• Mon. Nov 30th, 2020

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Stock News Recap: Extra Space Storage Inc. (NYSE: EXR)

On 23 March 2020, Extra Space Storage Inc. (NYSE: EXR) spotted trading -40.05% off 52-week high price. On the other end, the stock has been noted -3.98% away from the low price over the last 52-weeks. The stock changed -6.41% to recent value of $74.61. The stock transacted 1702935 shares during most recent day however it has an average volume of 1087.81K shares. The company has 134.5M of outstanding shares and 126.2M shares were floated in the market.

Extra Space Storage Inc. (EXR) reported operating results for the three months and year ended December 31, 2019.

Highlights for the three months ended December 31, 2019 :

Achieved net income attributable to ordinary stockholders of $0.86 per diluted share, representing a 7.5% increase contrast to the same period in 2018.

Achieved funds from operations attributable to ordinary stockholders and unit holders (“FFO”) of $1.26 per diluted share. FFO, not including adjustments for deferred financing costs related to redemption of notes payable to trusts and non-cash interest (“Core FFO”), was $1.27 per diluted share, representing a 4.1% increase contrast to the same period in 2018.

Increased same-store revenue by 2.5% and same-store net operating income (“NOI”) by 1.0% contrast to the same period in 2018.

Stated same-store occupancy of 92.4% as of December 31, 2019, contrast to 91.7% as of December 31, 2018.

Purchased five operating stores for about $50.9M.

In conjunction with joint venture partners, purchased three stores at completion of construction (a “Certificate of Occupancy store” or “C of O store”) for a total cost of about $60.0M, of which the Company invested $18.1M.

Added 41 stores (gross) to the Company’s third-party management platform. As of December 31, 2019, the Company managed 646 stores for third parties and 246 stores in joint ventures, for a total of 892 managed stores.

Paid a quarterly dividend of $0.90 per share.

Highlights for the year ended December 31, 2019 :

  • Achieved net income attributable to ordinary stockholders of $3.24 per diluted share, representing a 0.9% decrease contrast to the same period in 2018.
  • Achieved FFO of $4.84 per diluted share. Core FFO was $4.88 per diluted share, representing a 4.5% increase contrast to the same period in 2018.
  • Increased same-store revenue by 3.5% and same-store NOI by 2.9% contrast to the same period in 2018.
  • Purchased five operating stores, four Certificate of Occupancy stores, completed one development and purchased our joint venture partner’s interest in 12 stores for a total investment of about $310.2M.
  • In conjunction with joint venture partners, purchased 15 operating stores, nine Certificate of Occupancy stores and completed one development for a total cost of about $528.4M , of which the Company invested $113.4M .
  • Added 177 stores (gross) to the Company’s third-party management platform.

Joe Margolis , CEO of Extra Space Storage Inc., commented: “Extra Space delivered another solid year of performance despite important new supply.  Same-store revenue increased 3.5%, same-store NOI increased 2.9%, and Core FFO per share increased 4.5% year-over-year, demonstrating the strength of our diversified portfolio.  The fourth quarter marks the end of not only another good year, but an incredible decade of performance.  During that time, Extra Space Storage provided the highest total 10-year return of any publicly traded REIT, and one of the highest total returns of any company in the S&P 500.

Its earnings per share (EPS) expected to touch remained 3.90% for this year while earning per share for the next 5-years is expected to reach at 6.00%. EXR has a gross margin of 72.10% and an operating margin of 48.50% while its profit margin remained 32.00% for the last 12 months. The price moved ahead of -25.43% from the mean of 20 days, -29.77% from mean of 50 days SMA and performed -32.34% from mean of 200 days price. Company’s performance for the week was -8.61%, -31.68% for month and YTD performance remained -29.36%.

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