Extra Space Storage Inc Stock Price, News & Analysis

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.

Extra Space Storage reported its Q3 2024 results with net income of $0.91 per diluted share, down 5.2% year-over-year, primarily due to a $51.8 million loss from Life Storage trade name impairment. Core FFO was $2.07 per diluted share, up 2.5% from 2023. Same-store revenue decreased by 0.3% and NOI declined by 1.0%. The company maintained strong occupancy at 94.3%, acquired 10 operating stores and one C of O store for $163.9 million, and added 63 stores to its third-party management platform. Moody's revised the company's credit outlook to positive, and a quarterly dividend of $1.62 per share was paid.

Extra Space Storage Inc. (NYSE: EXR) has announced the date for its 3rd Quarter 2024 earnings release and conference call. The company will release its financial results for the three and six months ended Sept 30, 2024, on Tuesday, October 29, 2024, after market close. A conference call will be held on Wednesday, October 30, 2024, at 1:00 p.m. Eastern Time to discuss the results.

The call will be hosted by CEO Joe Margolis and CFO Scott Stubbs. A live webcast will be available on the company's investor relations website. Telephone participants can pre-register to avoid delays. The conference call will be to registered financial analysts for Q&A, with others having listen-only access. A replay of the webcast will be available from October 30, 2024, at 5:00 p.m. ET for one year.

Extra Space Storage (NYSE: EXR) celebrates its 20th anniversary as a publicly traded company on August 20, 2024. Since its IPO in 2004, EXR has grown from 450 employees and 160 properties in 20 states to 7,500 employees and 3,812 properties in 42 states. The company's market cap has surged from $700 million to approximately $35 billion, making it one of the most valuable REITs and an S&P 500 listed company.

EXR now serves over 2.2 million customers across the United States, a 3,100% increase since 2004. The company remains focused on providing convenient, secure, and professional storage solutions. CFO Scott Stubbs expressed gratitude for the company's growth and emphasized their commitment to long-term success, sustainable growth, and delivering value to shareholders.

Extra Space Storage Inc. (NYSE: EXR) has announced its third quarter 2024 dividend. The company's board of directors has declared a dividend of $1.62 per share on common stock. This dividend will be payable on September 30, 2024, to stockholders of record at the close of business on September 16, 2024. Extra Space Storage, a real estate investment trust (REIT) specializing in self-storage facilities, continues to demonstrate its commitment to providing shareholder value through consistent dividend payments.

The largest self-storage facility in the greater Danbury, CT area is set to open on October 1, 2024. The 4-story, 110,000 SFG building is strategically located at a busy intersection near major retailers. It offers 810 storage units, including 57 drive-up units, and is climate-controlled. Extra Space Storage (NYSE: EXR) will brand, operate, and manage the facility.

The development team, led by de Stefanis & Associates, includes local Danbury firms and a nationally renowned self-storage design firm. The location's proximity to big box retailers and easy access from Super Route 7 make it attractive. Market research indicates high demand for storage in the area, with strong interest in preleasing large, exterior-access drive-up units from potential commercial customers.