- Extra Space Storage reported Q4 2024 revenue of USD 840.66 million, up 5.38% year over year but down 1.65% quarter over quarter, reflecting typical seasonality and ongoing portfolio mix dynamics in a high-occupancy self-storage market. Net income rose to USD 262.49 million with an EPS of USD 1.24, supported by strong operating leverage and disciplined expense management. EBITDA stood at USD 551.98 million with an EBITDA margin of 65.66%, underscoring the business model’s ability to translate scale into cash profit even as topline growth moderated QoQ.
- The company generated solid operating cash flow of USD 408.28 million and free cash flow of USD 403.48 million in the quarter, enabling a substantial dividend framework (dividends paid around USD 343.96 million) and modest, net debt reduction in the period. Balance sheet strength remains evident: total assets USD 28.85 billion vs. total liabilities USD 13.99 billion, with a total debt load of USD 13.03 billion and net debt of USD 12.89 billion. Leverage metrics are manageable for a large passive-income REIT, with a debt ratio of 0.461 and debt-to-capitalization around 0.488.
- Management commentary in the earnings context (where available in the data set) indicates a continued focus on scale, operational efficiency, and capital allocation optimization. While explicit forward guidance is not disclosed in the provided materials, the earnings profile—characterized by resilient net income margins, robust FCF, and a strong balance sheet—supports a constructive long-term view, contingent on occupancy/rent growth dynamics, capex discipline, and financing conditions.