Extra Space Storage Inc. has reported its third-quarter results for 2024, revealing both areas of growth and decline compared to the same period in the prior year. Here are the key highlights and changes in metrics:
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Net income attributable to common stockholders was $0.91 per diluted share, representing a 5.2% decrease compared to the same period in the prior year. This decrease was primarily due to a $51.8 million loss related to the impairment of the Life Storage Inc. trade name.
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Funds from operations attributable to common stockholders and unit holders (FFO) was $1.75 per diluted share. FFO, excluding adjustments (Core FFO), was $2.07 per diluted share, representing a 2.5% increase compared to the same period in the prior year.
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Same-store revenue decreased by (0.3)% and same-store net operating income (NOI) decreased by (1.0)% compared to the same period in the prior year.
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The reported ending same-store occupancy was 94.3% as of September 30, 2024, compared to 93.7% as of September 30, 2023.
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The company acquired 10 operating stores and one store at the completion of construction for a total cost of approximately $163.9 million.
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Moody's ratings revised the company's credit outlook to positive from stable.
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For the nine months ended September 30, 2024, the company achieved net income attributable to common stockholders of $2.79 per diluted share, representing a 26.2% decrease compared to the same period in the prior year.
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FFO for the nine months ended September 30, 2024, was $5.61 per diluted share, and core FFO was $6.09 per diluted share, representing a 0.2% increase compared to the same period in the prior year.
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The company added 237 stores (124 stores net) to its third-party management platform.
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As of September 30, 2024, the company managed 1,461 stores for third-party owners and 460 stores owned in unconsolidated joint ventures, for a total of 1,921 stores under management.
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The company paid a quarterly dividend of $1.62 per share.
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The company's percentage of fixed-rate debt to total debt was 78.3%, with an effective fixed-rate debt to total debt of 87.0%. The weighted average interest rates of the company’s fixed and variable-rate debt were 4.0% and 6.0%, respectively.
These figures paint a clear picture of the company's performance and changes in key financial metrics over the specified periods. Following these announcements, the company's shares moved -1.1%, and are now trading at a price of $165.62. For the full picture, make sure to review Extra Space Storage's 8-K report.
