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 Inc. (NYSE: EXR) has received a Baa2 issuer credit rating with a stable outlook from Moody's Investors Service. This marks a key milestone in the company’s financial strategy, enhancing its capacity for future growth, according to CFO Scott Stubbs. The company previously held a BBB rating from S&P Global Ratings. Moody's cited Extra Space's significant scale, profitability, experienced management, and diversified portfolio as credit strengths. The rating is subject to change and does not imply a recommendation for investors.
Extra Space Storage Inc. (NYSE: EXR) will announce its financial results for Q4 and the year ending December 31, 2020, on February 22, 2021, post-market. A conference call hosted by CEO Joe Margolis and CFO Scott Stubbs is set for 1:00 p.m. ET on February 23, 2021. The meeting will review operational performance and recent events, with a Q&A segment for registered financial analysts. The earnings report and supplementary data will be available on the company's website immediately after the earnings release.
Extra Space Storage Inc. (NYSE:EXR) announced tax allocations for its 2020 dividend distributions. The total distribution per share is $3.60, with an ordinary dividend of $3.501724. Key dates include an ex-dividend date of March 13, 2020, a record date of March 16, 2020, and a payable date of March 31, 2020. The release indicates that these allocations will appear on Form 1099-DIV and suggests shareholders consult tax advisors for individual tax implications. The company emphasizes that no material changes in the classification are expected following tax filings.
NexPoint has launched NexPoint Storage Partners, a dedicated real estate investment platform focusing on the self-storage sector, following its acquisition of Jernigan Capital. The new platform's investments total approximately $1.1 billion across 69 self-storage facilities, with a significant emphasis on Generation V facilities in major U.S. markets. Former Jernigan CEO John Good leads this endeavor, supported by a strong partnership with Extra Space Storage, which made a $300 million equity investment, and J.P. Morgan, providing $512 million in financing.
Extra Space Storage Inc. (NYSE: EXR) has declared a quarterly dividend of $0.90 per share for the fourth quarter of 2020. This dividend is payable on December 31, 2020 to stockholders who are on record by the close of business on December 15, 2020. The company, based in Salt Lake City, operates 1,906 self-storage properties across the U.S., amounting to approximately 1.4 million units and 147.5 million square feet of rentable storage space. Extra Space Storage is the second-largest self-storage operator in the U.S.
NexPoint Advisors announced the completion of its acquisition of Jernigan Capital, Inc. (JCAP) in a cash deal valued at approximately $900 million. JCAP will rebrand as NexPoint Storage Partners, receiving $17.30 per share for common stock and $25.00 per Series B preferred stock. The acquisition is supported by $300 million from Extra Space Storage and $512 million in financing from JPMorgan Chase Bank. NexPoint aims to expand its self-storage platform and leverage JCAP's existing assets and management, led by John Good.
Extra Space Storage (NYSE: EXR) announced a $300 million investment in preferred stock of Jernigan Capital, Inc. (JCAP) as part of JCAP’s acquisition by NexPoint Advisors. This investment includes a $200 million tranche yielding 10% per annum and a $100 million tranche at 12%, offering a blended yield of 10.7%. Following the investment, Extra Space will manage 37 JCAP stores, enhancing its asset portfolio. CEO Joe Margolis emphasized the investment’s potential for attractive returns and future growth opportunities in the storage sector.
Extra Space Storage (NYSE: EXR) reported Q3 2020 results with net income of $0.88 per diluted share, a 6.0% increase year-over-year. Funds from operations (FFO) were $1.30 per diluted share, up 5.6%. However, same-store revenue and net operating income (NOI) decreased by 1.5% and 2.7%, respectively. Occupancy improved to 95.9%, up from 93.8% in 2019. The company acquired eight stores for $87.4 million and paid a quarterly dividend of $0.90 per share. Due to COVID-19 uncertainties, annual guidance has not been reinstated. The CEO noted strong demand and reduced vacates as positive trends.
Extra Space Storage Inc. (NYSE: EXR) will release its financial results for Q3 2020 on November 4, 2020, after market close. A conference call will follow at 1:00 p.m. ET on November 5, 2020, led by CEO Joe Margolis and CFO Scott Stubbs. The earnings report will be available on the company's website post-release. Extra Space Storage, based in Salt Lake City, operates 1,878 self-storage properties, representing approximately 1.3 million units and 145.4 million square feet of rentable space as of June 30, 2020.
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?
