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 (NYSE: EXR) will announce its financial results for Q1 2023 on May 2, 2023, after market close. A conference call to discuss these results is scheduled for May 3, 2023, at 1:00 p.m. ET, featuring CEO Joe Margolis and CFO Scott Stubbs. The call will review operating performance and recent events, with a Q&A session limited to registered analysts. The earnings report will be available on the company’s investor relations website immediately after the market closes on May 2. This event is significant for investors seeking insights into the company’s recent performance and future outlook.
On April 3, 2023, Extra Space Storage (NYSE: EXR) announced its definitive merger agreement with Life Storage (NYSE: LSI), creating the largest storage operator in the U.S. The all-stock transaction values Life Storage at approximately
FAQ
What is the current stock price of Extra Space Storage (EXR)?
What is the market cap of Extra Space Storage (EXR)?
What does Extra Space Storage, Inc. do?
When was Extra Space Storage founded?
How many properties does Extra Space Storage manage?
What recent merger did Extra Space Storage complete?
What is the company's approach to financial management?
How does Extra Space Storage support its growth?
What types of storage solutions does Extra Space Storage offer?
What is the significance of Extra Space Storage's bridge lending program?
How does Extra Space Storage ensure high occupancy rates?
What dividends does Extra Space Storage pay to its shareholders?
