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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 10-Q
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     .
Commission File Number: 001-32269
 
EXTRA SPACE STORAGE INC.
(Exact name of registrant as specified in its charter) 
 
Maryland
 
20-1076777
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)

2795 East Cottonwood Parkway, Suite 300
Salt Lake City, Utah 84121
(Address of principal executive offices)

Registrant’s telephone number, including area code: (801365-4600

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934
Title of each class
Trading symbol
Name of each exchange on which registered
 
 
 
Common Stock, $0.01 par value
EXR
New York Stock Exchange

 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
 
x
  
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
Emerging growth company
 


1



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  x

The number of shares outstanding of the registrant’s common stock, par value $0.01 per share, as of October 30, 2019, was 129,510,514.

2

Table of Contents

EXTRA SPACE STORAGE INC.

TABLE OF CONTENTS
 
 
 
 
 


3



STATEMENT ON FORWARD-LOOKING INFORMATION

Certain information presented in this report contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as “believes,” “expects,” “estimates,” “may,” “will,” “should,” “anticipates” or “intends” or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements.

All forward-looking statements, including without limitation, management’s examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this report. Any forward-looking statements should be considered in light of the risks referenced in “Part II. Item 1A. Risk Factors” below and in “Part I. Item 1A. Risk Factors” included in our most recent Annual Report on Form 10-K. Such factors include, but are not limited to:
 
adverse changes in general economic conditions, the real estate industry and the markets in which we operate;
failure to close pending acquisitions and developments on expected terms, or at all;
the effect of competition from new and existing stores or other storage alternatives, which could cause rents and occupancy rates to decline;
potential liability for uninsured losses and environmental contamination;
the impact of the regulatory environment as well as national, state, and local laws and regulations including, without limitation, those governing real estate investment trusts (“REITs”), tenant reinsurance and other aspects of our business, which could adversely affect our results;
disruptions in credit and financial markets and resulting difficulties in raising capital or obtaining credit at reasonable rates or at all, which could impede our ability to grow;
increased interest rates;
reductions in asset valuations and related impairment charges;
our lack of sole decision-making authority with respect to our joint venture investments;
the effect of recent or future changes to U.S. tax laws;
the failure to maintain our REIT status for U.S. federal income tax purposes; and
economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan.
The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. These beliefs, assumptions and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity and results of operations may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks before you make an investment decision with respect to our securities.

We disclaim any duty or obligation to update or revise any forward-looking statements set forth in this report to reflect new information, future events or otherwise.

4



PART I.     FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS

Extra Space Storage Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands, except share data)
 
 
September 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
Assets:
 
 
 
Real estate assets, net
$
7,665,567

 
$
7,491,831

Real estate assets - operating lease right-of-use assets
269,318

 

Investments in unconsolidated real estate ventures
175,442

 
125,326

Cash and cash equivalents
62,277

 
57,496

Restricted cash
4,438

 
15,194

Other assets, net
141,388

 
158,131

Total assets
$
8,318,430

 
$
7,847,978

Liabilities, Noncontrolling Interests and Equity:
 
 
 
Notes payable, net
$
4,085,295

 
$
4,137,213

Exchangeable senior notes, net
567,705

 
562,374

Notes payable to trusts

 
30,928

Revolving lines of credit
159,000

 
81,000

Operating lease liabilities
279,049

 

Cash distributions in unconsolidated real estate ventures
45,143

 
45,197

Accounts payable and accrued expenses
122,658

 
101,461

Other liabilities
151,591

 
104,383

Total liabilities
5,410,441

 
5,062,556

Commitments and contingencies

 

Noncontrolling Interests and Equity:
 
 
 
Extra Space Storage Inc. stockholders' equity:
 
 
 
Preferred stock, $0.01 par value, 50,000,000 shares authorized, no shares issued or outstanding

 

Common stock, $0.01 par value, 500,000,000 shares authorized, 129,410,093 and 127,103,750 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively
1,294

 
1,271

Additional paid-in capital
2,861,611

 
2,640,705

Accumulated other comprehensive income (loss)
(43,439
)
 
34,650

Accumulated deficit
(296,752
)
 
(262,902
)
Total Extra Space Storage Inc. stockholders' equity
2,522,714

 
2,413,724

Noncontrolling interest represented by Preferred Operating Partnership units, net
175,918

 
153,096

Noncontrolling interests in Operating Partnership, net and other noncontrolling interests
209,357

 
218,602

Total noncontrolling interests and equity
2,907,989

 
2,785,422

Total liabilities, noncontrolling interests and equity
$
8,318,430

 
$
7,847,978


See accompanying notes to unaudited condensed consolidated financial statements.

5



Extra Space Storage Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except share data)
(unaudited)
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
Property rental
$
290,917

 
$
266,728

 
$
841,504

 
$
772,742

Tenant reinsurance
33,588

 
30,105

 
95,086

 
85,660

Management fees and other income
13,000

 
10,120

 
36,063

 
30,849

Total revenues
337,505

 
306,953

 
972,653

 
889,251

Expenses:
 
 
 
 
 
 
 
Property operations
88,653

 
73,652

 
248,288

 
219,488

Tenant reinsurance
7,644

 
7,720

 
21,593

 
18,798

General and administrative
22,519

 
19,707

 
68,548

 
62,822

Depreciation and amortization
56,051

 
52,283

 
165,116

 
155,924

Total expenses
174,867

 
153,362

 
503,545

 
457,032

Gain on real estate transactions

 
30,807

 
1,205

 
30,807

Income from operations
162,638

 
184,398

 
470,313

 
463,026

Interest expense
(46,908
)
 
(45,926
)
 
(141,716
)
 
(130,239
)
Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes
(1,186
)
 
(1,140
)
 
(3,533
)
 
(3,525
)
Interest income
2,799

 
1,371

 
5,905

 
3,997

Income before equity in earnings of unconsolidated real estate ventures and income tax expense
117,343

 
138,703

 
330,969

 
333,259

Equity in earnings of unconsolidated real estate ventures
2,704

 
3,622

 
8,455

 
10,648

Income tax expense
(4,052
)
 
(2,638
)
 
(8,580
)
 
(6,077
)
Net income
115,995

 
139,687

 
330,844

 
337,830

Net income allocated to Preferred Operating Partnership noncontrolling interests
(3,088
)
 
(3,723
)
 
(9,379
)
 
(10,605
)
Net income allocated to Operating Partnership and other noncontrolling interests
(4,820
)
 
(5,546
)
 
(13,780
)
 
(13,398
)
Net income attributable to common stockholders
$
108,087

 
$
130,418

 
$
307,685

 
$
313,827

Earnings per common share
 
 
 
 
 
 
 
Basic
$
0.84

 
$
1.03

 
$
2.40

 
$
2.49

Diluted
$
0.83

 
$
1.02

 
$
2.37

 
$
2.48

Weighted average number of shares
 
 
 
 
 
 
 
Basic
128,776,549

 
126,466,837

 
127,830,272

 
125,959,926

Diluted
137,318,475

 
134,240,290

 
136,164,299

 
133,015,690

Cash dividends paid per common share
$
0.90

 
$
0.86

 
$
2.66

 
$
2.50


See accompanying notes to unaudited condensed consolidated financial statements.

6



Extra Space Storage Inc.
Condensed Consolidated Statements of Comprehensive Income
(amounts in thousands)
(unaudited)
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
115,995

 
$
139,687

 
$
330,844

 
$
337,830

Other comprehensive income (loss):
 
 
 
 
 
 
 
   Change in fair value of interest rate swaps
(16,762
)
 
5,716

 
(82,057
)
 
36,812

Total comprehensive income
99,233

 
145,403

 
248,787

 
374,642

   Less: comprehensive income attributable to noncontrolling interests
7,109

 
9,553

 
19,191

 
25,743

Comprehensive income attributable to common stockholders
$
92,124

 
$
135,850

 
$
229,596

 
$
348,899



See accompanying notes to unaudited condensed consolidated financial statements.

7

Extra Space Storage Inc.
Condensed Consolidated Statement of Noncontrolling Interests and Equity
(amounts in thousands, except share data)
(unaudited)



 
Noncontrolling Interests
 
Extra Space Storage Inc. Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Operating Partnership
 
Operating Partnership
 
Other
 
Shares
 
Par Value
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Accumulated Deficit
 
Total Noncontrolling Interests and Equity
Balances at December 31, 2017
 
$
159,636

 
$
213,301

 
$
119

 
126,007,091

 
$
1,260

 
$
2,569,485

 
$
33,290

 
$
(253,284
)
 
$
2,723,807

Issuance of common stock upon the exercise of options
 

 

 

 
31,525

 

 
799

 

 

 
799

Restricted stock grants issued
 

 

 

 
31,136

 

 

 

 

 

Restricted stock grants cancelled
 

 

 

 
(770
)
 

 

 

 

 

Compensation expense related to stock-based awards
 

 

 

 

 

 
2,726

 

 

 
2,726

Repayment of receivable for preferred operating units pledged as collateral on loan
 
495

 

 

 

 

 

 

 

 
495

Redemption of Operating Partnership units for cash
 

 
(1,126
)
 

 

 

 
(1,432
)
 

 

 
(2,558
)
Noncontrolling interest in consolidated joint venture
 

 

 
122

 

 

 

 

 

 
122

Repurchase of equity portion of 2013 exchangeable senior notes
 

 

 

 

 

 
(21,000
)
 

 

 
(21,000
)
Net income
 
3,390

 
3,784

 

 

 

 

 

 
88,256

 
95,430

Other comprehensive income
 
144

 
938

 

 

 

 

 
21,981

 

 
23,063

Distributions to Operating Partnership units held by noncontrolling interests
 
(3,488
)
 
(4,421
)
 

 

 

 

 

 

 
(7,909
)
Dividends paid on common stock at $0.78 per share
 

 

 

 

 

 

 

 
(98,327
)
 
(98,327
)
Balances at March 31, 2018
 
$
160,177

 
$
212,476

 
$
241

 
126,068,982

 
$
1,260

 
$
2,550,578

 
$
55,271

 
$
(263,355
)
 
$
2,716,648

Issuance of common stock upon the exercise of options
 

 

 

 
23,050

 
1

 
370

 

 

 
371

Restricted stock grants issued
 

 

 

 
50,334

 

 

 

 

 

Restricted stock grants cancelled
 

 

 

 
(6,311
)
 

 

 

 

 

Compensation expense related to stock-based awards
 

 

 

 

 

 
3,116

 

 

 
3,116

Issuance of Operating Partnership units in conjunction with acquisitions
 

 
1,877

 

 

 

 

 

 

 
1,877

Redemption of Operating Partnership units for stock
 

 
(383
)
 

 
10,000

 

 
383

 

 

 

Net income
 
3,492

 
4,068

 

 

 

 

 

 
95,153

 
102,713

Other comprehensive income
 
50

 
324

 

 

 

 

 
7,659

 

 
8,033

Distributions to Operating Partnership units held by noncontrolling interests
 
(3,615
)
 
(4,853
)
 

 

 

 

 

 

 
(8,468
)
Dividends paid on common stock at $0.86 per share
 

 

 

 

 

 

 

 
(108,486
)
 
(108,486
)
Balances at June 30, 2018
 
$
160,104

 
$
213,509

 
$
241

 
126,146,055

 
$
1,261

 
$
2,554,447

 
$
62,930

 
$
(276,688
)
 
$
2,715,804


8

Extra Space Storage Inc.
Condensed Consolidated Statement of Noncontrolling Interests and Equity
(amounts in thousands, except share data)
(unaudited)


 
Noncontrolling Interests
 
Extra Space Storage Inc. Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Operating Partnership
 
Operating Partnership
 
Other
 
Shares
 
Par Value
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Accumulated Deficit
 
Total Noncontrolling Interests and Equity
Restricted stock grants issued
 

 

 

 
2,794

 

 

 

 

 

Restricted stock grants cancelled
 

 

 

 
(2,298
)
 

 

 

 

 

Issuance of common stock, net of offering costs
 

 

 

 
343,251

 
3

 
33,777

 

 

 
33,780

Compensation expense related to stock-based awards
 

 

 

 

 

 
2,613

 

 

 
2,613

Redemption of Operating Partnership units for stock
 

 
(572
)
 

 
15,000

 

 
572

 

 

 

Repurchase of equity portion of 2013 exchangeable senior notes
 

 

 

 

 

 
(10,251
)
 

 

 
(10,251
)
Net income (loss)
 
3,723

 
5,547

 
(1
)
 

 

 

 

 
130,418

 
139,687

Other comprehensive income
 
39

 
245

 

 

 

 

 
5,432

 

 
5,716

Distributions to Operating Partnership units held by noncontrolling interests
 
(3,616
)
 
(4,844
)
 

 

 

 

 

 

 
(8,460
)
Dividends paid on common stock at $0.86 per share
 
 
 

 

 

 

 

 

 
(108,795
)
 
(108,795
)
Balances at September 30, 2018
 
$
160,250

 
$
213,885

 
$
240

 
126,504,802

 
$
1,264

 
$
2,581,158

 
$
68,362

 
$
(255,065
)
 
$
2,770,094






9

Extra Space Storage Inc.
Condensed Consolidated Statement of Noncontrolling Interests and Equity
(amounts in thousands, except share data)
(unaudited)



 
Noncontrolling Interests
 
Extra Space Storage Inc. Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Operating Partnership
 
Operating Partnership
 
Other
 
Shares
 
Par Value
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Accumulated Deficit
 
Total Noncontrolling Interests and Equity
Balances at December 31, 2018
$
153,096

 
$
218,362

 
$
240

 
127,103,750

 
$
1,271

 
$
2,640,705

 
$
34,650

 
$
(262,902
)
 
$
2,785,422

Issuance of common stock upon the exercise of options

 

 

 
169,021

 
3

 
1,754

 

 

 
1,757

Restricted stock grants issued

 

 

 
35,022

 

 

 

 

 

Restricted stock grants cancelled

 

 

 
(1,244
)
 

 

 

 

 

Compensation expense related to stock-based awards

 

 

 

 

 
2,954

 

 

 
2,954

Redemption of Operating Partnership units for stock

 
(3,310
)
 

 
85,501

 

 
3,310

 

 

 

Issuance of Preferred D Units in the Operating Partnership in conjunction with acquisitions
23,447

 

 

 

 

 

 

 

 
23,447

Net income (loss)
3,164

 
4,235

 
(9
)
 

 

 

 

 
94,770

 
102,160

Other comprehensive loss
(147
)
 
(1,003
)
 

 

 

 

 
(22,843
)
 

 
(23,993
)
Distributions to Operating Partnership units held by noncontrolling interests
(3,296
)
 
(5,116
)
 

 

 

 

 

 

 
(8,412
)
Dividends paid on common stock at $0.86 per share

 

 

 

 

 

 

 
(109,523
)
 
(109,523
)
Balances at March 31, 2019
$
176,264

 
$
213,168

 
$
231

 
127,392,050

 
$
1,274

 
$
2,648,723

 
$
11,807

 
$
(277,655
)
 
$
2,773,812

Issuance of common stock upon the exercise of options

 

 

 
17,042

 

 
468

 

 

 
468

Restricted stock grants issued

 

 

 
53,789

 
2

 

 

 

 
2

Restricted stock grants cancelled

 

 

 
(4,786
)
 

 

 

 

 

Issuance of common stock, net of offering costs

 

 

 
930,000

 
9

 
98,787

 

 

 
98,796

Compensation expense related to stock-based awards

 

 

 

 

 
3,998

 

 

 
3,998

Redemption of Operating Partnership units for stock

 
(4,823
)
 

 
125,000

 

 
4,823

 

 

 

Issuance of Preferred D Units in the Operating Partnership in conjunction with acquisitions
4,575

 

 

 

 

 

 

 

 
4,575

Noncontrolling interest in consolidated joint venture

 

 
50

 

 

 

 

 

 
50

Conversion of Preferred C Units in the Operating Partnership for Common Operating Partnership Units
(4,374
)
 
4,374

 

 

 

 

 

 

 

Net income (loss)
3,129

 
4,754

 
(22
)
 

 

 

 

 
104,828

 
112,689

Other comprehensive loss
(254
)
 
(1,765
)
 

 

 

 

 
(39,283
)
 
 
 
(41,302
)
Distributions to Operating Partnership units held by noncontrolling interests
(3,232
)
 
(5,473
)
 

 

 

 

 

 

 
(8,705
)
Dividends paid on common stock at $0.90 per share

 

 

 

 

 

 

 
(115,572
)
 
(115,572
)
Balances at June 30, 2019
$
176,108

 
$
210,235

 
$
259

 
128,513,095

 
$
1,285

 
$
2,756,799

 
$
(27,476
)
 
$
(288,399
)
 
$
2,828,811


10

Extra Space Storage Inc.
Condensed Consolidated Statement of Noncontrolling Interests and Equity
(amounts in thousands, except share data)
(unaudited)


 
Noncontrolling Interests
 
Extra Space Storage Inc. Stockholders' Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Operating Partnership
 
Operating Partnership
 
Other
 
Shares
 
Par Value
 
Additional Paid-in Capital
 
Accumulated Other Comprehensive Income
 
Accumulated Deficit
 
Total Noncontrolling Interests and Equity
Issuance of common stock upon the exercise of options

 

 

 
14,850

 

 
605

 

 

 
605

Restricted stock grants issued

 

 

 
5,099

 

 

 

 

 

Restricted stock grants cancelled

 

 

 
(1,269
)
 

 

 

 

 

Issuance of common stock, net of offering costs

 

 

 
849,200

 
9

 
100,047

 

 

 
100,056

Compensation expense related to stock-based awards

 

 

 

 

 
3,035

 

 

 
3,035

Repayment of receivable for preferred operating units pledged as collateral on loan

 
1,211

 

 

 

 

 

 

 
1,211

Redemption of Operating Partnership units for stock

 
(1,125
)
 

 
29,118

 

 
1,125

 

 

 

Noncontrolling interest in consolidated joint venture

 

 
96

 

 

 

 

 

 
96

Net income (loss)
3,089

 
4,828

 
(9
)
 

 

 

 

 
108,087

 
115,995

Other comprehensive loss
(101
)
 
(698
)
 

 

 

 

 
(15,963
)
 

 
(16,762
)
Distributions to Operating Partnership units held by noncontrolling interests
(3,178
)
 
(5,440
)
 

 

 

 

 

 

 
(8,618
)
Dividends paid on common stock at $0.90 per share

 

 

 

 

 

 

 
(116,440
)