Extra Space Storage Q1 FFO $2.02/diluted, same-store NOI +8.7% YoY; Life Storage merger on track

Extra Space Storage Inc.

2023-Q1 EPS reported $1.46 revenue$503,050,000

Net income $1.46/diluted share (down 3.3% YoY); Core FFO $2.02/share (up 0.5% YoY).
Same-store revenue +7.4%, NOI +8.7%; occupancy 93.5% vs 94.3% a year ago.
Announced $12.7B all-stock merger with Life Storage (0.895 shares per LSI share), expected H2 2023.
Paid Q1 dividend $1.62/share, up 8% from prior quarter; $500M 5.7% notes due 2028 issued.
Invested $150M in SmartStop convertible preferred (8.35% rate); 2023 Core FFO guidance reaffirmed $8.30-$8.60.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.4

Extra Space Storage Inc. reported financial results for the three months ended March 31, 2023.

Period: the three months ended March 31, 2023
Result: reported results

Exact text from the filing

Extra Space Storage Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2023.

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Extra Space Storage Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-014876

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