Overview

* Extra Space Q3 net income falls 14.3% due to asset sales loss

* Core FFO per share rises 0.5% yr/yr, reflecting slight operational improvement

* Same-store revenue flat and NOI declines, occupancy remains stable at 93.7%

Outlook

* Company raises 2025 Core FFO guidance to $8.12-$8.20 per share

* Company expects 2025 same-store revenue growth between -0.25% and 0.25%

* Company projects 2025 same-store NOI growth between -2.25% and -1.25%

Result Drivers

* ASSET SALES LOSS - Net income decreased due to a $105.1 mln loss from assets held for sale and sold

* EXTERNAL GROWTH - Co added 95 stores to third-party management platform, highlighting growth initiatives

* SAME-STORE PERFORMANCE - Same-store revenue was flat and NOI declined 2.3%, with stable occupancy at 93.7%

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 $1.62

Dividend

Analyst Coverage

* The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 8 "strong buy" or "buy", 12 "hold" and 1 "sell" or "strong sell"

* The average consensus recommendation for the specialized reits peer group is "buy."

* Wall Street's median 12-month price target for Extra Space Storage Inc ( EXR ) is $157.50, about 6.7% above its October 28 closing price of $146.92

* The stock recently traded at 30 times the next 12-month earnings vs. a P/E of 31 three months ago

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)