Extra Space Storage Inc ( (EXR) ) has realeased its Q3 earnings. Here is a breakdown of the information Extra Space Storage Inc presented to its investors.
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Extra Space Storage Inc., based in Salt Lake City, Utah, is a leading real estate investment trust (REIT) specializing in the ownership and operation of self-storage facilities across the United States, with a significant presence in 42 states and Washington, D.C. In the third quarter of 2024, Extra Space Storage Inc. reported a net income per diluted share of $0.91, reflecting a 5.2% decline from the previous year due to a $51.8 million loss related to the rebranding of Life Storage. However, the company’s Core FFO per diluted share increased by 2.5% to $2.07. The company maintained a stable occupancy rate of 94.3% and expanded its portfolio by acquiring 10 operating stores and one newly constructed store, alongside strategic investments with joint venture partners. Despite a slight decrease in same-store revenues and NOI, Extra Space Storage Inc. demonstrated resilience through strategic acquisitions and strong financial management. With a positive credit outlook from Moody’s and continued growth in third-party management and bridge loan activities, the company is well-positioned for future revenue growth, as indicated by the management’s optimistic outlook for the year-end financial performance.
