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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 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.
Extra Space Storage (NYSE: EXR) has announced its partnership with Project Destined for a paid summer internship program aimed at mentoring students from underserved communities in financial literacy and real estate. This marks Extra Space as the first self-storage company to participate in such a program. The internship focuses on providing real-world experience in the self-storage sector, with the aim of preparing students for careers in commercial real estate. Over 160 real estate firms have collaborated with Project Destined since its inception in 2016, impacting more than 3,500 participants across various cities.
Extra Space Storage Inc. (NYSE: EXR) announced it will release financial results for the three and six months ended June 30, 2022, on August 2, 2022, after market close. A conference call will occur on August 3, 2022, at 1:00 p.m. ET, featuring CEO Joe Margolis and CFO Scott Stubbs. The call will include a review of operating performance and a Q&A session, limited to registered financial analysts. Results and supplemental data will be available on their investor relations website following the earnings release.
Extra Space Storage Inc. (NYSE: EXR) has declared a quarterly dividend of $1.50 per share for the second quarter of 2022. This dividend is payable on June 30, 2022, to shareholders of record by the end of business on June 15, 2022. As of March 31, 2022, the company owned and operated 2,130 self-storage properties, totaling approximately 164.2 million square feet and 1.5 million storage units across the U.S.
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