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Mar 31, 2025
Extra Space Q1 2025 Earnings Report
Extra Space Storage posted strong occupancy and modest revenue growth in Q1 2025.
Key Takeaways
Extra Space Storage delivered stable earnings with high occupancy rates and modest revenue growth, despite a volatile economic environment.
Achieved net income of $270,875,000, up 26.7% year-over-year.
Core FFO increased by 2.0% to $2.00 per diluted share.
Same-store occupancy remained high at 93.4%.
Revenue reached $819,997,000 for the quarter.
Revenue by Segment
Forward Guidance
The company maintained its Core FFO guidance range for 2025, reflecting cautious optimism despite economic uncertainty.
Positive Outlook
- Core FFO guidance maintained at $8.00 to $8.30.
- Same-store occupancy remained historically high.
- Bridge loan portfolio remained strong with $1.4 billion outstanding.
- Tenant reinsurance income forecasted to remain stable.
- Continued growth in third-party management platform.
Challenges Ahead
- Same-store NOI expected to range from -3.0% to +0.25%.
- Economic uncertainty could impact customer behavior.
- Marketing and operating expenses increased.
- Property tax expenses rose by 15.8% year-over-year.
- Volatile financing markets may affect acquisition pace.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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