Q2 2024 Extra Space Storage Inc Earnings Call Transcript
Key Points
- Extra Space Storage Inc (EXR) reported a 110 basis point sequential gain in same-store occupancy, ending the second quarter at 94.3%.
- The company experienced a 0.6% increase in same-store revenue year over year, driven by increased move-in rates and occupancy gains.
- Life Storage same-store pool saw a significant occupancy increase, finishing the quarter at 93.8%, a 400 basis point improvement year over year.
- The bridge loan program expanded with $433 million in new loans originated in the quarter.
- Extra Space Storage Inc (EXR) added 86 net stores to its platform year to date, marking one of the strongest first halves of the year ever.
- Same-store expenses increased by 6% for the quarter compared to the same period last year.
- Pricing improvement at Life Storage properties has been below internal projections, leading to a reduction in revenue expectations for the year.
- Achieved rates for new customers were down 8% during the quarter and 12% in July, indicating price sensitivity among new customers.
- Life Storage same-store revenue guidance was reduced by 200 basis points at the midpoint due to lower than expected pricing power.
- The company noted that the recent demand and volume of bridge loans have led to an increase in line of credit balance, which may need to be addressed through bond market activities.
Good day, everyone, and thank you for standing by. Welcome to the Second Quarter 2020 for Extra Space Storage Inc. 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. To participate, you will need to press star one on your telephone. You will gain here. Message at a senior hand is raised to withdraw your question simply press star one. Again, please be advised that today's conference is being recorded. I will hand the call over to the Vice President of Investor Relations, Gerrick only. Please go ahead.
Thank you, Carmen, and welcome to Extra Space Storage's Second Quarter 2024 earnings call. In addition to our press release were 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 operation reformer.
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