Extra Space Storage Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Extra Space Storage Inc. has filed its annual report detailing its 2023 fiscal year performance and financial position.</b>

AI Summary

Extra Space Storage Inc. (EXR) filed a Annual Report (10-K) with the SEC on February 29, 2024. Extra Space Storage Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 2795 Cottonwood Parkway, Suite 400, Salt Lake City, UT 84121. The company's IRS number is 201076777. Extra Space Storage Inc. is incorporated in Maryland.

Why It Matters

For investors and stakeholders tracking Extra Space Storage Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's operations, financial health, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. As a publicly traded Real Estate Investment Trust (REIT), the detailed financial disclosures in this report are essential for understanding its property portfolio, rental income, debt levels, and overall market position within the self-storage industry.

Risk Assessment

Risk Level: medium — Extra Space Storage Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the real estate sector can be sensitive to economic downturns and interest rate changes, which are not detailed in this header information but are typically discussed within the full report.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to understand Extra Space Storage's performance and outlook.

Key Numbers

• 20231231 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-02-29 — Filing Date (FILED AS OF DATE)
• 128 — Public Document Count (PUBLIC DOCUMENT COUNT)

Key Players & Entities

• Extra Space Storage Inc. (company) — FILER
• 2795 Cottonwood Parkway, Suite 400 (location) — BUSINESS ADDRESS
• SALT LAKE CITY (location) — BUSINESS ADDRESS
• UT (location) — BUSINESS ADDRESS
• 84121 (location) — BUSINESS ADDRESS
• 201076777 (organization_id) — IRS NUMBER
• MD (location) — STATE OF INCORPORATION

FAQ

Industry Context

Extra Space Storage Inc. operates as a Real Estate Investment Trust (REIT) in the real estate sector, specifically focusing on self-storage facilities.

Regulatory Implications

As a publicly traded company and REIT, Extra Space Storage Inc. is subject to the regulations of the Securities and Exchange Commission (SEC) and specific tax laws governing REITs.

What Investors Should Do

1. Thoroughly review the financial statements and Management's Discussion and Analysis (MD&A) within the 10-K for detailed insights into revenue, expenses, and profitability.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company and the self-storage industry.
3. Examine the company's balance sheet and cash flow statement to assess its financial health, liquidity, and debt management.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 2023 fiscal year.
• 2024-02-29: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This is the initial extraction of the 2023 10-K filing header information. A comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value EXR New York Stock Exchange
• $594.7 million — balance of bridge loans receivable was $594.7 million. 5 We have made investments in prefe
• $2.1 b — Credit Lines had available capacity of $2.1 billion, of which $1,458 million was undr
• $1,458 million — able capacity of $2.1 billion, of which $1,458 million was undrawn. 6 Secured and Unsecured
• $1.3 billion — opment. As of December 31, 2023, we had $1.3 billion of secured notes payable and $9.4 billi
• $9.4 billion — .3 billion of secured notes payable and $9.4 billion of unsecured notes payable outstanding.
• $38.7 million — cember 31, 2022, we sold two stores for $38.7 million. Industry & Competition We are the la

Filing Documents

• exr-20231231.htm (10-K) — 2721KB
• q4202310kex1014.htm (EX-10.14) — 27KB
• q4202310kex211.htm (EX-21.1) — 3KB
• q4202310kex221.htm (EX-22.1) — 6KB
• q4202310kex231.htm (EX-23.1) — 7KB
• q4202310kex311.htm (EX-31.1) — 11KB
• q4202310kex312.htm (EX-31.2) — 11KB
• q4202310kex321.htm (EX-32.1) — 9KB
• exr-20231231_g1.jpg (GRAPHIC) — 121KB
• exr-20231231_g2.jpg (GRAPHIC) — 125KB
• 0001628280-24-008044.txt (&nbsp;) — 15797KB
• exr-20231231.xsd (EX-101.SCH) — 129KB
• exr-20231231_cal.xml (EX-101.CAL) — 158KB
• exr-20231231_def.xml (EX-101.DEF) — 563KB
• exr-20231231_lab.xml (EX-101.LAB) — 1391KB
• exr-20231231_pre.xml (EX-101.PRE) — 904KB
• exr-20231231_htm.xml (XML) — 2382KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 17

Cybersecurity

Item 1C. Cybersecurity 17

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20 PART II 20

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20

Selected Financial Data

Item 6. Selected Financial Data 20

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 31

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 32

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 76

Controls and Procedures

Item 9A. Controls and Procedures 76

Other Information

Item 9B. Other Information 77

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 77 PART III 78

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 78

Executive Compensation

Item 11. Executive Compensation 78

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 78

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 78 PART IV 79

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 79

Form 10-K Summary

Item 16. Form 10-K Summary 79

SIGNATURES

SIGNATURES 83 2 Certain information set forth in this report contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates," or "intends" or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, management's examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks referenced in "Part I.

Business

Item 1. Business General Extra Space Storage Inc. ("we," "our," "us" or the "Company") is a fully integrated, self-administered and self-managed real estate investment trust ("REIT") formed as a Maryland corporation on April 30, 2004. We closed our initial public offering ("IPO") on August 17, 2004. Our common stock is traded on the New York Stock Exchange under the symbol "EXR." We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. These companies were reorganized after the consummation of our IPO and various formation transactions. Our executive management team and board of directors have extensive experience and ownership positions in the Company. Substantially all of our business is conducted through Extra Space Storage LP (the "Operating Partnership"). Our primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). To the extent we continue to qualify as a REIT we will not be subject to U.S. federal tax, with certain exceptions, on our REIT taxable income that is distributed to our stockholders. Our principal offices are located at 2795 East Cottonwood Parkway, Suite 300, Salt Lake City, Utah 84121, telephone number (801) 365-4600. Our internet address is www.extraspace.com. We file our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports with the Securities and Exchange Commission (the "SEC"). You may obtain copies of these documents by visiting the SEC's website at www.sec.gov. In addition, as soon as reasonably practicable after such materials are furnished to the SEC, we make copies of these documents available to the public free of charge through the In

View Full Filing

View this 10-K filing on SEC EDGAR