Extra Space Storage Q2 FFO Rises

Self-storage facilities operator Extra Space Storage Inc. (EXR) on Tuesday reported funds from operations or FFO of $232.3 million or $1.64 per share in the second quarter, up from $166.8 million or $1.21 per share in the same period last year.

Adjusted FFO was same in 2021 while last year it stood at $169.9 million or $1.23 per share.

The company's profit totaled $167.95 million or $1.25 per share, higher than $102.91 million or $0.80 per share, in last year's second quarter. Analysts had expected the company to earn $1.06 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 15.7 percent to $378.63 million from $327.25 million last year.

Looking ahead, for full year 2021, the company expects FFO and adjusted FFO between $6.60 and $6.45.

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