Extra Space Storage Inc Stock Price, News & Analysis

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.

Extra Space Storage Inc. (NYSE: EXR) has announced that its operating partnership, Extra Space Storage LP, has priced a public offering of $400 million aggregate principal amount of 5.350% senior notes due 2035. The notes were priced at 99.973% of the principal amount and will mature on January 15, 2035. The offering is expected to close on or about August 12, 2024, subject to customary closing conditions.

The company intends to use the net proceeds to repay amounts outstanding from its lines of credit and for other general corporate and working capital purposes, including potential acquisition opportunities. The notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.

Several financial institutions, including BofA Securities, PNC Capital Markets , and Truist Securities, are acting as joint book-running managers for the offering.

Extra Space Storage Inc. (NYSE: EXR) reported its 2024 Q2 results, highlighting significant financial metrics and operational activities. Net income per diluted share decreased by 41.3% year-over-year to $0.88, impacted by a $54.7 million loss from asset write-downs. Funds from operations (FFO) were $1.98 per diluted share, with core FFO at $2.06. Same-store revenue saw a slight increase of 0.6%, while same-store NOI dropped by 1.1%. Ending same-store occupancy was 94.3%.

Notable investments included acquiring two operating stores and one completed store totaling $27.6 million, and investing $27.7 million in two joint venture developments. The company originated $433.2 million in loans and added 77 stores to its third-party management platform. Dividends paid were $1.62 per share.

For the first half of 2024, net income per diluted share was $1.88, a decline of 36.3% year-over-year. FFO was $3.85 per diluted share, with core FFO at $4.02. Despite challenges, the company maintained strong same-store occupancy and experienced slight revenue growth.

Extra Space Storage will release its financial results for Q2 2024 on July 30, 2024, after market close. A conference call to discuss these results will be held on July 31, 2024, at 1:00 p.m. ET. The call will be hosted by CEO Joe Margolis and CFO Scott Stubbs. During this call, the company's operating performance and recent events will be reviewed, followed by a Q&A session to registered financial analysts. A live webcast and replay will be available on the company's investor relations website.

Participants can pre-register for the call online to receive a special dial-in number and PIN for quicker access. Full text of the earnings report and supplemental data will be accessible on the company's website immediately after the release.