PR Newswire
SALT LAKE CITY, April 30, 2024
SALT LAKE CITY, April 30, 2024 /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, 2024.
Joe Margolis, CEO of Extra Space Storage Inc., commented: "We achieved positive year-over-year occupancy growth in the Extra Space and Life Storage same-store pools. We have also continued to realize G&A savings and to expand our bridge lending and third party management programs. Rental activity has been strong year to date and vacates remain muted, which positions us well to maximize revenue during the 2024 leasing season."
FFO Per Share:
The following table (unaudited) outlines the Company's FFO and Core FFO for the three months ended March 31, 2024 and 2023. 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, | ||||||
| 2024 | | 2023 | ||||
| | | (per share)1 | | | | (per share)1 |
Net income attributable to common stockholders | $ 213,112 | | $ 1.01 | | $ 196,304 | | $ 1.46 |
Impact of the difference in weighted average number of shares – diluted2 | | | (0.05) | | | | (0.09) |
Adjustments: | | | | | | | |
Real estate depreciation | 154,372 | | 0.70 | | 71,248 | | 0.50 |
Amortization of intangibles | 29,284 | | 0.12 | | 4,170 | | 0.03 |
Unconsolidated joint venture real estate depreciation and amortization | 7,840 | | 0.04 | | 4,939 | | 0.03 |
Distributions paid on Series A Preferred Operating Partnership units | — | | — | | (159) | | — |
Income allocated to Operating Partnership and other noncontrolling interests | 10,962 | | 0.05 | | 12,574 | | 0.09 |
FFO | $ 415,570 | | $ 1.87 | | $ 289,076 | | $ 2.02 |
| | | | | | | |
Adjustments: | | | | | | | |
Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes | 10,705 | | 0.05 | | — | | — |
Amortization of other intangibles related to the Life Storage Merger, net of tax benefit | 7,440 | | 0.04 | | — | | — |
CORE FFO | $ 433,715 | | $ 1.96 | | $ 289,076 | | $ 2.02 |
| | | | | | | |
Weighted average number of shares – diluted3 | 221,737,606 | | | | 143,357,961 | | |
| |
(1) | Per share amounts may not recalculate due to rounding. |
(2) | The 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, 2024 and 2023 (amounts shown in thousands, except store count data)1:
| For the Three Months | | Percent | ||
| 2024 | | 2023 | | Change |
Same-store property revenues2 | | | | | |
Net rental income | $ 398,792 | | $ 395,259 | | 0.9 % |
Other income | 15,865 | | 15,320 | | 3.6 % |
Total same-store revenues | $ 414,657 | | $ 410,579 | | 1.0 % |
| | | | | |
Same-store operating expenses2 | | | | | |
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