NYSE$EXR
Extra Space Storage Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Extra Space Storage successfully completed its transformative merger with Life Storage and smoothly integrated its stores, team, and systems onto the Extra Space Storage platform.
Extra Space Storage Inc. reported Q3 2023 results, which included the successful completion of its merger with Life Storage. The company has integrated Life Storage's operations and is on track to achieve total synergies by Q1 2024. Same-store revenue increased by 1.9%, and the company maintained strong same-store occupancy.
- Net income attributable to common stockholders was $0.96 per diluted share, a 41.8% decrease year-over-year, primarily due to transition costs related to the Life Storage Merger.
- FFO was $1.69 per diluted share, and Core FFO was $2.02 per diluted share, representing an 8.6% decrease compared to the same period in the prior year.
- Same-store revenue increased by 1.9%, and same-store NOI increased by 0.7% compared to the same period in the prior year.
- The company closed its merger with Life Storage, Inc. on July 20, 2023, in an $11.6 billion all-stock transaction.
Headline financials
Revenue & EPS history
Extra Space · Revenue · Quarterly
$748M
Revenue by segment
Extra Space · $69.1M total across 1 segment · Q3 2023
- Tenant reinsurance$69.1M+44.4%100.0%
Forward guidance
The company provided Core FFO estimates and annual assumptions for the year ending December 31, 2023, including the impact of the Life Storage Merger. The company estimates Core FFO to be between $8.05 and $8.20.
Tailwinds
- Includes dilutive impact of Life Storage Merger
- Same-store pool of 914 stores
- Includes interest from bridge loans and dividends from NexPoint preferred investment
- Includes non-cash compensation
- Includes dividends from SmartStop preferred investments
Headwinds
- Dilution per share from C of O and value add acquisitions: $0.23
- Same-store revenue growth: 2.75% - 3.50%
- Same-store expense growth: 4.00% - 5.00%
- Weighted average one-month SOFR: 5.02%
- Bridge loans outstanding: $550,000,000
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 Q3 2023
+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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