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Extra Space Storage (EXR) investor relations material
Extra Space Storage Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net income attributable to common stockholders rose 34.4% to $249.7M for Q2 2025, with net income per diluted share up 34.1% to $1.18.
Revenue for Q2 2025 increased 3.8% year-over-year to $841.6M, driven by acquisitions and managed store growth.
Core FFO per diluted share was $2.05 for Q2 2025, a 0.5% decrease year-over-year; six-month Core FFO per share up 0.7% to $4.05.
Same-store occupancy reached 94.6%, up 60 bps year-over-year, with positive new customer rate growth.
Strategic capital allocation included acquisitions, JV buyouts, and expansion of third-party management, now managing 2,163 stores.
Financial highlights
Property rental revenue grew 3.4% year-over-year to $721.0M in Q2 2025.
Same-store revenue was flat and same-store NOI declined 3.1% year-over-year for Q2 2025.
Tenant reinsurance revenue increased 5.8% to $88.6M for the quarter.
Net income for Q2 2025 was $262.7M, up from $195.4M in Q2 2024.
Paid quarterly dividend of $1.62 per share.
Outlook and guidance
2025 Core FFO guidance maintained at $8.05–$8.25 per share.
Same-store revenue growth expected between -0.5% and 1.0%; same-store NOI growth between -2.75% and 0.0%.
Same-store expense growth projected at 4.0%–5.0%, with expense growth expected to moderate in the second half.
Management expects positive cash flow from operations in 2025 and sufficient liquidity to meet all anticipated needs.
Key drivers for hitting high end of guidance include stronger new customer rates; downside risk is greater-than-normal seasonal occupancy drop.
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