Extra Space Storage Inc
For the period ended Mar 31, 2024. Filed May 3, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 3, 2024
EXR$158.95-0.8%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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ITEM 1. FINANCIAL STATEMENTS (unaudited)
ITEM 1. FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets
| 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, noncontrolling interests and equity | $27,480,120 | $27,456,262 |
Condensed Consolidated Statements of Operations
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Revenues: | ||
| Property rental | $688,044 | $433,962 |
| Tenant reinsurance | 81,347 | 47,704 |
| Management fees and other income | 30,148 | 21,384 |
| Total revenues | 799,539 | 503,050 |
| Expenses: | ||
| Property operations | 204,518 | 117,166 |
| Tenant reinsurance | 18,505 | 9,089 |
| General and administrative | 43,722 | 34,763 |
| Depreciation and amortization | 196,966 | 78,490 |
| Total expenses | 463,711 | 239,508 |
| Income from operations | 335,828 | 263,542 |
| Interest expense | (132,887) | (80,099) |
| Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes | (10,705) | — |
| Interest income | 23,573 | 19,438 |
| Income before equity in earnings and dividend income from unconsolidated real estate entities and income tax expense | 215,809 | 202,881 |
| Equity in earnings and dividend income from unconsolidated real estate entities | 15,007 | 10,305 |
| Income tax expense | (6,742) | (4,308) |
| Net income | 224,074 | 208,878 |
| Net income allocated to Preferred Operating Partnership noncontrolling interests | (2,208) | (2,254) |
| Net income allocated to Operating Partnership and other noncontrolling interests | (8,754) | (10,320) |
| Net income attributable to common stockholders | $213,112 | $196,304 |
| Earnings per common share | ||
| Basic | $1.01 | $1.46 |
| Diluted | $1.01 | $1.46 |
| Weighted average number of shares | ||
| Basic | 211,283,335 | 134,511,273 |
| Diluted | 220,018,777 | 142,940,384 |
| Cash dividends paid per common share | $1.62 | $1.62 |
Condensed Consolidated Statements of Comprehensive Income
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Net income | $224,074 | $208,878 |
| Other comprehensive income: | ||
| Change in fair value of interest rate swaps | 11,202 | (14,510) |
| Total comprehensive income | 235,276 | 194,368 |
| Less: comprehensive income attributable to noncontrolling interests | 11,408 | 11,781 |
| Comprehensive income attributable to common stockholders | $223,868 | $182,587 |
Condensed Consolidated Statement of Noncontrolling Interests and Equity
| Noncontrolling Interest · Extra Space Storage Inc. Stockholders' Equity | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Preferred Operating Partnership · Operating Partnership · Other · Shares · Par Value · Additional Paid-in Capital · Accumulated Other Comprehensive Income (Loss) · Accumulated Deficit · Total Noncontrolling Interests and Equity | |||||||||||||||
| Balances at December 31, 2022 | $261,502 | $556,095 | $1,080 | 133,921,020 | $1,339 | $3,345,332 | $48,798 | $(135,872) | $4,078,274 | ||||||
| Issuance of common stock in connection with share based compensation | — | — | — | 89,564 | 1 | 5,498 | — | — | 5,499 | ||||||
| Taxes paid upon net settlement of share based compensation | — | (7,087) | — | (7,449) | — | — | (7,449) | ||||||||
| Restricted stock grants cancelled | — | — | — | (2,222) | — | — | — | — | — | ||||||
| Redemption of Preferred A Units in the Operating Partnership for stock and cash | (16,339) | — | — | 851,698 | 8 | 11,015 | — | — | (5,316) | ||||||
| Redemption of Preferred D Units in the Operating Partnership for stock | (22,064) | — | — | 154,307 | 2 | 22,062 | — | — | — | ||||||
| Noncontrolling interest in consolidated joint venture | — | — | 1,391 | — | — | — | — | — | 1,391 | ||||||
| Net income (loss) | 2,254 | 10,378 | (58) | — | — | — | — | 196,304 | 208,878 | ||||||
| Other comprehensive income | — | (793) | — | — | — | — | (13,717) | — | (14,510) | ||||||
| Distributions to Operating Partnership units held by noncontrolling interests | (2,413) | (11,665) | — | — | — | — | — | — | (14,078) | ||||||
| Dividends paid on common stock at $1.62 per share | — | — | — | — | — | — | — | (219,988) | (219,988) | ||||||
| Balances at March 31, 2023 | $222,940 | $554,015 | $2,413 | 135,007,280 | $1,350 | $3,376,458 | $35,081 | $(159,556) | $4,032,701 | ||||||
| Balances at December 31, 2023 | $222,360 | $791,754 | $8,914 | 211,278,803 | $2,113 | $14,750,388 | $17,435 | $(379,015) | $15,413,949 | ||||||
| Issuance of common stock for share based compensation, exercise of options and taxes paid upon net settlement | — | — | — | 96,927 | 1 | (392) | — | — | (391) | ||||||
| Issuance of common stock, net of offering costs | — | — | — | 2,310 | — | 365 | — | — | 365 | ||||||
| Redemption of Operating Partnership units for stock | (3,536) | (22,991) | — | 280,772 | 3 | 26,527 | — | — | 3 | ||||||
| Noncontrolling interest in consolidated joint ventures | — | — | 206 | — | — | — | — | — | 206 | ||||||
| Net income | 2,208 | 8,737 | 17 | — | — | — | — | 213,112 | 224,074 | ||||||
| Other comprehensive loss | — | 446 | — | — | — | — | 10,756 | — | 11,202 | ||||||
| Distributions to Operating Partnership units held by noncontrolling interests | (2,208) | (13,975) | — | — | — | — | — | — | (16,183) | ||||||
| Dividends paid on common stock at $1.62 per share | — | — | — | — | — | — | — | (344,247) | (344,247) | ||||||
| Balances at March 31, 2024 | $218,824 | $763,971 | $9,137 | 211,658,812 | $2,117 | $14,776,888 | $28,191 | $(510,150) | $15,288,978 | ||||||
Condensed Consolidated Statements of Cash Flows
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities: | ||
| Net income | $224,074 | $208,878 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 196,966 | 78,490 |
| Amortization of deferred financing costs | 4,008 | 2,604 |
| Non-cash interest expense related to amortization of discount on Life Storage unsecured senior notes | 10,705 | — |
| Compensation expense related to share-based awards | 5,912 | 5,499 |
| Accrual of interest income added to principal of debt securities and notes receivable | (7,555) | (8,574) |
| Distributions from unconsolidated real estate ventures | 8,300 | 3,789 |
| Changes in operating assets and liabilities: | ||
| Other assets | 19,663 | (2,188) |
| Accounts payable and accrued expenses | 1,112 | 4,724 |
| Other liabilities | 2,371 | (11,573) |
| Net cash provided by operating activities | 465,556 | 281,649 |
| Cash flows from investing activities: | ||
| Acquisition of real estate assets and improvements | (91,050) | (47,296) |
| Development and redevelopment of real estate assets | (35,825) | (16,762) |
| Investment in unconsolidated real estate entities | (2,412) | (21,062) |
| Issuance and purchase of notes receivable | (158,005) | (58,378) |
| Principal payments received from notes receivable | 11,823 | 21,828 |
| Proceeds from sale of notes receivable | — | 39,261 |
| Purchase of equipment and fixtures | (6,602) | (3,930) |
| Net cash used in investing activities | (282,071) | (86,339) |
| Cash flows from financing activities: | ||
| Proceeds from unsecured term loans and senior notes and revolving lines of credit | 1,679,470 | 1,381,592 |
| Principal payments on unsecured term loans and senior notes and revolving lines of credit | (2,147,191) | (1,879,049) |
| Proceeds from issuance of public bonds, net | 600,000 | 500,000 |
| Deferred financing costs | (5,614) | (6,080) |
| Proceeds from share issuances and redemption of stock options for cash, net | 592 | — |
| Redemption of Preferred OP units for cash | — | (5,000) |
| Dividends paid on common stock | (344,208) | (219,988) |
| Distributions to noncontrolling interests | (16,231) | (14,078) |
| Net cash used in financing activities | (233,182) | (242,603) |
| Net decrease in cash, cash equivalents, and restricted cash | (49,697) | (47,293) |
| Cash, cash equivalents, and restricted cash, beginning of the period | 105,083 | 97,735 |
| Cash, cash equivalents, and restricted cash, end of the period | $55,386 | $50,442 |
| Cash and equivalents, including restricted cash at the beginning of the period: | ||
| Cash and equivalents | $99,062 | $92,868 |
| Restricted cash included in other assets | 6,021 | 4,867 |
| $105,083 | $97,735 | |
| Cash and equivalents, including restricted cash at the end of the period: | ||
| Cash and equivalents | $50,816 | $47,951 |
| Restricted cash included in other assets | 4,570 | 2,491 |
| $55,386 | $50,442 | |
Condensed Consolidated Statements of Cash Flows
| For the Three Months Ended March 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental schedule of cash flow information | ||
| Interest paid | $107,758 | $78,656 |
| Income taxes paid | 1,539 | 1,910 |
| Supplemental schedule of noncash investing and financing activities: | ||
| Redemption of Operating Partnership units held by noncontrolling interests for common stock | ||
| Noncontrolling interests in Operating Partnership | $26,527 | $116,336 |
| Common stock and paid-in capital | (26,527) | (11,336) |
| Noncontrolling interests in Operating Partnership Note Receivable Payoff | — | (100,000) |
| OP Unit Redemption - Cash Proceeds | — | (5,000) |
| Redemption of Preferred Operating Partnership units for common stock | ||
| Preferred Operating Partnership units | $(3,536) | $(33,403) |
| Additional paid-in capital | 3,536 | $33,403 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.