Extra Space Storage Inc. (NYSE:EXR) Q4 2023 Earnings Conference Call February 28, 2024 1:00 PM ET

Company Participants

Jeffrey Norman – Senior Vice President, Capital Markets

Joe Margolis – Chief Executive Officer

Scott Stubbs – Executive Vice President and Chief Financial Officer

Conference Call Participants

Lizzy Doykan – Bank of America

Michael Goldsmith – UBS

Todd Thomas – KeyBanc Capital Markets

Samir Khanal – Evercore ISI

Nick Yulico – Scotiabank

Spenser Allaway – Green Street

Eric Wolfe – Citi

Keegan Carl – Wolfe Research

Ronald Kamdem – Morgan Stanley

Michael Mueller – JPMorgan

Eric Luebchow – Wells Fargo

Ki Bin Kim – Truist

Caitlin Burrows – Goldman Sachs

Operator

Good day and thank you for standing by. Welcome to the Extra Space Storage Fourth Quarter 2023 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today’s conference is being recorded.

I would now like to hand the conference over to Jeff Norman, Senior Vice President, Capital Markets. Please go ahead.

Jeffrey Norman

Thank you, Liz. Welcome to Extra Space Storage’s fourth quarter 2023 earnings call. In addition to our press release, we have furnished unaudited supplemental financial information on our website. Please remember that management’s prepared remarks and answers to your questions may contain forward-looking statements as defined in the Private Securities Litigation Reform Act. Actual results could differ materially from those stated or implied by our forward-looking statements due to risks and uncertainties associated with the company’s business. These forward-looking statements are qualified by the cautionary statements contained in the company’s latest filings with the SEC, which we encourage our listeners to review. Forward-looking statements represent management’s estimates as of today, February 28, 2024. The company assumes no obligation to revise or update any forward-looking statements because of changing market conditions or other circumstances after the date of this conference call.

I’d now like to turn the call over to Joe Margolis, Chief Executive Officer.

Joe Margolis

Thanks, Jeff, and thank you, everyone, for joining today’s call. We had a solid fourth quarter where we focused on optimizing the performance of the recently added Life Storage assets while maximizing the performance of the legacy Extra Space locations. We were also very productive on the external growth front adding another 74 third-party managed stores, 8 stores through acquisition and $129 million in bridge loans. Operationally, the Extra Space same-store pool maintained high occupancy and solid in-place rents, driving same-store revenue growth of 0.8% for the quarter. Core FFO in the quarter was $2.02 a share and full year core FFO was $8.10 per share.