Extra Space Storage Q2 2024 10-Q Filed

TL;DR

**EXR Q2 10-Q FILED: Check financials for storage REIT.**

AI Summary

Extra Space Storage Inc. filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter of 2024, detailing financial performance and operational updates for the real estate investment trust. Key financial data and business segments are presented for the reporting period.

Why It Matters

This filing provides investors with the latest financial performance and operational details for Extra Space Storage, crucial for understanding the company's health and future prospects in the self-storage market.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024 financial data)
• 2023-06-30 — Prior Year Quarter End (For comparative financial analysis)

Key Players & Entities

• Extra Space Storage Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date
• SALT LAKE CITY (location) — Company headquarters city
• 801-562-5556 (phone_number) — Company business phone

FAQ

Key Financial Figures

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

Filing Documents

• exr-20240630.htm (10-Q) — 1739KB
• q2202410qex221.htm (EX-22.1) — 6KB
• q2202410qex311.htm (EX-31.1) — 10KB
• q2202410qex312.htm (EX-31.2) — 10KB
• q2202410qex321.htm (EX-32.1) — 8KB
• 0001628280-24-034445.txt ( ) — 8076KB
• exr-20240630.xsd (EX-101.SCH) — 71KB
• exr-20240630_cal.xml (EX-101.CAL) — 89KB
• exr-20240630_def.xml (EX-101.DEF) — 246KB
• exr-20240630_lab.xml (EX-101.LAB) — 696KB
• exr-20240630_pre.xml (EX-101.PRE) — 477KB
• exr-20240630_htm.xml (XML) — 1038KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 6

FINANCIAL STATEMENTS (unaudited)

ITEM 1. FINANCIAL STATEMENTS (unaudited) 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 13

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 29

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 39

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 39

OTHER INFORMATION

PART II. OTHER INFORMATION 40

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 40

RISK FACTORS

ITEM 1A. RISK FACTORS 40

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 40

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 40

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 40

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 40

EXHIBITS

ITEM 6. EXHIBITS 41

SIGNATURES

SIGNATURES 44 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) June 30, 2024 December 31, 2023 (unaudited) Assets: Real estate assets, net $ 24,340,817 $ 24,555,873 Real estate assets - operating lease right-of-use assets 218,823 227,241 Investments in unconsolidated real estate entities 1,065,155 1,071,617 Investments in debt securities and notes receivable 1,442,681 904,769 Cash and cash equivalents 76,973 99,062 Other assets, net 617,631 597,700 Total assets $ 27,762,080 $ 27,456,262 Liabilities, Noncontrolling Interests and Equity: Secured notes payable, net $ 1,265,981 $ 1,273,549 Unsecured term loans, net 2,252,872 2,650,581 Unsecured senior notes, net 7,028,452 6,410,618 Revolving lines of credit 948,000 682,000 Operating lease liabilities 229,035 236,515 Cash distributions in unconsolidated real estate ventures 73,133 71,069 Accounts payable and accrued expenses 381,941 334,518 Other liabilities 451,826 383,463 Total liabilities 12,631,240 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, 211,927,348 and 211,278,803 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 2,120 2,113 Additional paid-in capital 14,810,938 14,750,388 Accumulated other comprehensive income 27,241 17,435 Accumulated deficit ( 667,667 ) ( 379,015 ) Total Extra Space Storage Inc. stockholders' equity 14,172,632 14,390,921 Noncontrolling interest represented by Preferred Operating Partnership units, net 191,306 222,360 Noncontrolling interests in Operating Partnership, net and other noncontrolling interests 766,902 800,668 Total noncontrolling interests and equity 15,130,840 15,413,949 Total liabilities, noncont

View Full Filing

View this 10-Q filing on SEC EDGAR