Extra Space Storage reports Q3 core FFO $2.08, consensus $2.06

Reports Q3 revenue $673.98M, consensus $737.44M. Same-store revenue decreased by (0.2)% and same-store net operating income decreased by (2.5)% compared to the same period in the prior year. CEO Joe Margolis stated: “We delivered solid Q3 results, while navigating a challenging operational landscape, allowing us to increase our annual Core FFO guidance. Although same-store revenue remained relatively flat, we are encouraged by the gradual improvement in market fundamentals. This improvement has resulted in accelerating new customer rate growth. Our external growth initiatives remained active during the quarter, highlighted by significant additions to our third-party management platform, substantial bridge loan originations, and strategic property acquisitions.”