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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 Inc. (NYSE:EXR) announced a public offering of $500 million in 5.700% senior notes due 2028, priced at 99.823% of the principal amount. The offering is expected to close around March 28, 2023, subject to customary conditions. The proceeds will be used for potential acquisitions, repaying credit lines, and general corporate purposes. Joint book-running managers include J.P. Morgan and PNC Capital Markets LLC. As of December 31, 2022, Extra Space operated 2,338 self-storage properties, positioning it as the second-largest self-storage operator in the U.S.
Extra Space Storage Inc. (NYSE: EXR) reported its operating results for Q4 and the year ending December 31, 2022. The company achieved net income attributable to common stockholders of $1.52 per diluted share, a 24% decrease year-over-year, primarily due to a prior year's gain on real estate transactions. However, funds from operations (FFO) increased to $2.09 per diluted share, up 9.4%. Same-store revenue and net operating income rose by 11.8% and 13.4%, respectively. The company acquired 145 operating stores for $1.4 billion and managed a total of 1,205 stores. A quarterly dividend of $1.50 per share was paid. The outlook for 2023 projects Core FFO between $8.30 and $8.60.
Extra Space Storage Inc. (NYSE: EXR) has declared a first quarter 2023 dividend of $1.62 per share, reflecting an 8% increase from the previous quarter. This dividend is scheduled for payment on March 31, 2023 to shareholders of record as of March 15, 2023. The company operates 2,338 self-storage properties, totaling 1.6 million units and 176.1 million square feet of storage space across the U.S., making it the second-largest self-storage operator in the country.
Extra Space Storage Inc. (NYSE: EXR) announced the tax allocations of its 2022 dividend distributions. The total distribution per share for the year is $6.00, with an ordinary dividend per share of $5.894046. Key dates include the ex-dividend date on
Extra Space Storage Inc. (NYSE: EXR) plans to release its financial results for Q4 and the full year ending December 31, 2022, on February 22, 2023, post-market. A conference call is scheduled for February 23, 2023, at 1:00 p.m. ET, featuring CEO Joe Margolis and CFO Scott Stubbs to discuss the results. The call will be accessible live via the company's investor relations website, with a playback option available after the event. Extra Space Storage, based in Salt Lake City, operates the second largest self-storage network in the U.S., managing over 2,327 properties and approximately 175.1 million square feet of storage space.
LEX has launched an IPO for The Landing at One Chestnut, an industrial building in Nashua, New Hampshire, following its successful 286 Lenox IPO in Harlem, New York. This 430,804 square foot facility is strategically located near Boston, boasting low industrial vacancy rates. The property is well-leased with over 50 tenants, including Extra Space Storage, which occupies over 57% of the space and has a 30-year tenancy. Investors can benefit from tax advantages and the potential for cash distributions, with shares trading on the secondary market following the offering period.
Extra Space Storage announced strong Q3 2022 results, with net income of $1.65 per diluted share, up 17.9% YoY. Funds from operations (FFO) reached $2.16 per diluted share, while core FFO increased 19.5% to $2.21. Same-store revenue rose 15.5% and net operating income (NOI) grew by 16.4%. The company acquired 116 stores for $759.9 million and reported a 95.2% occupancy rate. Despite challenges from Hurricane Ian, the company paid a dividend of $1.50 per share. For 2022, Core FFO guidance is set between $8.30 and $8.40.
Extra Space Storage Inc. (NYSE: EXR) will release its financial results for the three and nine months ended September 30, 2022, on November 1, 2022, after market close. A conference call to discuss these results will occur on November 2, 2022, at 1:00 PM ET, hosted by CEO Joe Margolis and CFO Scott Stubbs. The call will feature an operational review and Q&A session limited to registered financial analysts. The earnings report and supplemental data will be available on the company's investor relations website post-release.
Extra Space Storage (NYSE: EXR) has successfully acquired Storage Express, which includes 107 remote storage properties across Indiana, Ohio, Illinois, and Kentucky, for approximately $590.0 million. This acquisition enhances Extra Space's portfolio and introduces new growth opportunities through remote-managed stores. Additionally, the company appointed Jefferson Shreve, founder of Storage Express, to its board, bringing valuable industry expertise. The transaction was funded through operating partnership units and cash from credit facilities, reflecting Extra Space's strategic expansion objectives.
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