Extra Space Storage Q2 Profit Down

(RTTNews) - Self-storage facilities operator Extra Space Storage Inc. (EXR) on Tuesday reported second-quarter net income of $202.4 million or $1.50 per share, compared to $232.1 million or $1.73 per share last year.

Funds from operations for the quarter was $296.0 million or $2.06 per share, down from $303.6 million or $2.12 per share in the same period last year.

Analysts polled by Thomson Reuters expected earnings of $1.51 per share for the quarter. Analysts estimates typically exclude one-time items.

Revenues for the quarter rose to $511.4 million from $475.0 million last year.

Looking ahead to the full year 2023, the company expects Corre FFO of $8.15 to $8.35 per share, compared to previous estimate of $8.30 to $8.60 per share.