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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) has received a Baa2 issuer credit rating with a stable outlook from Moody's Investors Service. This marks a key milestone in the company’s financial strategy, enhancing its capacity for future growth, according to CFO Scott Stubbs. The company previously held a BBB rating from S&P Global Ratings. Moody's cited Extra Space's significant scale, profitability, experienced management, and diversified portfolio as credit strengths. The rating is subject to change and does not imply a recommendation for investors.
Extra Space Storage Inc. (NYSE: EXR) will announce its financial results for Q4 and the year ending December 31, 2020, on February 22, 2021, post-market. A conference call hosted by CEO Joe Margolis and CFO Scott Stubbs is set for 1:00 p.m. ET on February 23, 2021. The meeting will review operational performance and recent events, with a Q&A segment for registered financial analysts. The earnings report and supplementary data will be available on the company's website immediately after the earnings release.
Extra Space Storage Inc. (NYSE:EXR) announced tax allocations for its 2020 dividend distributions. The total distribution per share is $3.60, with an ordinary dividend of $3.501724. Key dates include an ex-dividend date of March 13, 2020, a record date of March 16, 2020, and a payable date of March 31, 2020. The release indicates that these allocations will appear on Form 1099-DIV and suggests shareholders consult tax advisors for individual tax implications. The company emphasizes that no material changes in the classification are expected following tax filings.
NexPoint has launched NexPoint Storage Partners, a dedicated real estate investment platform focusing on the self-storage sector, following its acquisition of Jernigan Capital. The new platform's investments total approximately $1.1 billion across 69 self-storage facilities, with a significant emphasis on Generation V facilities in major U.S. markets. Former Jernigan CEO John Good leads this endeavor, supported by a strong partnership with Extra Space Storage, which made a $300 million equity investment, and J.P. Morgan, providing $512 million in financing.
Extra Space Storage Inc. (NYSE: EXR) has declared a quarterly dividend of $0.90 per share for the fourth quarter of 2020. This dividend is payable on December 31, 2020 to stockholders who are on record by the close of business on December 15, 2020. The company, based in Salt Lake City, operates 1,906 self-storage properties across the U.S., amounting to approximately 1.4 million units and 147.5 million square feet of rentable storage space. Extra Space Storage is the second-largest self-storage operator in the U.S.
NexPoint Advisors announced the completion of its acquisition of Jernigan Capital, Inc. (JCAP) in a cash deal valued at approximately $900 million. JCAP will rebrand as NexPoint Storage Partners, receiving $17.30 per share for common stock and $25.00 per Series B preferred stock. The acquisition is supported by $300 million from Extra Space Storage and $512 million in financing from JPMorgan Chase Bank. NexPoint aims to expand its self-storage platform and leverage JCAP's existing assets and management, led by John Good.
Extra Space Storage (NYSE: EXR) announced a $300 million investment in preferred stock of Jernigan Capital, Inc. (JCAP) as part of JCAP’s acquisition by NexPoint Advisors. This investment includes a $200 million tranche yielding 10% per annum and a $100 million tranche at 12%, offering a blended yield of 10.7%. Following the investment, Extra Space will manage 37 JCAP stores, enhancing its asset portfolio. CEO Joe Margolis emphasized the investment’s potential for attractive returns and future growth opportunities in the storage sector.
Extra Space Storage (NYSE: EXR) reported Q3 2020 results with net income of $0.88 per diluted share, a 6.0% increase year-over-year. Funds from operations (FFO) were $1.30 per diluted share, up 5.6%. However, same-store revenue and net operating income (NOI) decreased by 1.5% and 2.7%, respectively. Occupancy improved to 95.9%, up from 93.8% in 2019. The company acquired eight stores for $87.4 million and paid a quarterly dividend of $0.90 per share. Due to COVID-19 uncertainties, annual guidance has not been reinstated. The CEO noted strong demand and reduced vacates as positive trends.
Extra Space Storage Inc. (NYSE: EXR) will release its financial results for Q3 2020 on November 4, 2020, after market close. A conference call will follow at 1:00 p.m. ET on November 5, 2020, led by CEO Joe Margolis and CFO Scott Stubbs. The earnings report will be available on the company's website post-release. Extra Space Storage, based in Salt Lake City, operates 1,878 self-storage properties, representing approximately 1.3 million units and 145.4 million square feet of rentable space as of June 30, 2020.
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