans.
- Completed a public bond offering issuing $500.0 million of 5.7% senior unsecured notes due 2028.
- Added 48 stores (44 stores net) to the Company's third-party management platform. As of March 31, 2023, the Company managed 931 stores for third parties and 323 stores in unconsolidated joint ventures, for a total of 1,254 managed stores.
- Paid a quarterly dividend of $1.62 per share.
Joe Margolis, CEO of Extra Space Storage Inc., commented: "We maintained strong first quarter occupancy, driving first quarter same-store net operating income growth of 8.7%, despite exceptionally difficult year over year comparables. We are excited about our announcement subsequent to quarter end of our strategic combination with Life Storage, Inc. in a leverage neutral, all-stock transaction. The pending merger will create a preeminent storage platform, which we expect to create significant synergies and unlock additional value for both companies' stockholders."
FFO Per Share:
The following table (unaudited) outlines the Company's FFO and Core FFO for the three months ended March 31, 2023 and 2022. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share and per share data):
| | For the Three Months Ended March 31, | ||||||
| | 2023 | | 2022 | ||||
| | | | (per share)1 | | | | (per share)1 |
| Net income attributable to common stockholders | $ 196,304 | | $ 1.46 | | $ 203,579 | | $ 1.51 |
| Impact of the difference in weighted average number of shares – diluted2 | | | (0.09) | | | | (0.08) |
| Adjustments: | | | | | | | |
| Real estate depreciation | 71,248 | | 0.50 | | 62,692 | | 0.43 |
| Amortization of intangibles | 4,170 | | 0.03 | | 2,766 | | 0.02 |
| Unconsolidated joint venture real estate depreciation and amortization | 4,939 | | 0.03 | | 3,853 | | 0.03 |
| Distributions paid on Series A Preferred Operating Partnership units | (159) | | — | | (572) | | — |
| Income allocated to Operating Partnership and other noncontrolling interests | 12,574 | | 0.09 | | 14,138 | | 0.10 |
| FFO | $ 289,076 | | $ 2.02 | | $ 286,456 | | $ 2.01 |
| | | | | | | | |
| Adjustments: | | | | | | | |
| | | | | | | | |
| CORE FFO | $ 289,076 | | $ 2.02 | | $ 286,456 | | $ 2.01 |
| | | | | | | | |
| Weighted average number of shares – diluted3 | 143,357,961 | | | | 142,798,058 | | |
| | |
| (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) | Extra Space Storage LP (the "Operating Partnership") has outstanding preferred and common Operating Partnership units ("OP units"). These OP units can be redeemed for cash or, at the Company's election, shares of the Company's common stock. Redemption of all OP units for common stock has been assumed for purposes of calculating the weighted average number of shares — diluted, as presented above. The computation of weighted average number of shares — diluted, for FFO per share and Core FFO per share also includes the effect of share-based compensation plans. |
Operating Results and Same-Store Performance:
The following table (unaudited) outlines the Company's same-store performance for the three months ended March 31, 2023 and 2022 (amounts shown in thousands, except store count data)1:
| | For the Three Months | | Percent | ||
| | 2023 | | 2022 | | Change |
| Same-store property revenues2 | | | | | |
| Net rental income | $ 370,630 | | $ 345,875 | | 7.2 % |
| Other income | 13,462 | | 11,748 | | 14.6 % |
| Total same-store revenues | $ 384,092 | | $ 357,623 | | 7.4 % |
| | | | | | |
| Same-store operating expenses2 | | | | | |
| Payroll and benefits | $ 20,842 | | $ 20,060 | | 3.9 % |
| Marketing | 6,172 | | 5,560 | | 11.0 % |
| Office expense3 | 11,979 | | 10,679 | | 12.2 % Werbung Mehr Nachrichten zur Extra Space Storage Aktie kostenlos abonnieren
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