Extra Space Storage Inc Stock Price, News & Analysis

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.

Extra Space Storage Inc. (NYSE: EXR) announced that CEO Joseph D. Margolis and CFO Scott Stubbs will participate in a roundtable presentation at the Bank of America Merrill Lynch 2020 Global Real Estate Conference in New York, NY. The event is set for September 15, 2020, at 12:00 p.m. ET, accessible via webcast. The recorded session will be available until January 15, 2021. As of June 30, 2020, Extra Space Storage managed 1,878 properties with approximately 1.4 million units and 145.4 million square feet of rentable space, making it a leader in the self-storage sector.

Extra Space Storage Inc. (NYSE: EXR) has declared a quarterly dividend of $0.90 per share for the third quarter of 2020. The dividend is scheduled for payment on September 30, 2020, to stockholders recorded by the close of business on September 15, 2020. This announcement underscores the company's commitment to providing returns to its investors. As of June 30, 2020, Extra Space Storage operated 1,878 properties across the United States, solidifying its position as a leading self-storage operator.

Extra Space Storage (NYSE: EXR) reported Q2 2020 results, showing a net income of $0.80 per diluted share, a 1.2% decrease from Q2 2019. Funds from operations (FFO) were $1.21 per diluted share. Same-store revenue fell by 3.1% and net operating income (NOI) by 4.6%. The company managed 951 stores, reflecting growth in its third-party management platform. As of June 30, 2020, cash and equivalents stood at $56.4 million, with $883 million available in credit. Citing ongoing COVID-19 impacts, the company has not reinstated annual guidance.

Extra Space Storage Inc. (NYSE: EXR) announced its financial results for Q2 2020 will be released on August 4, 2020, after market close. A conference call will follow on August 5, 2020, at 1:00 p.m. ET, hosted by CEO Joe Margolis and CFO Scott Stubbs. This call will cover the company’s operating performance and recent developments, with a Q&A session for registered analysts. The earnings report will be accessible on the company’s website immediately after the release.