SALT LAKE CITY, Oct. 29, 2024 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a constituent of the S&P 500, announced operating results for the three and nine months ended September 30, 2024.

Highlights for the three months ended September 30, 2024:

Achieved net income attributable to common stockholders of $0.91 per diluted share, representing a 5.2% decrease compared to the same period in the prior year primarily due to a $51.8 million loss related to the impairment of the Life Storage Inc. ("Life Storage" or "LSI") trade name based on the Company's decision to operate under a single brand.Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $1.75 per diluted share. FFO, excluding adjustments ("Core FFO"), was $2.07 per diluted share, representing a 2.5% increase compared to the same period in the prior year.Same-store revenue decreased by (0.3)% and same-store net operating income ("NOI") decreased by (1.0)% compared to the same period in the prior year.Reported ending same-store occupancy of 94.3% as of September 30, 2024, compared to 93.7% as of September 30, 2023.The Company acquired 10 operating stores and one store at completion of construction ("Certificate of Occupancy stores" or "C of O stores") for a total cost of approximately $163.9 million.In conjunction with joint venture partners, acquired five properties and completed two developments for a total cost of approximately $114.6 million, of which the Company invested $30.7 million.The Company recognized a gain of $13.7 million upon the dissolution of two joint ventures which owned 17 properties.Originated $158.4 million in mortgage and mezzanine bridge loans and sold $179.0 million mortgage bridge loans.Added 63 stores (38 stores net) to the Company's third-party management platform. As of September 30, 2024, the Company managed 1,461 stores for third parties and 460 stores in unconsolidated joint ventures, for a total of 1,921 managed stores.Moody's Ratings revised the Company's credit outlook to positive from stable.Paid a quarterly dividend of $1.62 per share.