Extra Space Storage, Inc.’s EXR third-quarter 2019 core funds from operations (FFO) per share of $1.24 came in line with the Zacks Consensus Estimate. The figure also comes in 3.3% higher than the prior-year quarter’s $1.20.Results reflect growth in same-store net operating income (NOI). Further, it witnessed higher net rental rates for customers amid headwinds from new supply. Though occupancy was near all-time highs, it remained flat with the same period in 2018. Also, the company experienced increases in marketing expenses and property taxes.Quarterly revenues of $337.5 million climbed 10% year over year. The revenue figure also exceeded the Zacks Consensus Estimate of $332.7 million.Behind the HeadlinesSame-store rental revenues increased 3.3% year over year to $262.7 million during the third quarter, while same-store NOI was up 2.1% to $189 million. This upswing in same-store revenues stemmed from higher net rental rates for customers. Same-store square foot occupancy was 93.8% as of Sep 30, 2019, unchanged from the same period in 2018.Notably, during the reported quarter, Cincinnati, Hawaii, Las Vegas, Norfolk/Virginia Beach, Oklahoma City and Phoenix were the major markets, which registered revenue growth above the company's portfolio average.Nonetheless, markets, including Charleston, Denver, Houston, Miami, Tampa and West Palm Beach/Boca Raton, performed below the company's portfolio average.Portfolio ActivityExtra Space Storage acquired one store at the completion of construction, for around $16.8 million. Moreover, in association with joint-venture partners, the company acquired three operating stores as well as completed one development for a total cost of about $29.3 million. Of this, the company invested $11.1 million.Also, Extra Space Storage added 42 stores (gross) to its third-party management platform. As of Sep 30, 2019, the company managed 630 stores for third-party owners. Furthermore, with additional 247 stores owned in joint ventures, total stores under management summed 877.Notably, on Aug 1, the company started leasing an additional five stores under its net lease agreements with W.P. Carey Inc. WPC, denoting the second of three bunches of stores that will be leased to the company by W.P. Carey. So far, 27 of the 36 previously-disclosed net leases have started.Balance SheetExtra Space Storage exited third-quarter 2019 with roughly $62.3 million of cash and cash equivalents, up from the $57.5 million recorded at the end of 2018. As of Sep 30, 2019, the company's percentage of fixed-rate debt to total debt was 77.2%. Notably, in July, it amended its unsecured credit facility, and enhanced borrowings by $500 million, to a total of up to $1.85 billion in aggregate borrowings.During the September-end quarter, the company sold 849,200 shares of common stock using its ATM program at an average price of $119.30, for net proceeds of $100.1 million. Finally, as of Sep 30, 2019, Extra Space Storage had $298.6 million available for issuance under its ATM program.OutlookExtra Space Storage anticipates full-year 2019 core FFO per share of $4.84-$4.87. The Zacks Consensus Estimate for the same is currently pegged at $4.86.The company projects same-store revenue growth of 3-3.5% and same-store NOI growth of around 2.25-3% for the current year (excluding tenant reinsurance).In ConclusionExtra Space Storage posted solid results which indicate decent growth in same-store NOI. This apart, accretive acquisitions, a strong third-party management platform and the company’s net lease transaction significantly fueled growth.Extra Space Storage’s presence in key cities and strategic joint ventures will drive long-term profitability. However, the company operates in a highly-fragmented market in the United States. Also, there is a development boom of self-storage units in many markets. This high supply is likely to intensify competition and curb the REIT’s power to raise rents.Extra Space Storage currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Extra Space Storage Inc Price, Consensus and EPS Surprise Extra Space Storage Inc price-consensus-eps-surprise-chart | Extra Space Storage Inc QuoteWe, now, look forward to the earnings releases of other REITs like Realty Income Corporation O, Outfront Media Inc. OUT and Host Hotels & Resorts, Inc. HST, all of which are slated to report their quarterly numbers next week.Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.Today's Best Stocks from ZacksWould you like to see the updated picks from our best market-beating strategies? 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