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, 2035.

U.S. equity markets tumbled in a volatile week, while benchmark interest rates plunged by the most since December 2008 after employment data showed decisive evidence of weakening labor market conditions. Volatility was amplified by a confluence of central bank policy decisions, a hit-and-miss slate of corporate earnings results, an intensification of geopolitical risks, and a re-pricing of domestic political expectations. Among several weak employment reports, the critical nonfarm payrolls report showed that the unemployment rate jumped to the highest level since 2021 in July, and the report was even weaker under-the-surface.

Buying real estate is one of the oldest ways of investing, and it has changed along with the evolution of the financial system. Renting out your space looks like a great option if you don't see it as passive income, because constant visits to check on the condition of the property can turn into a full-time job.

Extra Space Storage's (EXR) Q2 results reflect higher occupancy. However, higher same-store operating expenses and increased interest expenses act as a spoilsport.

Storage REITs have faced concerns of oversupply and slowdown, but have shown impressive dividend growth in the last 3 years. Extra Space Storage Inc. has demonstrated the fastest dividend growth within the self-storage group, with solid financial results and successful merge with Life Storage. EXR's Q2 report shows solid growth in same-store revenues, rental income, and high occupancy rates, indicating a promising future for the company.

While the top- and bottom-line numbers for Extra Space Storage (EXR) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.

Extra Space Storage (EXR) came out with quarterly funds from operations (FFO) of $2.06 per share, beating the Zacks Consensus Estimate of $2 per share. This compares to FFO of $2.06 per share a year ago.

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 due to a $54.7 million loss related to the write down of assets held for sale as well as non-cash interest, amortization of intangibles, and additional depreciation related to the Company's 2023 merger (the "Life Storage Merger") with Life Storage, Inc. ("Life Storage" or "LSI").

Beyond analysts' top -and-bottom-line estimates for Extra Space Storage (EXR), evaluate projections for some of its key metrics to gain a better insight into how the business might have performed for the quarter ended June 2024.

While Extra Space Storage's (EXR) Q2 results are likely to reflect gains from high brand value and a solid presence in key cities, lower new customer rates and high interest rates remain concerns.

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High brand value, accretive buyouts and strategic investments bode well for Extra Space Storage's (EXR) performance. However, lower new customer rates and high interest rates are concerns.