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 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.
Extra Space Storage Inc. (NYSE: EXR) announced a third quarter 2022 dividend of $1.50 per share, payable on September 30, 2022 to stockholders of record as of September 15, 2022. The company, headquartered in Salt Lake City, operates 2,177 self-storage properties, encompassing approximately 1.6 million units and 168 million square feet of rental space, making it the second-largest self-storage operator in the U.S. The dividend declaration reflects the company's ongoing commitment to return value to shareholders.
Extra Space Storage (NYSE: EXR) reported robust Q2 2022 results, with net income of $1.73 per diluted share, marking a 38.4% year-over-year increase. Funds from operations (FFO) hit $2.12 per share, a 29.9% rise, while same-store revenue grew by 21.7%. The company acquired 12 operating stores and completed a $231.4 million investment in new developments. Occupancy slightly declined to 95.9%, down from 96.9% in Q2 2021. The quarterly dividend was maintained at $1.50 per share. The company raised its annual FFO guidance for the second time this year, reflecting continued operational strength.
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?
