Extra Space Storage Inc ( (EXR) ) has released its Q4 earnings. Here is a breakdown of the information Extra Space Storage Inc presented to its investors.
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a leading owner and operator of self-storage facilities in the United States, and is a member of the S&P 500. The company offers a wide range of storage solutions across the country, making it the largest operator of self-storage properties in the U.S.
In its latest earnings report for the fourth quarter and year ending December 31, 2024, Extra Space Storage Inc. announced a notable increase in net income attributable to common stockholders, achieving $1.24 per diluted share for the quarter, a 21.6% rise from the previous year. The company also reported a slight increase in Core Funds From Operations (FFO) per diluted share, reaching $2.03.
Key financial highlights include the acquisition of 38 operating stores at a cost of approximately $359.7 million and an increase in ownership interest in joint ventures. The company also expanded its third-party management platform, adding 130 stores, and initiated an unsecured commercial paper program with a total capacity of $1 billion. Despite a decrease in same-store revenue and net operating income, the company maintained a strong occupancy rate of 93.7%.
Looking ahead, Extra Space Storage Inc. anticipates a challenging yet gradually improving operating environment in 2025. The company expects contributions to FFO from ancillary businesses and structured investments to continue supporting growth. Management remains optimistic about future revenue growth as market conditions improve.
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