Extra Space Earnings: Portfolio Occupancy Rates Hold Up Well; 2024 Guidance Maintained

No-moat-rated Extra Space Storage reported a decent set of numbers in the first quarter given the context of a relatively difficult demand environment. The firm reported core funds from operations, or FFO, of $1.96 per share, 3.0% lower than the $2.02 per share FFO during the first quarter of 2023. The company has maintained its 2024 full-year core FFO guidance of $7.85-$8.15 per share, representing a 1.2% decline at the midpoint. We are maintaining our $160 per share fair value estimate for Extra Space Storage after incorporating the first-quarter results.