Extra Space Storage forecasts annual FFO below expectations amid tough macroeconomic conditions

Extra Space Storage

25/02/2025 23:51

Feb 25 (Reuters) - Extra Space Storage EXR.N forecast on Tuesday its annual funds from operations (FFO) below Wall Street expectations, as the company grapples with a challenging macro environment amid high interest rates.

Shares of the company fell about 1% in extended trading.

The Salt Lake City, Utah-based real estate investment trust posted quarterly core FFO of $2.03 per share, compared with analysts' estimates of $2.05 per share, according to data compiled by LSEG.

The company expects its core FFO for 2025 to be in the range of $8.00 to $8.30 per share, below analysts' estimates of $8.39 per share.

Total revenue for the fourth quarter ended December 31 was $821.9 million, compared to the $797.8 million it posted a year ago.

 (Reporting by Abhinav Parmar and Utkarsh Shetti in Bengaluru; Editing by Mohammed Safi Shamsi)

 ((UtkarshUmesh.Shetti@thomsonreuters.com;))