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 announced its fourth quarter 2024 dividend payment. The company's board of directors has declared a dividend of $1.62 per share on common stock. Shareholders of record as of December 16, 2024, will receive the dividend payment on December 31, 2024.
Extra Space Storage reported its Q3 2024 results with net income of $0.91 per diluted share, down 5.2% year-over-year, primarily due to a $51.8 million loss from Life Storage trade name impairment. Core FFO was $2.07 per diluted share, up 2.5% from 2023. Same-store revenue decreased by 0.3% and NOI declined by 1.0%. The company maintained strong occupancy at 94.3%, acquired 10 operating stores and one C of O store for $163.9 million, and added 63 stores to its third-party management platform. Moody's revised the company's credit outlook to positive, and a quarterly dividend of $1.62 per share was paid.
Extra Space Storage Inc. (NYSE: EXR) has announced the date for its 3rd Quarter 2024 earnings release and conference call. The company will release its financial results for the three and six months ended Sept 30, 2024, on Tuesday, October 29, 2024, after market close. A conference call will be held on Wednesday, October 30, 2024, at 1:00 p.m. Eastern Time to discuss the results.
The call will be hosted by CEO Joe Margolis and CFO Scott Stubbs. A live webcast will be available on the company's investor relations website. Telephone participants can pre-register to avoid delays. The conference call will be to registered financial analysts for Q&A, with others having listen-only access. A replay of the webcast will be available from October 30, 2024, at 5:00 p.m. ET for one year.
Extra Space Storage (NYSE: EXR) celebrates its 20th anniversary as a publicly traded company on August 20, 2024. Since its IPO in 2004, EXR has grown from 450 employees and 160 properties in 20 states to 7,500 employees and 3,812 properties in 42 states. The company's market cap has surged from $700 million to approximately $35 billion, making it one of the most valuable REITs and an S&P 500 listed company.
EXR now serves over 2.2 million customers across the United States, a 3,100% increase since 2004. The company remains focused on providing convenient, secure, and professional storage solutions. CFO Scott Stubbs expressed gratitude for the company's growth and emphasized their commitment to long-term success, sustainable growth, and delivering value to shareholders.
Extra Space Storage Inc. (NYSE: EXR) has announced its third quarter 2024 dividend. The company's board of directors has declared a dividend of $1.62 per share on common stock. This dividend will be payable on September 30, 2024, to stockholders of record at the close of business on September 16, 2024. Extra Space Storage, a real estate investment trust (REIT) specializing in self-storage facilities, continues to demonstrate its commitment to providing shareholder value through consistent dividend payments.
The largest self-storage facility in the greater Danbury, CT area is set to open on October 1, 2024. The 4-story, 110,000 SFG building is strategically located at a busy intersection near major retailers. It offers 810 storage units, including 57 drive-up units, and is climate-controlled. Extra Space Storage (NYSE: EXR) will brand, operate, and manage the facility.
The development team, led by de Stefanis & Associates, includes local Danbury firms and a nationally renowned self-storage design firm. The location's proximity to big box retailers and easy access from Super Route 7 make it attractive. Market research indicates high demand for storage in the area, with strong interest in preleasing large, exterior-access drive-up units from potential commercial customers.
Extra Space Storage Inc. (NYSE: EXR) has announced that its operating partnership, Extra Space Storage LP, has priced a public offering of $400 million aggregate principal amount of 5.350% senior notes due 2035. The notes were priced at 99.973% of the principal amount and will mature on January 15, 2035. The offering is expected to close on or about August 12, 2024, subject to customary closing conditions.
The company intends to use the net proceeds to repay amounts outstanding from its lines of credit and for other general corporate and working capital purposes, including potential acquisition opportunities. The notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.
Several financial institutions, including BofA Securities, PNC Capital Markets , and Truist Securities, are acting as joint book-running managers for the offering.
Extra Space Storage Inc. (NYSE: EXR) reported its 2024 Q2 results, highlighting significant financial metrics and operational activities. Net income per diluted share decreased by 41.3% year-over-year to $0.88, impacted by a $54.7 million loss from asset write-downs. Funds from operations (FFO) were $1.98 per diluted share, with core FFO at $2.06. Same-store revenue saw a slight increase of 0.6%, while same-store NOI dropped by 1.1%. Ending same-store occupancy was 94.3%.
Notable investments included acquiring two operating stores and one completed store totaling $27.6 million, and investing $27.7 million in two joint venture developments. The company originated $433.2 million in loans and added 77 stores to its third-party management platform. Dividends paid were $1.62 per share.
For the first half of 2024, net income per diluted share was $1.88, a decline of 36.3% year-over-year. FFO was $3.85 per diluted share, with core FFO at $4.02. Despite challenges, the company maintained strong same-store occupancy and experienced slight revenue growth.
Extra Space Storage will release its financial results for Q2 2024 on July 30, 2024, after market close. A conference call to discuss these results will be held on July 31, 2024, at 1:00 p.m. ET. The call will be hosted by CEO Joe Margolis and CFO Scott Stubbs. During this call, the company's operating performance and recent events will be reviewed, followed by a Q&A session to registered financial analysts. A live webcast and replay will be available on the company's investor relations website.
Participants can pre-register for the call online to receive a special dial-in number and PIN for quicker access. Full text of the earnings report and supplemental data will be accessible on the company's website immediately after the release.
Extra Space Storage announced a second quarter 2024 dividend of $1.62 per share on its common stock. The dividend will be paid on June 28, 2024, to stockholders of record at the close of business on June 14, 2024. The announcement was made by the company's board of directors on May 24, 2024. The board's decision reflects a commitment to delivering shareholder value and maintaining a strong dividend payout policy.
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?
