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Sep 30
Extra Space Q3 2025 Earnings Report
Extra Space reported steady Q3 results with Core FFO growth despite slight declines in same-store revenue and NOI.
Key Takeaways
Extra Space Storage delivered modest earnings growth in Q3 2025. While same-store revenue and NOI declined, the company increased Core FFO slightly and maintained strong occupancy. The company continues to expand via acquisitions and third-party management.
Core FFO per share was $2.08, up 0.5% YoY
Net income attributable to common stockholders was $165.998 million
Same-store revenue declined by 0.2% YoY
Same-store NOI decreased by 2.5% YoY
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Property Rental Revenue
CapyFin.comTenant Reinsurance Revenue
CapyFin.comMgmt Fees & Other Revenue
CapyFin.com Forward Guidance
Extra Space raised its 2025 Core FFO guidance, supported by strong acquisition activity and stable operational metrics.
Positive Outlook
- Increased Core FFO guidance to range of $8.12–$8.20 per share
- Same-store NOI guidance improved to a range of -2.25% to -1.25%
- Raised net tenant reinsurance income guidance to up to $283M
- Acquisition volume guidance increased to $900M for the year
- Expanded revolving credit capacity to $3.0B with improved terms
Challenges Ahead
- Same-store revenue growth expected to remain flat to slightly negative
- Elevated interest expense forecast of up to $585M
- G&A expense estimated at up to $185M
- Bridge loan balances projected to remain high at $1.45B
- Dilution from C of O and value-add acquisitions estimated at $0.20/share