#United States #Salt Lake City #Tax Reporting #Extra Space #Storage Inc

Extra Space Storage Inc. Announces 2024 Tax Distribution Details

On January 24, 2025, Extra Space Storage Inc. (NYSE: EXR), a leading self-storage real estate investment trust, released comprehensive information regarding the tax implications of its 2024 dividend distributions. This announcement aims to guide stockholders in understanding their tax positions concerning the dividends they receive from the company.

Key Details of the Tax Allocations

The company outlined the tax allocations for its dividends that are scheduled for payment in 2024. The distributions include the following critical dates and amounts for common shares under CUSIP # 30225T102:

• - Ex-Dividend Date: March 14, 2024
• - Record Date: March 15, 2024
• - Payable Date: March 29, 2024
• - Total Distribution per Share: $1.620000
• - Ordinary Dividend per Share (Box 1a): $1.582206
• - Qualified Dividend per Share (Box 1b): $0.294917
• - Capital Gain Distribution per Share (Box 2a): $0.037794
• - Unrecaptured Section 1250 Gain per Share (Box 2b): $0.015530
• - Section 199A Dividend per Share (Box 5): $1.287289
• - Section 897 Capital Gain per Share (Box 2f): $0.037794

This pattern continues with the same distribution amounts for subsequent quarterly dividends throughout the year:

• - June, September, & December, each with similar dates and distributions, resulting in a total annual distribution amount of $6.480000.

Importance of Accurate Tax Reporting

Extra Space Storage emphasized that this release is preliminary and may undergo adjustments as the company completes its tax filings. The firm aims to facilitate stockholders and their tax advisors to appropriately manage tax form distributions (Form 1099) concerning their individual circumstances.

Furthermore, the report indicates that approximately 90.42% of the total capital gain distribution falls under a specific exclusion per Treasury regulation guidelines, indicating complexity in the tax treatment of these dividends. Stockholders are advised to engage with their tax professionals to determine how these distributions impact their tax obligations, especially considering variations in state and federal tax regulations.

Profile of Extra Space Storage Inc.

Headquartered in Salt Lake City, Extra Space Storage Inc. is recognized as the largest operator of self-storage properties across the United States, managing 3,862 facilities that encompass 2.7 million units and around 296.0 million square feet of rentable space. Its renowned brands, including Extra Space, Life Storage, and Storage Express, provide diverse storage solutions — from residential to business storage, including specialized units for boats and RVs.

As a pioneer in integrating management and ownership, Extra Space Storage not only complies with market expectations but also contributes positively to its shareholders by offering competitive dividend payments.

The company encourages its stockholders to monitor ongoing updates related to dividend distributions and ensures that proper communication channels remain open for queries or clarifications regarding their investments.

Conclusion

Extra Space Storage Inc.’s announcement serves as a crucial reminder for investors about the practicalities of dividend income and tax implications. As the transition into the 2024 fiscal year approaches, understanding these details will be pivotal for shareholders aiming to optimize their tax and investment strategies.