Extra Space Storage(EXR) - 2024 Q4 - Annual Results

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]