10-Q/APeriod: Q1 FY2024

Extra Space Storage Inc. Quarterly Report (Amendment) for Q1 Ended Mar 31, 2024

Filed May 31, 2024For Securities:EXR

Summary

This 10-Q filing from Extra Space Storage Inc. (EXR) for the period ending March 31, 2024, primarily focuses on "Other Information" and required exhibits. A notable disclosure is that CEO Joseph D. Margolis has adopted a Rule 10b5-1 trading plan to sell up to 30,000 shares between July 1, 2024, and April 3, 2025. This plan is designed to comply with SEC regulations for insider stock sales. The filing also includes certifications from the CEO and CFO (Sections 302 of Sarbanes-Oxley) and exhibits related to Inline XBRL for interactive data reporting. While this particular filing segment doesn't contain detailed financial performance metrics or operational updates typical of a full 10-Q, investors should monitor future filings for comprehensive financial results and strategic developments. The CEO's trading plan, while routine, is a point of interest for understanding insider activity.

Financial Highlights

40 data points
Beta

Revenue

$799.54M

74.4% Gross Margin

Net Income

$213.11M

26.7% Net Margin

EPS (Diluted)

$1.01

Total Assets

$27.48B

Cash & Equivalents

$50.82M

Free Cash Flow

$465.56M

Financial Statements
Beta
Revenue$799.54M
Cost of Revenue$204.52M
Gross Profit$595.02M
Operating Expenses$463.71M
Operating Income$335.83M
Interest Expense$132.89M
Net Income$213.11M
EPS (Basic)$1.01
EPS (Diluted)$1.01
Shares Outstanding (Basic)211.28M
Shares Outstanding (Diluted)220.02M

Key Highlights

  • 1CEO Joseph D. Margolis adopted a Rule 10b5-1 trading plan to sell up to 30,000 shares of common stock between July 1, 2024, and April 3, 2025.
  • 2The trading plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
  • 3The filing includes certifications from the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  • 4Interactive Data File exhibits (XBRL) are included, facilitating more granular analysis of financial information.
  • 5No other officers or directors adopted or modified similar trading plans during the reported period.
  • 6This section of the 10-Q amendment focuses on procedural and compliance-related disclosures rather than deep financial performance.

Frequently Asked Questions

A Rule 10b5-1 trading plan allows corporate insiders (like the CEO) to sell company stock at predetermined times or prices, providing an affirmative defense against accusations of insider trading. The plan adopted by CEO Joseph D. Margolis permits the sale of up to 30,000 shares over a specific period, suggesting a planned divestiture of shares within regulatory guidelines.

This particular section of the 10-Q filing (Item 5 and Item 6) primarily addresses 'Other Information' and exhibits. It does not contain the detailed financial statements, Management's Discussion and Analysis (MD&A), or operational metrics that typically provide a comprehensive overview of the company's financial performance for the quarter. Investors should refer to other parts of the full 10-Q report or subsequent filings for such information.

According to the filing, during the three months ended March 31, 2024, no other officers or directors of Extra Space Storage adopted, modified, or terminated any contract, instruction, or written plan for the purchase or sale of securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement, other than the plan adopted by the CEO.