Extra Space Storage reports Q3 Core FFO $2.02, consensus $2.03

Reports Q3 revenue $748.03M, consensus $612.85M. Increased same-store revenue by 1.9% and same-store NOI by 0.7% compared to the same period in the prior year. Joe Margolis, CEO of Extra Space Storage, commented: “We successfully completed our transformative merger with Life Storage in the quarter, and we have smoothly integrated its stores, team and systems onto the Extra Space Storage platform. We have reached our anticipated G&A expense savings run rate from the merger. We have also started optimizing pricing and marketing at the Life Storage properties, and we are on pace to reach our total synergies run rate during the Q1 of 2024.”