Extra Space Storage Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Extra Space Storage Inc. has submitted its Q1 2024 10-Q filing, detailing its financial performance and operational status.</b>

AI Summary

Extra Space Storage Inc. (EXR) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. Extra Space Storage Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business address is 2795 Cottonwood Parkway, Suite 400, Salt Lake City, UT 84121. The company's fiscal year ends on December 31st. The filing was submitted on May 3, 2024.

Why It Matters

For investors and stakeholders tracking Extra Space Storage Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for Extra Space Storage Inc. for the first quarter of 2024, enabling informed investment decisions. Understanding the details within this report is crucial for stakeholders to assess the company's performance against previous periods and market expectations.

Risk Assessment

Risk Level: — Extra Space Storage Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or disclosures beyond routine updates.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance trends and outlook for the remainder of 2024.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Form 10-Q)
• 2024-05-03 — Filing Date (Form 10-Q)
• 2023-03-31 — Prior Year Period End Date (Form 10-Q)

Key Players & Entities

• Extra Space Storage Inc. (company) — Filer name
• 2795 Cottonwood Parkway, Suite 400 (location) — Business address
• Salt Lake City, UT (location) — Business address
• 2024-03-31 (date) — Reporting period end date
• 2024-05-03 (date) — Filing date

FAQ

Industry Context

Extra Space Storage Inc. operates in the self-storage real estate investment trust (REIT) sector, a segment characterized by demand driven by life events and population mobility.

Regulatory Implications

As a publicly traded company, Extra Space Storage Inc. is subject to the reporting requirements of the Securities Exchange Act of 1934, including the filing of quarterly reports on Form 10-Q.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosures regarding debt, equity, or cash flow.
3. Compare Q1 2024 results to the same period in 2023.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for 2024, following the 2023 annual report.

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value EXR New York Stock Exchange

Filing Documents

• exr-20240331.htm (10-Q) — 1396KB
• q1202410qex221.htm (EX-22.1) — 6KB
• q1202410qex311.htm (EX-31.1) — 10KB
• q1202410qex312.htm (EX-31.2) — 10KB
• q1202410qex321.htm (EX-32.1) — 8KB
• 0001628280-24-020317.txt (&nbsp;) — 7198KB
• exr-20240331.xsd (EX-101.SCH) — 70KB
• exr-20240331_cal.xml (EX-101.CAL) — 87KB
• exr-20240331_def.xml (EX-101.DEF) — 250KB
• exr-20240331_lab.xml (EX-101.LAB) — 676KB
• exr-20240331_pre.xml (EX-101.PRE) — 464KB
• exr-20240331_htm.xml (XML) — 841KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 6

FINANCIAL STATEMENTS (unaudited)

ITEM 1. FINANCIAL STATEMENTS (unaudited) 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 12

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 38

OTHER INFORMATION

PART II. OTHER INFORMATION 39

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 39

RISK FACTORS

ITEM 1A. RISK FACTORS 39

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 39

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 39

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 39

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 39

EXHIBITS

ITEM 6. EXHIBITS 40

SIGNATURES

SIGNATURES 43 3 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 II. Item

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Extra Space Storage Inc. Condensed Consolidated Balance Sheets (amounts in thousands, except share data) March 31, 2024 December 31, 2023 (unaudited) Assets: Real estate assets, net $ 24,494,676 $ 24,555,873 Real estate assets - operating lease right-of-use assets 222,940 227,241 Investments in unconsolidated real estate entities 1,066,032 1,071,617 Investments in debt securities and notes receivable 1,058,506 904,769 Cash and cash equivalents 50,816 99,062 Other assets, net 587,150 597,700 Total assets $ 27,480,120 $ 27,456,262 Liabilities, Noncontrolling Interests and Equity: Secured notes payable, net $ 1,269,752 $ 1,273,549 Unsecured term loans, net 2,251,714 2,650,581 Unsecured senior notes, net 7,016,085 6,410,618 Revolving lines of credit 620,000 682,000 Operating lease liabilities 232,682 236,515 Cash distributions in unconsolidated real estate ventures 71,988 71,069 Accounts payable and accrued expenses 338,027 334,518 Other liabilities 390,894 383,463 Total liabilities 12,191,142 12,042,313 Commitments and contingencies Noncontrolling Interests and Equity: Extra Space Storage Inc. stockholders' equity: Preferred stock, $ 0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding — — Common stock, $ 0.01 par value, 500,000,000 shares authorized, 211,658,812 and 211,278,803 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 2,117 2,113 Additional paid-in capital 14,776,888 14,750,388 Accumulated other comprehensive income 28,191 17,435 Accumulated deficit ( 510,150 ) ( 379,015 ) Total Extra Space Storage Inc. stockholders' equity 14,297,046 14,390,921 Noncontrolling interest represented by Preferred Operating Partnership units, net 218,824 222,360 Noncontrolling interests in Operating Partnership, net and other noncontrolling interests 773,108 800,668 Total noncontrolling interests and equity 15,288,978 15,413,949 Total liabilities, nonco

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View this 10-Q filing on SEC EDGAR