Extra Space Storage reports Q1 core FFO $2.02, consensus $2.05

Increased same-store revenue by 7.4% and same-store net operating income by 8.7% compared to the same period in the prior year. Reported same-store occupancy of 93.5% as of March 31, 2023, compared to 94.3% as of March 31, 2022. Joe Margolis, CEO of Extra Space Storage Inc., commented: "We maintained strong first quarter occupancy, driving first quarter same-store net operating income growth of 8.7%, despite exceptionally difficult year over year comparables. We are excited about our announcement subsequent to quarter end of our strategic combination with Life Storage, Inc. in a leverage neutral, all-stock transaction. The pending merger will create a preeminent storage platform, which we expect to create significant synergies and unlock additional value for both companies’ stockholders."