Extra Space Storage Inc Stock Price, News & Analysis

Extra Space Storage (NYSE:EXR) has reached a significant milestone of operating over 4,000 stores nationwide, more than doubling its store count since 2021. The company now manages 4,011 stores across 42 states and Washington, D.C., covering 98 of the 100 largest U.S. metro markets.

The storage giant's portfolio comprises 2.8 million units spanning 308 million square feet of rentable space. In 2024, they added 297 stores to their platform. The property ownership structure includes:

• 49% wholly owned properties
• 12% joint venture partnerships
• 39% managed through ManagementPlus platform

Currently serving 2.4 million customers with over 8,000 team members, Extra Space Storage has earned recognition as a top workplace, recently ranking in the top 25 of Forbes 'America's Best Companies' 2025 list.

Extra Space Storage (NYSE: EXR) reported its Q4 and full-year 2024 results, with Q4 net income reaching $1.24 per diluted share, up 21.6% year-over-year. The company's Q4 Core FFO was $2.03 per diluted share, showing a 0.5% increase.

Key operational metrics showed mixed performance, with same-store revenue declining 0.4% and NOI decreasing 3.5% in Q4. However, ending same-store occupancy improved to 93.7% from 92.5% year-over-year.

Strategic growth initiatives included:

• Acquisition of 38 operating stores for $359.7 million in Q4
• Increased joint venture partnership stakes to 49% for $251.2 million
• Originated $224.4 million in bridge loans
• Added 130 stores to third-party management platform
• Initiated $1.0 billion commercial paper program

The company maintained its quarterly dividend at $1.62 per share and expects a challenging but slowly improving operating environment in 2025.

Extra Space Storage (NYSE: EXR) has announced its dividend payment for the first quarter of 2025. The company's board of directors has declared a quarterly dividend of $1.62 per share on common stock. Shareholders who are recorded as stockholders at the close of business on March 14, 2025, will receive the dividend payment on March 31, 2025.

Extra Space Storage (NYSE:EXR) has released its tax allocation details for 2024 dividend distributions on common stock. The company distributed a total of $6.48 per share throughout 2024, paid in four equal quarterly installments of $1.62 per share.

The distributions breakdown includes: $6.328823 as Ordinary Dividend, of which $1.179667 qualified as Qualified Dividend, $0.151177 as Capital Gain Distribution, $0.062120 as Unrecaptured Section 1250 Gain, and $5.149156 as Section 199A Dividend. Of the Capital Gain Distribution, 90.42% is excluded under Treas. Reg. §1.1061-4(b)(7), while 9.58% is classified as a Three-Year Amount.

Extra Space Storage (NYSE: EXR) has scheduled its Q4 and full-year 2024 earnings release for February 25, 2025, after market close. The company will host a conference call on February 26, 2025 at 1:00 p.m. Eastern Time to discuss the financial results.

CEO Joe Margolis and CFO Scott Stubbs will lead the call, which will include an operating performance review and a Q&A session to registered financial analysts. Other participants will have listen-only access. The earnings call will be accessible via webcast on the company's investor relations website, with pre-registration available to avoid delays.

A replay of the webcast will be available from February 26, 2025, at 5:00 p.m. ET and remain accessible for one year. The complete earnings report and supplemental data will be published on the company's investor relations website following the earnings release.

Extra Space Storage (NYSE: EXR) has announced the pricing of an additional $350 million of 5.500% senior notes due 2030. These notes will be combined with previously issued $450 million notes under the same terms. The notes were priced at 101.509% of principal value and will mature on July 1, 2030.

The offering, expected to close around January 22, 2025, is being managed by multiple financial institutions including Wells Fargo Securities, PNC Capital Markets , and US Bancorp as joint book-running managers. The notes will be guaranteed by Extra Space and certain subsidiaries.

The company plans to use the net proceeds to repay outstanding amounts on its lines of credit and commercial paper program, as well as for general corporate purposes and potential acquisitions.

Extra Space Storage announced the pricing of a $300 million add-on offering of 5.700% senior notes due 2028. The notes will be combined with previously issued $500 million notes under the same terms. Priced at 102.857% of principal amount, the notes will mature on April 1, 2028. The offering, expected to close around December 5, 2024, involves multiple financial institutions as joint book-running managers and co-managers. The company plans to use the proceeds to repay credit line amounts and for general corporate purposes, including potential acquisitions.

Extra Space Storage has established an unsecured commercial paper note program through its operating partnership, allowing for the issuance of up to $1 billion in commercial paper notes. The notes will rank equally with other unsecured senior debt and will be fully guaranteed by the company. The program is expected to provide cost benefits compared to the company's existing $2.0 billion revolving credit facility, which will serve as a liquidity backstop. The proceeds will be used for general corporate purposes.

Extra Space Storage (NYSE: EXR) has announced its fourth quarter 2024 dividend payment. The company's board of directors has declared a dividend of $1.62 per share on common stock. Shareholders of record as of December 16, 2024, will receive the dividend payment on December 31, 2024.