Extra Space Storage (EXR) Tops Q1 EPS by 5c

Extra Space Storage (NYSE: EXR) reported Q1 EPS of $0.70, $0.05 better than the analyst estimate of $0.65.

• Achieved net income attributable to common stockholders of $0.70 per diluted share, representing a 9.4% increase compared to the same period in 2017.
• Achieved funds from operations attributable to common stockholders and unit holders (\"FFO\") of $1.08 per diluted share. FFO, excluding adjustments for non-cash interest, (\"Core FFO\") was $1.09 per diluted share, representing an 5.8% increase compared to the same period in 2017.
• Increased same-store revenue by 5.2% and same-store net operating income (\"NOI\") by 4.5% compared to the same period in 2017.
• Reported same-store occupancy of 92.1% as of March 31, 2018, compared to 92.0% as of March 31, 2017.
• Acquired three operating stores, one store at completion of construction (a \"Certificate of Occupancy store\" or \"C of O store\") and purchased our joint venture partner\'s interest in one store for a total investment of approximately $69.9 million.
• Acquired one Certificate of Occupancy store and completed one development with joint venture partners for a total cost of approximately $22.8 million, of which the Company invested $14.9 million.
• Added 41 properties to our third-party management platform, resulting in 456 third-party managed stores, plus an additional 216 stores in joint ventures, for a total of 672 managed stores as of March 31, 2018.
• Paid a quarterly dividend of $0.78 per share.

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

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