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ExtraSpace Storage Extra Space Storage Inc. Reports 2021 Second Quarter Results July 27 , 2021 SALT LAKE CITY , July 27 , 2021 / PRNewswire / -- Extra Space Storage Inc. ( NYSE : EXR ) ( the " Company " ) , a leading owner and operator of self - storage facilities in the United States and a member of the S & P 500 , announced operating results for the three and six months ended June 30 , 2021 . ExtraSpace Storage Highlights for the three months ended June 30 , 2021 : • Achieved net income attributable to common stockholders of $ 1.25 per diluted share , representing a 56.3 % increase compared to the same period in 2020 . • Achieved funds from operations attributable to common stockholders and unit holders ( " FFO " ) of $ 1.64 per diluted share . FFO , excluding adjustments for non - cash interest ( " Core FFO " ) , was also $ 1.64 per diluted share , representing a 33.3 % increase compared to the same period in 2020 . • Increased same - store revenue by 13.6 % and same - store net operating income ( " NOI " ) by 20.2 % compared to the same period in 2020 . • Reported same - store occupancy of 97.0 % as of June 30 , 2021 , compared to 94.2 % as of June 30 , 2020 . • Acquired 13 operating stores and two stores at completion of construction ( a " Certificate of Occupancy store " or " C of O store " ) for a total cost of approximately $ 184.0 million . • In conjunction with joint venture partners , acquired five operating stores for a total cost of approximately $ 68.7 million , of which the Company invested $ 6.9 million . • Closed $ 43.0 million in mortgage and mezzanine bridge loans , and sold $ 6.0 million in mortgage bridge loans . • Completed an inaugural public bond offering issuing $ 450.0 million of 10 - year 2.55 % senior unsecured notes due 2031 . • Added 39 stores ( gross ) to the Company's third - party management platform . As of June 30 , 2021 , the Company managed 768 stores for third parties and 253 stores in joint ventures , for a total of 1,021 managed stores . • Paid a quarterly dividend of $ 1.00 per share . Highlights for the six months ended June 30 , 2021 • Achieved net income attributable to common stockholders of $ 2.79 per diluted share , representing a 71.2 % increase compared to the same period in 2020 . • Achieved FFO of $ 3.14 per diluted share . Core FFO was also $ 3.14 per diluted share , representing a 26.6 % increase compared to the same period in 2020 . • Increased same - store revenue by 9.0 % and same - store NOI by 13.2 % compared to the same period in 2020 . • Acquired 22 operating stores and two C of O stores for a total cost of approximately $ 332.4 million . • In conjunction with joint venture partners , acquired five operating stores for a total cost of approximately $ 68.7 million , of which the Company invested $ 6.9 million . • Sold 16 wholly - owned stores into a new joint venture for a total sales price of $ 168.9 million , resulting in a gain on real estate transactions of $ 64.5 million . • Closed $ 70.1 million in mortgage and mezzanine bridge loans , and sold $ 87.8 million in mortgage bridge loans . • Sold 1,600,000 shares of common stock through an overnight offering and an additional 585,685 shares of common stock using the Company's " at the market " ( " ATM " ) program resulting in total net proceeds of approximately $ 273.7 million . Added 100 stores ( gross ) to the Company's third - party management platform . Joe Margolis , CEO of Extra Space Storage Inc. , commented : " We had an exceptionally strong second quarter , with record setting occupancy and very strong rental rates , resulting in same - store NOI growth of over 20 % . Our excellent property performance , coupled with accretive investments , led to FFO growth of 33.3 % . Our stronger than expected year - to - date performance , together with an improved outlook for the remainder of 2021 , has allowed us to increase the midpoint of our FFO guidance by 8.3 % to $ 6.53 per share . " FFO Per Share : The following table ( unaudited ) outlines the Company's FFO and Core FFO for the three and six months ended June 30 , 2021 and 2020. The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented ( amounts shown in thousands , except share and per share data ) : For the Three Months Ended June 30 , 2021 2020 For the Six Months Ended June 30 , 2021 2020 ( per share ) 1 ( per share ) 1 Net income attributable to common stockholders $ 167,948 $ 1.25 $ 102,911 $ 0.80 $ 370,946 ( per share ) 1 $ 2.79 $ 211,090 ( per share ) 1 $ 1.63 Impact of the difference in weighted average number of shares diluted² Adjustments : Real estate depreciation Amortization of intangibles Gain on real estate transactions Unconsolidated joint venture real estate depreciation and amortization ( 0.07 ) ( 0.05 ) ( 0.16 ) ( 0.10 ) 56,470 1,008 0.40 53,367 538 0.38 112,285 0.80 1,701 ( 63,883 ) 0.01 106,293 1,155 0.77 0.01 ( 0.45 ) 3,079 0.02 2,224 0.02 5,584 0.04 4,388 0.03