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Jun 30
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.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Property Rental Revenue
CapyFin.comTenant Reinsurance Revenue
CapyFin.comManagement Fees and Other Income Revenue
CapyFin.com 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.
- Income tax expense is expected to be between $41 million and $42 million.