Extra Space Storage Inc

Latest Results (17.12.2024):

Net Income

For the third quarter of 2024, Extra Space Storage Inc. reported a net income attributable to common stockholders of $0.91 per diluted share. This represents a 5.2% decrease compared to the same period in the prior year, primarily due to a $51.8 million loss related to the impairment of the Life Storage Inc. trade name.

Funds From Operations

Extra Space Storage Inc. achieved funds from operations (FFO) attributable to common stockholders and unit holders of $1.75 per diluted share for the third quarter of 2024. The Core FFO, which excludes certain adjustments, was $2.07 per diluted share, marking a 2.5% increase compared to the same period in the prior year.

Same-Store Performance

In the third quarter of 2024, Extra Space Storage Inc. experienced a decrease in same-store revenue by 0.3% and a decrease in same-store net operating income (NOI) by 1.0% compared to the same period in the prior year. The ending same-store occupancy was reported at 94.3% as of September 30, 2024, compared to 93.7% as of September 30, 2023.

Acquisitions and Investments

During the third quarter of 2024, Extra Space Storage Inc. acquired 10 operating stores and one store at completion of construction for a total cost of approximately $163.9 million. Additionally, in partnership with joint venture partners, the company acquired five properties and completed two developments for a total cost of approximately $114.6 million, with the company's investment amounting to $30.7 million.

Dividends and Credit Outlook

Extra Space Storage Inc. paid a quarterly dividend of $1.62 per share during the third quarter of 2024. Furthermore, Moody's Ratings revised the company's credit outlook to positive from stable, reflecting confidence in the company's financial stability and future performance.