SALT LAKE CITY, Aug. 7, 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 $400 million aggregate principal amount of 5.350% senior notes due 2035 (the "Notes"). The Notes were priced at 99.973% of the principal amount and will mature on January 15 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 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) Maryland 20-1076777 (State or other juri ...

Financial Data and Key Metrics Changes - The company exceeded internal FFO per share projections, allowing for an increase in the 2024 FFO outlook [5] - Same-store occupancy improved to 94.3%, a 110 basis point sequential gain and a 30 basis point year-over-year improvement [5] - Same-store revenue increased by 0.6% year-over-year, while same-store expenses rose by 6% [6][10] - The company raised the bottom end of its revenue guidance by 100 basis points, bringing the midpoint to negative 0.25% [9] - FFO guidance was raised from $7.85 per share to $7.95 per share, a $0.05 increase at the midpoint [11] Business Line Data and Key Metrics Changes - Life Storage same-store occupancy finished at 93.8%, a 400 basis point year-over-year increase [6] - Life Storage same-store revenue growth was 1.8% year-over-year, but pricing improvements were below internal projections [7][10] - The company added 77 third-party managed stores in the quarter, netting 14 stores after accounting for departures [8] Market Data and Key Metrics Changes - The company noted a muted transaction environment, but bridge loan activity increased with $433 million in new loans originated [8][11] - The geographical footprint post-merger has led to a reduced exposure to California and increased exposure to Sunbelt markets, which are currently underperforming [14] Company Strategy and Development Direction - The company is focused on maximizing revenue through occupancy gains and pricing strategies, despite slower-than-expected pricing power at Life Storage properties [7][10] - The company aims to find efficiencies across all areas of the business to drive FFO growth [8] - The dual-brand strategy is under review, with a focus on improving SEO performance for Life Storage [38][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in capturing demand and maximizing revenue despite current market conditions [16] - The company anticipates a slow and steady improvement in the housing market, which could positively impact demand [16] - Management acknowledged a weaker consumer environment, with inflation outpacing wage growth affecting customer behavior [43] Other Important Information - The company has been aggressive in solar initiatives, with about 50% of fully owned stores equipped with solar [47] - The company plans to move Life Storage properties into the same-store category in 2025 while providing previous year comparisons [61] Q&A Session Summary Question: What is driving the adjustment of Life Storage guidance? - Management indicated that pricing power has been weaker than expected, with new customers remaining price sensitive [12][13] Question: What changes are needed for pricing power to improve? - A pickup in demand from the housing market and moderation of new development are seen as potential catalysts [15][16] Question: What are the July trends for occupancy and revenue growth? - As of July, occupancy for Extra Space was 94.5% and for Life Storage was 93.9%, with achieved rates down 12% [18] Question: How does the customer mix affect pricing? - Management believes that the customer behavior is similar across both brands, with price sensitivity impacting new customer rates [19][30] Question: What is the outlook for marketing spend and demand? - Marketing spend is expected to remain consistent, with demand levels similar to historical averages but down from the previous two years [33][34] Question: What is the expected performance of the Life Storage portfolio? - Management expects Life Storage to outperform in terms of year-over-year revenue growth in 2025, despite current underperformance [41] Question: How is the company addressing SEO performance? - The company is actively working to improve SEO for Life Storage, which has not met expectations post-merger [38][60] Question: What is the outlook for bridge loan activity? - The company anticipates continued growth in bridge loans due to a muted acquisition market and fewer maturities this year [63]

Extra Space Storage Inc. (EXR) reported second-quarter 2024 core funds from operations (FFO) per share of $2.06, which beat the Zacks Consensus Estimate of $2.00. The figure also remained flat year over year. The results reflect a rise in occupancy and better-than-anticipated revenues. However, higher same-store operating expenses and increased interest expenses during the quarter were a spoilsport. Quarterly revenues of $810.7 million beat the Zacks Consensus Estimate of $796.1 million. The top line jumped ...

nirat/iStock via Getty Images EXR is a national wide storage operator in US, that The asset portfolio is also very diversified. The merge of Life storage helps boost its coverage as shown below: EXR Diversification from LinkedIn post ? Notice that the institutional ownership is 98.71%, so mostly owned by the funds, index ETFs, etc. Many of them have very impressive quality ratings by moningstr.com as shown below: EXR Q2 Report shows solid financial results. | When I am looking at REITs, I pay a special atte ...

For the quarter ended June 2024, Extra Space Storage (EXR) reported revenue of $810.66 million, up 58.5% over the same period last year. EPS came in at $2.06, compared to $1.50 in the year-ago quarter. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Here is how Extra Space Stora ...

Over the last four quarters, the company has surpassed consensus FFO estimates two times. What's Next for Extra Space Storage? This quarterly report represents an FFO surprise of 3%. A quarter ago, it was expected that this self-storage facility real estate investment trust would post FFO of $1.95 per share when it actually produced FFO of $1.96, delivering a surprise of 0.51%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will ...

The following table (unaudited) outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands). Bridge Loans: Balance Sheet: Outlook: (1) A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income." The reconciliation includes details related to same-store revenue and same-store expense outlooks. ...

SALT LAKE CITY, July 30, 2024 /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 and six months ended June 30, 2024. Highlights for the three months ended June 30, 2024: Achieved net income attributable to common stockholders of $0.88 per diluted share, representing a 41.3% decrease compared to the same period in the prior year primarily ...

Extra Space Storage (EXR) , a leading self-storage real estate investment trust (REIT) in the United States, is set to release its second-quarter 2024 results on Jul 30 after market close. The company has been steadily expanding its footprint and diversifying its operations. As the market anticipates the earnings announcement, this article provides an in-depth preview of EXR's expected performance in the second quarter, considering overall industry trends, the company's growth strategy and acquisitions. In ...