"Having completed the move to a single brand in the latter part of the quarter, we are just starting to see the benefits of a single brand. We fully expect this group of stores to follow the same pattern of improvement into and during 2025 as the 143 Life Storage stores that we converted to the Extra Space brand at closing in 2023."
— Joe Margolis
03Detailed Report
EXR
Company EXR
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 17, 2026
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Executive Summary
Extra Space Storage reported a solid Q3 2024 with revenue of $824.8 million, net income of $192.8 million, and EBITDA of $549.5 million, underscored by continued occupancy strength. EXR’s same-store performance, disciplined cost management, and external growth momentum contributed to an elevated Floor-2 FFO narrative, with management lifting the lower bound of full-year FFO guidance. A key driver remains the ongoing integration of the Life Storage portfolio and the early Benefit from a single-brand strategy, which management asserts should yield similar productivity to stores converted in 2023 over a multi-quarter horizon.
Key Performance Indicators
Revenue
Increasing
824.80M
QoQ: 1.74% | YoY: 10.26%
Gross Profit
Decreasing
598.26M
72.53% margin
QoQ: 49.82% | YoY: -18.38%
Operating Income
Decreasing
302.74M
QoQ: -15.77% | YoY: -14.47%
Net Income
Increasing
192.82M
QoQ: 3.74% | YoY: 2.37%
EPS
Decreasing
0.95
QoQ: 7.95% | YoY: -1.04%
Revenue Trend
Margin Analysis
Financial Highlights
Key Q3 2024 metrics and commentaries:
- Revenue: $824.804 million; YoY +10.3%, QoQ +1.7%
- Gross profit: $598.259 million; YoY -18.4%, QoQ +49.8%
- Operating income: $302.739 million; YoY -14.5%, QoQ -15.8%
- Net income: $192.818 million; YoY +2.4%, QoQ +3.7%
- EPS: $0.95; Diluted EPS $0.91; Weighted avg shares outstanding ~211.7 million
- EBITDA: $549.548 million; EBITDARatio ~0.666x; Operating margin ~36.7%
- Gross margin: 72.53%; Net margin: 23.38%
- Cash flow: Net cash provided by operating activities $468.351 million; Free cash flow $462.290 million; Cash at period end $94.325 million
- Balance sheet highlights: Total assets $28.063B; Total debt ~$12.234B; Total stockholders’ equity ~$14.010B; Debt-to-capitalization ~46.6%; Current ratio ~2.90x; Interest coverage ~1.97x
- Store performance and guidance: EXR same-store occupancy as of October 94.3% (Scott Stubbs noted improvement vs. prior year). Life Storage pool occupancy ended at 92.9% (October 93.2%). Management raised the lower end of the 2024 same-store revenue guidance by 75 bps, and NOI guidance by 75 bps (midpoint negative 1.375% for Life Storage NOI). Guideline for EXR FFO was increased: lower end from $7.95 to $8.00 per share. Guidance excludes Hurricane Milton costs (initial estimate of $10M+ in property damage and tenant claims).
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
824.80M
10.26%
1.74%
Gross Profit
598.26M
-18.38%
49.82%
Operating Income
302.74M
-14.47%
-15.77%
Net Income
192.82M
2.37%
3.74%
EPS
0.95
-1.04%
7.95%
Key Financial Ratios
Gross Profit Margin
Excellent
72.50%
Gross profit margin is exceptional, indicating strong pricing power and operational efficiency
Operating Profit Margin
Excellent
36.70%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Excellent
23.40%
Net profit margin is exceptional, indicating strong pricing power and operational efficiency
Return on Assets
Weak
0.69%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.38%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
2.90
Current ratio indicates excellent liquidity and financial flexibility