UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-32269 EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) Maryland 20-1076777 (State or other jurisdiction of incorporation or organization) (I ...

Extra Space Storage Inc. (EXR) reported first-quarter 2024 core funds from operations (FFO) per share of $1.96, which beat the Zacks Consensus Estimate by a penny. However, the figure declined 3% from the prior-year quarter.The results reflect a rise in occupancy and better-than-anticipated revenues. However, higher same-store operating expenses and increased interest expenses during the quarter were a spoilsport.Quarterly revenues of $799.5 million beat the Zacks Consensus Estimate of $786.5 million. The t ...

Extra Space Storage (EXR) reported $799.54 million in revenue for the quarter ended March 2024, representing a year-over-year increase of 58.9%. EPS of $1.96 for the same period compares to $1.46 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $786.47 million, representing a surprise of +1.66%. The company delivered an EPS surprise of +0.51%, with the consensus EPS estimate being $1.95.While investors closely watch year-over-year changes in headline numbers -- revenue and earning ...

Extra Space Storage (EXR) came out with quarterly funds from operations (FFO) of $1.96 per share, beating the Zacks Consensus Estimate of $1.95 per share. This compares to FFO of $2.02 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 0.51%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $2.03 per share when it actually produced FFO of $2.02, delivering a surprise of -0.4 ...

Highlights for the three months ended March 31, 2024: Joe Margolis, CEO of Extra Space Storage Inc., commented: "We achieved positive year-over-year occupancy growth in the Extra Space and Life Storage same-store pools. We have also continued to realize G&A savings and to expand our bridge lending and third party management programs. Rental activity has been strong year to date and vacates remain muted, which positions us well to maximize revenue during the 2024 leasing season." Exhibit 99.1 Extra Space Sto ...

Extra Space Storage (EXR) , a leading self-storage real estate investment trust (REIT) in the United States, is set to release its first-quarter 2024 results on Apr 30 after market close. The company has been steadily expanding its footprint and diversifying its operations. As the market anticipates the earnings announcement, this article provides an in-depth preview of EXR’s expected performance in the first quarter, considering overall industry trends, EXR's growth strategy and acquisitions.In the last re ...

imaginima The self-storage has become materially oversupplied resulting in a greater than 30% drop in street rents from the 2022 peak. More supply remains in the pipeline which I believe will drop rates even further and make Existing Customer Rate Increases (ECRI) significantly more punishing to occupancy. The damage to the sector is readily apparent in industry reports and was the primary subject of 4Q conference calls which made it evident those participating in self-storage are painfully aware of the tou ...

valtron84/iStock via Getty ImagesPacer Industrial Real Estate ETF (NYSEARCA:INDS) is a relatively new fund that began trading in early 2018. INDS is a focused play of industrial REITs comprised primarily of industrial warehouses and self-storage facilities. This is hard to find in the REIT universe. INDS invests in industrial REITs that are a subset of the warehouse e-commerce distribution and logistic networks and self-storage facilities. As consumer e-commerce spending continues to grow and thrive, th ...

Extra Space Storage (EXR) is poised to gain from its high brand value and strong presence in major cities in the United States. Strategic acquisitions, a healthy balance sheet, opportunistic investments and a third-party management platform bode well for the company’s long-term growth. However, lower new customer rates, a development boom in many markets and a high interest rate environment pose key near-term concerns.What’s Aiding EXR?Extra Space Storage is the largest operator of self-storage properties i ...

Financial Data and Key Metrics Changes - The company reported same-store revenue growth of 0.8% for the fourth quarter, with core FFO at $2.02 per share and full-year core FFO at $8.10 per share [24][26] - The occupancy rate for the Extra Space same-store pool is currently at 93.1%, showing improvement from a negative delta of 110 basis points at the end of the previous year [43][44] - The company expects same-store revenue guidance for the EXR pool to range from negative 2% to positive 0.5% for 2024, with expense growth projected at 4% to 5.5% [12][31] Business Line Data and Key Metrics Changes - Legacy Life Storage (LSI) same-store revenue growth was reported at 1.8%, an acceleration of 80 basis points over the previous quarter [6] - The occupancy gap between LSI and Extra Space locations has narrowed from 350 basis points to approximately 200 basis points [25][26] - The company anticipates stronger property-level growth for the legacy LSI same-store pool, with revenue growth expected between 2% and 4.5% [32] Market Data and Key Metrics Changes - New supply in the market is moderating, with the company noting substantial headwinds to future new development [8] - The company is seeing positive signs in rental velocity and occupancy levels, although new customer rates remain under pressure [26][57] - The New York-New Jersey market is being negatively impacted by Northern New Jersey, while other areas like Los Angeles are performing well [82][124] Company Strategy and Development Direction - The company is focused on optimizing the performance of the recently acquired Life Storage assets while maximizing the performance of legacy Extra Space locations [24] - A robust joint venture program and strong third-party management pipelines are expected to drive capital-light growth activities [8][11] - The company aims to achieve $39 million in G&A synergies for 2024, an increase from the original forecast of $23 million [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in holding strong occupancy and maintaining current revenue levels, but noted challenges in driving revenue growth until pricing power is regained with new customers [26][57] - The long-term outlook for the storage sector remains positive, with the company emphasizing the durability of the asset class [27] - Management does not expect significant improvements in street rates for 2024, indicating a cautious approach to revenue guidance [159] Other Important Information - The company completed a $600 million bond offering in the fourth quarter and another $600 million in the first quarter of 2024, using proceeds to pay off a $1 billion variable rate bridge loan [11] - The company has migrated Life Storage customers to its tenant insurance program, expecting to achieve $16 million in synergies from this initiative [10] Q&A Session Summary Question: Can you provide color on new move-in rates and their impact on revenue guidance? - Management indicated that guidance is revenue-based and new move-in rates are one component among various factors influencing revenue assumptions [15][16] Question: What is the outlook on interest rates and their impact on guidance? - Management acknowledged that the SOFR curve driving interest expense appears aggressive, and they provided insights on their outlook for rates and refinancing activity [17][36] Question: How effective has the strategy of increasing occupancy while cutting street rates been? - Management confirmed that customer acceptance of ECRIs has remained stable, indicating that the strategy is valid and working [61] Question: What are the expectations for same-store revenue growth between EXR and LSI portfolios? - Management noted differences in occupancy and move-in rates, with LSI properties showing improvement but still lagging behind EXR [66] Question: How does the company view the dual brand strategy and its operational costs? - Management believes the dual brand strategy is beneficial for digital presence and rental growth, despite some incremental operating costs [128][139]