Extra Space Storage posts Q4 net income attributable to common stockholders of USD 1.36 per diluted share, up 9.7%

Extra Space Storage (EXR) reported Q4 FY2025 net income attributable to common stockholders of USD 1.36 per diluted share (+9.7%) and FFO of USD 1.99 per diluted share; Core FFO was USD 2.08 per diluted share (+2.5%). Same-store revenue rose 0.4% in Q4 and same-store NOI increased 0.1%, while ending same-store occupancy was 92.6% (down from 93.3% a year earlier). During Q4, the company acquired 27 operating stores for USD 304.8 million, repurchased USD 140.9 million of shares (1,089,659 shares at USD 129.32 on average), originated USD 80.4 million in mortgage and mezzanine bridge loans and sold USD 16.2 million, and added 78 stores (45 net) to its third-party management platform; it paid a quarterly dividend of USD 1.62 per share. For FY2025, net income attributable to common stockholders was USD 4.59 per diluted share (+13.9%), FFO was USD 7.90 per diluted share and Core FFO was USD 8.21 per diluted share (+1.1%). Same-store revenue increased 0.1% for the year and same-store NOI declined 1.7%. Full-year activity included acquisitions of 41 operating stores for USD 483.6 million, buyouts of joint venture partners’ interests for USD 342.2 million (resulting in full ownership of 28 properties), share repurchases of USD 149.5 million (1,158,244 shares at USD 129.10 on average), and bridge loan originations of USD 409.4 million with USD 122.1 million sold. CEO Joe Margolis said the company saw strengthening customer rates and moderating new supply heading into 2026; EXR guided FY2026 Core FFO to a range of USD 8.05 to USD 8.35 per share.

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