Extra Space Storage reports Q4 core FFO $2.03, consensus $2.02

Reports Q4 revenue $821.90M, consensus $707.34M. Reports Q4 Same-store revenue decreased by (0.4)% and same-store NOI decreased by (3.5)% compared to the same period in the prior year. Joe Margolis, CEO of Extra Space Storage (EXR), commented: “The team continues to optimize performance in a challenging macro environment. This is evidenced by our ability to maintain strong occupancy during a time of year which is typically marked by occupancy declines. Our people, systems and high occupancy position the portfolio for future revenue growth as conditions improve. The outsized growth in our third-party management, bridge loan and insurance businesses, as well as our ability to find creative and off-market investment opportunities, continue to provide an avenue of growth in an otherwise tough operating environment, and contribute to Core FFO per share growth modestly ahead of our projections.”