Extra Space Storage Inc.'s Stock Analysis

Extra Space Storage Secures $4.5 Billion Credit Facility Agreement

Extra Space Storage LP has entered into a new credit agreement, providing for aggregate borrowings of up to $4.5 billion. This includes a senior unsecured revolving credit facility of $3.0 billion, due in 2029, and three term loan facilities totaling $1.5 billion with varying due dates between 2026 and 2029. The Operating Partnership has the option to increase the credit facility to $5.5 billion and extend terms under certain conditions.

The credit agreement includes financial covenants that require the company to maintain specific ratios related to total indebtedness, secured debt, adjusted EBITDA, and unsecured debt. The agreement is not secured by any assets and includes standard events of default provisions. Notably, several major banks are involved in this agreement as lenders and agents, which may influence the company’s financial flexibility and operational capabilities.

Aug 26, 2025 16:21:55

Extra Space Storage Raises $800 Million Through Senior Notes Offering

Extra Space Storage LP has completed a public offering of $800 million in 4.950% Senior Notes due in 2033. The Notes are guaranteed by Extra Space Storage Inc. and its subsidiaries, and they rank equally with other senior unsecured debts but are subordinated to secured debts. The interest on the Notes will be paid semi-annually starting January 15, 2026, with the maturity date set for January 15, 2033.

The offering was executed under an effective shelf registration statement, and the public offering price was set at 99.739% of the principal amount. The Notes can be redeemed at the Issuer's discretion, with specific conditions outlined for redemption pricing. Events of default could lead to the accelerated maturity of the Notes, as specified in the governing indenture documents.

Aug 08, 2025 16:01:46

Extra Space Storage Announces $800 Million Senior Notes Offering

Extra Space Storage LP has entered into an underwriting agreement for a public offering of $800 million in senior notes with a 4.950% interest rate, maturing on January 15, 2033. The notes will be guaranteed by Extra Space Storage Inc. and its subsidiaries. The pricing was set at 99.739% of the principal amount, and the offering is expected to close around August 8, 2025, pending customary closing conditions.

The company plans to use the proceeds from the offering primarily to repay outstanding amounts under its lines of credit and commercial paper program, as well as for general corporate purposes and potential acquisitions. The offering will be conducted under an effective shelf registration statement filed with the SEC, and interested parties can obtain the prospectus supplement through designated underwriters or the SEC's website.

Aug 07, 2025 17:00:26

Extra Space Storage Provides Update on REIT Tax Status and Compliance

Extra Space Storage Inc. has filed a Registration Statement with the SEC, updating its compliance with U.S. federal income tax regulations as a real estate investment trust (REIT). The company asserts that it has been organized and operated in a manner that qualifies for REIT taxation since its taxable year ending December 31, 2004. However, it acknowledges that maintaining this status depends on meeting various qualification tests, which include asset composition, distribution levels, and stock ownership diversity. The company has not sought IRS rulings to confirm its REIT status, indicating that future tax reforms could impact its compliance and tax obligations.

The filing also outlines the implications of its REIT status, which allows it to avoid U.S. federal corporate income taxes on distributed taxable income. It emphasizes the importance of adhering to specific income and asset tests to retain this status. The company has engaged Latham & Watkins LLP as tax counsel, who has provided an opinion on its compliance with REIT requirements based on certain assumptions and representations. However, the opinion is not a guarantee of future compliance, and changes in tax laws could retroactively affect its operations.

Aug 06, 2025 08:40:03

Extra Space Storage Reports Q2 2025 Financial Results

Extra Space Storage Inc. announced its financial results for the second quarter of 2025, reporting a net income of $1.18 per diluted share, a 34.1% increase from the prior year. Funds from operations (FFO) were reported at $1.98 per diluted share, with Core FFO slightly decreasing by 0.5% to $2.05 per diluted share. The company’s same-store revenue remained flat, while same-store net operating income (NOI) decreased by 3.1%. Occupancy rates improved to 94.6%, up from 94.0% a year ago. The company also made significant acquisitions, including one operating store for $12.1 million and the complete buyout of joint venture partners for $326.4 million, gaining full ownership of 27 properties. Additionally, Extra Space Storage paid a quarterly dividend of $1.62 per share to stockholders of record on June 16, 2025.

For the first half of 2025, Extra Space Storage reported a net income of $2.45 per diluted share, a 30.3% increase year-over-year, and FFO of $3.91 per diluted share, with Core FFO increasing by 0.7%. The company acquired a total of 13 operating stores for $165.9 million during this period. It also originated $211.0 million in mortgage and mezzanine bridge loans. As of June 30, 2025, the company managed 2,163 stores, making it the largest self-storage management company in the U.S. The company maintained its annual FFO and same-store guidance as it continues to monitor market conditions.

Jul 30, 2025 16:20:00

Extra Space Storage Announces CFO Retirement and Successor

Extra Space Storage Inc. has announced the upcoming retirement of Executive Vice President and Chief Financial Officer, P. Scott Stubbs, effective December 31, 2025. Stubbs has been with the company for 25 years and has played a significant role in its growth, overseeing its expansion from fewer than 100 stores to over 4,000 locations. Jeff Norman, currently the Senior Vice President of Capital Markets and Treasury, will take over as CFO starting July 1, 2025. Stubbs will continue to support the transition until his retirement date.

Jeff Norman has been with Extra Space Storage since 2012 and has held various senior management roles. He has been involved in critical initiatives, including the establishment of Extra Space Capital and managing the company's risk management function. The leadership transition will be discussed at the upcoming REITweek: 2025 Investor Conference in New York, scheduled for June 2-5, 2025, where the executive team will be available for investor meetings.

May 19, 2025 16:30:24

Extra Space Storage Reports Q1 2025 Financial Results

Extra Space Storage Inc. reported a net income of $1.28 per diluted share for the first quarter of 2025, marking a 26.7% increase from the previous year. The company achieved funds from operations (FFO) of $1.93 per diluted share, with a Core FFO of $2.00 per diluted share, reflecting a 2.0% increase compared to the same period in 2024. The company also reported a same-store revenue increase of 0.3% and a slight decrease in same-store net operating income by 1.2%. As of March 31, 2025, the company maintained an occupancy rate of 93.4%, up from 92.4% a year earlier. Additionally, the company acquired 12 operating stores for approximately $153.8 million and added 113 stores to its third-party management platform, bringing the total managed stores to 2,114.

The company paid a quarterly dividend of $1.62 per share and noted that it has not issued any shares on its ATM program, with $800 million available for issuance. As of the end of the quarter, the company had a total debt capacity of $1.0 billion, with $580 million in outstanding issuances under its commercial paper program. Furthermore, the company reported a net gain of $35.8 million from the sale of 11 operating properties and three parcels of land during the quarter. The company also originated $53.2 million in mortgage and mezzanine bridge loans, with approximately $1.4 billion in outstanding bridge loan balances.

Apr 29, 2025 16:38:48

Extra Space Storage LP Issues $500 Million Senior Notes Offering

Extra Space Storage LP completed a public offering of $500 million in 5.400% Senior Notes due 2035, which are fully guaranteed by the company and its subsidiaries. The notes will pay interest semi-annually, starting June 15, 2025, and can be redeemed at the issuer's discretion under specified conditions. The offering price was set at 99.830% of the principal amount, and the notes rank equally with other senior unsecured debts of the issuer, though they are subordinated to secured debts and certain other liabilities.

The indenture governing the notes includes various restrictive covenants that limit the issuer's ability to incur additional debt and require the maintenance of unencumbered assets. Events of default could accelerate the maturity of the notes under certain conditions, including failure to pay interest or principal and significant debt defaults. The offering was made under an effective registration statement filed with the SEC, and opinions regarding the validity of the notes and related guarantees were also submitted as part of the filing.

Mar 19, 2025 16:01:34

Extra Space Storage Prices $500 Million Senior Notes Offering

Extra Space Storage Inc. has announced the pricing of a public offering of $500 million in senior notes with a 5.400% interest rate, set to mature on June 15, 2035. The notes were priced at 99.830% of their principal amount, and the offering is expected to close around March 19, 2025, pending customary conditions. The proceeds from this offering will be used to repay outstanding amounts under credit lines and for general corporate purposes, including potential acquisitions.

Extra Space Storage, a leading self-storage operator in the U.S., currently owns or operates 4,011 self-storage facilities across 42 states and Washington, D.C., encompassing approximately 2.8 million units and 308.4 million square feet of space. The announcement does not include any forward-looking statements, and the company emphasizes that the offering will be conducted in accordance with regulatory guidelines.

Mar 11, 2025 16:06:31

Extra Space Storage Reports Mixed Financial Results for 2024

Extra Space Storage Inc. reported a net income of $1.24 per diluted share for Q4 2024, marking a 21.6% increase from the previous year. The company also achieved a Core FFO of $2.03 per diluted share, slightly up by 0.5%. Additionally, the same-store occupancy rose to 93.7%, compared to 92.5% the previous year. The company expanded its portfolio by acquiring 38 operating stores and increasing its joint venture interests, while also initiating a commercial paper program with a capacity of $1 billion.

Conversely, the company experienced a 15.0% decrease in annual net income to $4.03 per diluted share compared to 2023. Same-store revenue saw a minor decline of 0.4% in Q4, and same-store net operating income fell by 3.5%. For the full year, same-store NOI decreased by 1.5%. The company also reported an increase in operating expenses, particularly in payroll and property taxes, which rose by 9.5% in Q4. Overall, while there were positive metrics in certain areas, the company faced challenges in revenue and operating income.

Feb 25, 2025 16:28:37