Revenue segments as reported by the company.

Property rental

Tenant reinsurance

Management fees and other income

Revenue Segments

Gross Profit, Operating Income, and Net Income as a percentage of Revenue

Gross Margin

Operating Margin

Profit Margin

Margins

An operating expense is an expense a business incurs through its normal business operations. Often abbreviated as OPEX.

General and administrative

Depreciation and amortization

Gain on real estate transactions

Life Storage Merger transition costs

Impairment of Life Storage trade name

Operating Expenses

Year over year growth in Revenue and Operating Expenses.

Revenue Y/Y

OpEx Y/Y

Growth

Shares outstanding refer to a company's stock currently held by all its shareholders, including share blocks held by institutional investors and restricted shares owned by the company's officers and insiders.

Outstanding Shares

Market Cap

Also known as Price/Sales Ratio. Calculated using Average market cap for the quarter / Annualized quarterly revenue.

Revenue Multiple

Extra Space Storage

Extra Space Storage, Inc. is a real estate investment trust. It operates through the following segments: Self-Storage Operations and Tenant Reinsurance. The Self-Storage Operations segment includes rental operations of wholly-owned stores. The Tenant Reinsurance segment includes reinsurance of risks relating to the loss of goods stored by tenants in stores. The company was founded by Kenneth Musser Woolley on April 30, 2004, and is headquartered in Salt Lake City, UT.

Earnings data Q1 2021

Earnings data Q2 2021

Earnings data Q3 2021

Earnings data Q4 2021

Earnings data Q1 2022

Earnings data Q2 2022

Earnings data Q3 2022

Earnings data Q4 2022

Earnings data Q1 2023

Earnings data Q2 2023

Earnings data Q3 2023

Earnings data Q4 2023

Earnings data Q1 2024

Earnings data Q2 2024

Earnings data Q3 2024

Earnings data Q4 2024

Extra Space Storage excels in Q4 2022, eyes growth opportunities

Extra Space Storage delivered a robust performance in Q4 2022, driven by revenue growth and strategic acquisitions.
While facing challenges like negative churn rates and softening markets, the company remains focused on sustainable growth.
Opportunities lie in improving churn rates, exploring new strategies, and leveraging market conditions for continued success.

Extra Space Storage (EXR) reports strong Q1 performance and strategic merger with Life Storage for expansive growth

Extra Space Storage's Q1 2023 Earnings Call highlighted robust operational performance, successful external growth initiatives, and a strategic merger with Life Storage. The company surpassed internal projections, maintained high occupancy rates, and reaffirmed guidance ranges, showcasing its resilience and growth potential.

Extra Space Storage adjusts guidance post-merger for growth challenges

Extra Space Storage's Q2 2023 performance reflects resilience in occupancy despite revenue challenges.
The merger with Life Storage presents synergies and growth opportunities but also operational hurdles.
Strategic focus on integration, data-driven pricing, and synergies aims to drive future performance.
Market dynamics and customer behavior pose challenges and opportunities for revenue optimization.

Extra Space Storage reports steady Q3 performance post-merger success

Extra Space Storage's Q3 2023 performance was steady, with a focus on maximizing integration post-merger and achieving synergies.
Despite challenges like expense pressures and housing market dynamics, the company remains confident in its position and growth strategies.
Opportunities lie in leveraging job growth indicators, exploring new growth platforms, and managing insurance expenses for future performance.

Extra Space Storage posts solid Q4 results amidst challenges

Extra Space Storage delivered a solid performance in Q4 2023, focusing on optimizing asset performance and expansion. While facing challenges with new customer rates and expense growth, the company remains optimistic about growth opportunities and market trends. Strategic initiatives like the dual brand strategy and cost management are key focus areas for future success.

Extra Space Storage reports solid Q1 performance amidst market challenges

Extra Space Storage demonstrated strong operational performance and financial stability in Q1 2024, with notable improvements in occupancy and revenue.
While facing challenges such as market headwinds and competitive pricing, the company is well-positioned to leverage growth opportunities through strategic initiatives.
By focusing on efficiency, innovation, and revenue optimization, Extra Space Storage aims to maintain its market position and drive sustainable growth in the self-storage industry.

Extra Space Storage beats FFO projections, faces pricing challenges

Extra Space Storage demonstrated strong operational performance in Q2
Efforts to enhance efficiencies and manage expenses are yielding results
Challenges in pricing power and revenue guidance adjustments noted

Extra Space Storage resilient post-Hurricane Milton, eyes growth opportunities

Extra Space Storage navigated challenges from Hurricane Milton well, maintaining strong performance and seizing growth opportunities. Cost management efficiency and strategic expansions position the company for continued success.

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Cost of revenue

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SG&A

Other

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EBITDA

Net income

Earnings per share

Total assets

Current assets

Cash & equivalents

Receivables

Inventory

Non-current assets

Net PPE

Intangibles

Total liabilities

Current liabilities

Short term debt

Income tax payable

Non-current liabilities

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Total equity

Stockholders equity

Minority interest

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Total debt

Net debt

Book value per share

Cash from operations

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Change in working capital

Cash from investing

Capital expenditure

Purchase/sale of investments

Purchase/sale of business

Other sources

Cash from financing

Change in stock

Change in debt

Cash dividends paid

Cash from other sources

Net change in cash

Free cash flow

SALT LAKE CITY , June 12, 2023 /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 $450 million aggregate principal amount of 5.500% senior notes due 2030 (the "Notes"). The Notes were priced at 98.878% of the principal amount and will mature on July 1, 2030, Wells Fargo Securities, BMO Capital Markets, TD Securities, J.P.

Extra Space Announces Pricing of $450 Million of 5.500% Senior Notes due 2030

Extra Space Storage offers an attractive value and income proposition, with a 4.5% dividend yield and potential for growth. The acquisition of Life Storage should bring strategic benefits and synergies, improving EXR's economy of scale. EXR's current undervalued price presents a good entry point for long-term investors seeking meaningful income.

Extra Space Storage: Left Behind With A Solid Yield

CubeSmart

National Storage Affiliates Trust

Public Storage

Global Self Storage

Vanguard Real Estate ETF

Self-storage REITs have returned 7.27% this year, outperforming the REIT average and the S&P 400 and 600 indexes. Publicly traded REITs own only 20% of the total square footage in the US storage facilities, leaving room for growth by acquisition. This article examines the Self-Storage REIT sector, to identify the best poised self-storage REIT to deliver outperformance over the next 2 to 5 years.

Picking A Winner In Self-Storage REITs

SALT LAKE CITY , June 5, 2023 /PRNewswire/ -- Extra Space Storage Inc. ("EXR") (NYSE: EXR) announced today that its operating partnership, Extra Space Storage LP ("Extra Space OP" and together with EXR, "Extra Space" or the "Company"), will commence offers to exchange all validly tendered and accepted notes of the following series (the "Life Storage Notes") issued by Life Storage LP ("Life Storage OP") and guaranteed by Life Storage, Inc. ("LSI" and together with Life Storage OP, "Life Storage"), for notes to be issued by Extra Space OP and guaranteed by EXR and certain of its subsidiaries as described below (collectively the "EXR Notes"). A Registration Statement on Form S-4 (the "Registration Statement") relating to the issuance of the EXR Notes was filed with the Securities and Exchange Commission ("SEC") on June 5, 2023, but has not yet been declared effective.

Extra Space To Commence Exchange Offers And Consent Solicitations

Arlington Asset Investment

AGNC Investment

AGNC Investment Corp - FXDFR PRF PERPETUAL USD 25 - Ser D 1/1000th int

AGNC Investment Corp. Deposit Shs Repr 1/1000th Cum Conv Red Pfd Registered Shs Series C

American Homes 4 Rent

American Tower

Alexandria Real Estate Equities

AvalonBay Communities

Alpine Global Premier Properties Fund

Cambria Global Real Estate ETF

Blackstone Group

Blackstone Mortgage Trust

Crown Castle International

Diversified Healthcare Trust

Digital Realty Trust

Ellington Financial

Equinix

Equity Residential

Essex Property Trust

Invesco S&P 500 Equal Weight Real Estate ETF

Rates Up, REITs Down? Whether fundamentally justified or not, commercial and residential real estate markets continue to bear the brunt of the Federal Reserve's historically swift monetary tightening cycle. Commercial real estate, in particular, has been the boogeyman that bank executives have blamed for unrelated distress. While there are pockets of distress, actual default rates remain historically low. The pockets of distress are almost entirely debt-driven, with the notable exception of coastal urban office properties. Nearly every property sector reported "same-store" property-level income above pre-pandemic levels.

State Of REITs: Distress Brings Opportunity

AbbVie

Caterpillar

CME Group

Canadian Pacific Kansas City Limited

Carlisle Companies

Chevron

Deere & Company

Danaher

Duke Energy

Huntington Bancshares

Home Depot

L3Harris

Lockheed Martin

Nasdaq

Northrop Grumman

Norfolk Southern

PepsiCo

Pioneer Natural Resources

Raytheon Technologies

Union Pacific

Vanguard Dividend Appreciation ETF

Valero Energy

Exxon Mobil

My dividend growth portfolio consists of 22 individual stocks in eight sectors, with a focus on industries with high entry barriers and dominant positions in supply chains. The portfolio has delivered solid returns, outperforming the S&P 500 by 400 basis points annually since 2013, despite recent market challenges. Going forward, I plan on adding to cyclical holdings and expanding my real estate exposure while maintaining my long-term investment strategy.

My Improved Six-Figure Market-Beating Dividend Growth Portfolio

Equity LifeStyle Properties

Life Storage

Terreno Realty

REITs are best known for paying dividends. However, they also deliver price appreciation.

These 5 Dividend Stocks Have Produced Monster Total Returns

SALT LAKE CITY , May 26, 2023 /PRNewswire/ -- Extra Space Storage Inc. ("EXR" or the "Company") (NYSE: EXR) announced today that the Company's board of directors has declared a quarterly dividend of $1.62 per share on the common stock of the Company for the second quarter 2023.  The dividend is payable on June 30, 2023 to stockholders of record at the close of business on June 15, 2023.

Extra Space Storage Inc. Announces 2nd Quarter 2023 Dividend

Hannon Armstrong Sustainable Infrastructure Capital

Ladder Capital

Mid-America Apartment Communities

Realty Income Corp

Sun Communities

Vici Properties

I teach frequently at many colleges and universities, lecturing on the topic of REITs as I really enjoy teaching students the benefits of owning real estate stocks. So far this year, I've lectured at Penn State, University of North Carolina, NYU, and Clemson University, and I look forward to launching my very own REIT Masterclass this summer.

If I Were Starting Over In My 20s, I Would Buy These REITs

Corning

Verizon

Weyerhaeuser

CF Industries Holdings

Chesapeake Energy

Now is an excellent time to research the top blue-chip stocks to buy for the long haul. It's safe to say that investors are stuck in a market that shows little conviction.

7 Blue-Chip Stocks to Buy at an All-Time Low in May

Federal Realty Investment Trust

REIT stocks have not been the best performer lately and I don't know when that observation will change. That said, income-oriented investing cannot exclude this group, as the yields and payouts are simply too attractive.

3 REIT Stocks to Buy for an Income-Oriented Portfolio

Tanger Factory Outlet Centers

Mid-American Apartment: A strong past and positive prospects at an attractive price. Extra Space Storage has delivered superior performance over the years.

These 3 Dividend Stocks Have Been Market-Beaters for Years. They're on Sale Now.

Extra Space Storage's (EXR) Q1 results reflect lower-than-anticipated revenues on lower occupancy levels. Higher operating expenses act as an additional headwind.

Extra Space Storage (EXR) Q1 FFO & Revenues Lag Estimates

Extra Space Storage Inc. (NYSE:EXR ) Q1 2023 Results Conference Call May 3, 2023 1:00 PM ET Company Participants Jeff Norman - VP, IR and Corporate Communications Joe Margolis - CEO Scott Stubbs - CFO Conference Call Participants Todd Thomas - KeyBanc Juan Sanabria - BMO Samir Khanal - Evercore ISI Keegan Carl - Wolfe Research Michael Goldsmith - UBS Ki Bin Kim - Truist Ronald Kamdem - Morgan Stanley Michael Mueller - JPMorgan Operator Thank you for all for standing by and welcome to the Extra Space Management First Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode.

Extra Space Storage Inc. (EXR) Q1 2023 Earnings Call Transcript

Extra Space Storage (EXR) came out with quarterly funds from operations (FFO) of $2.02 per share, missing the Zacks Consensus Estimate of $2.05 per share. This compares to FFO of $2.01 per share a year ago.

Extra Space Storage (EXR) Misses Q1 FFO and Revenue Estimates

SALT LAKE CITY , May 2, 2023 /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, 2023. Highlights for the three months ended March 31, 2023: Achieved net income attributable to common stockholders of $1.46 per diluted share, representing a 3.3% decrease compared to the same period in the prior year.

Extra Space Storage Inc. Reports 2023 First Quarter Results

News for Extra Space Storage Stock (EXR)