Extra Space Storage (EXR) Tops Q1 EPS by 7c

Extra Space Storage (NYSE: EXR) reported Q1 EPS of $0.64, $0.07 better than the analyst estimate of $0.57. Revenue for the quarter came in at $0 versus the consensus estimate of $232.02 million.

• Achieved net income attributable to common stockholders of $0.64 per diluted share, representing a 3.0% decrease compared to the same period in 2016, which included a gain related to the buyout of a joint venture partner's interest.
• Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $1.02 per diluted share. Excluding non-cash interest, FFO as adjusted was $1.03 per diluted share, representing a 19.8% increase compared to the same period in 2016.
• Increased same-store revenue by 5.8% and same-store net operating income ("NOI") by 9.2% compared to the same period in 2016.
• Reported same-store occupancy of 92.2% as of March 31, 2017, compared to 91.4% as of March 31, 2016.
• Acquired two wholly-owned operating stores for a total purchase price of approximately $25.5 million.
• Acquired two stores at completion of construction ("Certificate of Occupancy stores") with joint venture partners for a total purchase price of approximately $16.2 million.
• Paid a quarterly dividend of $0.78 per share.

For earnings history and earnings-related data on Extra Space Storage (EXR) click here.

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