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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, 2022
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 classTrading symbolName of each exchange on which registered
Common Stock, $0.01 par valueEXRNew 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      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      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   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company

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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  

The number of shares outstanding of the registrant’s common stock, par value $0.01 per share, as of November 1, 2022, was 133,921,528.
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;
impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse, any of which could adversely affect our business and results;
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;
our ability to recover losses under our insurance policies;
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.

4


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.
5


PART I.     FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS

Extra Space Storage Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands, except share data)
 
September 30, 2022December 31, 2021
(unaudited)
Assets:
Real estate assets, net$9,877,080 $8,834,649 
Real estate assets - operating lease right-of-use assets226,984 227,949 
Investments in unconsolidated real estate entities568,691 457,326 
Investments in debt securities and notes receivable658,663 719,187 
Cash and cash equivalents86,991 71,126 
Restricted cash7,363 5,068 
Other assets, net414,873 159,172 
Total assets $11,840,645 $10,474,477 
Liabilities, Noncontrolling Interests and Equity:
Notes payable, net$1,296,830 $1,320,755 
Unsecured term loans, net2,339,419 1,741,926 
Unsecured senior notes, net2,757,285 2,360,066 
Revolving lines of credit600,000 535,000 
Operating lease liabilities233,832 233,356 
Cash distributions in unconsolidated real estate ventures66,141 63,582 
Accounts payable and accrued expenses191,183 142,285 
Other liabilities286,657 291,531 
Total liabilities 7,771,347 6,688,501 
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, 133,918,037 and 133,922,305 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively
1,339 1,339 
Additional paid-in capital3,339,961 3,285,948 
Accumulated other comprehensive income (loss)48,521 (42,546)
Accumulated deficit(139,250)(128,245)
Total Extra Space Storage Inc. stockholders' equity3,250,571 3,116,496 
Noncontrolling interest represented by Preferred Operating Partnership units, net 261,494 259,110 
Noncontrolling interests in Operating Partnership, net and other noncontrolling interests557,233 410,370 
Total noncontrolling interests and equity4,069,298 3,785,976 
Total liabilities, noncontrolling interests and equity$11,840,645 $10,474,477 

See accompanying notes to unaudited condensed consolidated financial statements.
6


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,
 2022202120222021
Revenues:
Property rental$428,787 $351,355 $1,216,639 $976,448 
Tenant reinsurance47,869 44,258 138,093 126,211 
Management fees and other income22,246 16,879 62,720 47,320 
Total revenues498,902 412,492 1,417,452 1,149,979 
Expenses:
Property operations114,577 92,794 322,371 274,316 
Tenant reinsurance 10,770 7,509 25,349 21,405 
Transaction related costs   1,465  
General and administrative32,275 24,395 93,288 74,276 
Depreciation and amortization71,423 61,516 208,396 179,685 
Total expenses229,045 186,214 650,869 549,682 
Gain on real estate transactions  14,249 63,883 
Income from operations269,857 226,278 780,832 664,180 
Interest expense(56,245)(39,670)(146,249)(120,605)
Interest income18,125 11,729 52,174 36,871 
Income before equity in earnings and dividend income from unconsolidated real estate ventures and income tax expense231,737 198,337 686,757 580,446 
Equity in earnings and dividend income from unconsolidated real estate entities11,149 8,255 30,436 23,533 
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest   6,251 
Income tax expense(6,760)(6,772)(15,516)(16,330)
Net income236,126 199,820 701,677 593,900 
Net income allocated to Preferred Operating Partnership noncontrolling interests(4,454)(3,529)(13,278)(10,647)
Net income allocated to Operating Partnership and other noncontrolling interests(10,953)(8,015)(31,971)(24,031)
Net income attributable to common stockholders$220,719 $188,276 $656,428 $559,222 
Earnings per common share
Basic $1.65 $1.41 $4.89 $4.19 
Diluted $1.65 $1.40 $4.89 $4.19 
Weighted average number of shares
Basic133,913,652 133,809,750 134,094,490 133,197,903 
Diluted141,504,215 140,425,269 141,567,845 139,854,881 
Cash dividends paid per common share$1.50 $1.25 $4.50 $3.25 

See accompanying notes to unaudited condensed consolidated financial statements.
7

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,
 2022202120222021
Net income$236,126 $199,820 $701,677 $593,900 
Other comprehensive income:
   Change in fair value of interest rate swaps24,222 8,055 95,984 36,685 
Total comprehensive income260,348 207,875 797,661 630,585 
   Less: comprehensive income attributable to noncontrolling interests16,663 11,924 50,166 36,425 
Comprehensive income attributable to common stockholders$243,685 $195,951 $747,495 $594,160 


See accompanying notes to unaudited condensed consolidated financial statements.
8

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


Noncontrolling InterestExtra Space Storage Inc. Stockholders' Equity
Preferred Operating PartnershipOperating PartnershipOtherSharesPar ValueAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Noncontrolling Interests and Equity
Balances at December 31, 2020$172,052 $215,892 $401 131,357,961 $1,314 $3,000,458 $(99,093)$(354,900)$2,936,124 
Issuance of common stock upon the exercise of options— — — 56,722 — 4,254 — — 4,254 
Issuance of common stock in connection with share based compensation— — — 89,793 — 3,652 — — 3,652 
Restricted stock grants cancelled— — — (2,499)— — — — — 
Issuance of common stock, net of offering costs— — — 2,185,685 22 273,698 — — 273,720 
Redemption of Operating Partnership units for stock— (193)— 5,000 — 193 — —  
Noncontrolling interest in consolidated joint venture— — (50)— — — — — (50)
Net income (loss)3,680 8,828 (5)— — — — 202,998 215,501 
Other comprehensive income144 956 — — — — 21,913 — 23,013 
Distributions to Operating Partnership units held by noncontrolling interests(3,224)(5,801)— — — — — — (9,025)
Dividends paid on common stock at $1.00 per share
— — — — — — — (132,540)(132,540)
Balances at March 31, 2021$172,652 $219,682 $346 133,692,662 $1,336 $3,282,255 $(77,180)$(284,442)$3,314,649 
Issuance of common stock in connection with share based compensation— — — 44,990 — 4,983 — — 4,983 
Restricted stock grants cancelled— — — (4,972)— — — — — 
Offering costs associated with previous stock issuance— — — — — (211)— — (211)
Redemption of Operating Partnership units for stock— (2,185)— 58,429 1 2,184 — —  
Redemption of Operating Partnership units for cash— (113)— — — (359)— — (472)
Repayment of receivable with Operating Partnership units pledged as collateral— 411 — — — — — — 411 
Noncontrolling interest in consolidated joint venture— — 150 — — — — — 150 
Net income3,438 7,190 3 — — — — 167,948 178,579 
Other comprehensive income35 232 — — — — 5,350 — 5,617 
Distributions to Operating Partnership units held by noncontrolling interests(3,223)(5,751)— — — — — — (8,974)
Dividends paid on common stock at $1.00 per share
— — — — — — — (133,777)(133,777)
Balances at June 30, 2021$172,902 $219,466 $499 133,791,109 $1,337 $3,288,852 $(71,830)$(250,271)$3,360,955 
9

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

Noncontrolling InterestExtra Space Storage Inc. Stockholders' Equity
Preferred Operating PartnershipOperating PartnershipOtherSharesPar ValueAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Noncontrolling Interests and Equity
Issuance of common stock upon the exercise of options$— $— $— 5,600 $— $318 $— $— $318 
Issuance of common stock in connection with share based compensation— — — 10,913 — 4,012 — — 4,012 
Restricted stock grants cancelled— — — (4,582)— — — — — 
Offering costs associated with previous stock issuance— — — — — (151)— — (151)
Redemption of Operating Partnership units for stock— (34)— 858 — 34 — —  
Redemption of Preferred B Units in the Operating Partnership for stock(2,834)— — 15,265 1 2,833 — —  
Purchase of remaining equity interest in existing consolidated joint venture— — — — — (12,050)— — (12,050)
Noncontrolling interest in consolidated joint venture— — (225)— — — — — (225)
Net income3,529 8,015 — — — — — 188,276 199,820 
Other comprehensive income50 330 — — — — 7,675 — 8,055 
Distributions to Operating Partnership units held by noncontrolling interests(3,399)(7,186)— — — — — — (10,585)
Dividends paid on common stock at $1.25 per share
— — — — — — — (167,274)(167,274)
Balances at September 30, 2021$170,248 $220,591 $274 133,819,163 $1,338 $3,283,848 $(64,155)$(229,269)$3,382,875 
Balances at December 31, 2021$259,110 $410,053 $317 133,922,305 $1,339 $3,285,948 $(42,546)$(128,245)$3,785,976 
Issuance of common stock in connection with share based compensation— — — 142,784 — 4,542 — — 4,542 
Restricted stock grants cancelled— — — (779)— — — — — 
Redemption of Operating Partnership units for cash— (829)— — — (1,843)— — (2,672)
Redemption of Preferred B Units in the Operating Partnership for cash(3,375)— — — — — — — (3,375)
Issuance of common stock in conjunction with acquisitions— — — 186,766 4 40,961 — — 40,965 
Net income4,333 9,805 — — — — 203,579 217,717 
Other comprehensive income313 2,333 — — — — 49,003 — 51,649 
Distributions to Operating Partnership units held by noncontrolling interests(4,330)(9,781)— — — — — — (14,111)
Dividends paid on common stock at $1.50 per share
— — — — — — — (202,527)(202,527)
Balances at March 31, 2022$256,051 $411,581 $317 134,251,076 $1,343 $3,329,608 $6,457 $(127,193)$3,878,164 
10

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

Noncontrolling InterestExtra Space Storage Inc. Stockholders' Equity
Preferred Operating PartnershipOperating PartnershipOtherSharesPar ValueAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitTotal Noncontrolling Interests and Equity
Issuance of common stock in connection with share based compensation— — — 38,016 — 5,245 — — 5,245 
Restricted stock grants cancelled— — — (7,122)— — — — — 
Redemption of Operating Partnership units for cash— (296)— — — (536)— — (832)
Redemption of Preferred B Units in the Operating Partnership for cash(1,125)— — — — — — — (1,125)
Issuance of Operating Partnership units in conjunction with business combinations— 16,000 — — — — — — 16,000 
Issuance of Preferred D units in the Operating Partnership in conjunction with business combinations6,000 — — — — — — — 6,000 
Repurchase of common stock, net of offering costs— — — (381,786)(4)— — (63,004)(63,008)
Net income4,491 11,213 — — — — — 232,130 247,834 
Other comprehensive income120 895 — — — — 19,098 — 20,113 
Distributions to Operating Partnership units held by noncontrolling interests(4,306)(9,821)— — — — — — (14,127)
Dividends paid on common stock at $1.50 per share
— — — — — — — (201,024)(201,024)
Balances at June 30, 2022$261,231 $429,572 $317 133,900,184 $1,339 $3,334,317 $25,555 $(159,091)$3,893,240 
Issuance of common stock in connection with share based compensation— — — 19,654 — 5,644 — — 5,644 
Restricted stock grants cancelled— — — (1,801)— — — — — 
Issuance of Operating Partnership units in conjunction with acquisitions— 125,000 — — — — — — 125,000 
Noncontrolling interest in consolidated joint venture— — 338 — — — — — 338 
Net income4,454 10,953 — — — — — 220,719 236,126 
Other comprehensive income145 1,111 — — — — 22,966 — 24,222 
Distributions to Operating Partnership units held by noncontrolling interests(4,336)(10,058)— — — — — — (14,394)
Dividends paid on common stock at $1.50 per share
— — — — — — — (200,878)(200,878)
Balances at September 30, 2022$261,494 $556,578 $655 133,918,037 $1,339 $3,339,961 $48,521 $(139,250)$4,069,298 

See accompanying notes to unaudited condensed consolidated financial statements.
11


Extra Space Storage Inc.
Condensed Consolidated Statements of Cash Flows
(amounts in thousands)
(unaudited)
 For the Nine Months Ended September 30,
 20222021
Cash flows from operating activities:
Net income$701,677 $593,900 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization208,396 179,685 
Amortization of deferred financing costs6,352 6,656 
Non-cash lease expense1,441 1,396 
Compensation expense related to stock-based awards15,431 12,647 
Accrual of interest income added to principal of debt securities and notes receivable(28,514)(25,871)
Gain on real estate transactions(14,249)(63,883)
Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest (6,251)
Distributions from unconsolidated real estate ventures in excess of earnings9,380 4,640 
Changes in operating assets and liabilities:
Other assets(