SmartStop acquisition pays off for Extra Space Storage

February 24, 2016

Feb 23 2016, 16:11 ET | About: Extra Space Storage, Inc. (EXR) | By: Stephen Alpher, SA News Editor

  • Q4 adjusted FFO of $115.1M or $0.87 per share vs. $84.2M and $0.68 one year ago. Full-year AFFO per share of $3.13 vs. $2.61 in 2014.
  • Q4 same-store (503 stores) revenue up 9.6% Y/Y; expenses up 4.8%; NOI up 11.5%.
  • Occupancy up 150 bps to 92.9%.
  • Full-year 2016 AFFO guidance of $3.65-$3.73 per share vs. $3.13 in 2015. Assumes same-property NOI growth of 7.5-9.0%.
  • Conference call tomorrow at 1 ET
  • Previously: Extra Space Storage beats by $0.11, beats on revenue (Feb. 23)
  • EXR flat after hours

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