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SALT LAKE CITY - Extra Space Storage Inc. (NYSE: NYSE:EXR), a leading self-storage real estate investment trust, has declared a dividend for the first quarter of 2025. The company’s board of directors announced a dividend of $1.62 per share on its common stock, which is to be paid on March 31, 2025, to shareholders of record as of March 14, 2025. According to InvestingPro data, the company maintains an attractive 4.16% dividend yield and has consistently paid dividends for 21 consecutive years, demonstrating strong commitment to shareholder returns.
Extra Space Storage, a member of the S&P 500, is known for its extensive portfolio of self-storage properties. As of December 31, 2024, the company owned and/or operated 4,011 self-storage properties. These facilities encompass approximately 2.8 million units and about 308.4 million square feet of rentable storage space. The company provides a variety of storage solutions, including boat, RV, and business storage, and is recognized as the largest operator in the U.S. self-storage sector.
The announcement of the dividend is a routine financial event for the company and reflects its ongoing business operations. Dividends are typically paid to provide shareholders with a return on their investment, and the declaration of such dividends is subject to the performance and profitability of the company.
The information regarding the dividend declaration is based on a press release statement from Extra Space Storage Inc. Investors and shareholders are advised to consider this announcement in the context of their individual portfolios and investment strategies.
Extra Space Storage continues to maintain its position in the market by offering customers a wide selection of conveniently located and secure storage units. The dividend payout is part of the company’s commitment to return value to its shareholders and demonstrates the board’s confidence in the company’s financial stability and future prospects. While currently trading at a high earnings multiple according to InvestingPro analysis, investors should note that the company’s next earnings report is scheduled for February 25, 2025. For deeper insights into Extra Space Storage’s valuation and growth potential, including additional ProTips and comprehensive financial analysis, explore the full Pro Research Report available on InvestingPro.
In other recent news, Extra Space Storage has seen adjustments in its price targets from multiple analyst firms. Citi analysts revised their outlook, reducing the price target from $185 to $165 while maintaining a Neutral rating. This adjustment reflects a recalibration of the company’s future financial performance due to subdued storage industry fundamentals. RBC Capital Markets also lowered its price target for Extra Space Storage, adjusting it from $173 to $167, but maintained a Sector Perform rating. The RBC analyst noted the company’s historical performance and its robust position in the industry, although they highlighted potential challenges following the LSI merger.
Additionally, BMO Capital Markets adjusted its price target for Public Storage (NYSE:PSA), a key competitor of Extra Space Storage, from $375 to $370 while maintaining an Outperform rating. The analyst noted the challenging start to the year for the storage sector, including Extra Space Storage, but anticipates stabilization in revenue by the first half of 2025. Despite these challenges, the storage sector is expected to see increased acquisition activity as supply pressures ease. Investors continue to monitor Extra Space Storage’s performance amid these developments.
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