Oct 29 (Reuters) - Extra Space Storage ( EXR ) beat Wall

Street expectations for third-quarter adjusted funds from

operations (FFO) on Tuesday, as the real estate investment trust

saw sustained strength in occupancy.

"We continue to maintain strong occupancy during a time of

year which is typically marked by occupancy declines," said CEO

Joe Margolis.

Extra Space, which has been shielded from an industry-wide

fall in occupancy rates post-pandemic, has been benefiting from

a unifying marketing strategy after its merger with peer Life

Storage. Analysts expect the combined company to close the gap

with peers by the end of 2026.

The Salt Lake City, Utah-based company's quarterly core FFO

of $2.07 per share, came above analysts' estimates of $2.04 per

share, according to data compiled by LSEG.

However, net income per share for the quarter fell by 5.2%,

compared with the same period last year primarily due to a $51.8

million loss related to the impairment of Life Storage's trade

name based on the company's decision to operate under a single

brand after the merger.

Extra Space slightly raised the lower end of its 2024

adjusted FFO and same-store revenue growth forecast ranges.

The REIT now expects 2024 adjusted FFO to range between

$8.00 and $8.15 per share, compared with the previous forecast

ranging from $7.95 to $8.15 apiece.

The same-store occupancy rate in the quarter came in at

94.3%, compared with 93.7% last year.

However, total same store revenue for the quarter ended

Sept. 30, fell marginally from a year ago, by 0.3% to $424

million.