Extra Space Storage reports Q1 core FFO $2.00, consensus $1.96

Reports Q1 revenue $820M, consensus $823.42M. Same-store revenue increased by 0.3% and same-store net operating income decreased by (1.2)% compared to the same period in the prior year. Joe Margolis, CEO of Extra Space Storage (EXR) Inc., stated: “We had a solid first quarter, beating same store revenue expectations, maintaining historically high occupancy, and continuing to grow our capital light ancillary businesses. This led to FFO growth above our internal projections. Despite this level of performance, the recent economic uncertainty has caused us to maintain our same-store guidance. While the current environment is volatile and may lead to difficult economic times, our team, strategy, and systems have proven the ability to produce stable cash flow returns in similar conditions.”