Extra Space Storage (EXR) stock plummeted 5.07% during intraday trading on Wednesday, following the release of the company's mixed fourth-quarter 2024 earnings results and higher expenses that weighed on profitability.
While the self-storage operator reported better-than-expected Funds From Operations (FFO) of $1.96 per share and strong net income growth of 21.6% to $1.24 per share, its total revenue of $821.9 million narrowly missed analysts' estimates. Additionally, the company faced headwinds from a 3.5% year-over-year decline in same-store net operating income (NOI) and a 23.1% increase in property tax expenses.
Despite these challenges, Extra Space Storage made progress on several strategic fronts during the quarter, including acquisitions, operational efficiency improvements, and enhancing its financial flexibility. The company acquired 38 new stores for $359.7 million and pursued joint ventures, while also launching an unsecured commercial paper program and increasing its unsecured notes to support future growth plans.
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