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Dec 31, 2024
Extra Space Q4 2024 Earnings Report
Extra Space Storage Inc. reported solid FFO growth and maintained strong occupancy levels in Q4 2024.
Key Takeaways
Extra Space Storage Inc. achieved net income of $262.5 million, or $1.24 per diluted share, in Q4 2024. Core FFO per share increased to $2.03, while same-store occupancy improved to 93.7%. The company added 114 net new stores to its third-party management platform.
Core FFO per share increased to $2.03.
Same-store occupancy improved to 93.7%.
Net income was $262.5 million, a 21.6% increase year-over-year.
Acquired 38 operating stores for $359.7 million.
Extra Space
Extra Space
Extra Space Revenue by Segment
Revenue by Segment
Tenant Reinsurance Revenue
CapyFin.com Forward Guidance
Extra Space Storage expects a challenging yet gradually improving operating environment in 2025, supported by contributions from ancillary businesses.
Positive Outlook
- Core FFO expected to range between $8.00 to $8.30 per share.
- Same-store occupancy levels projected to remain strong.
- Growth in third-party management and bridge loan programs.
- Continued expansion through acquisitions and investments.
- Focus on cost control and operational efficiencies.
Challenges Ahead
- Potential headwinds from interest rate increases.
- Same-store revenue growth projected to range from -0.75% to +1.25%.
- Increased expenses anticipated due to inflation.
- Ongoing challenges in the macroeconomic environment.
- Possible impact from competition in self-storage market.