Welcome to our dedicated page for Extra Space Storage news (Ticker: EXR), a resource for investors and traders seeking the latest updates and insights on Extra Space Storage stock.
Overview
Extra Space Storage Inc. (EXR) is a fully integrated, self-administered, and self-managed real estate investment trust operating in the US self-storage market. With a diverse portfolio spanning nearly 4,000 facilities in multiple states, the company provides secure, well-located storage units for residential, commercial, and specialized storage needs such as boat, RV, and business storage. The depth and scale of its operations are reflected in its strategic blend of wholly owned properties, carefully structured joint ventures, and third-party management arrangements.
Business Model and Revenue Generation
The company generates revenue primarily through rental income from its expansive network of storage facilities. In addition to traditional rental operations, Extra Space Storage earns management fees by operating self-storage assets owned by third-party investors. Supplementary revenue streams include income from bridge loans and insurance programs, which collectively diversify its revenue profile. The consistent demand for storage space in both urban and suburban markets positions the company as a resilient contributor within the commercial real estate space.
Operational Excellence and Management
Extra Space Storage's effective operations stem from a seasoned management team and a dedicated workforce that emphasizes innovation and customer service. Every role, from executive management to on-site facility teams, contributes to the company’s ability to maintain high occupancy levels and operational efficiency. The clear focus on strategic asset management, continuous process improvements, and prudent cost management has solidified its reputation as a trusted operator in the self-storage industry.
Market Position and Industry Significance
In a highly competitive real estate sector, Extra Space Storage distinguishes itself through its extensive geographical footprint and integrated operating model. The company is renowned for its ability to cater to a wide spectrum of customer needs by offering tailored storage solutions. Leveraging its expansive portfolio and strong industry partnerships, Extra Space Storage plays a critical role in the broader commercial real estate market. Industry aficionados and potential investors value the company’s robust scale, diverse revenue channels, and consistent performance metrics, which underscore its established market position.
Property Portfolio and Strategic Partnerships
Extra Space Storage’s vast and varied property portfolio includes facilities that are strategically located near high-traffic commercial areas and retail centers. By combining wholly owned properties with assets managed through joint ventures and third-party arrangements, the company effectively mitigates risk while optimizing asset utilization. Its strong relationships with stakeholders, partners, and investors are a cornerstone of its operational success, enabling it to efficiently expand and upgrade its portfolio in response to market demands.
Industry Keywords and Insights
Key industry terms such as self-storage, REIT, and property management are interwoven throughout the company’s operating model. These keywords not only strengthen the SEO profile of the description but also reflect the company’s core competencies. The integration of these terms alongside detailed operational insights demonstrates a deep understanding of the market dynamics and competitive pressures inherent within the self-storage and broader real estate sector.
Frequently Asked Questions
What is Extra Space Storage Inc.'s core business?
Extra Space Storage primarily focuses on owning, operating, and managing self-storage facilities across the United States, offering a range of secure storage solutions for various customer segments.How does the company generate its revenue?
The company generates revenue through rental income, management fees from third-party properties, and ancillary income from services such as bridge lending and insurance programs.What distinguishes Extra Space Storage in the self-storage industry?
Its extensive portfolio, integrated operating model, and strategic partnerships enable it to deliver reliable and innovative storage solutions across a diverse geographic footprint.How is the company structured in terms of property ownership?
Extra Space Storage operates a mix of wholly owned properties, joint ventures, and properties managed on behalf of third-party owners, providing a diversified asset base.What types of storage services are offered?
The company offers a variety of storage options including standard storage units, climate-controlled units, and specialized storage for boats, RVs, and commercial items.How does Extra Space Storage maintain operational efficiency?
A dedicated management team, operational innovation, and rigorous cost control measures ensure high occupancy and efficient facility operations across its portfolio.How is the company positioned within the competitive landscape?
With its extensive geographic reach and integrated revenue streams, Extra Space Storage is well-regarded in the self-storage sector, providing strong operational performance that appeals to both customers and investors.
Extra Space Storage (NYSE: EXR) has scheduled its Q1 2025 earnings release and conference call. The company will release its financial results for the quarter ended March 31, 2025, on Tuesday, April 29, 2025 after market close.
A conference call will be held on Wednesday, April 30, 2025 at 1:00 p.m. Eastern Time, featuring CEO Joe Margolis and CFO Scott Stubbs. The Q&A session will be restricted to registered financial analysts, while other participants will have listen-only access.
Participants can join via webcast through the company's investor relations website or pre-register for a special dial-in number. A replay will be available from April 30, 2025, at 5:00 p.m. ET for one year on the investor relations website.
Extra Space Storage (NYSE: EXR) has announced the pricing of $500 million in senior notes due 2035 through its operating partnership. The notes carry a 5.400% interest rate, priced at 99.830% of principal amount, and will mature on June 15, 2035.
The offering, expected to close around March 19, 2025, is being managed by multiple financial institutions including BofA Securities, TD Securities, and Truist Securities as joint book-running managers. The notes will be fully guaranteed by Extra Space and certain subsidiaries.
The company plans to use the net proceeds to repay outstanding amounts on its lines of credit and commercial paper program, while also maintaining flexibility for potential acquisition opportunities and general corporate purposes.
Extra Space Storage (NYSE:EXR) has reached a significant milestone of operating over 4,000 stores nationwide, more than doubling its store count since 2021. The company now manages 4,011 stores across 42 states and Washington, D.C., covering 98 of the 100 largest U.S. metro markets.
The storage giant's portfolio comprises 2.8 million units spanning 308 million square feet of rentable space. In 2024, they added 297 stores to their platform. The property ownership structure includes:
- 49% wholly owned properties
- 12% joint venture partnerships
- 39% managed through ManagementPlus platform
Currently serving 2.4 million customers with over 8,000 team members, Extra Space Storage has earned recognition as a top workplace, recently ranking in the top 25 of Forbes 'America's Best Companies' 2025 list.
Extra Space Storage (NYSE: EXR) reported its Q4 and full-year 2024 results, with Q4 net income reaching $1.24 per diluted share, up 21.6% year-over-year. The company's Q4 Core FFO was $2.03 per diluted share, showing a 0.5% increase.
Key operational metrics showed mixed performance, with same-store revenue declining 0.4% and NOI decreasing 3.5% in Q4. However, ending same-store occupancy improved to 93.7% from 92.5% year-over-year.
Strategic growth initiatives included:
- Acquisition of 38 operating stores for $359.7 million in Q4
- Increased joint venture partnership stakes to 49% for $251.2 million
- Originated $224.4 million in bridge loans
- Added 130 stores to third-party management platform
- Initiated $1.0 billion commercial paper program
The company maintained its quarterly dividend at $1.62 per share and expects a challenging but slowly improving operating environment in 2025.
Extra Space Storage (NYSE: EXR) has announced its dividend payment for the first quarter of 2025. The company's board of directors has declared a quarterly dividend of $1.62 per share on common stock. Shareholders who are recorded as stockholders at the close of business on March 14, 2025, will receive the dividend payment on March 31, 2025.
Extra Space Storage (NYSE:EXR) has released its tax allocation details for 2024 dividend distributions on common stock. The company distributed a total of $6.48 per share throughout 2024, paid in four equal quarterly installments of $1.62 per share.
The distributions breakdown includes: $6.328823 as Ordinary Dividend, of which $1.179667 qualified as Qualified Dividend, $0.151177 as Capital Gain Distribution, $0.062120 as Unrecaptured Section 1250 Gain, and $5.149156 as Section 199A Dividend. Of the Capital Gain Distribution, 90.42% is excluded under Treas. Reg. §1.1061-4(b)(7), while 9.58% is classified as a Three-Year Amount.
Extra Space Storage (NYSE: EXR) has scheduled its Q4 and full-year 2024 earnings release for February 25, 2025, after market close. The company will host a conference call on February 26, 2025 at 1:00 p.m. Eastern Time to discuss the financial results.
CEO Joe Margolis and CFO Scott Stubbs will lead the call, which will include an operating performance review and a Q&A session to registered financial analysts. Other participants will have listen-only access. The earnings call will be accessible via webcast on the company's investor relations website, with pre-registration available to avoid delays.
A replay of the webcast will be available from February 26, 2025, at 5:00 p.m. ET and remain accessible for one year. The complete earnings report and supplemental data will be published on the company's investor relations website following the earnings release.
Extra Space Storage (NYSE: EXR) has announced the pricing of an additional $350 million of 5.500% senior notes due 2030. These notes will be combined with previously issued $450 million notes under the same terms. The notes were priced at 101.509% of principal value and will mature on July 1, 2030.
The offering, expected to close around January 22, 2025, is being managed by multiple financial institutions including Wells Fargo Securities, PNC Capital Markets , and US Bancorp as joint book-running managers. The notes will be guaranteed by Extra Space and certain subsidiaries.
The company plans to use the net proceeds to repay outstanding amounts on its lines of credit and commercial paper program, as well as for general corporate purposes and potential acquisitions.
Extra Space Storage announced the pricing of a $300 million add-on offering of 5.700% senior notes due 2028. The notes will be combined with previously issued $500 million notes under the same terms. Priced at 102.857% of principal amount, the notes will mature on April 1, 2028. The offering, expected to close around December 5, 2024, involves multiple financial institutions as joint book-running managers and co-managers. The company plans to use the proceeds to repay credit line amounts and for general corporate purposes, including potential acquisitions.
Extra Space Storage has established an unsecured commercial paper note program through its operating partnership, allowing for the issuance of up to $1 billion in commercial paper notes. The notes will rank equally with other unsecured senior debt and will be fully guaranteed by the company. The program is expected to provide cost benefits compared to the company's existing $2.0 billion revolving credit facility, which will serve as a liquidity backstop. The proceeds will be used for general corporate purposes.
FAQ
What is the current stock price of Extra Space Storage (EXR)?
What is the market cap of Extra Space Storage (EXR)?
What is Extra Space Storage Inc.'s core business?
How does the company generate revenue?
What types of storage options are available?
How is Extra Space Storage structured in terms of property ownership?
What operational strategies contribute to its success?
How does the company differentiate itself in the market?
What are the key industry terms associated with the company?
