Extra Space Storage (EXR) FY2024 10-K Annual Report
Extra Space Storage (EXR) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 28, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Extra Space Storage FY2024 10-K Analysis
Business Overview
- • Core business model: fully integrated REIT owning, operating, managing self-storage properties across the U.S. with month-to-month rental units
- • Expanded management business operating 1,575 third-party stores, enhancing revenue, geographic footprint, and future acquisition pipeline
- • Bridge lending program with $1.2 billion in loans to third-party self-storage owners, supporting management, acquisitions, and earning interest income
- • Portfolio size as of Dec 31, 2024: 4,011 stores, 308.4 million net rentable sq ft, approx. 2.8 million units in 42 states plus D.C.
- • Noteworthy: tenant reinsurance wholly reinsured by subsidiary, assuming all risk and capturing premiums equal to tenant insurance collections
Management Discussion & Analysis
- • Revenue $3,256.9M, up 27.2% YoY; property rental $2,803.3M (+26.1%), tenant reinsurance $332.8M (+41.2%), management fees $120.9M (+18.5%)
- • Operating expenses $1,855.9M, up 33.5%; property operations $831.6M (+35.9%), tenant reinsurance $73.9M (+25.5%); operating margin approx. 43% (from revenues/expenses)
- • Best performing segment: Tenant reinsurance revenue +41.2% to $332.8M; worst: same-store net operating income declined 1.5% to $1,233.7M
- • Cash flow: operating cash flow $1,887.4M (+34.7%), investing outflows $1,646.9M, financing outflows $202.3M; dividends $1,375.0M paid
- • Outlook: Management expects positive operating cash flow sufficient for expenses, acquisitions, and dividends; risks include competitive market and economic fluctuations impacting tenants and occupancy
Extra Space Storage FY2024 Key Financial MetricsXBRL
Revenue
$121M
▲ +18.5% YoY
Net Income
$855M
▲ +6.4% YoY
Operating Margin
1095.0%
▼ -5236bp YoY
Net Margin
707.2%
▼ -8036bp YoY
ROE
6.1%
▲ +55bp YoY
Total Assets
$28.8B
▲ +5.1% YoY
EPS (Diluted)
$4.03
▼ -15.0% YoY
Operating Cash Flow
$1.9B
▲ +34.6% YoY
Source: XBRL data from Extra Space Storage FY2024 10-K filing on SEC EDGAR. All figures in USD.
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