Extra Space Storage(US:EXR) ZACKS·2025-10-30 15:26Core Insights - Extra Space Storage Inc. (EXR) reported third-quarter 2025 core funds from operations (FFO) per share of $2.08, exceeding the Zacks Consensus Estimate of $2.06, marking a 0.48% increase from the prior-year quarter [1][8] - Quarterly revenues reached $858.5 million, a 4.1% year-over-year increase, but fell short of the Zacks Consensus Estimate of $864.8 million [2][8] - The company experienced a decline in same-store revenues by 0.2% year over year to $674 million, while same-store operating expenses rose 5.8% to $196.7 million, leading to a 2.5% decrease in same-store net operating income (NOI) to $477.2 million [3][8] Financial Performance - Same-store square-foot occupancy increased by 10 basis points year over year to 93.7% as of September 30, 2025 [3] - Interest expenses increased by 4.8% to $149.7 million, surpassing the estimate of $146.4 million [3] - The company exited the third quarter with $111.9 million in cash and cash equivalents, down from $125 million as of June 30, 2025 [5] Portfolio Activity - During the July-September quarter, Extra Space Storage acquired one operating store for approximately $12.8 million and, with joint venture partners, acquired another for about $14.2 million, with the company's investment being $1.4 million [4] - The company added 95 stores (62 stores net) to its third-party management platform, managing a total of 2,222 stores as of September 30, 2025 [4] Guidance and Outlook - Extra Space Storage has revised its 2025 core FFO per share guidance to a range of $8.12-$8.20, with the midpoint increased by a cent from the previous range of $8.05-$8.25 [7] - The full-year guidance is based on an expected negative 0.25% to 0.25% growth in same-store revenues and a 4.50%-5.00% increase in same-store expenses [9] Market Position - Extra Space Storage currently holds a Zacks Rank 3 (Hold) [10]