Extra Space Storage Files Q3 2024 10-Q

TL;DR

EXR's Q3 2024 10-Q is in. Check financials for storage biz performance.

AI Summary

Extra Space Storage Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segments are presented, reflecting the company's ongoing activities in the self-storage real estate sector.

Why It Matters

This filing provides investors and analysts with the latest financial health and operational performance of Extra Space Storage, a major player in the REIT sector, impacting real estate investment strategies.

Risk Assessment

Risk Level: medium — As a publicly traded REIT, Extra Space Storage is subject to market fluctuations, interest rate changes, and real estate sector risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-11-04 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
• 2024 Q3 — Fiscal Quarter (Specifies the quarter of the fiscal year covered by the report.)

Key Players & Entities

• Extra Space Storage Inc. (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• 20241104 (date) — Filing date of the report
• SALT LAKE CITY (location) — Company's business and mailing address city
• UT (location) — Company's business and mailing address state

FAQ

Key Financial Figures

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

Filing Documents

• exr-20240930.htm (10-Q) — 1832KB
• q3202410qex221.htm (EX-22.1) — 6KB
• q3202410qex311.htm (EX-31.1) — 10KB
• q3202410qex312.htm (EX-31.2) — 10KB
• q3202410qex321.htm (EX-32.1) — 8KB
• 0001628280-24-045038.txt ( ) — 8485KB
• exr-20240930.xsd (EX-101.SCH) — 76KB
• exr-20240930_cal.xml (EX-101.CAL) — 91KB
• exr-20240930_def.xml (EX-101.DEF) — 292KB
• exr-20240930_lab.xml (EX-101.LAB) — 723KB
• exr-20240930_pre.xml (EX-101.PRE) — 498KB
• exr-20240930_htm.xml (XML) — 1098KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 6

FINANCIAL STATEMENTS (unaudited)

ITEM 1. FINANCIAL STATEMENTS (unaudited) 6 NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 14

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 31

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 42

CONTROLS AND PROCEDURES

ITEM 4. CONTROLS AND PROCEDURES 42

OTHER INFORMATION

PART II. OTHER INFORMATION 43

LEGAL PROCEEDINGS

ITEM 1. LEGAL PROCEEDINGS 43

RISK FACTORS

ITEM 1A. RISK FACTORS 43

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 43

DEFAULTS UPON SENIOR SECURITIES

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 43

MINE SAFETY DISCLOSURES

ITEM 4. MINE SAFETY DISCLOSURES 43

OTHER INFORMATION

ITEM 5. OTHER INFORMATION 43

EXHIBITS

ITEM 6. EXHIBITS 44

SIGNATURES

SIGNATURES 47 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) September 30, 2024 December 31, 2023 (unaudited) Assets: Real estate assets, net $ 24,385,492 $ 24,555,873 Real estate assets - operating lease right-of-use assets 694,001 227,241 Investments in unconsolidated real estate entities 1,060,213 1,071,617 Investments in debt securities and notes receivable 1,338,619 904,769 Cash and cash equivalents 88,931 99,062 Other assets, net 495,861 597,700 Total assets $ 28,063,117 $ 27,456,262 Liabilities, Noncontrolling Interests and Equity: Secured notes payable, net $ 1,011,705 $ 1,273,549 Unsecured term loans, net 2,194,894 2,650,581 Unsecured senior notes, net 7,437,231 6,410,618 Revolving lines of credit 884,000 682,000 Operating lease liabilities 706,491 236,515 Cash distributions in unconsolidated real estate ventures 74,173 71,069 Accounts payable and accrued expenses 388,757 334,518 Other liabilities 407,183 383,463 Total liabilities 13,104,434 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, 211,981,742 and 211,278,803 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 2,120 2,113 Additional paid-in capital 14,823,018 14,750,388 Accumulated other comprehensive income 3,340 17,435 Accumulated deficit ( 817,865 ) ( 379,015 ) Total Extra Space Storage Inc. stockholders' equity 14,010,613 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 756,764 800,668 Total noncontrolling interests and equity 14,958,683 15,413,949 Total liabilitie

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View this 10-Q filing on SEC EDGAR