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Investing.com -- Extra Space Storage Inc. (NYSE:EXR) reported better-than-expected first quarter earnings on Monday, sending shares up 3.2% in after-hours trading.
The self-storage real estate investment trust posted adjusted earnings per share of $1.28 for Q1 2025, surpassing analyst estimates of $1.04. Revenue came in at $659.7 million, up 0.3% year-over-year.
Same-store revenue increased 0.3% compared to Q1 2024, while same-store net operating income decreased 1.2%. The company reported ending same-store occupancy of 93.4% as of March 31, up from 92.4% a year earlier.
"We had a solid first quarter, beating same store revenue expectations, maintaining historically high occupancy, and continuing to grow our capital light ancillary businesses," said CEO Joe Margolis. "This led to FFO growth above our internal projections."
Extra Space Storage acquired 12 operating stores for $153.8 million during the quarter. The company also added 113 stores to its third-party management platform, bringing the total managed stores to 2,114.
For full-year 2025, Extra Space Storage reaffirmed its core funds from operations guidance of $8.00 to $8.30 per share. The company expects same-store revenue growth between -0.75% and 1.25% for the year.
The 3.2% stock price increase following the earnings release suggests investors reacted positively to the Q1 beat and maintained full-year outlook.
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