SALT LAKE CITY, Dec. 2, 2024 /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 $300 million aggregate principal amount of additional 5.700% senior notes due 2028 (the "Notes"). The Notes will be issued as additional notes under the indenture pursuant t ...

SALT LAKE CITY, Nov. 20, 2024 /PRNewswire/ -- Extra Space Storage Inc. (the "Company") (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 established an unsecured commercial paper note program in the United States.Under the terms of the program, the operating partnership may issue from time to time unsecured commercial paper notes up to ...

SALT LAKE CITY, Nov. 15, 2024 /PRNewswire/ -- Extra Space Storage Inc. (the "Company") (NYSE: EXR) announced today that the Company's board of directors has declared a fourth quarter 2024 dividend of $1.62 per share on the common stock of the Company. The dividend is payable on December 31, 2024, to stockholders of record at the close of business on December 16, 2024. About Extra Space Storage Inc.Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-ma ...

Storage REITs are keeping pace with the REIT average this year. According to iREIT+Hoya Capital, the REIT Equity Index has gained 9.69% YTD, with Storage REITs posting a total return of 9.18%, placing them 9th among the 18 REIT sectors. Meanwhile, the S&PAnalyst’s Disclosure: I/we have a beneficial long position in the shares of VNQ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than ...

Join iREIT on Alpha today to get the most in-depth research that includes REITs, mREITs, Preferreds, BDCs, MLPs, ETFs, and other income alternatives. 438 testimonials and most are 5 stars. Nothing to lose with our FREE 2-week trial .Analyst’s Disclosure: I/we have a beneficial long position in the shares of EXR, PSA either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alph ...

Store Operations and Management - As of September 30, 2024, the company owned or had ownership interests in 2,401 operating stores, with 1,934 being wholly-owned[129]. - The company manages an additional 1,461 stores for third parties, bringing the total number of stores owned and/or managed to 3,862[129]. - The company operated 3,862 stores as of September 30, 2024, compared to 3,651 stores as of September 30, 2023[139]. - The company managed 1,921 stores for unconsolidated joint ventures and third parties as of September 30, 2024, up from 1,755 stores in the same period last year[140]. - The company acquired 771 wholly-owned stores in 2023 and an additional 20 wholly-owned stores during the nine months ended September 30, 2024[138]. Revenue and Financial Performance - For the three months ended September 30, 2024, total revenues increased by 10.3% to $824,804,000 compared to $748,034,000 for the same period in 2023[138]. - For the nine months ended September 30, 2024, total revenues increased by 38.2% to $2,435,006,000 compared to $1,762,470,000 for the same period in 2023[138]. - Property rental revenues for the nine months ended September 30, 2024 increased by 37.4% to $2,096,018,000, primarily due to the Life Storage Merger and other acquisitions[138]. - Tenant reinsurance revenues increased by 50.7% to $249,100,000 for the nine months ended September 30, 2024, driven by an increase in the number of stores operated[138][139]. - Management fees and other income rose by 25.5% to $89,888,000 for the nine months ended September 30, 2024, attributed to an increase in the number of stores managed[140]. Rental Rates and Occupancy - Approximately 2,245,000 tenants were leasing storage units at the company's operating stores, primarily on a month-to-month basis[130]. - The average annual rent per square foot for existing customers at stabilized stores was $20.55 for the three months ended September 30, 2024, down from $20.73 for the same period in 2023[131]. - Average annual rent per square foot for new leases was $13.49 for the three months ended September 30, 2024, compared to $15.63 for the same period in 2023[131]. - The average discounts as a percentage of rental revenues at all stabilized properties were 2.2% for the three months ended September 30, 2024, compared to 2.7% for the same period in 2023[131]. - Same-store rental revenues for the three months ended September 30, 2024, were $424,037, a decrease of 0.3% compared to $425,262 for the same period in 2023[162]. Expenses and Financial Metrics - Property operations expenses increased by $23,841 (12.9%) to $209,035 for the three months ended September 30, 2024, compared to $185,194 for the same period in 2023[142]. - General and administrative expenses rose by $2,344 (6.3%) to $39,750 for the three months ended September 30, 2024, compared to $37,406 for the same period in 2023[146]. - Depreciation and amortization expenses increased by $42,708 (28.0%) to $195,046 for the three months ended September 30, 2024, compared to $152,338 for the same period in 2023[147]. - Interest expense increased by $19,956 (16.2%) to $(142,855) for the three months ended September 30, 2024, compared to $(122,899) for the same period in 2023, primarily due to higher outstanding debt[150]. - Funds from operations (FFO) attributable to common stockholders and unit holders was $388,831 for the three months ended September 30, 2024, compared to $348,459 for the same period in 2023[159]. Debt and Financing - The total face value of debt increased to approximately $11.8 billion as of September 30, 2024, from approximately $11.3 billion a year earlier, reflecting additional debt issued in connection with the Life Storage Merger[150]. - The weighted average interest rate of total fixed- and variable-rate debt was 4.5% as of September 30, 2024[170]. - The company has approximately $11.8 billion in total face value of debt, with about $2.6 billion subject to variable interest rates[179]. - A 100 basis point change in SOFR would impact future earnings and cash flows by approximately $25.7 million annually on the variable-rate debt[179]. - The company may issue and sell shares of common stock with an aggregate offering price of up to $800 million under the Equity Distribution Agreement[174]. Seasonal Trends and Market Conditions - The company operates in competitive markets, with seasonal fluctuations in occupancy levels, generally higher in summer months due to increased moving activity[128]. - The self-storage business experiences seasonal fluctuations, with higher revenues and profits typically from May through September[176]. - The highest level of occupancy historically occurs at the end of July, while the lowest is in late February and early March[176]. Strategic Initiatives and Future Outlook - The company has increased its scale in many core markets through acquisitions, enhancing its presence in previously unrepresented markets[129]. - The company is pursuing additional sources of financing based on anticipated funding needs and growth assumptions[171]. - The company evaluates strategic acquisitions and may use Operating Partnership units as currency for funding acquisitions[173]. - The company intends to manage its balance sheet to maintain its credit ratings[172]. - The company expects to generate positive cash flow from operations in 2024, primarily from rents paid by tenants[168]. Cash Flow and Net Income - Cash flows from operating activities increased to $1,479,151 for the nine months ended September 30, 2024, compared to $1,037,959 for the same period in 2023[167]. - The company reported net income of $622,431 for the nine months ended September 30, 2024, slightly down from $623,046 in the same period of 2023[167]. - As of September 30, 2024, the company had $88,931 in cash and cash equivalents, with no loss of access reported during 2024 and 2023[169]. Asset Management - The company holds a BBB+/Stable rating from S&P, upgraded from BBB/Stable in July 2023, and a Baa2 rating from Moody's[172]. - As of September 30, 2024, the company had a total of 1,705 unencumbered stores, with an unencumbered asset value of $29,442,214 and a total asset value of $34,958,852[172]. - The total face value of debt as of September 30, 2024, was $11,827,208, resulting in a debt to total enterprise value ratio of 22.8%[170].

Financial Data and Key Metrics Changes - The company reported a same-store occupancy rate of 94.3% at the end of the quarter, an increase of 80 basis points year-over-year [12][13] - The average new customer move-in rate was negative 9% year-over-year, indicating a decline in pricing power [12][46] - The company raised the bottom end of its FFO guidance by $0.05 per share, from $7.95 to $8.00, reflecting a modest increase at the midpoint [17] Business Line Data and Key Metrics Changes - The Life Storage same-store revenue improved by 0.4% year-over-year, with occupancy finishing the quarter at 92.9%, a 200 basis point increase year-over-year [14][15] - The company added 63 third-party managed stores in Q3, netting 38 stores, and anticipates adding approximately 100 additional properties by year-end [9][10] - The average move-in rate for Life Storage same-store properties saw a sequential decline of 1% from Q2 to Q3, leading to a reduction in revenue expectations [15] Market Data and Key Metrics Changes - The company experienced an uptick in rental activity in certain markets post-Hurricane Milton, with some stores seeing occupancy jump from 92% to 96% [31] - The company noted that the markets where Life Storage has a larger concentration, such as Florida, have performed disproportionately weaker [49] Company Strategy and Development Direction - The company is focused on leveraging its scale to find efficiencies and optimize store performance while growing ancillary businesses to drive FFO growth [11] - The transition to a single brand is expected to yield benefits, with early signs of improved SEO performance and reduced marketing spend [21][22] - The company is actively pursuing acquisitions and bridge loans, with $334 million deployed in acquisitions year-to-date and an expectation to remain active in the bridge loan market [10][92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to optimize performance in a challenging market and is well-positioned to benefit when market fundamentals improve [71] - The company anticipates that the occupancy levels will remain higher than historical averages, which will support future pricing power [56][71] - Management acknowledged the impact of Hurricane Milton, estimating total property damage and tenant insurance claims to be $10 million or more, but noted that these costs would not be included in their guidance [18][19] Other Important Information - The company has lowered its G&A guidance for the year, reflecting ongoing efforts to find efficiencies [11] - The company is still assessing the full extent of property damage from Hurricane Milton, with three REIT stores remaining closed [18] Q&A Session Summary Question: Benefits of Single Brand - Management noted early signs of improved SEO performance and modest savings in paid marketing spend since transitioning to a single brand [21][22] Question: Fourth Quarter Guidance - Management indicated that the primary difference in guidance for Q4 is property performance, with expectations for stabilization [25][28] Question: Hurricane Impact on Rentals - An uptick in rentals was observed in impacted areas, with occupancy rates increasing significantly in some stores [31] Question: Acquisition Activity - Management confirmed ongoing discussions for acquisitions, with a focus on accretive transactions [34] Question: Move-In Rates - The average move-in rate for new customers was negative 9% year-over-year, with no significant changes expected in October [46] Question: Pricing Power and Demand - Management emphasized the need to understand various economic factors affecting pricing power and demand for storage [83] Question: ECRI Program - Management stated that both LSI and EXR pools are on the same ECRI program, with no significant differences in pace or amount [88] Question: Bridge Loan Program - The company has been active in bridge loan originations, with expectations to remain active despite some downward pressure from upcoming maturities [92]

Extra Space Storage Inc. (EXR) reported third-quarter 2024 core funds from operations (FFO) per share of $2.07, which beat the Zacks Consensus Estimate of $2.03. The figure increased by 2.5% year over year. Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar. The results reflected a rise in occupancy and better-than-anticipated revenues. However, lower same-store net operating income (NOI) and increased interest expenses during the quarter were a spoilsport. Quarterly revenues of $824.8 ...

Extra Space Storage (EXR) reported $824.8 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 10.3%. EPS of $2.07 for the same period compares to $0.96 a year ago. The reported revenue represents a surprise of +0.42% over the Zacks Consensus Estimate of $821.37 million. With the consensus EPS estimate being $2.03, the EPS surprise was +1.97%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectation ...

Extra Space Storage (EXR) came out with quarterly funds from operations (FFO) of $2.07 per share, beating the Zacks Consensus Estimate of $2.03 per share. This compares to FFO of $2.02 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an FFO surprise of 1.97%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $2 per share when it actually produced FFO of $2.06, delivering a surprise of 3%. Ov ...