Group 1 - Extra Space Storage Inc. (NYSE:EXR) is recognized as one of the 13 best warehouse and self-storage stocks to buy currently [1] - UBS has reduced its price target for Extra Space Storage Inc. from $169 to $160 while maintaining a 'Buy' rating [2] - The price revision reflects the company's steady fundamentals despite a softer macroeconomic environment, with revenue for the June 2025 quarter reaching $841.62 million, a 3.8% year-over-year increase, and same-store occupancy at 94.6% [3] Group 2 - Extra Space Storage Inc. operates over 4,100 self-storage facilities across the U.S. and is classified as a self-administered and self-managed REIT [4]

Core Viewpoint - Extra Space Storage Inc. is set to release its financial results for the three and nine months ended September 30, 2025, on October 29, 2025, after market close, followed by a conference call on October 30, 2025, to discuss these results [1]. Financial Results Announcement - The financial results will be released after market close on October 29, 2025 [1]. - A conference call will be held on October 30, 2025, at 1:00 p.m. Eastern Time, hosted by CEO Joe Margolis and CFO Jeff Norman [1]. Conference Call Participation - A live webcast of the conference call will be available on the company's investor relations page [2]. - Participants can pre-register for the call to receive a special dial-in number and PIN to avoid delays [2]. - A replay of the conference call will be available on the investor relations website starting October 30, 2025, at 5:00 p.m. ET, for one year [2]. Company Overview - Extra Space Storage Inc. is a fully integrated, self-administered, and self-managed real estate investment trust (REIT) and a member of the S&P 500 [4]. - As of June 30, 2025, the company owned and/or operated 4,179 self-storage properties, comprising approximately 2.9 million units and about 321.5 million square feet of rentable storage space [4]. - The company is the largest operator of self-storage properties in the United States, offering a variety of storage options including boat, RV, and business storage [4].

Company Overview - Extra Space Storage Inc. (EXR) has a market cap of $31.2 billion and is a leading self-storage real estate investment trust (REIT) [1] - As of June 30, 2025, the company operates 4,179 stores across 43 states and Washington, D.C., with approximately 2.9 million units and 321.5 million square feet of rentable space [1][2] Stock Performance - Shares of Extra Space Storage have declined 22.1% from their 52-week high of $184.87, and have decreased 3.8% over the past three months, underperforming the Dow Jones Industrials Average's 8.6% rise during the same period [3] - Year-to-date, EXR stock is down 3.8%, lagging behind the Dow Jones Industrials Average's 7.7% gain, and has dipped 19.1% over the past 52 weeks compared to the Dow's 10.7% increase [4] Financial Results - Following Q2 2025 results on July 30, shares tumbled over 10% as core FFO per share was reported at $2.05, missing consensus estimates [5] - Same-store NOI dropped 3.1% to $474.2 million, while expenses surged 8.6% to $191.4 million, and interest expenses climbed 6.6% to $146.1 million, impacting margins despite a 60-basis-point occupancy gain to 94.6% [5] - Management revised 2025 guidance to a narrower FFO range of $8.05 to $8.25 per share, with expectations of flat-to-negative same-store revenue growth and NOI decline [5] Competitive Landscape - Rival Lineage, Inc. (LINE) has performed weaker than EXR, with LINE stock down 27.9% year-to-date and 49.2% over the past 52 weeks [6] - Despite underperformance, analysts maintain a moderately optimistic outlook for LINE, with a consensus rating of "Moderate Buy" and a mean price target of $157.63, representing a 9.4% premium to current levels [6]

Group 1 - Albert Anthony is a Croatian-American business author and media contributor on investor platforms, with over 1,000 followers on Seeking Alpha [1] - He has a background in IT analysis for Fortune 500 companies and worked in technical support at Charles Schwab in 2021 [1] - Albert Anthony has launched his own equities research firm, Albert Anthony & Company, which operates 100% remotely [1] Group 2 - He is set to release a book titled "Real Estate Investment Trusts (REITs): A Fundamental Analysis" on Amazon in 2025 [1] - Albert Anthony has participated in numerous business and innovation conferences, trade shows, and panel discussions in the EU market, particularly in Croatia [1] - He is currently pursuing the CMSA certification at the Corporate Finance Institute in Vancouver [1] Group 3 - The author does not write about non-publicly traded companies, small cap stocks, or startup CEOs [1] - Albert Anthony & Company is a sole proprietorship registered in Austin, Texas, and does not provide personalized financial advisory or manage client funds [1] - The firm provides general market commentary and research based on publicly available data [1]

Core Insights - Extra Space Storage Inc (EXR) shares have crossed above their 200-day moving average of $155.97, trading as high as $156.06 per share, indicating a positive market movement [1][2]. - The current trading price represents an increase of approximately 1% on the day [1]. - Over the past year, EXR shares have experienced a low of $139.97 and a high of $216.52, with the last trade recorded at $156.13 [3]. Technical Analysis - The 200-day moving average is a significant technical indicator, and EXR's recent performance suggests a bullish trend as it surpasses this level [1][2]. - The performance range of EXR shares over the past 52 weeks highlights volatility, with a notable difference between the low and high points [3].

Core Viewpoint - Extra Space Storage Inc. is a real estate investment trust (REIT) focused on owning, operating, and managing storage facilities across the U.S. The company is set to report its Q3 2025 earnings on October 28, with expectations of a decline in EPS but an increase in quarterly revenue compared to the previous year [1][2]. Financial Performance - For Q3 2025, analysts expect Extra Space Storage to post an EPS of $1.54, down from $2.07 in the prior-year period [2]. - Quarterly revenue is anticipated to reach $790.49 million, an increase from $710.87 million a year earlier [2]. - In Q2 2025, the company reported FFO of $2.05, slightly below the consensus estimate of $2.06, with revenues of $665.56 million, compared to the consensus of $761.95 million [7]. Historical Investment Performance - If an investor had purchased Extra Space Storage stock 10 years ago at approximately $73.08 per share, a $10,000 investment would have grown to $20,153 based on stock price appreciation alone, with current shares trading at $147.28 [3]. - Over the past decade, the company has paid about $47.13 in dividends per share, resulting in an additional $6,449 from dividends alone [4]. - The total value of the investment after 10 years would be $26,602, representing a total return of 166.02%, which is significantly lower than the S&P 500 total return of 292.70% for the same period [5]. Analyst Ratings and Future Outlook - Extra Space Storage has a consensus rating of "Neutral" with a price target of $155.53, indicating more than 5% potential upside from the current stock price [6]. - The CEO highlighted solid second-quarter results driven by high occupancy rates and improving customer behavior, while maintaining annual FFO and same-store guidance [8].

Company Overview - Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500 [2] - As of June 30, 2025, the company owned and/or operated 4,179 self-storage properties, comprising approximately 2.9 million units and about 321.5 million square feet of rentable storage space [2] - The company is the largest operator of self-storage properties in the United States, offering a wide selection of conveniently located and secure storage units, including boat storage, RV storage, and business storage [2] Dividend Announcement - The company's board of directors declared a third quarter 2025 dividend of $1.62 per share on the common stock [1] - The dividend is payable on September 30, 2025, to stockholders of record at the close of business on September 15, 2025 [1]

Group 1 - Federal Realty Trust (FRT) is highlighted as the only dividend king in the real estate sector, indicating its strong performance in maintaining and increasing dividends over time [1] - The article discusses the health of shopping centers within the real estate industry, suggesting a focus on the retail segment's resilience and potential for growth [1]

Core Viewpoint - Extra Space Storage Inc. has announced a public offering of $800 million in senior notes with a 4.950% interest rate, maturing in 2033, to support its financial operations and potential acquisitions [1][3]. Group 1: Offering Details - The public offering is priced at 99.739% of the principal amount and is expected to close around August 8, 2025, pending customary closing conditions [2][1]. - The senior notes will be fully and unconditionally guaranteed by Extra Space and certain subsidiaries [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to repay outstanding amounts under lines of credit and commercial paper programs, as well as for general corporate and working capital purposes, including potential acquisitions [3]. Group 3: Company Overview - Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust, a member of the S&P 500, operating 4,179 self-storage stores across 43 states and Washington, D.C., with approximately 2.9 million units and 321.5 million square feet of rentable space [6].

```markdown [PART I. FINANCIAL INFORMATION](index=6&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(unaudited)) The company's financial statements show an increase in total assets to **$29.4 billion** as of June 30, 2025, from **$28.8 billion** at year-end 2024, primarily driven by growth in real estate assets. For the six months ended June 30, 2025, total revenues grew to **$1.66 billion** from **$1.61 billion** year-over-year, and net income attributable to common stockholders increased to **$520.6 million** from **$399.0 million**. Net cash from operations remained stable at approximately **$1.0 billion** [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$29,368,011** | **$28,847,926** | | Real estate assets, net | $25,099,810 | $24,587,627 | | **Total Liabilities** | **$14,690,922** | **$13,988,564** | | Unsecured senior notes, net | $8,618,943 | $7,756,968 | | **Total Extra Space Storage Inc. stockholders' equity** | **$13,790,842** | **$13,947,535** | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$841,618** | **$810,663** | **$1,661,615** | **$1,610,202** | | Property rental | $721,004 | $697,100 | $1,425,384 | $1,385,144 | | **Net Income** | **$262,716** | **$195,412** | **$547,641** | **$419,486** | | Net income attributable to common stockholders | $249,731 | $185,872 | $520,606 | $398,984 | | **Diluted EPS** | **$1.18** | **$0.88** | **$2.45** | **$1.88** | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Category | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,025,265 | $1,010,800 | | Net cash used in investing activities | ($614,255) | ($764,767) | | Net cash used in financing activities | ($425,625) | ($269,572) | | **Net decrease in cash** | **($14,615)** | **($23,539)** | - Key investing activities in the first six months of 2025 included **$464.5 million** for real estate acquisitions and **$360.4 million** for issuing new notes receivable, partially offset by **$133.2 million** in proceeds from real estate sales and a **$200.0 million** return of investment from an unconsolidated venture[28](index=28&type=chunk) - Financing activities were dominated by significant debt turnover, with **$6.44 billion** in proceeds from new debt and **$6.97 billion** in principal payments. The company also paid **$688.1 million** in dividends to common stockholders[28](index=28&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=13&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) The notes detail the company's structure as a self-storage REIT operating **4,179 stores** (owned and/or managed) as of June 30, 2025. Key activities include the acquisition of **45 stores** for **$697.1 million** and the sale of **12 stores** for **$133.8 million** in the first half of 2025. The company's debt portfolio totaled **$12.0 billion**, with a weighted average interest rate of **4.4%**. Segment reporting highlights two main operations: self-storage and tenant reinsurance, with self-storage operations generating **$974.2 million** in NOI for the six-month period [Note 1: Organization](index=13&type=section&id=1.%20ORGANIZATION) - Extra Space Storage Inc. is a self-administered REIT focused on owning, operating, and managing self-storage properties across the United States[32](index=32&type=chunk) - As of June 30, 2025, the company owns and/or manages a total of **4,179 stores**, comprising **2,430 stores** with direct or indirect equity interests and **1,749 stores** managed for third parties[33](index=33&type=chunk) [Note 4: Acquisitions and Dispositions](index=16&type=section&id=4.%20ACQUISITIONS%20AND%20DISPOSITIONS) Store Acquisitions Summary | Period | Number of Stores | Total Real Estate Assets Value (in thousands) | | :--- | :--- | :--- | | **Total 2025 (YTD)** | **45** | **$697,149** | | Q2 2025 | 28 | $448,928 | | Q1 2025 | 17 | $248,221 | | **Total 2024 (YTD)** | **9** | **$62,996** | - During the six months ended June 30, 2025, the company sold **12 stores** for approximately **$133.8 million**, resulting in a net gain of **$34.9 million** after accounting for losses on other asset sales[53](index=53&type=chunk) [Note 7: Earnings Per Common Share](index=18&type=section&id=7.%20EARNINGS%20PER%20COMMON%20SHARE) Earnings Per Common Share Calculation (in thousands, except per share data) | Description | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income attributable to common stockholders | $520,606 | $398,984 | | Weighted average common shares outstanding - basic | 211,895,586 | 211,433,877 | | Weighted average common shares outstanding - diluted | 211,895,586 | 220,114,016 | | **Basic EPS** | **$2.45** | **$1.88** | | **Diluted EPS** | **$2.45** | **$1.88** | [Note 10: Debt](index=22&type=section&id=10.%20DEBT) - Total term debt increased to **$12.0 billion** at June 30, 2025, from **$11.2 billion** at December 31, 2024[71](index=71&type=chunk) - As of June 30, 2025, the company's debt had a combined weighted average interest rate of **4.4%**, with **77.6%** of it being fixed-rate debt[78](index=78&type=chunk) - The company established a **$1 billion** commercial paper program in November 2024, with **$700 million** outstanding as of June 30, 2025[74](index=74&type=chunk) [Note 12: Stockholders' Equity](index=24&type=section&id=12.%20STOCKHOLDERS%27%20EQUITY) - In the first six months of 2025, the company repurchased **68,585 shares** for **$8.6 million** under its **$500 million** share repurchase program, with **$491.4 million** remaining authorized[89](index=89&type=chunk) - The company has an **$800 million** "at the market" (ATM) equity program established in April 2024, but no shares have been sold under it as of June 30, 2025[88](index=88&type=chunk) [Note 15: Segment Information](index=27&type=section&id=15.%20SEGMENT%20INFORMATION) - The company operates through two reportable segments: (1) self-storage operations and (2) tenant reinsurance. Performance is assessed by the Executive Committee based on Net Operating Income (NOI)[106](index=106&type=chunk) Segment Net Operating Income (NOI) (in thousands) | Segment | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Self-Storage Operations | $974,181 | $983,724 | | Tenant Reinsurance | $139,223 | $126,916 | | **Total Segment NOI** | **$1,113,404** | **$1,110,640** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=30&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management reports that revenue growth for the first half of 2025 was driven by acquisitions, which added **$47.6 million** in property rental revenue. However, same-store NOI decreased by **2.2%** year-over-year due to an **17.5%** increase in property taxes. The company's liquidity remains strong with **$125 million** in cash and access to credit facilities. The FFO attributable to common stockholders and unit holders was **$867.4 million** for the first six months of 2025, a slight increase from **$855.0 million** in the prior year [Properties](index=31&type=section&id=PROPERTIES) - As of June 30, 2025, the company's portfolio includes **4,179 owned and/or managed stores** across **43 states** and Washington, D.C[122](index=122&type=chunk) - The portfolio consists of **2,005 wholly-owned stores**, **11 in consolidated joint ventures**, **414 in unconsolidated joint ventures**, and **1,749 stores** managed for third parties[122](index=122&type=chunk) - The top three states by total store count are **Florida (542)**, **Texas (537)**, and **California (421)**[125](index=125&type=chunk) [Results of Operations](index=33&type=section&id=RESULTS%20OF%20OPERATIONS) Revenue Analysis for the Six Months Ended June 30 (in thousands) | Revenue Source | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Property rental | $1,425,384 | $1,385,144 | $40,240 | 2.9% | | Tenant reinsurance | $173,284 | $165,052 | $8,232 | 5.0% | | Management fees and other income | $62,947 | $60,006 | $2,941 | 4.9% | | **Total revenues** | **$1,661,615** | **$1,610,202** | **$51,413** | **3.2%** | - The **$40.2 million** increase in property rental revenue for H1 2025 was primarily due to **$47.6 million** from acquisitions, partially offset by a **$10.7 million** decrease from dispositions[127](index=127&type=chunk) Expense Analysis for the Six Months Ended June 30 (in thousands) | Expense Category | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Property operations | $451,203 | $401,420 | $49,783 | 12.4% | | General and administrative | $90,926 | $83,623 | $7,303 | 8.7% | | Depreciation and amortization | $357,622 | $391,775 | ($34,153) | (8.7)% | | **Total expenses** | **$933,812** | **$914,954** | **$18,858** | **2.1%** | [Funds From Operations (FFO)](index=35&type=section&id=FUNDS%20FROM%20OPERATIONS) FFO Reconciliation (in thousands) | Description | For the Six Months Ended June 30, 2025 | For the Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income attributable to common stockholders | $520,606 | $398,984 | | Adjustments (Depreciation, Amortization, etc.) | $346,749 | $456,020 | | **FFO attributable to common stockholders and unit holders** | **$867,355** | **$855,004** | [Same-Store Results](index=36&type=section&id=SAME-STORE%20RESULTS) - The same-store pool consists of **1,829 wholly-owned, stabilized properties**[143](index=143&type=chunk) Same-Store Performance for the Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Total rental revenues | $1,325,379 | $1,323,413 | 0.1% | | Total operating expenses | $383,824 | $360,981 | 6.3% | | **Net operating income (NOI)** | **$941,555** | **$962,432** | **(2.2)%** | | Square foot occupancy (period end) | 94.6% | 94.0% | 0.6% | - The increase in same-store operating expenses was driven by a **17.5%** rise in property taxes for the six-month period[144](index=144&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) - As of June 30, 2025, the company had **$125.0 million** in cash and cash equivalents[149](index=149&type=chunk) Debt Profile as of June 30, 2025 | Metric | Value (USD) | | :--- | :--- | | Total face value of debt | $13,169,719,000 | | Total fixed-rate debt % | 77.6% | | Weighted average interest rate | 4.4% | - The company holds a **BBB+/Stable** rating from S&P and a **Baa2/Positive** rating from Moody's[153](index=153&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to interest rate risk, primarily through its variable-rate debt. As of June 30, 2025, approximately **$2.9 billion** of its **$13.2 billion** total debt was subject to variable rates. A hypothetical **100 basis point (1%)** change in the SOFR would impact annual earnings and cash flows by approximately **$29.4 million** - As of June 30, 2025, the company had approximately **$13.2 billion** in total debt, with **$2.9 billion** subject to variable interest rates[161](index=161&type=chunk) - A **100 basis point (1%)** increase or decrease in SOFR would change annual interest expense by approximately **$29.4 million**[161](index=161&type=chunk) [Controls and Procedures](index=41&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025. There were no material changes to the internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[165](index=165&type=chunk) - No changes occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[166](index=166&type=chunk) [PART II. OTHER INFORMATION](index=42&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=42&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in various legal proceedings and claims arising in the ordinary course of business. Management establishes accrued liabilities for losses that are both probable and reasonably estimable, but the ultimate outcomes are inherently unpredictable - The company is subject to various legal proceedings and claims from its ordinary course of business, with outcomes that cannot be determined with certainty[167](index=167&type=chunk) [Risk Factors](index=42&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024 - No material changes have been made to the risk factors described in the Annual Report on Form 10-K for the year ended December 31, 2024[168](index=168&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) There were no unregistered sales of equity securities during the period - None[169](index=169&type=chunk) [Exhibits](index=43&type=section&id=ITEM%206.%20EXHIBITS) This section lists all exhibits filed with the Form 10-Q, including various agreements, indentures, and certifications by the CEO and CFO - The report includes a comprehensive list of filed exhibits, such as the Equity Distribution Agreement, merger agreements, articles of incorporation, debt indentures, and executive certifications[173](index=173&type=chunk)[174](index=174&type=chunk)[175](index=175&type=chunk) ```