Extra Space Storage reports Q2 core FFO $2.05, consensus $2.06

Reports Q2 revenue $841.62M, consensus $720.27M. CEO Joe Margolis stated: “We delivered solid Q2 results, driven by historically high occupancy, steady existing customer behavior and gradually improving new customer rates. We have been active on the external growth front, with significant third party management and bridge loan activity, as well as the buy out of our partners’ interest in two joint ventures. Based on our year to date performance, and our current outlook, we have maintained our annual FFO and same-store guidance at the midpoints, while we continue to monitor gradually improving storage fundamentals.”