EXR Q2 Core FFO $2.06 (-3.3% YoY); life storage merger closed; guidance cut

Extra Space Storage Inc.

2023-Q2 EPS reported $2.95 revenue$1,014,436,000

Core FFO $2.06/diluted share, down 3.3% YoY; net income $1.50/diluted share ($202.4M).
Same-store revenue +2.7%, NOI +2.6%; occupancy 94.5% vs 95.8% a year ago.
Completed $11.6B all-stock Life Storage merger on July 20, adding 3,500+ locations.
Revised 2023 Core FFO guidance (excl. merger) to $8.15-$8.35 from $8.30-$8.60.
Issued $450M 5.5% senior notes due 2030; S&P upgraded rating to BBB+ stable.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Extra Space Storage Inc. updated its three and six months ended June 30, 2023 guidance (reaffirmed).

Period: three and six months ended June 30, 2023
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Extra Space Storage Inc. Reports 2023 Second Quarter Results

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Extra Space Storage Inc. filing history →

Source: SEC EDGAR

accession 0001628280-23-027254

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