Extra Space Storage Inc. (NYSE:EXR) Q2 2024 Earnings Conference Call July 31, 2024 1:00 PM ET

Company Participants

Jared Conley - Vice President, Investor Relations
Joe Margolis - Chief Executive Officer
Scott Stubbs - Chief Financial Officer

Conference Call Participants

Michael Goldsmith - UBS
Steve Sakwa - Evercore ISI
Eric Wolfe - Citi
Juan Sanabria - BMO Capital Markets
Keegan Carl - Wolfe Research
Joshua Dennerlein - Bank of America
Ronald Kamdem - Morgan Stanley
Ki Bin Kim - Truist
Brendan Lynch - Barclays
Hongliang Zhang - JPMorgan
Todd Thomas - KeyBanc Capital Markets
Omotayo Okusanya - Maryland REIT Research
Nick Yulico - Scotiabank

Operator

Good day, everyone, and thank you for standing by. Welcome to the Second Quarter 2024 Extra Space Storage, Inc. Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I will hand the call over to the Vice President of Investor Relations, Jared Conley. Please go ahead.

Jared Conley

Thank you, Carmen. Welcome to Extra Space Storage's second quarter 2024 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, July 31, 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 would now like to turn the time over to Joe Margolis, Chief Executive Officer.

Joe Margolis

Thanks, Jared, and thank you, everyone, for joining today's call. We had a great quarter, exceeding our internal FFO per share projections due to outperformance in multiple areas of our business, allowing us to increase our 2024 FFO outlook. We experienced steady improvement in Extra Space same-store occupancy for the second quarter, ending at 94.3% and continue to see occupancy gains in July.

Our second quarter occupancy represents 110 basis point sequential gain over our first quarter occupancy and a 30 basis point improvement year-over-year. In the same period, the average move-in rate improved by approximately 12%. However, it is still about 8% below last year's average moving rate.