Extra Space Storage (NYSE: EXR) reported Q1 EPS of $1.53, $0.54 better than the analyst estimate of $0.99.

Highlights for the three months ended March 31, 2021:

• Achieved net income attributable to common stockholders of $1.53 per diluted share, representing a 84.3% increase compared to the same period in 2020.
• Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $1.50 per diluted share. FFO, excluding adjustments for non-cash interest ("Core FFO"), was $1.50 per diluted share, representing a 21.0% increase compared to the same period in 2020.
• Increased same-store revenue by 4.6% and same-store net operating income ("NOI") by 6.5% compared to the same period in 2020.
• Reported same-store occupancy of 95.7% as of March 31, 2021, compared to 90.9% as of March 31, 2020.
• Acquired nine operating stores for a total cost of approximately $148.4 million.
• Sold 16 wholly-owned stores into a new joint venture for a total sales price of $168.9 million, resulting in a gain on real estate transactions of $64.5 million.
• Closed $27.1 million in mortgage and mezzanine bridge loans, and sold $81.8 million in mortgage bridge loans.
• Sold 1,600,000 shares of common stock through an overnight offering and an additional 585,685 shares of common stock using the Company's "at the market" ("ATM") program resulting in total net proceeds of approximately $273.7 million.
• Received a Baa2 issuer credit rating with a stable outlook from Moody\'s Investors Service
• Added 61 stores (gross) to the Company's third-party management platform. As of March 31, 2021, the Company managed 763 stores for third parties and 269 stores in joint ventures, for a total of 1,032 managed stores.
• Paid a quarterly dividend of $1.00 per share.

Joe Margolis, CEO of Extra Space Storage Inc., commented: "We are off to a great start in 2021, with the strongest first quarter occupancy in our history, resulting in strong same-store NOI growth, and excellent FFO growth of 21.0%. Our record-high occupancy is resulting in greater pricing power, and we are well positioned for a strong summer leasing season. Our year-to-date performance, the resilience of storage fundamentals and our accretive external growth have allowed us to raise our 2021 annual FFO guidance."

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