SALT LAKE CITY, April 29, 2025 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a constituent of the S&P 500, announced operating results for the three months ended March 31, 2025.Highlights for the three months ended March 31, 2025: Achieved net income attributable to common stockholders of $1.28 per diluted share, representing a 26.7% increase compared to the same period in the prior year. Achieved funds ...

Extra Space Storage (EXR) , a leading self-storage real estate investment trust (REIT) in the United States, is set to release its first-quarter 2025 results on April 29, after market close. The company’s quarterly results are likely to display a year-over-year rise in revenues and funds from operations (FFO) per share.In the last reported quarter, this Salt Lake City, UT-based REIT delivered a surprise of 0.50% in terms of core FFO per share. The results reflected higher revenues due to growth in occupancy ...

The conference call will also be available on the Company's website under Investor Relations at www.extraspace.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Conference Call Playback: A replay of the webcast will be available on the Extra Space Storage Investor Relations website beginning April 30, 2025 at 5:00 p.m. ET, and will remain available for one year after the call. SALT ...

Today, we discuss the balance of opposites. Known in Chinese philosophy as yin and yang, the balance of opposite represents interconnected forces that form a whole, symbiotic system of codependent factors and influences. The entire ecosystem interacts and moves towards a long-termAnalyst’s Disclosure: I/we have a beneficial long position in the shares of EXR either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compen ...

SALT LAKE CITY, March 10, 2025 /PRNewswire/ -- Extra Space Storage Inc. ("Extra Space") (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that its operating partnership, Extra Space Storage LP (the "operating partnership"), has priced a public offering of $500 million aggregate principal amount of 5.400% senior notes due 2035 (the "Notes"). The Notes were priced at 99.830% of the principal amount and will mature on June 15, ...

Extra Space Storage, Inc. (EXR) has achieved a significant milestone by surpassing 4,000 stores nationwide. The company's continued expansion underscores its leadership in the self-storage sector and its ability to grow through strategic acquisitions, partnerships, and third-party management services.This self-storage operator in the United States now operates 4,011 stores across 42 states and Washington, D.C., reaching 98 of the 100 largest metropolitan markets in the country. This notable growth trajector ...

SALT LAKE CITY, March 5, 2025 /PRNewswire/ -- Extra Space Storage, Inc., (NYSE:EXR) the largest operator of self storage properties in the U.S., announced a significant milestone for the company as they celebrate reaching over 4,000 stores nationwide. Extra Space has more than doubled its store count since 2021.  "This achievement is a testament to the company's steady growth and resiliency of the self storage sector," said Joe Margolis, CEO. "Reaching 4,000 stores isn't just about the number – it's about t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-32269 EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporatio ...

Financial Data and Key Metrics Changes - Core FFO for Q4 2024 was $2.03 per share, with a full-year core FFO of $8.12 per share, indicating steady operational demand despite challenges [9][14] - Same-store revenue decreased by 0.4% in Q4, aligning with expectations, while same-store NOI fell by 3.5% due to higher property taxes [10][14] - The company experienced a year-over-year rate gap compression for new customers from negative 9% in Q3 to negative 6% at year-end [9][10] Business Line Data and Key Metrics Changes - The dual-brand test has concluded, with all stores now under the Extra Space brand, leading to increased rental activity and marketing savings [11] - The third-party management program grew by 114 net new stores in Q4, totaling 238 for the year, marking the best growth year ever excluding Life Storage merger gains [13] Market Data and Key Metrics Changes - The same-store pool now includes 1,829 properties, with guidance reflecting a 50 basis point benefit from this change [20] - The company anticipates a negative 0.75% to positive 1.25% revenue growth for the same-store pool in 2025, with expense growth projected at 3.75% to 5.25% [23] Company Strategy and Development Direction - The company aims to leverage diverse ancillary revenue streams and maintain prudent expense control to enhance investor returns [15] - There is a focus on improving core business fundamentals and capitalizing on high occupancy levels to drive future growth [15][24] Management's Comments on Operating Environment and Future Outlook - Management noted that while housing demand has declined, occupancy levels remain high, indicating steady demand in the market [40][52] - The company is cautious about pricing power recovery, with expectations for gradual improvement in new customer rates [22][40] Other Important Information - The company has initiated a $1 billion commercial paper program to reduce borrowing costs [19] - Property tax increases were significant in states like Illinois, Georgia, and Indiana, with expectations of continued pressure in 2025 [17][63] Q&A Session Summary Question: Can you elaborate on guidance and pricing power acceleration? - Management indicated that rates improved from negative 9% in Q3 to negative 6% at year-end, with expectations for moderate improvement moving forward [27][28] Question: What is the impact of LA wildfires on guidance? - The company models a 20 basis point decrease in same-store pool revenue due to state of emergency restrictions in LA County [30] Question: Why does LSI outperform EXR in 2025? - Management believes LSI stores will improve relative to their market positions, despite weaker demographics [37] Question: Can you discuss the dual-brand to single-brand strategy? - The transition has led to a $2 million reduction in paid search spending and a 5.5% increase in rentals for converted stores [45][46] Question: What is the outlook for bridge loans? - The bridge loan program is expected to grow, supporting acquisitions and management business, with a focus on capital allocation [50] Question: How are you addressing property tax increases? - The company anticipates a 6% to 8% increase in property taxes for 2025, with ongoing appeals to mitigate costs [63] Question: What is the strategy regarding pricing dynamics? - Management employs dynamic pricing algorithms to adjust rates based on market conditions, focusing on visibility and customer acquisition [125][126] Question: How does the company view the impact of incoming supply reduction? - While incoming supply reduction is a positive factor, demand remains steady compared to historical periods [152]

Core Insights - Extra Space Storage Inc. (EXR) reported fourth-quarter 2024 core funds from operations (FFO) per share of $2.03, slightly exceeding the Zacks Consensus Estimate by one cent, and reflecting a 0.5% increase year-over-year [1] - The company experienced a revenue increase of 3% year-over-year, totaling $821.9 million, although this figure fell short of the Zacks Consensus Estimate of $831.5 million [2] - For the full year 2024, core FFO per share was $8.12, up 0.2% from the previous year, surpassing the Zacks Consensus Estimate of $8.10, with total revenues growing 27.2% to $3.26 billion [3] Financial Performance - Same-store revenues decreased by 0.4% year-over-year to $415.9 million in Q4 2024, attributed to declines in net rental income and other income [4] - Same-store operating expenses rose by 9.5% year-over-year to $110.5 million, driven by increases in marketing, payroll, property operating expenses, repairs, maintenance, and property taxes [4] - Same-store net operating income (NOI) decreased by 3.5% year-over-year to $305.4 million [4] Occupancy and Portfolio Activity - Same-store square-foot occupancy increased by 120 basis points year-over-year to 93.7% as of December 31, 2024, surpassing the estimate of 93.2% [5] - During Q4, Extra Space Storage acquired 38 operating stores for approximately $359.7 million and increased its ownership stake in two existing joint ventures to 49% for $251.2 million [6] - The company added 130 stores (114 stores net) to its third-party management platform, managing a total of 2,035 stores as of December 31, 2024 [6] Balance Sheet and Shareholder Activity - As of December 31, 2024, Extra Space Storage had $138.2 million in cash and cash equivalents, an increase from $88.9 million as of September 30, 2024 [7] - The company maintained a fixed-rate debt percentage of 75.8% of total debt, with a combined weighted average interest rate of 4.4% and a weighted average maturity of approximately 4.4 years [7] - No shares were issued under the at-the-market program during the quarter, with $800 million available for issuance and an additional $500 million authorized for repurchase as of December 31, 2024 [8] 2025 Guidance - Extra Space Storage provided initial guidance for 2025, expecting core FFO per share between $8.00 and $8.30, which is below the Zacks Consensus Estimate of $8.34 [10] - The guidance is based on anticipated negative growth of 0.75% to 1.25% in same-store revenues and a projected increase of 3.75% to 5.25% in same-store expenses, with same-store NOI expected to decline between 3.00% to 0.25% [10]