Extra Space Storage Inc. Reports Strong Q1 2025 Results

Extra Space Storage Inc ( (EXR) ) has released its Q1 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 self-storage real estate investment trust (REIT) and the largest operator of self-storage properties in the United States, managing over 4,000 stores across 43 states and Washington, D.C. The company offers a wide range of storage solutions, including boat, RV, and business storage.

For the first quarter of 2025, Extra Space Storage Inc. reported strong financial results, with a notable increase in net income attributable to common stockholders, reaching $1.28 per diluted share, a 26.7% rise from the previous year. The company also achieved funds from operations (FFO) of $1.93 per diluted share, with Core FFO at $2.00 per diluted share, marking a 2.0% increase year-over-year.

Key highlights from the quarter include a slight increase in same-store revenue by 0.3%, although same-store net operating income saw a decrease of 1.2%. The company maintained a high same-store occupancy rate of 93.4%, up from 92.4% the previous year. Strategic acquisitions were a focus, with 12 operating stores acquired for approximately $153.8 million and additional investments in joint ventures. The company also expanded its third-party management platform, adding 113 stores.

Despite economic uncertainties, Extra Space Storage Inc. continues to demonstrate resilience and growth, with a strong focus on capital-light ancillary businesses and strategic investments. The company’s management remains cautious yet optimistic, maintaining their same-store guidance amidst a volatile economic environment.

Looking ahead, Extra Space Storage Inc. is poised to continue its growth trajectory, supported by a robust investment strategy and a stable cash flow model. The company’s management is confident in their ability to navigate potential economic challenges while delivering value to shareholders.