Extra Space Storage(US:EXR)2025-07-09 05:52Company Overview - Extra Space Storage(EXR) is a member of the S&P 500 since 2015[7] - The company has 2.6 million storage units and 3,793 properties across 42 states[7] - The company has 289 million+ square feet of rentable space with 94% average occupancy in 2023[7] - The company merged with Life Storage in 2023 for $15 billion[7,11] Financial Performance & Balance Sheet - The company's net debt to EBITDA is 4.9x[7] - The company's equity market capitalization is $32.6 billion[7] - The company achieved a 336.7% 10-year total shareholder return[7] - Q1 2024 same-store revenue growth was 1.0%[7] - The company's enterprise value increased from $15.9 billion in 2017 to $46.9 billion in 2023[68] Strategic Advantages - The company has a diversified portfolio with 3,793 properties, including 1,912 wholly-owned/consolidated (51%), 472 joint venture (13%), and 1,409 managed (36%)[38] - The company estimates total 2024 synergies from the Life Storage merger to be $36 million from LSI property revenue, $16 million from tenant insurance, and $46 million from corporate overhead synergies[109]