Extra Space Storage Q1 Profit Rises - Quick Facts

(RTTNews) - Extra Space Storage Inc. (EXR) reported that its first-quarter net income to stockholders increased to $37.34 million or $0.32 per share, from $31.42 million or 0.28 per share, previous year. Funds from operations was $0.55 per share, for the quarter. Excluding costs associated with acquisitions and non-cash interest expense, FFO as adjusted was $0.57 per share, for the quarter.

On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.55 for the quarter. Analysts' estimates typically exclude special items. Total revenues increased to $152.18 million from $119.32 million. Analysts expected revenue of $142.90 million for the quarter. Same-store revenue rose by 7.9%.

The company expects its 2014: funds from operations per share in the range of $2.41 to $2.49; and adjusted funds from operations to be in the range of $2.45 to $2.53. Analysts expect the company to report fiscal 2014 profit per share of $2.40.

For the second-quarter, the company expects: funds from operations per share in the range of $0.59 to $0.62; and adjusted funds from operations per share to be in the range of $0.60 to $0.63. Analysts expect the company to report second-quarter profit per share of $0.60.