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. (EXR), a leading self-storage REIT, provides investors and industry observers with timely updates through this comprehensive news hub. Track official announcements, financial disclosures, and strategic developments from one of the largest operators in the U.S. storage sector.
This resource consolidates EXR's earnings reports, facility expansions, and partnership announcements, offering stakeholders efficient access to material information. Users will find updates on property acquisitions, third-party management contracts, and operational innovations that drive the company's performance in competitive real estate markets.
Key categories include quarterly financial results, dividend declarations, sustainability initiatives, and leadership updates. All content is sourced directly from company filings and verified press releases to ensure reliability. Bookmark this page for streamlined monitoring of EXR's market movements and corporate milestones within the evolving self-storage landscape.
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.
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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