Extra Space Storage Reported Better Than Expected Q3 Results

Extra Space Storage Inc. (NYSE:EXR) reported its Q3 results, with funds from operations (FFO) of $1.85 per share, beating Street estimate of $1.71.

Analysts at Berenberg Bank classified the Q4 as an impressive quarter, with guidance being raised on the back of the strong performance. The main takeaway from the report, was that same-store occupancy and revenue growth rates were ahead of Street estimates, reflected in the company’s shares closing with more than 5% on Thursday.

The company reported record levels of same-store occupancy and strong same-store pricing, which analysts believe will continue to give the company momentum into the next quarter. The brokerage views the increased guidance, in addition to increased investment volume expectations, as a signal that strength will remain in the self-storage space going forward.