Extra Space Storage Inc

Latest Results (24.10.2025):

Extra Space Storage Inc. reported its financial results for the three months and year ended December 31, 2024. The company demonstrated growth in net income and funds from operations, despite slight declines in same-store revenue and net operating income. Strategic acquisitions and expansions in third-party management contributed to the company's robust performance, maintaining strong occupancy rates and initiating new financial programs.

Increased Net Income

For the three months ended December 31, 2024, Extra Space Storage Inc. achieved a net income of $1.24 per diluted share, marking a 21.6% increase compared to the same period in the prior year. Annually, net income per diluted share was $4.03, reflecting a 15.0% decrease from the previous year.

Strong Funds from Operations

The company reported Funds from Operations (FFO) of $1.96 per diluted share for the quarter, with Core FFO at $2.03 per diluted share, representing a 0.5% year-over-year increase. For the full year, FFO stood at $7.57 per diluted share and Core FFO at $8.12 per diluted share, showing a slight 0.2% increase compared to the prior year.

Stable Occupancy Rates

Extra Space Storage Inc. maintained a high same-store occupancy rate of 93.7% as of December 31, 2024, up from 92.5% the previous year. This stability highlights the company's ability to sustain strong occupancy levels even in challenging market conditions.

Strategic Acquisitions and Investments

During the quarter, the company acquired 38 operating stores for approximately $359.7 million and increased its ownership interest in two joint venture partnerships to 49.0% for $251.2 million. Additionally, Extra Space Storage added 130 stores to its third-party management platform, bringing the total managed stores to 2,035.

Expansion of Financial Programs

The company originated $224.4 million in mortgage and mezzanine bridge loans and initiated an unsecured commercial paper program with a total capacity of $1.0 billion. These financial initiatives support the company's growth and operational flexibility.

Dividend Declaration

Extra Space Storage Inc. continued to return value to shareholders by paying a quarterly dividend of $1.62 per share.