Extra Space Storage Inc. (EXR) CEO Joseph Margolis on Q1 2022 Results - Earnings Call Transcript

Extra Space Storage Inc. (NYSE:EXR) Q1 2022 Earnings Conference Call May 4, 2022 1:00 PM ET

Company Participants

Jeff Norman - Senior Vice President of Capital Markets and Investor Relations

Joseph Margolis - Chief Executive Officer

Scott Stubbs - Executive Vice President and Chief Financial Officer

Conference Call Participants

Jeffrey Spector - Bank of America Merrill Lynch

Michael Goldsmith - UBS

Juan Sanabria - BMO Capital Markets

Todd Thomas - KeyBanc Capital Markets Inc.

Samir Khanal - Evercore ISI

Keegan Carl - Joh. Berenberg, Gossler & Co. KG

Caitlin Burrows - Goldman Sachs Group, Inc.

Ki Bin Kim - Truist Securities, Inc.

Spenser Allaway - Green Street Advisors, LLC

Smedes Rose - Citigroup Inc.

Michael Mueller - JPMorgan Chase & Co.

Ronald Kamdem - Morgan Stanley

Operator

Good day, and welcome to the Q1 2022 Extra Space Storage Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Jeff Norman, Senior Vice President, Capital Markets. Please go ahead.

Jeff Norman

Thank you, Ashley. Welcome to Extra Space Storage's first quarter 2022 earnings call. In addition to our press release, we have furnished unaudited supplemental financial information on our website. Please remember that management's prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act. Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the Company's business. These forward-looking statements are qualified by the cautionary statements contained in the Company's latest filings with the SEC, which we encourage our listeners to review. Forward-looking statements represent management's estimates as of today, May 4, 2022. The Company assumes no obligation to revise or update any forward-looking statements because of changing market conditions or other circumstances after the date of this conference call.

I'd now like to turn the call over to Joe Margolis, Chief Executive Officer.

Joseph Margolis

Thanks, Jeff, and thank you, everyone for joining today's call. We are off to a great start in 2022. Year-over-year same-store revenue growth in the quarter was 21.7%, a new all time high for Extra Space driving same-store NOI growth of 27.6%. This was achieved primarily through year-over-year rental rate growth, partially offset by a modest decrease in year-over-year occupancy. Industry fundamentals continue to be strong, operational performance has been exceptional in all markets and we are well positioned for another strong summer leasing season.