Core Insights - Extra Space Storage Inc. (EXR) reported fourth-quarter 2024 core funds from operations (FFO) per share of $2.03, slightly exceeding the Zacks Consensus Estimate by one cent, and reflecting a 0.5% increase year-over-year [1] - The company experienced a revenue increase of 3% year-over-year, totaling $821.9 million, although this figure fell short of the Zacks Consensus Estimate of $831.5 million [2] - For the full year 2024, core FFO per share was $8.12, up 0.2% from the previous year, surpassing the Zacks Consensus Estimate of $8.10, with total revenues growing 27.2% to $3.26 billion [3] Financial Performance - Same-store revenues decreased by 0.4% year-over-year to $415.9 million in Q4 2024, attributed to declines in net rental income and other income [4] - Same-store operating expenses rose by 9.5% year-over-year to $110.5 million, driven by increases in marketing, payroll, property operating expenses, repairs, maintenance, and property taxes [4] - Same-store net operating income (NOI) decreased by 3.5% year-over-year to $305.4 million [4] Occupancy and Portfolio Activity - Same-store square-foot occupancy increased by 120 basis points year-over-year to 93.7% as of December 31, 2024, surpassing the estimate of 93.2% [5] - During Q4, Extra Space Storage acquired 38 operating stores for approximately $359.7 million and increased its ownership stake in two existing joint ventures to 49% for $251.2 million [6] - The company added 130 stores (114 stores net) to its third-party management platform, managing a total of 2,035 stores as of December 31, 2024 [6] Balance Sheet and Shareholder Activity - As of December 31, 2024, Extra Space Storage had $138.2 million in cash and cash equivalents, an increase from $88.9 million as of September 30, 2024 [7] - The company maintained a fixed-rate debt percentage of 75.8% of total debt, with a combined weighted average interest rate of 4.4% and a weighted average maturity of approximately 4.4 years [7] - No shares were issued under the at-the-market program during the quarter, with $800 million available for issuance and an additional $500 million authorized for repurchase as of December 31, 2024 [8] 2025 Guidance - Extra Space Storage provided initial guidance for 2025, expecting core FFO per share between $8.00 and $8.30, which is below the Zacks Consensus Estimate of $8.34 [10] - The guidance is based on anticipated negative growth of 0.75% to 1.25% in same-store revenues and a projected increase of 3.75% to 5.25% in same-store expenses, with same-store NOI expected to decline between 3.00% to 0.25% [10]

Company Performance - Extra Space Storage (EXR) reported quarterly funds from operations (FFO) of $2.03 per share, exceeding the Zacks Consensus Estimate of $2.02 per share, and matching the FFO of $2.02 per share from the previous year [1] - The quarterly report indicates an FFO surprise of 0.50%, and the company has surpassed consensus FFO estimates in all four of the last quarters [2] - The company posted revenues of $821.9 million for the quarter ended December 2024, which was 1.16% below the Zacks Consensus Estimate, compared to revenues of $797.77 million a year ago [3] Stock Performance - Extra Space Storage shares have increased approximately 6.3% since the beginning of the year, outperforming the S&P 500's gain of 1.7% [4] - The current consensus FFO estimate for the upcoming quarter is $2.01 on revenues of $829.88 million, and for the current fiscal year, it is $8.34 on revenues of $3.37 billion [8] Industry Outlook - The REIT and Equity Trust - Other industry, to which Extra Space Storage belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, indicating potential challenges ahead [9]

Financial Performance - Achieved net income attributable to common stockholders of $1.24 per diluted share, a 21.6% increase year-over-year[5] - Funds from operations (FFO) attributable to common stockholders was $1.96 per diluted share, with Core FFO at $2.03 per diluted share, a 0.5% increase year-over-year[5] - Total revenues for Q4 2024 reached $821,896,000, a 3.8% increase from $797,774,000 in Q4 2023[40] - Net income attributable to common stockholders for Q4 2024 was $262,487,000, up 21.5% from $216,134,000 in Q4 2023[40] - Same-store net operating income for the year ended December 31, 2024, was $1,233,706,000, a slight decrease from $1,252,777,000 in 2023[41] - The company reported total same-store rental revenues of $1,665,755,000 for the year ended December 31, 2024, compared to $1,661,704,000 in 2023[41] - For the year ending December 31, 2025, the estimated net income attributable to common stockholders per diluted share is projected to be between $4.38 and $4.68[42] - The estimated total same-store net operating income for the year ending December 31, 2025, is projected to be between $1,871,750,000 and $1,936,500,000[43] Operational Metrics - Same-store revenue decreased by 0.4% and same-store net operating income (NOI) decreased by 3.5% compared to the prior year[5] - Reported ending same-store occupancy of 93.7% as of December 31, 2024, up from 92.5% a year earlier[5] - Same-store net rental income for Q4 2024 was $400,263, a decrease of 0.2% from $400,954 in Q4 2023; for the year, it increased by 0.3% to $1,601,455 from $1,596,015[1] - Total same-store revenues for Q4 2024 were $415,885, down 0.4% from $417,462 in Q4 2023; for the year, revenues increased by 0.2% to $1,665,755 from $1,661,704[1] - Same-store operating expenses increased by 9.5% in Q4 2024 to $110,517 from $100,954 in Q4 2023; for the year, expenses rose by 5.7% to $432,049 from $408,927[1] - Same-store net operating income for Q4 2024 was $305,368, a decrease of 3.5% from $316,508 in Q4 2023; for the year, it decreased by 1.5% to $1,233,706 from $1,252,777[1] Investments and Acquisitions - Acquired 38 operating stores for approximately $359.7 million during the quarter[5] - Increased ownership interest in two existing joint venture partnerships to 49.0% for $251.2 million[5] - Originated $224.4 million in mortgage and mezzanine bridge loans and sold $9.2 million in mortgage bridge loans[5] - Added 130 stores to the third-party management platform, bringing the total to 2,035 managed stores[5] - The company sold five properties during Q4 2024, resulting in a net gain of $37.7 million; subsequent to quarter-end, 11 additional properties were sold[18] Debt and Equity - Initiated an unsecured commercial paper program with a total capacity of $1.0 billion, of which $500.0 million was outstanding[5] - As of December 31, 2024, the company had $800.0 million available for issuance under its ATM program and $500.0 million authorized for stock repurchases[21][22] - Unsecured senior notes increased to $7.76 billion in 2024 from $6.41 billion in 2023, representing a growth of approximately 21.2%[39] - The Company’s total liabilities rose to $13.99 billion in 2024 from $12.04 billion in 2023, reflecting an increase of approximately 16.2%[39] - The Company’s total stockholders' equity decreased to $13.95 billion in 2024 from $14.39 billion in 2023, indicating a decline of approximately 3.1%[39] Cash and Assets - Total assets increased to $28.85 billion as of December 31, 2024, compared to $27.46 billion as of December 31, 2023, reflecting a growth of approximately 5.0%[39] - The Company's real estate assets, net, rose to $24.59 billion in 2024 from $24.56 billion in 2023, indicating a slight increase of 0.1%[39] - The Company reported a cash and cash equivalents balance of $138.22 million as of December 31, 2024, up from $99.06 million in 2023, marking a growth of approximately 39.5%[39] - The Company’s accumulated deficit increased to $(899.34) million in 2024 from $(379.02) million in 2023, indicating a significant increase in losses[39] Other Financial Metrics - The company incurred $196,202,000 in depreciation and amortization expenses for Q4 2024, consistent with $196,139,000 in Q4 2023[40] - Interest expense for the year ended December 31, 2024, was $551,354,000, compared to $419,035,000 in 2023, reflecting an increase of 31.6%[40] - The company reported a gain on real estate assets held for sale of $37,714,000 in Q4 2024, compared to no gain in Q4 2023[40] - The weighted average number of diluted shares for Q4 2024 was 211,737,843, compared to 219,961,282 in Q4 2023[40]

Core Insights - Extra Space Storage Inc. reported strong operating results for the year ended December 31, 2024, despite a challenging macro environment [4][6] - The company achieved a net income attributable to common stockholders of $1.24 per diluted share, a 21.6% increase year-over-year [6] - Core FFO per share was $2.03, reflecting a 0.5% increase compared to the previous year [6] Financial Performance - For the three months ended December 31, 2024, the company reported net income of $262.5 million, compared to $216.1 million in the same period of 2023 [5] - The company’s FFO for the year was $7.57 per diluted share, with Core FFO at $8.12 per diluted share, a 0.2% increase from the prior year [6] - Same-store revenue decreased by 0.4% while same-store net operating income (NOI) decreased by 3.5% year-over-year [6][9] Operational Highlights - The company maintained a same-store occupancy rate of 93.7% as of December 31, 2024, up from 92.5% a year earlier [6][9] - Extra Space Storage acquired 38 operating stores for approximately $359.7 million and increased ownership interest in two joint ventures to 49.0% for $251.2 million [6][12] - The company added 130 stores to its third-party management platform, managing a total of 2,035 stores as of December 31, 2024 [6][18] Investment Activities - The company originated $224.4 million in mortgage and mezzanine bridge loans during the quarter, with outstanding bridge loans totaling approximately $1.2 billion at year-end [17] - Extra Space Storage initiated an unsecured commercial paper program with a total capacity of $1.0 billion, having $500 million in outstanding issuances [21] - The company invested $100 million in convertible preferred stock of Strategic Storage Growth Trust III, Inc., with an 8.85% annual dividend rate [15] Balance Sheet and Debt Management - As of December 31, 2024, the company had total assets of approximately $28.8 billion, up from $27.5 billion a year earlier [38] - The percentage of fixed-rate debt to total debt was 75.8%, with a combined weighted average interest rate of 4.4% [22] - The company did not issue shares under its ATM program during the quarter and had $800 million available for issuance [19]

Company Overview - Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500 [2] - As of December 31, 2024, the Company owned and/or operated 4,011 self-storage properties, comprising approximately 2.8 million units and about 308.4 million square feet of rentable storage space [2] - The Company is the largest operator of self-storage properties in the United States, offering a wide selection of conveniently located and secure storage units, including boat storage, RV storage, and business storage [2] Dividend Announcement - The Company's board of directors declared a first quarter 2025 dividend of $1.62 per share on the common stock [1] - The dividend is payable on March 31, 2025, to stockholders of record at the close of business on March 14, 2025 [1]

Core Insights - Analysts project Extra Space Storage (EXR) to announce quarterly earnings of $2.02 per share, indicating no change year over year, with revenues expected to reach $831.54 million, reflecting a 4.2% increase from the same quarter last year [1] Earnings Estimates - Changes in earnings estimates are crucial for predicting investor reactions, with empirical studies showing a strong relationship between earnings estimate revisions and short-term stock price performance [2] Key Metrics Forecast - Analysts forecast 'Property rental' revenue to reach $702.00 million, indicating a year-over-year change of +0.7% [4] - The estimate for 'Management and franchise fees' is projected at $30.05 million, suggesting a year-over-year decline of -1.1% [4] - The consensus estimate for 'Tenant insurance' stands at $83.50 million, indicating a significant year-over-year increase of +18.6% [4] - 'Depreciation and amortization' is expected to be $196.12 million, slightly down from the year-ago figure of $196.14 million [5] Stock Performance - Shares of Extra Space Storage have experienced a +2.5% change in the past month, compared to a +2.6% move of the Zacks S&P 500 composite, with a Zacks Rank 3 (Hold) indicating expected performance in line with the overall market [5]

Core Insights - The company focuses on helping individual investors achieve financial independence through strategic dividend investing [1][2] - The investment strategy emphasizes a straightforward approach: "Buy Low, Sell High, Get Paid to Wait," which has proven effective even in volatile markets [2] - Membership provides access to model portfolios tailored for different investing styles, all of which have outperformed the market since inception [3] Investment Strategy - The company offers three model portfolios designed for high yield, high growth, and balanced approaches [3] - Members receive exclusive analysis of 100 selected dividend stocks, along with weekly buy/watch/sell lists to aid decision-making [3] Community and Support - Membership includes access to a supportive community of dividend investors, fostering transparency and engagement [4] - The company aims to provide insights and support for both novice and experienced investors to help realize retirement goals [4] Membership Benefits - The company encourages potential members to join a free tier to explore its offerings before committing [5]

Company Overview - Extra Space Storage Inc. is a fully integrated, self-administered and self-managed real estate investment trust (REIT) headquartered in Salt Lake City [3] - The company is a member of the S&P 500 and, as of September 30, 2024, owned and/or operated 3,862 self-storage properties, comprising approximately 2.7 million units and about 296.0 million square feet of rentable storage space [3] - It operates under the brands Extra Space, Life Storage, and Storage Express, offering a wide selection of conveniently located and secure storage units across the United States, including options for boat, RV, and business storage [3] - Extra Space Storage is the largest operator of self-storage properties in the United States [3] Dividend Distribution - The company announced the tax allocations for its 2024 dividend distributions on common stock, with a total distribution of $6.48 per share [1] - The breakdown of the dividend per share includes $1.620000 for each of the four quarterly distributions, with specific allocations for ordinary dividends, qualified dividends, and capital gains [1] - Of the total capital gain distribution, 90.42% is excluded under Treas. Reg. §1.1061-4(b)(7), while the remaining 9.58% is classified as a Three-Year Amount under Treas. Reg. §1.1061-6(c) [1]

Core Viewpoint - Extra Space Storage Inc. is set to release its financial results for the year ended December 31, 2024, on February 25, 2025, with a conference call scheduled for February 26, 2025, to discuss these results [1][2]. Financial Results Announcement - The financial results will be released after market close on February 25, 2025 [1]. - A conference call will be held on February 26, 2025, at 1:00 p.m. Eastern Time, featuring CEO Joe Margolis and CFO Scott Stubbs [1][2]. Conference Call Details - The conference call will include a review of operating performance, discussion of recent events, and a question-and-answer session limited to registered financial analysts [2]. - A live webcast of the conference call will be available on the company's investor relations page [3][4]. - Participants can pre-register for the call to receive a special dial-in number and PIN [3]. Playback and Additional Information - A replay of the conference call will be available on the investor relations website starting February 26, 2025, at 5:00 p.m. ET, and will remain accessible for one year [5]. - The full text of the earnings report and supplemental data will be available immediately after the earnings release [6]. Company Overview - Extra Space Storage Inc. is a fully integrated, self-administered, and self-managed real estate investment trust, and a member of the S&P 500 [7]. - As of September 30, 2024, the company owned and/or operated 3,862 self-storage properties, comprising approximately 2.7 million units and about 296.0 million square feet of rentable storage space [7]. - The company operates under the Extra Space, Life Storage, and Storage Express brands, offering a variety of storage solutions including boat, RV, and business storage [7].

Extra Space Storage Inc. (NYSE: EXR ) is a REIT that focuses on the self-storage business. Their main business is operations that own, manage, acquire, and develop self-storage properties. Extra Space Storage also provides insurance to tenantsI believe in fundamental analysis and disciplined market research. I have strong quant background with a Ph.D. (Chemical Engineering, University of California, Santa Barbara) in model predictive control and an MBA (Jones School of Business, Rice University). My primary ...