Extra Space Storage Inc. reported significant financial growth for the fiscal year ending December 31, 2024, with total revenues reaching $3.26 billion, a 27.2% increase from $2.56 billion in 2023. The company's property rental revenue surged by 26.1% to $2.80 billion, primarily driven by the merger with Life Storage, which added 757 stores to its portfolio. The tenant reinsurance segment also saw a notable increase of 41.2%, generating $332.8 million in revenue, attributed to a larger number of stores operated compared to the previous year.
The company's net income attributable to common stockholders was $854.7 million, up from $803.2 million in 2023, while earnings per share decreased slightly to $4.03 from $4.74, reflecting the dilution from the Life Storage merger. Total expenses rose by 33.5% to $1.86 billion, largely due to increased property operations costs associated with the expanded store portfolio and higher depreciation expenses from newly acquired assets.
In terms of operational metrics, Extra Space Storage managed a total of 4,011 stores across 42 states and Washington, D.C., as of December 31, 2024, compared to 3,714 stores the previous year. The average occupancy rate for the same-store pool was reported at 93.9%. The company also expanded its bridge lending program, with outstanding loans reaching $1.24 billion, up from $594.7 million in 2023, indicating a strategic focus on enhancing its lending capabilities alongside its core self-storage operations.
Looking ahead, Extra Space Storage anticipates continued growth driven by its acquisition strategy and operational efficiencies. The company has plans to acquire eight additional stores in 2025 and is actively managing its debt, which totaled approximately $12.6 billion as of December 31, 2024. The company maintains a strong liquidity position with $138.2 million in cash and cash equivalents, and it expects to generate positive cash flow from operations to support its growth initiatives and maintain its REIT status.
About Extra Space Storage Inc.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.