Latest news with #EXR
Yahoo
01-05-2025
- Business
- Yahoo
Extra Space Storage Inc (EXR) Q1 2025 Earnings Call Highlights: Strong Core FFO and Strategic ...
Core FFO: $2 per share, a 2% increase year-over-year. Same Store Occupancy: 93.4%, an improvement of 100 basis points from Q1 2024. Same Store Revenue Growth: 0.3% increase. Wholly Owned Acquisitions: $153.8 million, adding 12 stores. Joint Venture Dissolution: Realized an embedded promote of $1.7 million. Bridge Loan Program: $53.2 million in loans closed; $27.7 million in loans sold. Third-Party Managed Portfolio: Net addition of 100 properties, totaling 1,675 stores. Controllable Expenses: Reduced by 1.9% year-over-year. Uncontrollable Expenses: Increased by 8% due to property tax and weather-related expenses. Same Store NOI: Decrease of 1.2% compared to Q1 2024. Bond Offerings: $350 million at 5.17% (5-year) and $500 million at 5.4% (10-year). Weighted Average Interest Rate: 4.4%. Debt Profile: Almost 90% at fixed rates. Annual Acquisition Guidance: Increased to account for JV buyouts. Warning! GuruFocus has detected 8 Warning Signs with EXR. Release Date: April 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Extra Space Storage Inc (NYSE:EXR) reported a solid first quarter with a core FFO of $2 per share, representing a 2% increase year-over-year. Same store occupancy remained high at 93.4%, showing resilience and effective management strategies. The company completed $153.8 million in wholly owned acquisitions, adding 12 high-quality stores to its portfolio. The management plus platform showed remarkable growth, adding a net of 100 properties, reinforcing its position as a leading third-party management provider. Extra Space Storage Inc (NYSE:EXR) maintained a conservative leverage profile with almost 90% of its debt at fixed rates, insulating it from interest rate fluctuations. Uncontrollable expenses increased by 8% due to property tax pressure and weather-related expenses, leading to a same store NOI decrease of 1.2%. The company did not raise its guidance despite strong performance, indicating caution due to economic uncertainties. There is continued pressure from property taxes and other uncontrollable costs, which could impact future financial performance. The acquisition market remains muted with continued bid-ask spread issues, affecting potential growth opportunities. The company faces challenges from macroeconomic factors such as interest rate volatility and economic uncertainty, which could impact future performance. Q: Michael Goldsmith from UBS asked about the significant improvement in street rates during the first quarter and whether demand is picking up. He also inquired about conditions in April. A: Peter Stubbs, CFO, explained that street rates improved from negative 9% in Q3 last year to flat by the end of Q1 2025. He noted that while the improvement is encouraging, it's too early to predict trends for the rental season. Q: Samir Khanal from BofA Securities questioned why Extra Space Storage didn't raise guidance despite positive performance and asked about leasing strategies for the spring season. A: CEO Joseph Margolis stated there was no change in strategy. The company uses algorithms to price units daily, leveraging their data and current market conditions to maximize revenue. Q: Nicolas Yulico from Scotiabank inquired about acquisition yields for the quarter and current contracts. A: CEO Joseph Margolis detailed that initial yields ranged from 2.3% to 6.5%, stabilizing in the upper 6% to 7% range, depending on the stage of lease-up. Q: Ronald Kamden from Morgan Stanley asked about expense pressures, particularly property taxes, and any relief expected throughout the year. A: CFO Peter Stubbs noted that property taxes and insurance are areas of pressure. While property taxes were higher in Q1 due to prior accruals, they don't expect the same rate of increase annually. Q: Eric Wolfe from Citi Group questioned the sources of demand given the soft moving environment and strong Google search data. A: CEO Joseph Margolis explained that while moving-related demand has declined, the "lack of space" customer segment has grown, now comprising 35% of their customer base, which has a longer average stay. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
29-04-2025
- Business
- Yahoo
Extra Space Storage: Q1 Earnings Snapshot
SALT LAKE CITY (AP) — SALT LAKE CITY (AP) — Extra Space Storage Inc. (EXR) on Tuesday reported a key measure of profitability in its first quarter. The results topped Wall Street expectations. The Salt Lake City-based real estate investment trust said it had funds from operations of $443.9 million, or $2 per share, in the period. The average estimate of eight analysts surveyed by Zacks Investment Research was for funds from operations of $1.96 per share. Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization. The company said it had net income of $270.9 million, or $1.28 per share. The self-storage facility real estate investment trust, based in Salt Lake City, posted revenue of $820 million in the period, which fell short of Street forecasts. Four analysts surveyed by Zacks expected $823.4 million. Extra Space Storage expects full-year funds from operations in the range of $8 to $8.30 per share. _____ This story was generated by Automated Insights ( using data from Zacks Investment Research. Access a Zacks stock report on EXR at
Yahoo
28-04-2025
- Business
- Yahoo
New Essency Partnership with The Blumenauer Corporation Expands Representation of Innovative EXR Water Heater
HOUSTON, April 28, 2025 /PRNewswire/ -- Essency, the manufacturer of the award-winning Essency EXR water heater, is proud to announce a partnership with The Blumenauer Corporation as its new manufacturer's representative for the state of Florida. The Blumenauer Corporation is a leading distributor in the pump and water products industry and represents top-tier manufacturers of engineered and innovative products from around the world. They now add Essency's category-defying EXR water heater to their exclusive lineup. With the prevalence of electric home appliances now throughout communities in Florida, the time is right for the EXR's completely reimagined, high-capacity electric tank heater that can last 30+ years. "As a leader in this area, we represent the latest in technology and new products that are changing the industry," said Wes Blumenauer, president of Blumenauer, "and Essency fits that sweet spot." For Essency, having a forward-thinking rep firm that can hit the ground running with technical expertise and knowledge of the market is crucial in this changing industry. "Blumenauer is the ideal partner for us," said Scott Isaksen, National Sales Director at Essency. "With more than 50 years of experience and a strong presence in the Florida market, they understand what contractors need as they bring new technologies to market." Isaksen adds, "Contractors want to feel confident when they install a new technology in the homes of their valued customers. Blumenauer has the expertise to develop a strong base of contractors and to help them build superior business strategies." About The Blumenauer Corporation Founded in 1973, The Blumenauer Corporation is a third-generation, family-run business and one of Florida's premier manufacturer's rep firms. With a warehouse and service center located in Ocoee, Florida, and a seasoned team of sales professionals, Blumenauer has earned a reputation for deep technical knowledge, unbeatable service, and long-standing industry partnerships. About the Essency EXR Water Heater The Essency EXR is the first and only electric, high-demand water heater constructed from long-lasting, ecologically-sound materials, which delivers a combination of outstanding performance, long lifespan, and smart technology unmatched by traditional systems: 30-year lifespan, 3X longer than standard metal tanks High-capacity performance offering up to 7 back-to-back showers(80g First Hour Rating, up to 100g in Heat+ Mode) Seamless Installation designed to require little or no infrastructure upgrades As of March, Blumenauer has been representing the Essency product line and is introducing the brand to many of its customers. More information about the two companies is available on their websites at and Welcome to the Team! View original content to download multimedia: SOURCE Essency Sign in to access your portfolio
