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Extra Space Storage reports YOY FFO gain in Q1, raises FY guidance

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Extra Space Storage reports YOY FFO gain in Q1, raises FY guidance

reported year-over-year FFO growth in the first quarter and raised itsfull-year 2016 guidance range.

Inthe first quarter, FFO attributable to common stockholders totaled $104.9million, or 79 cents per share, compared to $84.5 million, or 68 cents pershare, in the year-ago quarter, the company said in a news release. FFO asadjusted attributable to common stockholders totaled $113.9 million, or 86cents per share, compared to $85.3 million, or 69 cents per share, a yearearlier.

TheS&P Capital IQ consensus FFO-per-share estimate for the first quarter was85 cents.

Same-storeNOI for the quarter grew by 12.3% year over year. Same-store occupancy stood at92.8% as of March 31, compared to 92.1% a year earlier.

Inreporting its earnings, the company raised its full-year FFO-per-share guidanceto a range of $3.59 to $3.66, from an earlier range, released with its full-year 2015 earnings, of $3.57 to$3.65. The company also raised its per-share estimate for FFO as adjusted to arange of $3.71 to $3.78, from an earlier range of $3.65 to $3.73.

TheS&P Capital IQ consensus FFO-per-share estimate for the full year 2016 is$3.74.

ExtraSpace reported that during the first quarter, it sold 831,300 shares of commonstock via its at-the-market equity program. The average sales price was $88.63per share, and net proceeds were $73.6 million after deducting offering costs. Asof March 31, it had $294.6 million available for issuance under the existingequity distribution agreements.