Extra Space Storage puts in strong quarter; shares up 1.1%

|About: Extra Space Storage, Inc. (EXR)|By:, SA News Editor

Q1 FFO as adjusted of $139.2M or $1.03 per share vs. $113.9M and $0.86 one year ago. Dividend is $0.78.

Same-store (732 props) rents of $206.6M up 5.8% Y/Y; opex of $57.6M down 2%; NOI of $148.9M up 9.2%.

Same-store square foot occupancy of 92.2% up 80 basis points.

Particularly strong markets: Las Vegas, LA, Orlando, Sacramento, West Palm Beach/Boca; weak: Boston, Denver, Houston, NYC, D.C./Baltimore.

Full-year FFO as adjusted outlook of $4.21-$4.29 per share, with same-store NOI growth of 4.25%-5.75%.

Conference call tomorrow at 1 ET

Previously: Extra Space Storage beats by $0.05, misses on property rental revenue (April 26)

EXR +1.1% after hours