The company reported FFO of $1.93 per diluted share and Core FFO of $2.00 per diluted share for Q1 2025. The company said Core FFO rose 2.0% from the same period a year earlier.

1. 01

   The company reported FFO of $1.93 per diluted share and Core FFO of $2.00 per diluted share for Q1 2025. The company said Core FFO rose 2.0% from the same period a year earlier.

2. 02

   Extra Space Storage said same-store revenue for Q1 2025 rose 0.3% from a year earlier, to $659,736 thousand, and same-store net operating income (NOI) fell (1.2)% to $467,309 thousand. Same-store occupancy at quarter end was 93.4%.

3. 03

   The company acquired 12 operating stores for about $153.8 million and recognized a net gain of $35.8 million from the sale of 11 operating properties and 3 parcels of land. It also invested $100.0 million in SSGT convertible preferred stock and originated bridge loans totaling $53.2 million.

4. 04

   The company set its full-year 2025 Core FFO outlook range at $8.00 to $8.30, unchanged from its February 25, 2025 outlook. Its same-store revenue growth outlook of (0.75)% to 1.25% and same-store NOI growth outlook of (3.00)% to 0.25% are also unchanged from the prior outlook.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.