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.
Extra Space Storage, Inc. (NYSE: EXR) is a major player in the self-storage industry, acclaimed as the second-largest operator of self-storage facilities in the United States. Established in 1977 and headquartered in Salt Lake City, the company has expanded its footprint to encompass nearly 3,700 properties across 42 states, offering a diverse range of secure and convenient storage solutions that include boat, RV, and business storage.
Extra Space Storage is fully integrated as a real estate investment trust (REIT) and boasts a vast portfolio exceeding 280 million net rentable square feet. About half of their properties are wholly owned, while the other half is managed through joint ventures or third-party management arrangements.
Committed to growth and innovation, the company has been aggressive in its acquisitions, adding $1.6 billion in new assets in 2015 alone. Recent milestones include the successful merger with Life Storage in 2023, significantly expanding their operational capabilities and portfolio value. This merger is expected to generate substantial synergies, further optimizing pricing and marketing strategies.
Financially, Extra Space Storage remains robust, consistently delivering solid operating results and maintaining a healthy balance sheet. As of the end of 2023, the company managed over 1,800 stores for third-party owners, making it the largest self-storage management company in the country.
The company places a strong emphasis on partnerships, leveraging successful collaborations with stakeholders, partners, investors, and customers to propel its mission. This focus is underpinned by an impassioned and dedicated workforce that values innovation and satisfaction in their career paths.
Extra Space Storage also maintains an active bridge lending program, with significant loan origination and sales activities, complementing its core business operations. Capital allocations are strategically managed, including routine public bond offerings to support corporate and working capital needs.
The company’s operational prowess is further evidenced by high occupancy rates and consistent same-store revenue growth. For instance, same-store occupancy averaged 94.4% in the third quarter of 2023. They continue to explore new avenues for growth while maintaining strong financial health and delivering shareholder value through consistent dividend payouts.
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.
Extra Space Storage Inc. reported a 30.8% decrease in net income attributable to common stockholders, mainly due to non-cash interest and amortization from the Life Storage Merger. Same-store revenue increased by 1.0%, while same-store NOI decreased by 0.5%. The company acquired new stores and completed developments, originated bridge loans, and added stores to its management platform. Core FFO per share decreased by 3.0% year-over-year.
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