Extra Space Storage Inc. Reports 2025 Second Quarter Results

Core Insights - Extra Space Storage Inc. reported solid second quarter results, driven by high occupancy rates and improving customer behavior, while maintaining annual FFO and same-store guidance [4][6][26] Financial Performance - For the three months ended June 30, 2025, net income attributable to common stockholders was $1.18 per diluted share, a 34.1% increase from the previous year [6][7] - Funds from operations (FFO) for the same period was $1.98 per diluted share, with Core FFO at $2.05, reflecting a slight decrease of 0.5% year-over-year [6][7] - Same-store revenue remained flat, while same-store net operating income (NOI) decreased by 3.1% compared to the same period last year [6][10] Operational Highlights - The company reported an ending same-store occupancy of 94.6% as of June 30, 2025, up from 94.0% a year earlier [6][10] - Acquired one operating store for $12.1 million and bought out joint venture partners' interests in two partnerships for $326.4 million, gaining full ownership of 27 properties [6][14][17] - Originated $157.8 million in mortgage and mezzanine bridge loans during the quarter, with outstanding bridge loans totaling approximately $1.5 billion [19][20] Property Management and Growth - As of June 30, 2025, the company managed 1,749 stores for third-party owners and 414 stores in unconsolidated joint ventures, totaling 2,163 managed stores [20] - The company added 93 stores to its third-party management platform during the quarter [6][20] Dividend and Shareholder Returns - A quarterly dividend of $1.62 per share was paid on June 30, 2025 [24] - The company repurchased 68,585 shares of common stock for $8.6 million at an average price of $125.60 per share [21] Outlook - The company maintained its Core FFO estimates for the year ending December 31, 2025, with a range of $8.05 to $8.25 per share [26]