Research Desk Line-up: Innovative Industrial Properties Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 16, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Extra Space Storage Inc. (NYSE: EXR), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=EXR, following the Company's posting of its second quarter fiscal 2017 operating results on August 01, 2017. The leading owner and operator of self-storage facilities in the United States outperformed top- and bottom-line expectations. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the REIT - Industrial industry. Pro-TD has currently selected Innovative Industrial Properties, Inc. (NYSE: IIPR) for due-diligence and potential coverage as the Company announced on August 10, 2017, its financial results for Q2 2017 which ended on June 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Innovative Industrial Properties when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on EXR; also brushing on IIPR. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=EXR
http://protraderdaily.com/optin/?symbol=IIPR
Earnings Reviewed
For the quarter ended June 30, 2017, Extra Space Storage's revenues climbed 13% to $276.00 million compared to revenue of $244.27 million in Q2 2016. The Company's revenue numbers surpassed analysts' estimates of $271.8 million.
During Q2 2017, Extra Space Storage's same-store revenue grew by 5.2% to $213.63 million due to gains in occupancy and higher rental rates for both new and existing customers. The Company's same-store expenses were lower by 1.1% at $57.85 million for the reported quarter, primarily due to decreases in repairs and maintenance, payroll, and insurance. Decreases in expenses were partially offset by increases in property taxes. Extra Space Storage's same-store net operating income (NOI) for Q2 2017 rose by 7.7% to $155.78 million compared to $144.64 million in the prior year's same quarter. Extra Space Storage reported same-store occupancy of 94.4% as of June 30, 2017, compared to 93.7% as of June 30, 2016.
For Q2 2017, Extra Space Storage reported net income attributable to common stockholders of $87.01 million, or $0.69 per diluted share, compared to $83.04 million, or $0.66 per share, in Q2 2016.
The Company's funds from operations (FFO) attributable to common stockholders and unit holders totaled $1.08 per diluted share in the reported quarter compared to $1.11 per diluted share in the prior year's corresponding quarter. Excluding non-cash interest, the Company's FFO as adjusted was $1.09 per diluted share, representing a 16.0% increase on a y-o-y basis. Extra Space Storage's FFO numbers surpassed Wall Street's estimates of $1.05 per share.
During Q2 2017, Extra Space Storage acquired one operating store and one store at completion of construction for a total purchase price of approximately $18.3 million. The Company also acquired one Certificate of Occupancy store with a joint venture partner for a total purchase price of approximately $15.9 million.
Property Management
As of June 30, 2017, Extra Space Storage managed 447 stores for third-party owners. With an additional 183 stores owned and operated in joint ventures, the Company had a total of 630 stores under management. The Company continues to be the largest self-storage management company in the United States.
Balance Sheet
During Q2 2017, Extra Space Storage did not sell any shares of common stock using its "at the market" (ATM) equity program. At June 30, 2017, the Company had $349.4 million available for issuance under the ATM program.
On June 29, 2017, the Company's operating partnership entered an agreement for the private placement of $300.0 million of 10-year 3.95% senior notes. The notes are expected to be issued on August 24, 2017, subject to customary closing conditions. The net proceeds will be used to refinance existing indebtedness and for general corporate purposes.
As of June 30, 2017, Extra Space Storage's percentage of fixed-rate debt to total debt was 76.1%. The weighted average interest rates of the Company's fixed and variable-rate debt were 3.3% and 2.9%, respectively. The combined weighted average interest rate was 3.2% with a weighted average maturity of approximately 4.4 years.
Stock Performance
On Tuesday, August 15, 2017, the stock closed the trading session at $76.60, marginally down 0.35% from its previous closing price of $76.87. A total volume of 1.18 million shares have exchanged hands, which was higher than the 3-month average volume of 1.17 million shares. Extra Space Storage's stock price advanced 6.70% in the past three months and 4.22% in the previous six months. The stock is trading at a PE ratio of 26.27 and has a dividend yield of 4.07%. The stock currently has a market cap of $9.64 billion.
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SOURCE: Pro-Trader Daily