NYSE$EXR
Extra Space Storage Inc · Q4 2020 earnings
Q4 2020 earnings · · Investor relations
Briefing
Reported fourth quarter and year-end results for 2020, demonstrating strong Core FFO growth and solid rental rate growth.
Extra Space Storage Inc. reported a strong fourth quarter with Core FFO growth of 16.5%. The company achieved all-time high occupancy levels and solid rental rate growth. They also added 165 stores to their management platform and invested almost $1 billion in capital in the storage sector.
- Net income attributable to common stockholders increased by 38.4% compared to the same period in 2019, reaching $1.19 per diluted share.
- Funds from operations attributable to common stockholders and unit holders (FFO) was $1.48 per diluted share.
- Same-store revenue increased by 2.3% and same-store net operating income (NOI) increased by 3.4% compared to the same period in 2019.
- Same-store occupancy was 94.8% as of December 31, 2020, compared to 92.4% as of December 31, 2019.
Headline financials
Revenue & EPS history
Extra Space · Revenue · Quarterly
$301M
Revenue by segment
Extra Space · $38.6M total across 1 segment · Q4 2020
- Tenant reinsurance$38.6M+15.8%100.0%
Forward guidance
The Company provided FFO estimates and annual assumptions for the year ending December 31, 2021.
Tailwinds
- FFO is estimated to be between $5.85 and $6.05.
- Core FFO is estimated to be between $5.85 and $6.05.
- Same-store revenue growth is projected to be between 4.25% and 5.50%.
- Net tenant reinsurance income is expected to be between $130,000,000 and $132,000,000.
- Management fees and other income are projected to be between $58,000,000 and $59,000,000.
Headwinds
- Dilution per share from C of O and value add acquisitions is estimated at $0.16.
- Same-store expense growth is projected to be between 3.50% and 4.50%.
- General and administrative expenses are expected to be between $99,500,000 and $101,500,000.
- Interest expense is projected to be between $160,500,000 and $162,500,000.
- Taxes associated with the Company's taxable REIT subsidiary are estimated to be between $19,000,000 and $20,000,000.
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 Q4 2020
+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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