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Extra Space Storage(EXR) - 2024 Q4 - Annual Results
EXRExtra Space Storage(EXR)2025-02-25 21:28

Financial Performance - Achieved net income attributable to common stockholders of 1.24perdilutedshare,a21.61.24 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 2.03perdilutedshare,a0.52.03 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 797,774,000inQ42023[40]−NetincomeattributabletocommonstockholdersforQ42024was797,774,000 in Q4 2023[40] - Net income attributable to common stockholders for Q4 2024 was 262,487,000, up 21.5% from 216,134,000inQ42023[40]−Same−storenetoperatingincomefortheyearendedDecember31,2024,was216,134,000 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 1,252,777,000in2023[41]−Thecompanyreportedtotalsame−storerentalrevenuesof1,252,777,000 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 1,661,704,000in2023[41]−FortheyearendingDecember31,2025,theestimatednetincomeattributabletocommonstockholdersperdilutedshareisprojectedtobebetween1,661,704,000 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]−Theestimatedtotalsame−storenetoperatingincomefortheyearendingDecember31,2025,isprojectedtobebetween4.68[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]OperationalMetrics−Same−storerevenuedecreasedby0.41,936,500,000[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 400,954inQ42023;fortheyear,itincreasedby0.3400,954 in Q4 2023; for the year, it increased by 0.3% to 1,601,455 from 1,596,015[1]−Totalsame−storerevenuesforQ42024were1,596,015[1] - Total same-store revenues for Q4 2024 were 415,885, down 0.4% from 417,462inQ42023;fortheyear,revenuesincreasedby0.2417,462 in Q4 2023; for the year, revenues increased by 0.2% to 1,665,755 from 1,661,704[1]−Same−storeoperatingexpensesincreasedby9.51,661,704[1] - Same-store operating expenses increased by 9.5% in Q4 2024 to 110,517 from 100,954inQ42023;fortheyear,expensesroseby5.7100,954 in Q4 2023; for the year, expenses rose by 5.7% to 432,049 from 408,927[1]−Same−storenetoperatingincomeforQ42024was408,927[1] - Same-store net operating income for Q4 2024 was 305,368, a decrease of 3.5% from 316,508inQ42023;fortheyear,itdecreasedby1.5316,508 in Q4 2023; for the year, it decreased by 1.5% to 1,233,706 from 1,252,777[1]InvestmentsandAcquisitions−Acquired38operatingstoresforapproximately1,252,777[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 251.2million[5]−Originated251.2 million[5] - Originated 224.4 million in mortgage and mezzanine bridge loans and sold 9.2millioninmortgagebridgeloans[5]−Added130storestothethird−partymanagementplatform,bringingthetotalto2,035managedstores[5]−ThecompanysoldfivepropertiesduringQ42024,resultinginanetgainof9.2 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 1.0billion,ofwhich1.0 billion, of which 500.0 million was outstanding[5] - As of December 31, 2024, the company had 800.0millionavailableforissuanceunderitsATMprogramand800.0 million available for issuance under its ATM program and 500.0 million authorized for stock repurchases[21][22] - Unsecured senior notes increased to 7.76billionin2024from7.76 billion in 2024 from 6.41 billion in 2023, representing a growth of approximately 21.2%[39] - The Company’s total liabilities rose to 13.99billionin2024from13.99 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 13.95billionin2024from13.95 billion in 2024 from 14.39 billion in 2023, indicating a decline of approximately 3.1%[39] Cash and Assets - Total assets increased to 28.85billionasofDecember31,2024,comparedto28.85 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 24.59billionin2024from24.59 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 138.22millionasofDecember31,2024,upfrom138.22 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)millionin2024from(899.34) million in 2024 from (379.02) million in 2023, indicating a significant increase in losses[39] Other Financial Metrics - The company incurred 196,202,000indepreciationandamortizationexpensesforQ42024,consistentwith196,202,000 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,comparedto551,354,000, 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]