Financial Performance - Achieved net income attributable to common stockholders of $1.02 per diluted share, a 32.9% decrease year-over-year, primarily due to $30.6 million in transition costs related to the Life Storage Merger[5] - Funds from operations (FFO) attributable to common stockholders was $1.89 per diluted share, with Core FFO at $2.02 per diluted share, representing a 3.3% decrease compared to the same period last year[5] - Total revenues for Q4 2023 reached $797.774 million, a 57.3% increase from $506.718 million in Q4 2022[35] - Net income attributable to common stockholders for Q4 2023 was $216.134 million, compared to $204.260 million in Q4 2022, reflecting a 5.4% increase[35] - Same-store net operating income for the year ended December 31, 2023, was $1,186.120 million, up from $1,153.795 million in 2022, indicating a growth of 2.8%[36] - The company expects fully diluted earnings per share for the year ending December 31, 2024, to range between $3.84 and $4.14[37] Revenue and Occupancy - Same-store revenue increased by 0.8%, while same-store net operating income (NOI) decreased by 0.1% year-over-year[5] - Ending same-store occupancy was reported at 93.0% as of December 31, 2023, down from 94.1% a year earlier[5] - Same-store property revenues for Q4 2023 were $391,753,000, a 0.8% increase from $388,629,000 in Q4 2022; for the year, revenues were $1,562,286,000, up 3.1% from $1,515,365,000[11] - Estimated same-store rental revenues for 2024 are projected to be between $1,640.500 million and $1,683.000 million[38] Costs and Expenses - Total expenses for Q4 2023 were $464.306 million, a significant increase from $237.148 million in Q4 2022, primarily due to higher property operations and depreciation costs[35] - The company reported interest expense of $129.665 million for Q4 2023, compared to $72.922 million in Q4 2022, marking an increase of 77.5%[35] - The company incurred $66.732 million in transition costs related to the Life Storage Merger for the year ended December 31, 2023[35] Mergers and Acquisitions - The company closed its merger with Life Storage, Inc. in an $11.6 billion all-stock transaction, adding over 1,200 stores to its platform[7] - The company reported a total cost of approximately $147.1 million for the acquisition of seven operating stores and seven Certificate of Occupancy stores[7] - The company emphasizes the importance of Funds From Operations (FFO) as a key performance metric, which excludes gains or losses on sales of operating stores and impairment write-downs[28] - Core FFO is presented to exclude non-core revenues and expenses, including certain costs associated with the Life Storage Merger[29] Management and Operations - Added 225 stores (189 stores net) to the third-party management platform, totaling 1,809 managed stores as of December 31, 2023[7] - The company managed a total of 1,809 stores as of December 31, 2023, including 1,337 stores for third-party owners and 472 stores in unconsolidated joint ventures[17] - The company originated $329.6 million in mortgage and mezzanine bridge loans and sold $181.0 million in mortgage bridge loans during the year[7] - The company originated $129.2 million in bridge loans during Q4 2023, with outstanding balances of approximately $594.7 million at quarter end[16] Financial Position - Total assets increased to $27,456,262,000 in 2023 from $12,167,458,000 in 2022, reflecting a growth of approximately 126%[34] - Real estate assets, net, rose to $24,555,873,000 in 2023, compared to $9,997,978,000 in 2022, indicating a growth of about 145%[34] - The company reported total liabilities of $12,042,313,000 in 2023, up from $8,089,184,000 in 2022, which is an increase of approximately 49%[34] - The company's additional paid-in capital surged to $14,750,388,000 in 2023 from $3,345,332,000 in 2022, marking an increase of around 341%[34] - The company’s accumulated deficit increased to $(379,015,000) in 2023 from $(135,872,000) in 2022[34] Future Outlook - Anticipates stronger revenue growth from Life Storage assets in 2024, despite expected headwinds from lower new customer rates[6] - The company expects Core FFO for 2024 to range between $7.85 and $8.15 per share, with same-store revenue growth projected between -2.00% and 0.50%[22] - The company anticipates net tenant reinsurance income between $248 million and $251 million for 2024[22] Debt and Financing - The percentage of fixed-rate debt to total debt was 73.4% as of December 31, 2023, with an effective fixed-rate debt ratio of 78.6% after accounting for variable rate receivables[20] - The company completed a public bond offering of $600.0 million in Q4 2023, with a weighted average interest rate of 4.6% and a maturity of approximately 4.8 years[18][20] - The company has $800.0 million available for issuance under its ATM program and $500.0 million authorized for stock repurchases as of December 31, 2023[19] Risks - The company faces risks including adverse changes in economic conditions and the potential failure to realize expected benefits from the Life Storage Merger[30] - The company’s same-store pool consists of 913 stores that are wholly-owned and stabilized, providing a clearer view of operating performance[31]

Extra Space Storage (EXR) , a leading self-storage real estate investment trust (REIT) in the United States, is set to release its fourth-quarter and full-year 2023 results on Feb 27 after market close. The company has been steadily expanding its footprint and diversifying its operations. As the market anticipates the earnings announcement, this article provides an in-depth preview of EXR’s expected performance in the fourth quarter of 2023, considering overall industry trends, EXR's growth strategy and rec ...

Investors are always looking for stocks that are poised to beat at earnings season and Extra Space Storage Inc. (EXR) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because Extra Space Storage is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is ...

Wall Street analysts forecast that Extra Space Storage (EXR) will report quarterly earnings of $2.03 per share in its upcoming release, pointing to a year-over-year decline of 2.9%. It is anticipated that revenues will amount to $773.59 million, exhibiting an increase of 52.7% compared to the year-ago quarter.The consensus EPS estimate for the quarter has been revised 7.2% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their ...

MarsBarsAsk most successful people whether their path was a straight line, and most will probably remark to the contrary. While their end result is apparently great, their road to success can be windy and filled with ups and downs. The same can be said with stocks too, as not every company is immune to downturns and resets, whether it's of their own making or not. However, so long as the company makes sound decisions and the long term growth potential is there, downturns can actually be great times to p ...

Financial Data and Key Metrics Changes - The company reported a core FFO of $2.02, which was in line with internal forecasts despite a modest miss in same-store NOI due to higher-than-expected property tax increases [4][5] - The annual core FFO guidance for 2023 was tightened to a range of $8.05 to $8.20 per share, maintaining the previous midpoint [8][19] - Same-store revenue increased by 1.9%, slightly ahead of expectations, driven by high average occupancy of 94.4% [15][35] Business Line Data and Key Metrics Changes - The integration of Life Storage properties is on track, with the company adding 49 new stores gross in the third quarter, totaling 151 year-to-date outside of the merger [16][5] - The same-store expense guidance was updated to a range of 4% to 5% for the full year, reflecting higher property taxes and insurance premiums [7][4] Market Data and Key Metrics Changes - Occupancy for Extra Space ended October at 93.9%, a 1% gap from the previous year, while Life Storage occupancy was at 90.8%, showing a slight narrowing of the gap [61][62] - New customer rates were down an average of 11.8% year-over-year in the third quarter, with a slight improvement noted in October [35][66] Company Strategy and Development Direction - The merger with Life Storage is expected to provide greater diversification, stability, and operational efficiencies, enhancing future growth opportunities [15][3] - The company is focused on capital-light external growth channels and has achieved a G&A synergy run rate of $23 million, with expectations to exceed the $100 million synergy target [5][31] Management's Comments on Operating Environment and Future Outlook - Management expressed concerns about the economic environment, including wars, interest rates, and consumer health, but remains confident in the storage sector's resilience [5][34] - The company anticipates that new customer rates will improve, and existing customer performance remains strong, setting a positive outlook for 2024 [66][85] Other Important Information - S&P Global upgraded the company's credit rating to BBB+, which is expected to drive future interest expense savings [19] - The company has seen a moderation in new supply, with expectations for deliveries in 2023 to be similar to 2022, influenced by rising construction costs and interest rates [100] Q&A Session All Questions and Answers Question: How is the Life Storage portfolio responding to the Extra Space strategy? - The response is market-specific, with no significant impact observed [24] Question: Can you characterize pricing power today versus six months ago? - Pricing power for both new and existing customers remains strong, with no significant changes noted [25] Question: What is the current occupancy status? - Extra Space's occupancy is at 93.9%, while Life Storage is at 90.8% [61] Question: How do you expect the balance sheet and variable rate debt to evolve? - The company plans to reduce variable rate debt over the next 1 to 2 years [27] Question: What are the expectations for the Sunbelt markets into next year? - Job growth remains a key indicator, and while revenue growth may slow, the markets are still healthy [85] Question: How is the integration of the Life Storage properties progressing? - The integration is on track, with significant synergies expected to be realized [37] Question: What is the outlook for new supply in the storage sector? - New supply is expected to moderate due to various economic headwinds [100]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) Maryland 20-1076777 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2795 East Cottonwood Parkway, Suite 300 Salt Lake City, Utah 84121 (Address of principal executive offices) Registrant's telephone number, including area code: (801) 365-4600 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 001-32269 EXTRA SPACE STORAGE INC. (Exact name of registrant as specified in its charter) Maryland 20-1076777 (State or other juri ...

Extra Space Storage Inc. (NYSE:EXR) Q2 2023 Earnings Conference Call August 4, 2023 1:00 PM ET Company Participants Jeff Norman - IR Joe Margolis - CEO Scott Stubbs - CFO Conference Call Participants Michael Goldsmith - UBS Jeff Spector of Bank - America Steve Sakwa - Evercore ISI Juan Sanabria - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Smedes Rose - Citi Keegan Carl - Wolfe Research Ronald Kamdem - Morgan Stanley Ki Bin Kim - Truist Spenser Allaway - Green Street Jonathan Hughes - Raymond ...

STEADY CASH FLOWS No material customer concentrations, granular asset values creating efficient asset level and geographic diversification. Highest total 10-year shareholder returning REIT is from storage sector1 and storage has the highest cumulative total return of any real estate sector since 19992. 4.1% 5.5% 9.0% 9.4% 2.7% MAY 2023 Forward Looking Statements Additional Information about the Proposed Transaction and Where to Find It Participants in the Solicitation 2015 Acquired SmartStop Self Storage (1 ...