UPDATE 1-Extra Space Storage Q3 FFO beats Wall Street
* Q3 FFO of $0.23/shr beats est FFO $0.22/shr
* Sees Q4 FFO of $0.18/shr-$0.21/shr
* Q3 same-store occupancy at 84.2 pct
* Q3 same-store NOI drops 6 pct to $36.7 mln
Nov 2 (Reuters) - Self-storage real estate investment trust Extra Space Storage Inc (EXR.N) posted lower quarterly funds from operations that scraped past market estimates, helped by a rise in tenant reinsurance.
For the third quarter ended Sept. 30, the REIT reported FFO of $20.9 million, or 23 cents a share, compared with $24 million, or 27 cents a share.
Analyst on average were expecting the REIT to report 22 cents a share, according to Thomson Reuters I/B/E/S.
Tenant reinsurance for the quarter rose 28 percent to $5.5 million.
Same store occupancy dropped to 84.2 percent for the quarter, while net operating income fell 6 percent to $36.7 million.
For the fourth-quarter ending Dec. 31, Extra Space Storage expects FFO of 18 cents to 21 cents a share. Excluding items, it expects FFO of 19 cents to 22 cents a share.
Analysts on average were expecting FFO of 20 cents a share.
Shares of the company closed at $9.55 Monday on the New York Stock Exchange. (Reporting by Biswarup Gooptu in Bangalore; Editing by Unnikrishnan Nair)
