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Jun 30, 2025
Extra Space Q2 2025 Earnings Report
Extra Space Storage Inc. reported its second quarter 2025 results, highlighting increased net income per diluted share and stable FFO, despite a slight decrease in Core FFO and same-store NOI.
Key Takeaways
Extra Space Storage Inc. delivered solid second quarter results with net income attributable to common stockholders increasing by 34.1% to $1.18 per diluted share. Funds from operations (FFO) was $1.98 per diluted share, while Core FFO saw a slight decrease of 0.5% to $2.05 per diluted share. Same-store revenue remained flat, and same-store net operating income (NOI) decreased by 3.1%. The company maintained historically high occupancy and was active in external growth, including significant third-party management and bridge loan activities, and the buyout of joint venture partners' interests.
Net income attributable to common stockholders increased by 34.1% to $1.18 per diluted share for the quarter.
Core FFO was $2.05 per diluted share, a 0.5% decrease compared to the prior year's second quarter.
Same-store revenue remained flat, and same-store net operating income (NOI) decreased by 3.1%.
Ending same-store occupancy improved to 94.6% as of June 30, 2025, up from 94.0% in the prior year.
Revenue by Segment
Forward Guidance
Extra Space Storage Inc. has maintained its annual FFO and same-store guidance at the midpoints for the year ending December 31, 2025, reflecting a stable outlook despite ongoing market monitoring.
Positive Outlook
- Core FFO guidance maintained at $8.05 to $8.25 per diluted share.
- Same-store revenue growth projected between -0.50% and 1.00%.
- Same-store NOI growth projected between -2.75% and 0.00%.
- Anticipated net tenant reinsurance income of $277 million to $280 million.
- Expected management fees and other income of $125.5 million to $126.5 million.
Challenges Ahead
- Same-store NOI growth is projected to be flat to negative.
- Same-store expense growth is anticipated to be between 4.00% and 5.00%.
- Dilution per share from C of O and value add acquisitions is estimated at $0.20.
- Interest expense is projected to be between $582 million and $586 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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