#USA #self-storage #Salt Lake City #Extra Space Storage #2025 Q3 results

Extra Space Storage Inc. Reports Third Quarter Results for 2025

On October 29, 2025, Extra Space Storage Inc. (NYSE: EXR), a prominent self-storage company in the United States and part of the S&P 500 index, announced its financial results for the third quarter that ended on September 30, 2025. The results presented a mixed bag of outcomes amid a challenging operational landscape. Here are the key highlights:

Financial Performance Overview

Three Months Highlights

• - The company reported a net income attributable to common stockholders of $0.78 per diluted share, indicating a 14.3% decrease compared to the same period last year. This decline included a notable loss of $105.1 million linked to assets held for sale and subsequent sales.
• - Funds from operations (FFO) attributable to both common stockholders and unit holders was $2.01 per diluted share. Notably, the Core FFO, which excludes certain adjustments, stood at $2.08, reflecting a slight increase of 0.5% year-over-year.
• - The company witnessed a slight dip in same-store revenue, registering a decrease of 0.2%, with same-store net operating income (NOI) declining by 2.5% compared to the previous year.
• - Occupancy rates showed slight improvement, with an ending occupancy of 93.7%, marginally up from 93.6% a year prior.

Nine Months Highlights

For the nine months ending September 30, 2025, Extra Space Storage reported:

• - A net income per diluted share at $3.23, which marked a 15.8% increase year-over-year, even after factoring in a net loss of $70.2 million related to assets sold.
• - FFO for this period totaled $5.91 per diluted share, while Core FFO came in at $6.13, up 0.7% from the prior year.
• - Same-store NOI showed a decrease of 2.3%, although total revenues remained nearly flat at about $1.999 billion.

Expansion and Growth Initiatives

Extra Space Storage has continued to focus on growth and expansion, evidenced by:

• - The acquisition of 14 operating stores at a total cost of $178.7 million.
• - Significant investments in joint ventures, including the complete buyout of two partnerships for approximately $326.4 million, consolidating ownership over 27 properties.
• - The initiation of bridge loans totaling $329 million, alongside the sale of $105.8 million in similar loans, indicating an active participation in the lending segment.
• - The company boosted its third-party management platform by adding 301 stores, growing the total managed store count to 2,222.

Strategic Outlook

Joe Margolis, CEO of Extra Space Storage, expressed optimism in the company’s strategic direction, despite the operational hurdles faced during the quarter. He remarked:

“We delivered solid third quarter results while navigating a challenging operational landscape, allowing us to increase our annual Core FFO guidance.”

Margolis highlighted the gradual improvement in market fundamentals leading to enhanced customer rate growth, underpinning the company's proactive measures and adaptability in a competitive market.

Dividends and Financial Health

• - In line with its commitment to returning value to shareholders, the company declared a quarterly dividend of $1.62 per share. The company's balance sheet remains strong, reflecting robust asset management and operational efficiency.
• - As of September 30, 2025, the company maintained ample liquidity, evidenced by $800 million available for issuance under its existing programs and 83.8% of its total debt structured at fixed rates.

Extra Space Storage remains the largest self-storage management firm across the United States, boasting 4,238 stores in 43 states and Washington D.C, emphasizing its leadership position and commitment to maintaining operational excellence.

For a detailed breakdown of the financials and strategic outlook, interested parties can refer to the company's investor relations portal or join the scheduled conference call on October 30, 2025.