Extra Space Storage (EXR) came out with quarterly funds from operations (FFO) of $1.96 per share, beating the Zacks Consensus Estimate of $1.95 per share. This compares to FFO of $2.02 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of 0.51%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $2.03 per share when it actually produced FFO of $2.02, delivering a surprise of -0.4 ...

Exhibit 99.1 Extra Space Storage Inc. PHONE (801) 365-4600 2795 East Cottonwood Parkway, Suite 300 Salt Lake City, Utah 84121 www.extraspace.com FOR IMMEDIATE RELEASE Extra Space Storage Inc. Reports 2024 First Quarter Results SALT LAKE CITY, April 30, 2024 — Extra Space Storage Inc. (NYSE: EXR) (the “Company”), a leading owner and operator of self- storage facilities in the United States and a constituent of the S&P 500, announced operating results for the three months ended March 31, 2024. Highlights for ...

公司背景 - Extra Space Storage (EXR)是美国领先的自存储房地产投资信托(REIT)[1] 业绩表现 - 在过去的四个季度中，EXR每次都未达到Zacks Consensus Estimate，平均负面惊喜为1.55%[3] - 预计EXR的同店入住率在2024年第一季度末为92.6%，环比下降40个基点[7] - Zacks Consensus Estimate预计EXR季度物业租金收入为6.8218亿美元，较上一季度的6.9698亿美元下降，但较去年同期的4.3396亿美元增加[9] - 预计EXR季度租户保险收入为7674万美元，较上一季度的7042万美元和去年同期的4770万美元增加[9] - 预计季度管理和特许费为2,911万美元，较上一季度的3,038万美元和去年同期的2,138万美元减少[10] - EXR季度营收预计为7.8647亿美元，同比增长56.34%[10] - Zacks Consensus Estimate预计EXR季度核心FFO每股下降至1.95美元，同比下降3.47%[12] 增长策略 - EXR采取了多方面的增长策略，包括战略收购、第三方管理服务和合资企业[3] - EXR在第一季度继续受益于其在关键城市的强势地位和通过有益的收购和第三方管理扩大其地理覆盖范围[4] - EXR不断致力于通过技术整合和提高运营效率来增强客户体验，这有望加强其竞争优势[5] 市场竞争 - 然而，EXR在美国自存储市场中面临激烈竞争，供应过剩影响其提高租金和折扣的能力[6] - 高利率对EXR构成担忧，导致借款成本增加，影响其购买或开发房地产的能力[8] 预测展望 - 根据我们的定量模型预测，本季度EXR的FFO每股不太可能出现惊喜[13] - EXR目前的Zacks排名为4（卖出），盈利预期偏差为-0.15%[14]

imaginima The self-storage has become materially oversupplied resulting in a greater than 30% drop in street rents from the 2022 peak. More supply remains in the pipeline which I believe will drop rates even further and make Existing Customer Rate Increases (ECRI) significantly more punishing to occupancy. The damage to the sector is readily apparent in industry reports and was the primary subject of 4Q conference calls which made it evident those participating in self-storage are painfully aware of the tou ...

valtron84/iStock via Getty ImagesPacer Industrial Real Estate ETF (NYSEARCA:INDS) is a relatively new fund that began trading in early 2018. INDS is a focused play of industrial REITs comprised primarily of industrial warehouses and self-storage facilities. This is hard to find in the REIT universe. INDS invests in industrial REITs that are a subset of the warehouse e-commerce distribution and logistic networks and self-storage facilities. As consumer e-commerce spending continues to grow and thrive, th ...

Extra Space Storage (EXR) is poised to gain from its high brand value and strong presence in major cities in the United States. Strategic acquisitions, a healthy balance sheet, opportunistic investments and a third-party management platform bode well for the company’s long-term growth. However, lower new customer rates, a development boom in many markets and a high interest rate environment pose key near-term concerns.What’s Aiding EXR?Extra Space Storage is the largest operator of self-storage properties i ...

财务数据和关键指标变化 - 2023年第四季度核心FFO为每股2.02美元,全年核心FFO为每股8.10美元 [7] - 2024年核心FFO指引区间为每股7.85美元至8.15美元 [22] 各条业务线数据和关键指标变化 - Extra Space Storage同店收入增长0.8%,Life Storage同店收入增长1.8% [9][10] - Life Storage同店收入增速较第三季度加速80个基点 [10] - Life Storage同店物业的租金水平与附近Extra Space Storage物业的差距从第四季度初的350个基点收窄至年末的250个基点,目前已进一步收窄至约200个基点 [9] 各个市场数据和关键指标变化 - 纽约-新泽西大都市区表现落后,主要拖累来自北新泽西地区 [61] - 洛杉矶和亚特兰大市场表现相对较好,而纽约市场表现有所改善 [61] 公司战略和发展方向及行业竞争 - 公司将继续专注于实现Life Storage资产的协同效应,同时也将大力发展第三方管理业务和桥贷业务,并与合资伙伴合作 [51][52] - 新开发物业供给有所下降,未来新开发面临的障碍也在增加 [13][143] 管理层对经营环境和未来前景的评论 - 公司对2024年的前景保持谨慎乐观,预计可以维持较强的入住率和总体收入水平,但要实现收入增长的加速还需要一定时间 [11][12] - 公司认为当前的价格敏感度将最终会回归正常,一旦定价能力恢复,公司将能够快速推高租金 [12] 问答环节重要的提问和回答 问题1 **Lizzy Doykan 提问** 公司对新客户租金的假设是什么,导致了收入指引的上下限差异 [25][26][27] **Joe Margolis 和 Scott Stubbs 回答** 公司的基本假设是新客户租金将会逐月有所改善,但不足以完全消除负增长,这就导致了收入指引的上下限差异 [26][27] 问题2 **Michael Goldsmith 提问** 公司对Life Storage资产的协同效应实现进度有何评估 [37][38][39][40][41][42] **Joe Margolis 回答** 公司对可控因素如G&A和租户保险的协同效应实现情况较好,但受市场环境影响,物业层面的协同效应实现进度有所放缓,可能需要一定时间才能完全实现 [40][41][42] 问题3 **Todd Thomas 提问** 公司对Extra Space和Life Storage同店表现差异的原因分析 [44][45][46][47][48][49][50] **Scott Stubbs 和 Joe Margolis 回答** 主要原因包括入住率差距收窄、Life Storage物业租金水平与Extra Space的差距正在缩小等 [45][46][47][48][49][50]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-32269 EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) Maryland 20-1076777 (State or other jurisdic ...

Extra Space Storage (EXR) reported $797.77 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 57.4%. EPS of $2.02 for the same period compares to $1.52 a year ago.The reported revenue represents a surprise of +3.13% over the Zacks Consensus Estimate of $773.59 million. With the consensus EPS estimate being $2.03, the EPS surprise was -0.49%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare t ...

Extra Space Storage (EXR) came out with quarterly funds from operations (FFO) of $2.02 per share, missing the Zacks Consensus Estimate of $2.03 per share. This compares to FFO of $2.09 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an FFO surprise of -0.49%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $2.03 per share when it actually produced FFO of $2.02, delivering a surprise of -0. ...