Extra Space Storage Q2 Profit, FFO Rises; Boosts 2014 Outlook - Quick Facts

(RTTNews) - Extra Space Storage Inc. (EXR) reported that second-quarter net income to stockholders increased to $41.67 million or $0.36 per share from $34.47 million or 0.31 per share in the prior-year quarter.

Funds from operations or FFO, was $76.81 million or 0.63 per share, compared to $58.05 million or 0.50 per share last year. Excluding costs associated with acquisitions and non-cash interest expense, adjusted FFO for the latest quarter was $78.16 million or 0.64 per share.

On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.63 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter increased to $160.24 million from $126.25 million in the same quarter last year. Analysts expected revenue of $153.02 million for the quarter. Same-store revenue rose 7.9 percent, and same-store NOI 9.9 percent.

Looking ahead to the third quarter, the company expects FFO in a range of $0.64 to $0.67 per share, and adjusted FFO in a range of $0.65 to $0.68 per share. Analysts expect the company to report earnings of $0.66 per share for the quarter.

For fiscal 2014, the company now expects FFO in the range of $2.42 to $2.50 per share and adjusted FFO in the range of $2.46 to $2.54 per share. Street is currently looking for full-year 2014 earnings of $2.50 per share.

The company had previously projected FFO in the range of $2.41 to $2.49 per share and adjusted FFO in the range of $2.45 to $2.53 per share.