Welcome to our dedicated page for Extra Space Storage news (Ticker: EXR), a resource for investors and traders seeking the latest updates and insights on Extra Space Storage stock.
Extra Space Storage Inc. (NYSE: EXR) is a fully integrated self-storage REIT headquartered in Salt Lake City, Utah and a member of the S&P 500 index. This news page aggregates company-specific updates drawn from official press releases and regulatory disclosures, giving readers a focused view of developments affecting EXR stock and the Extra Space Storage platform.
According to its public statements, Extra Space Storage is the largest operator of self-storage properties in the United States, owning and/or operating thousands of facilities under the Extra Space brand. News about the company frequently covers quarterly earnings results, including metrics such as funds from operations (FFO), Core FFO, same-store revenues, net operating income (NOI) and occupancy levels. These releases also highlight acquisition activity, joint venture buyouts, development completions and changes in the company’s bridge loan portfolio.
Investors following EXR can also expect capital markets and financing news, such as announcements of senior note offerings, amendments to unsecured credit facilities and updates on available borrowing capacity. The company’s 2025 disclosures include details of an $800 million senior notes offering due 2033 and a fourth amended and restated credit agreement providing for a multi-billion-dollar unsecured credit facility.
Another recurring theme in Extra Space Storage’s news is dividend declarations and corporate governance updates. The company issues press releases when its board declares quarterly dividends on common stock, and when it schedules earnings release dates and conference calls. Leadership and organizational changes, including executive promotions and planned successions, are also reported through news releases and related Form 8-K filings.
By monitoring this EXR news feed, readers can review historical and ongoing announcements about operating performance, portfolio growth, financing activities and management developments that the company has chosen to disclose publicly.
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.
Extra Space Storage announced a second quarter 2024 dividend of $1.62 per share on its common stock. The dividend will be paid on June 28, 2024, to stockholders of record at the close of business on June 14, 2024. The announcement was made by the company's board of directors on May 24, 2024. The board's decision reflects a commitment to delivering shareholder value and maintaining a strong dividend payout policy.
Extra Space Storage Inc. reported a 30.8% decrease in net income attributable to common stockholders, mainly due to non-cash interest and amortization from the Life Storage Merger. Same-store revenue increased by 1.0%, while same-store NOI decreased by 0.5%. The company acquired new stores and completed developments, originated bridge loans, and added stores to its management platform. Core FFO per share decreased by 3.0% year-over-year.
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