NYSE$EXR
Extra Space Storage Inc · Q1 2021 earnings
Q1 2021 earnings · · Investor relations
Briefing
Extra Space Storage Inc. reported strong Q1 2021 results driven by record occupancy and FFO growth.
Extra Space Storage Inc. announced strong operating results for the three months ended March 31, 2021. The company achieved a significant increase in net income per diluted share and FFO per diluted share compared to the same period in 2020. Same-store revenue and net operating income also increased, driven by record-high occupancy.
- Net income attributable to common stockholders increased by 84.3% to $1.53 per diluted share.
- FFO increased by 21.0% to $1.50 per diluted share.
- Same-store revenue increased by 4.6% and same-store NOI increased by 6.5%.
- Same-store occupancy reached 95.7% as of March 31, 2021.
Headline financials
Revenue & EPS history
Extra Space · Revenue · Quarterly
$359M
Revenue by segment
Extra Space · $39.6M total across 1 segment · Q1 2021
- Tenant reinsurance$39.6M+17.9%100.0%
Forward guidance
The company raised its 2021 annual FFO guidance based on year-to-date performance, the resilience of storage fundamentals and accretive external growth.
Tailwinds
- FFO is expected to be between $5.95 and $6.10
- Core FFO is expected to be between $5.95 and $6.10
- Same-store revenue growth is expected to be between 5.00% and 6.00%
- Same-store NOI growth is expected to be between 6.00% and 8.00%
- Net tenant reinsurance income is expected to be between $132,500,000 and $134,000,000
Headwinds
- Dilution per share from C of O and value add acquisitions is expected to be $0.14
- Same-store expense growth is expected to be between 2.00% and 3.00%
- Weighted average one-month LIBOR is expected to be 0.14%
- General and administrative expenses are expected to be between $96,500,000 and $97,500,000
- Interest expense is expected to be between $162,000,000 and $164,000,000
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2021
+0.0%
Avg return
Earnings day
+0.1%
Avg return
5 days after
+1.1%
Avg return
30 days after
51%
35 / 68 earnings
Positive
+12.0%
Q3 2023
Best reaction
-10.7%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -3.2% | -1.2% | +2.5% | |
| Q4 2025 | +4.8% | +0.5% | -10.8% | |
| Q3 2025 | -4.8% | -7.3% | -6.1% | |
| Q1 2025 | +3.6% | +5.6% | +6.9% | |
| Q4 2024 | -4.6% | -4.5% | -9.8% | |
| Q3 2024 | -1.6% | -3.8% | +3.1% | |
| Q2 2024 | -2.7% | +0.6% | +7.0% | |
| Q1 2024 | +1.0% | +3.3% | +3.1% | |
| Q4 2023 | -0.7% | +3.0% | +5.6% | |
| Q3 2023 | +12.0% | +12.6% | +29.6% | |
| Q2 2023 | -8.1% | -5.9% | -5.9% | |
| Q1 2023 | -3.4% | +1.5% | -5.9% | |
| Q4 2022 | +0.1% | +2.1% | -3.4% | |
| Q3 2022 | -10.7% | -13.3% | -9.8% | |
| Q2 2022 | +2.8% | +4.3% | +6.3% | |
| Q1 2022 | +6.9% | -0.7% | -1.7% | |
| Q4 2021 | +2.4% | +1.5% | +6.6% | |
| Q3 2021 | +3.4% | +5.2% | +6.1% | |
| Q2 2021 | +1.1% | +2.0% | +6.3% | |
| Q1 2021 | -0.3% | -1.1% | +1.7% | |
| Q4 2020 | +5.7% | +5.1% | +9.5% | |
| Q3 2020 | -2.5% | -8.5% | -2.1% | |
| Q2 2020 | +0.3% | +1.8% | +6.1% | |
| Q1 2020 | +2.6% | +7.0% | +20.3% | |
| Q4 2019 | -6.9% | -5.4% | -24.9% | |
| Q3 2019 | -1.1% | -0.8% | -5.2% | |
| Q2 2019 | +0.9% | +3.1% | +8.8% | |
| Q1 2019 | +3.3% | +3.5% | +2.9% | |
| Q4 2018 | -6.9% | -5.7% | +1.5% | |
| Q3 2018 | -0.6% | -3.7% | +4.2% | |
| Q2 2018 | -0.9% | -1.4% | -1.8% | |
| Q1 2018 | -0.0% | +2.9% | +7.4% | |
| Q4 2017 | -0.9% | +5.4% | +2.6% | |
| Q3 2017 | +1.9% | +5.4% | +4.4% | |
| Q2 2017 | -0.3% | -2.2% | -2.4% | |
| Q1 2017 | -3.2% | -4.0% | -0.7% | |
| Q4 2016 | +0.9% | +2.9% | -2.3% | |
| Q3 2016 | -6.2% | -2.8% | -6.9% | |
| Q2 2016 | -4.9% | -4.2% | -11.6% | |
| Q1 2016 | +4.6% | — | — | |
| Q4 2015 | -4.4% | — | — | |
| Q3 2015 | -0.7% | — | — | |
| Q2 2015 | +2.6% | — | — | |
| Q1 2015 | -1.4% | — | — | |
| Q4 2014 | +0.2% | — | — | |
| Q3 2014 | -0.2% | — | — | |
| Q2 2014 | -2.3% | — | — | |
| Q1 2014 | +1.9% | — | — | |
| Q4 2013 | +0.2% | — | — | |
| Q3 2013 | -2.7% | — | — | |
| Q2 2013 | +1.5% | — | — | |
| Q1 2013 | +3.8% | — | — | |
| Q4 2012 | -0.7% | — | — | |
| Q3 2012 | +4.2% | — | — | |
| Q2 2012 | +1.6% | — | — | |
| Q1 2012 | -0.9% | — | — | |
| Q4 2011 | +0.4% | — | — | |
| Q3 2011 | +1.0% | — | — | |
| Q2 2011 | +0.9% | — | — | |
| Q1 2010 | +0.2% | — | — | |
| Q1 2011 | -1.8% | — | — | |
| Q4 2010 | +5.2% | — | — | |
| Q4 2008 | +5.2% | — | — | |
| Q3 2010 | -0.6% | — | — | |
| Q3 2009 | -0.6% | — | — | |
| Q2 2010 | +1.6% | — | — | |
| Q2 2009 | +1.6% | — | — | |
| Q4 2009 | +1.6% | — | — |
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