Core FFO Meets Expectations
Extra Space Storage reported Core FFO of $2.08 per share, meeting internal expectations for the third quarter.
Occupancy and New Customer Rate Growth
Same-store occupancy at the end of the quarter was 93.7%, with an average of 94.1% during the quarter, and new customer rate growth exceeding 3% year-over-year net of discounts.
Strategic Portfolio Acquisition
Completed a $244 million acquisition of a 24-property portfolio, driving increased acquisition guidance to $900 million.
Expansion of Third-party Management Platform
The third-party management platform expanded by an additional 95 stores during the quarter, bringing the total managed portfolio to 1,811 stores.
Bridge Loan Program Performance
The Bridge Loan Program delivered strong performance with $123 million in originations and $71 million in strategic mortgage loan sales during the quarter.
Addition of Credit Capacity
Recast credit facility added $1 billion in capacity to the revolving line of credit, with reduced interest rate spreads.
Full Year Core FFO Guidance Raised
Raising full year Core FFO guidance to a range of $8.12 to $8.20 per share.