April 29 (Reuters) - Extra Space Storage ( EXR ) beat

Wall Street expectations for first-quarter revenue and funds

from operations (FFO) on Tuesday, driven by high occupancy rates

and the expansion of its low-capital business lines.

The Salt Lake City, Utah-based real estate investment trust

(REIT) reported total revenue of $819.9 million for the quarter

ended March 31, up from $799.5 million in the same period a year

earlier. On average, analysts expected revenue of $763.5 million

in the quarter, according to data compiled by LSEG.

As part of its capital-light ancillary businesses, the

company offers services such as third-party management of

storage properties, tenant insurance programs and data services,

among others.

The self-storage operator expects its FFO for 2025 to be in

a range of $8 to $8.3 per share, with the mid-point exceeding

analysts' estimates of $8.2 per share.

The company may benefit from increased demand as importers

and retailers frontload shipments in anticipation of

tariff-related price hikes, driving the need for flexible,

short-term storage solutions.

The REIT's same-store occupancy rate for the quarter stood

at 93.4%, compared to 92.4% in the same period last year.

"The recent economic uncertainty has caused us to maintain

our same-store guidance. While the current environment is

volatile and may lead to difficult economic times," said CEO Joe

Margolis.

The company reported a core FFO of $2 per share for the

quarter, surpassing analysts' estimates of $1.98 per share.