Extra Space Storage Q3 FFO Per Share Rises - Quick Facts

(RTTNews) - Extra Space Storage Inc. (EXR), an operator of self-storage properties, said third-quarter net income attributable to common stockholders increased to $54.23 million or $0.47 per share from $29.25 million or $0.26 per share last year.

Funds from operations or FFO was $0.72 per share, compared to $0.47 in the prior year.

Excluding costs associated with acquisitions and non-cash interest, adjusted FFO was also $0.72 per share, while it totaled $0.57 in the prior year.

On average, 12 analysts polled by Thomson Reuters expected earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues increased to $167.37 million from $133.11 million last year. Analysts expected revenues of $158.13 million.

Spencer Kirk, CEO of Extra Space Storage Inc., said, "We continue to expand our portfolio and leverage our operating platform, making us increasingly competitive in the self-storage industry. Steady demand, muted supply and pricing power drove another quarter of double-digit FFO growth."

For the full year, the company expects adjusted FFO per share in the range of $2.58 to $2.61. Analysts expect earnings of $2.49 per share for the year.