Extra Space Storage Inc Stock Price, News & Analysis

On April 3, 2023, Extra Space Storage (NYSE: EXR) announced its definitive merger agreement with Life Storage (NYSE: LSI), creating the largest storage operator in the U.S. The all-stock transaction values Life Storage at approximately $145.82 per share, totaling a pro forma equity market cap of around $36 billion and an enterprise value of $47 billion. Shareholders will own 65% and 35% of the combined entity. This merger aims to enhance operational synergies, expand portfolio size by over 50%, and generate at least $100 million in annual savings. The deal is expected to close in the second half of 2023.

Extra Space Storage Inc. (NYSE:EXR) announced a public offering of $500 million in 5.700% senior notes due 2028, priced at 99.823% of the principal amount. The offering is expected to close around March 28, 2023, subject to customary conditions. The proceeds will be used for potential acquisitions, repaying credit lines, and general corporate purposes. Joint book-running managers include J.P. Morgan and PNC Capital Markets LLC. As of December 31, 2022, Extra Space operated 2,338 self-storage properties, positioning it as the second-largest self-storage operator in the U.S.

Extra Space Storage Inc. (NYSE: EXR) reported its operating results for Q4 and the year ending December 31, 2022. The company achieved net income attributable to common stockholders of $1.52 per diluted share, a 24% decrease year-over-year, primarily due to a prior year's gain on real estate transactions. However, funds from operations (FFO) increased to $2.09 per diluted share, up 9.4%. Same-store revenue and net operating income rose by 11.8% and 13.4%, respectively. The company acquired 145 operating stores for $1.4 billion and managed a total of 1,205 stores. A quarterly dividend of $1.50 per share was paid. The outlook for 2023 projects Core FFO between $8.30 and $8.60.

Extra Space Storage Inc. (NYSE: EXR) has declared a first quarter 2023 dividend of $1.62 per share, reflecting an 8% increase from the previous quarter. This dividend is scheduled for payment on March 31, 2023 to shareholders of record as of March 15, 2023. The company operates 2,338 self-storage properties, totaling 1.6 million units and 176.1 million square feet of storage space across the U.S., making it the second-largest self-storage operator in the country.

Extra Space Storage Inc. (NYSE: EXR) announced the tax allocations of its 2022 dividend distributions. The total distribution per share for the year is $6.00, with an ordinary dividend per share of $5.894046. Key dates include the ex-dividend date on 03/14/2022, record date on 03/15/2022, and payable date on 03/31/2022. Shareholders are encouraged to consult tax advisors regarding the implications of these distributions in their tax filings. The information is based on preliminary tax results and may be subject to adjustments.

Extra Space Storage Inc. (NYSE: EXR) plans to release its financial results for Q4 and the full year ending December 31, 2022, on February 22, 2023, post-market. A conference call is scheduled for February 23, 2023, at 1:00 p.m. ET, featuring CEO Joe Margolis and CFO Scott Stubbs to discuss the results. The call will be accessible live via the company's investor relations website, with a playback option available after the event. Extra Space Storage, based in Salt Lake City, operates the second largest self-storage network in the U.S., managing over 2,327 properties and approximately 175.1 million square feet of storage space.

LEX has launched an IPO for The Landing at One Chestnut, an industrial building in Nashua, New Hampshire, following its successful 286 Lenox IPO in Harlem, New York. This 430,804 square foot facility is strategically located near Boston, boasting low industrial vacancy rates. The property is well-leased with over 50 tenants, including Extra Space Storage, which occupies over 57% of the space and has a 30-year tenancy. Investors can benefit from tax advantages and the potential for cash distributions, with shares trading on the secondary market following the offering period.

Extra Space Storage announced strong Q3 2022 results, with net income of $1.65 per diluted share, up 17.9% YoY. Funds from operations (FFO) reached $2.16 per diluted share, while core FFO increased 19.5% to $2.21. Same-store revenue rose 15.5% and net operating income (NOI) grew by 16.4%. The company acquired 116 stores for $759.9 million and reported a 95.2% occupancy rate. Despite challenges from Hurricane Ian, the company paid a dividend of $1.50 per share. For 2022, Core FFO guidance is set between $8.30 and $8.40.