Extra Space Storage Reports Mixed Q4
Extra Space Storage outperformed expectations with a significant boost in net income and FFO, despite a slight revenue shortfall.
Self-storage specialist Extra Space Storage (NYSE:EXR) reported mixed fourth-quarter 2024 earnings on Tuesday, Feb. 25. Funds from Operations (FFO) per share of $1.96, eclipsing the expected $1.08, while core FFO registered a slight year-over-year growth to $2.03 per share. Net income per share surged to $1.24, in line with analysts' consensus estimates. However, revenue of $821.9 million was a modest miss against the $827 million estimate.
Overall, the quarter showed robust net income growth, backed by strategic expansions and operational efficiencies.
Source: Extra Storage Space. Note: Analyst consensus estimates for the quarter provided by FactSet. YOY = Year over year. FFO = Funds from operations. NOI = Net operating income. pps = Percentage points.
