$EXR
Extra Space Storage Inc.

2013 Q2 Form 10-Q Financial Statement

#000110465913061728 Filed on August 08, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $126.2M $94.95M
YoY Change 32.96% 21.67%
Cost Of Revenue $33.46M $26.01M
YoY Change 28.64% 14.53%
Gross Profit $92.78M $68.94M
YoY Change 34.59% 24.6%
Gross Profit Margin 73.49% 72.6%
Selling, General & Admin $13.70M $12.50M
YoY Change 9.6% 0.81%
% of Gross Profit 14.77% 18.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.79M $16.63M
YoY Change 37.04% 17.98%
% of Gross Profit 24.56% 24.12%
Operating Expenses $36.50M $29.20M
YoY Change 25.0% 10.19%
Operating Profit $53.38M $37.88M
YoY Change 40.92% 46.51%
Interest Expense $18.36M $15.85M
YoY Change 15.82% -2.5%
% of Operating Profit 34.4% 41.86%
Other Income/Expense, Net
YoY Change
Pretax Income $37.05M $23.68M
YoY Change 56.43% 124.42%
Income Tax $2.858M $1.634M
% Of Pretax Income 7.71% 6.9%
Net Earnings $34.47M $22.41M
YoY Change 53.78% 79.06%
Net Earnings / Revenue 27.3% 23.6%
Basic Earnings Per Share $0.31 $0.22
Diluted Earnings Per Share $0.31 $0.22
COMMON SHARES
Basic Shares Outstanding 110.7M shares 102.1M shares
Diluted Shares Outstanding 114.0M shares 106.7M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.9M $185.5M
YoY Change 11.54% 426.99%
Cash & Equivalents $206.9M $185.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $3.300M $16.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $210.2M $201.5M
YoY Change 4.32% 361.1%
LONG-TERM ASSETS
Property, Plant & Equipment $3.028B $2.278B
YoY Change 32.89% 11.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $101.7M $125.7M
YoY Change -19.09% -8.91%
Other Assets $20.50M $37.20M
YoY Change -44.89% 13.76%
Total Long-Term Assets $3.222B $2.507B
YoY Change 28.54% 10.57%
TOTAL ASSETS
Total Short-Term Assets $210.2M $201.5M
Total Long-Term Assets $3.222B $2.507B
Total Assets $3.433B $2.708B
YoY Change 26.74% 17.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.00M $47.10M
YoY Change -0.21% 44.04%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $47.00M $47.10M
YoY Change -0.21% 44.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.782B $1.312B
YoY Change 35.83% 10.23%
Other Long-Term Liabilities $13.70M $38.60M
YoY Change -64.51% 33.1%
Total Long-Term Liabilities $1.796B $1.351B
YoY Change 32.96% 10.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.00M $47.10M
Total Long-Term Liabilities $1.796B $1.351B
Total Liabilities $1.843B $1.398B
YoY Change 31.85% 6.97%
SHAREHOLDERS EQUITY
Retained Earnings -$241.4M -$261.3M
YoY Change -7.61%
Common Stock $1.767B $1.528B
YoY Change 15.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.530B $1.256B
YoY Change
Total Liabilities & Shareholders Equity $3.433B $2.708B
YoY Change 26.74% 17.2%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $34.47M $22.41M
YoY Change 53.78% 79.06%
Depreciation, Depletion And Amortization $22.79M $16.63M
YoY Change 37.04% 17.98%
Cash From Operating Activities $75.50M $51.80M
YoY Change 45.75% 47.16%
INVESTING ACTIVITIES
Capital Expenditures -$43.90M -$28.70M
YoY Change 52.96% -65.17%
Acquisitions
YoY Change
Other Investing Activities $200.0K -$20.80M
YoY Change -100.96% -377.33%
Cash From Investing Activities -$43.80M -$49.50M
YoY Change -11.52% -33.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $226.7M
YoY Change 101.77%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 139.7M 145.6M
YoY Change -4.05% 349.38%
NET CHANGE
Cash From Operating Activities 75.50M 51.80M
Cash From Investing Activities -43.80M -49.50M
Cash From Financing Activities 139.7M 145.6M
Net Change In Cash 171.4M 147.9M
YoY Change 15.89% -2126.03%
FREE CASH FLOW
Cash From Operating Activities $75.50M $51.80M
Capital Expenditures -$43.90M -$28.70M
Free Cash Flow $119.4M $80.50M
YoY Change 48.32% -31.55%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Document Type
DocumentType
10-Q
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exr Income Loss Attributable To Noncontrolling Interest Fixed Component
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CY2013Q2 exr Variable Interest Entity Interest In Trust Number
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exr Average Closing Market Price Measurement Period
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us-gaap Nature Of Operations
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1.</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b> <b><font style="FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">ORGANIZATION</font></b></p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Extra Space Storage&#160;Inc. (the &#8220;Company&#8221;) is a self-administered and self-managed real estate investment trust (&#8220;REIT&#8221;), formed as a Maryland corporation on April&#160;30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage facilities located throughout the United States. The Company continues the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company&#8217;s interest in its properties is held through its operating partnership, Extra Space Storage LP (the &#8220;Operating Partnership&#8221;), which was formed on May&#160;5, 2004. The Company&#8217;s primary assets are general partner and limited partner interests in the Operating Partnership. This structure is commonly referred to as an umbrella partnership REIT, or UPREIT. The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended.&#160; To the extent the Company continues to qualify as a REIT, it will not be subject to tax, with certain limited exceptions, on the taxable income that is distributed to its stockholders.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company invests in self-storage facilities by acquiring wholly-owned facilities or by acquiring an equity interest in real estate entities.&#160; At June&#160;30, 2013, the Company had direct and indirect equity interests in 732 operating storage facilities.&#160; In addition, the Company managed 242 properties for third parties, bringing the total number of operating properties which it owns and/or manages to 974.&#160; These properties are located in 35 states, Washington, D.C. and Puerto Rico.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company operates in three distinct segments: (1)&#160;rental operations; (2)&#160;tenant reinsurance; and (3)&#160;property management, acquisition and development. The rental operations activities include rental operations of self-storage facilities. No single tenant accounts for more than 5% of rental income.&#160; Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company&#8217;s self-storage facilities. The Company&#8217;s property management, acquisition and development activities include managing, acquiring, developing and redeveloping self-storage facilities.</font></p> </div>
CY2013Q2 us-gaap Stockholders Equity
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