Extra Space Storage Inc. has recently released its 10-Q report, providing a detailed insight into its financial performance. The company is a self-administered and self-managed Real Estate Investment Trust (REIT) and a member of the S&P 500. As of December 31, 2023, Extra Space Storage owned and/or operated 3,714 self-storage stores in 42 states and Washington, D.C., comprising approximately 2.6 million units and 283.0 million square feet of rentable space.
In the latest 10-Q, the company reported its financial condition and results of operations. For the three months ended June 30, 2024, the company's total revenues amounted to $810.7 million, representing a significant increase of 58.5% compared to the same period in 2023. Property rental revenues saw a substantial increase of 58.2%, reaching $697.1 million, primarily driven by the merger of Life Storage and other acquisitions completed in 2023.
The expenses for the same period also surged, with a total of $451.2 million, marking an 89.6% increase compared to the expenses for the three months ended June 30, 2023. The significant rise in expenses was primarily attributed to the increase in property operations expense, tenant reinsurance expense, general and administrative expenses, and depreciation and amortization expense.
Furthermore, the 10-Q report also highlighted other revenues and expenses. The company reported a loss on real estate assets held for sale amounting to $54.7 million, while interest expense reached $137.1 million for the three months ended June 30, 2024, representing a 58.8% increase compared to the same period in 2023.
As a result of these announcements, the company's shares have moved 3.2% on the market, and are now trading at a price of $164.95. If you want to know more, read the company's complete 10-Q report here.
