Extra Space Storage post second-quarter core FFO below estimates

July 30 - U.S. self-storage facilities operator Extra Space Storage EXR.N missed analysts' estimates for core funds from operations (FFO) for the second quarter on Wednesday, weighed by a fall in same-store net operating income.

The Salt Lake City, Utah-based real estate investment trust also narrowed its full-year core funds from operations (FFO) forecast to be between $8.05 to $8.25 per share from $8.00 to $8.30 per share previously.

Shares of the company were down 4.1% in after-hours trading. They have lost 0.2% of their value since the start of the year.

Self-storage REITs like Extra Space are increasingly challenged by weaker pricing power as they navigate fluctuating occupancy levels and rising competition in key markets.

As of June 30, the Company managed 1,749 stores for third parties and 414 stores in unconsolidated joint ventures, it said.

The REIT reported a same-store occupancy rate of 94.6% for the quarter, compared with 94% in the corresponding period last year. Same-store net operating income, however, declined 3.1%, the company said.

It reported second-quarter core FFO of $2.05 per share, compared with analysts' estimates of $2.06 per share.

Total revenue for the quarter ended June 30 was $841.6 million, up from $810.7 million in the same period a year earlier. On average, analysts were expecting revenue of $761.9 million in the quarter.