Short answer
Extra Space Storage (EXR) filed its fiscal 2024 10-K annual report with the SEC on Feb 28, 2025. It reported revenue of $121M (+18.5% year over year) and net income of $855M.
FY2024 key financial metrics · XBRL
- Revenue
- $121M
- +18.5% YoY
- Net income
- $855M
- +6.4% YoY
- Operating margin
- 1095.0%
- −52.4 pp YoY
- EPS (diluted)
- $4.03
- −15.0% YoY
- ROE
- 6.1%
- +0.5 pp YoY
- Operating cash flow
- $1.9B
- +34.6% YoY
Source: XBRL data from the Extra Space Storage (EXR) FY2024 10-K on SEC EDGAR. USD.
Extra Space Storage FY2024 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Other Extra Space Storage annual reports
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.