Extra Space Storage Inc (NYSE:EXR) stock rose 1.29% (As on February 23, 11:34:05 AM UTC-4, Source: Google Finance) after the company posted better than expected results for the fourth quarter of FY 22. Increased same-store revenue by 11.8% and same-store net operating income (“NOI”) by 13.4% compared to the same period in the prior year. The company has reported same-store occupancy of 94.2% as of December 31, 2022, compared to 95.3% as of December 31, 2021. Same-store revenues for the three months and year ended December 31, 2022 increased compared to the same periods in 2021 due to higher average rates to existing customers and higher other operating income partially offset by lower occupancy.  Same-store expenses increased for the three months and year ended December 31, 2022 compared to the same periods in 2021 due to increases in payroll, credit card processing fees, utilities, property taxes and insurance. The same-store expense growth rate for the year ended December 31, 2022 is amplified by a decrease in expenses in the 2021 comparable period.

The company has acquired six operating stores, for a total cost of approximately $146.9 million. In conjunction with joint venture partners, acquired four operating stores and completed one development for a total cost of approximately $82.1 million, of which the Company invested $22.9 million. The company has Added 46 stores (one store net) to the Company’s third-party management platform. As of December 31, 2022, the Company managed 887 stores for third parties and 318 stores in unconsolidated joint ventures, for a total of 1,205 managed stores.

During the three months ended December 31, 2022, the Company originated $252.2 million in bridge loans and sold $17.3 million in bridge loans. The Company has an additional $353.8 million in bridge loans that closed subsequent to quarter end or are under agreement to close in 2023.

EXR in the fourth quarter of FY 22 has reported the adjusted funds from operations per share of $2.09, beating the analysts’ estimates for the adjusted funds from operations per share of $2.08. The company had reported the adjusted revenue of $506.7 million in the fourth quarter of FY 22, beating the analysts’ estimates for revenue of $495.4 million.

Extra Space Storage expects full-year funds from operations in the range of $8.30 to $8.60 per share.