Stock Monitor: Innovative Industrial Properties Post Earnings Reporting

LONDON, UK / ACCESSWIRE / April 02, 2018 / Active-Investors.com has just released a free earnings report on Extra Space Storage Inc. (NYSE: EXR) ("EXR"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=EXR. The Company reported its financial results on February 20, 2018, for the fourth quarter and full fiscal year ended December 31, 2017. For Q4 FY17, the Company's core funds from operations (FFO) per share surpassed analysts' estimates, but its revenues fell behind expectations. Register today and get access to over 1000 Free Research Reports by joining our site below:

www.active-investors.com/registration-sg

Active-Investors.com is currently working on the research report for Innovative Industrial Properties, Inc. (NYSE: IIPR), which also belongs to the Financial sector as the Company Extra Space Storage. Do not miss out and become a member today for free to access this upcoming report at:

www.active-investors.com/registration-sg/?symbol=IIPR

Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Extra Space Storage most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=EXR

Earnings Highlights and Summary

For Q4 FY17, EXR's total revenues reached $281.84 million, up 7.98% from $261.02 million in Q4 FY16, owing to its geographically-diversified portfolio and best-in-class platform. The Company's property rental advanced 7.57% to $246.35 million y-o-y; its tenant reinsurance increased 13.4% to $25.35 million y-o-y; and its management fees and other income surged 5.09% to $10.14 million y-o-y in Q4 FY17. The Company's reported total revenue numbers were behind analysts' consensus forecasts of $283.7 million.

EXR's total expenses were $140.73 million in Q4 FY17 compared to $137.83 million in Q4 FY16, reflecting an increase of 2.1%. The increase in expenses was primarily due to increases in property taxes, payroll and benefits, and marketing. The Company's income from operations increased 14.56% to $141.11 million in Q4 FY17 from $123.18 million in Q4 FY16. The Company's same-store net operating income (NOI) was $154.89 million in the quarter under review, 5.71% higher than $146.53 million in the previous year's same quarter.

EXR's net income attributable to common stockholders was $215.98 million in the reported quarter, an increase of 162.11% from $82.40 million in the year ago comparable quarter. The Company's diluted income per share attributable to common stockholders was $1.69 in Q4 FY17, 160% higher than $0.65 in Q4 FY16.

During Q4 FY17, EXR's FFO attributable to common stockholders and unit holders were $158.56 million, or $1.17 per share, compared to $134.36 million, or $1.00 per share, in Q4 FY16. The reported FFO results included the revaluation of deferred tax related to the US tax reform, and a non-cash interest expense related to the amortization of discount on the equity portion of exchangeable senior notes. EXR's core FFO, excluding these special items, were $151.73 million in Q4 FY17, 9.5% higher than $138.56 million in Q4 FY16. The Company's diluted core FFO per share was $1.12 in the quarter under review, an increase of 8.74% from $1.03 in the year ago corresponding quarter, and surpassed analysts' consensus estimates of $1.08.

For the full fiscal year ended December 31, 2017, EXR's total revenues were $1.11 billion, an increase of 11.41% from $991.88 million in FY16. EXR's same-store NOI advanced 6.94% to $607.1 million in FY17 from $567.69 million in FY16. The Company's net income attributable to common stockholders was $479.01 million in FY17, up 30.83% from $366.13 million in FY16. The Company's diluted income per share attributable to common stockholders increased 29.21% to $3.76 in FY17 from $2.91 in FY16. EXR's FFO attributable to common stockholders was $590.15 million in the reported year, 19.3% up from $494.67 million in the previous year. The Company's diluted core FFO per share, excluding special items, was $4.38 in FY17, an increase of 13.77% from $3.85 in FY16.

Cash Matters

EXR had cash and cash equivalents of $55.68 million as on December 31, 2017, 26.96% higher than $43.86 million as on December 31, 2016. The Company had a fixed-rate debt to total debt ratio of 74.7% as on December 31, 2017.

During Q4 FY17, EXR did not sell any shares under its "at the market" (ATM) equity program. The Company had $349.4 million available for issuance under the ATM program as on December 31, 2017.

On December 29, 2017, EXR paid a fourth quarter common stock dividend of $0.78 per share to stockholders of record at the close of business as on December 15, 2017.

On February 15, 2018, EXR's Board of Directors declared a first quarter dividend of $0.78 per share, which was paid on March 29, 2018, to stockholders of record at the close of business as on March 15, 2018.

Outlook

For the full fiscal year 2018, EXR expects its FFO per share attributable to common stockholders to be in the range of $4.52 to $4.62, and core FFO per share attributable to common stockholders to be between $4.55 and $4.65. The Company anticipates a same-property NOI growth of 3% - 4.5%, with same-store property revenue growth and same-store property expense growth of 3.25% - 4.25% in FY18.

Stock Performance Snapshot

March 29, 2018 - At Thursday's closing bell, Extra Space Storage's stock ended the trading session flat at $87.36.

Volume traded for the day: 1.18 million shares, which was above the 3-month average volume of 1.17 million shares.

Stock performance in the last month ? up 2.72%; previous six-month period ? up 11.94%; and past twelve-month period ? up 17.96%

After last Thursday's close, Extra Space Storage's market cap was at $11.01 billion.

Price to Earnings (P/E) ratio was at 23.82.

The stock has a dividend yield of 3.57%.

The stock is part of the Financial sector, categorized under the REIT - Industrial industry. This sector was up 1.1% at the end of the session.

Active-Investors:

Active-Investors (A-I) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. A-I has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

A-I has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third-party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email info@active-investors.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by A-I. A-I is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

A-I, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. A-I, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, A-I, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither A-I nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visithttp://active-investors.com/legal-disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: info@active-investors.com

Phone number: 73 29 92 6381

Office Address: 6, Jalan Kia Peng, Kuala Lumpur, 50450 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Active-Investors