2013 Q4 Form 10-Q Financial Statement

#000110465913080396 Filed on November 04, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q3
Revenue $141.9M $133.1M $109.8M
YoY Change 24.87% 21.24% 30.55%
Cost Of Revenue $39.80M $34.38M $30.12M
YoY Change 15.36% 14.15% 24.08%
Gross Profit $102.2M $98.74M $79.68M
YoY Change 29.2% 23.92% 33.18%
Gross Profit Margin 72.01% 74.17% 72.57%
Selling, General & Admin $13.80M $13.90M $12.60M
YoY Change 8.66% 10.32% 2.44%
% of Gross Profit 13.5% 14.08% 15.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.00M $23.43M $19.77M
YoY Change 20.37% 18.51% 37.62%
% of Gross Profit 25.44% 23.73% 24.81%
Operating Expenses $39.70M $37.40M $32.30M
YoY Change 15.74% 15.79% 20.97%
Operating Profit $57.32M $56.06M $43.48M
YoY Change 32.94% 28.93% 39.3%
Interest Expense $27.50M $16.26M $18.42M
YoY Change -987.1% -11.72% 9.95%
% of Operating Profit 47.98% 29.01% 42.37%
Other Income/Expense, Net
YoY Change
Pretax Income $85.00M $31.23M $26.74M
YoY Change 112.5% 16.81% 73.41%
Income Tax $2.800M $2.281M $1.656M
% Of Pretax Income 3.29% 7.3% 6.19%
Net Earnings $76.94M $29.25M $38.61M
YoY Change 113.27% -24.25% 122.49%
Net Earnings / Revenue 54.21% 21.97% 35.16%
Basic Earnings Per Share $0.68 $0.26 $0.37
Diluted Earnings Per Share $0.67 $0.26 $0.37
COMMON SHARES
Basic Shares Outstanding 111.3M shares 110.8M shares 104.3M shares
Diluted Shares Outstanding 115.5M shares 108.8M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.7M $81.70M $43.60M
YoY Change 311.36% 87.39% 28.61%
Cash & Equivalents $126.7M $81.70M $43.61M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $7.500M $7.900M $10.90M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $134.2M $89.60M $54.50M
YoY Change 220.29% 64.4% -42.69%
LONG-TERM ASSETS
Property, Plant & Equipment $3.637B $3.224B $2.742B
YoY Change 21.55% 17.57% 33.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $88.10M $100.5M $121.3M
YoY Change -17.12% -17.15% -9.61%
Other Assets $21.50M $22.80M $23.40M
YoY Change 26.47% -2.56% -23.03%
Total Long-Term Assets $3.843B $3.429B $2.958B
YoY Change 20.79% 15.89% 29.81%
TOTAL ASSETS
Total Short-Term Assets $134.2M $89.60M $54.50M
Total Long-Term Assets $3.843B $3.429B $2.958B
Total Assets $3.977B $3.518B $3.013B
YoY Change 23.38% 16.77% 26.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.60M $58.20M $49.60M
YoY Change 15.87% 17.34% 24.31%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.60M $58.20M $49.60M
YoY Change 15.87% 17.34% 24.31%
LONG-TERM LIABILITIES
Long-Term Debt $1.958B $1.774B $1.590B
YoY Change 24.13% 11.59% 28.01%
Other Long-Term Liabilities $26.50M $16.80M $43.00M
YoY Change -45.02% -60.93% 43.33%
Total Long-Term Liabilities $1.985B $1.791B $1.633B
YoY Change 22.08% 9.68% 28.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.60M $58.20M $49.60M
Total Long-Term Liabilities $1.985B $1.791B $1.633B
Total Liabilities $2.045B $1.849B $1.683B
YoY Change 21.88% 9.9% 23.12%
SHAREHOLDERS EQUITY
Retained Earnings -$226.0M -$256.6M -$243.5M
YoY Change -3.86% 5.38%
Common Stock $1.974B $1.768B $1.533B
YoY Change 13.39% 15.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.758B $1.514B $1.275B
YoY Change
Total Liabilities & Shareholders Equity $3.977B $3.518B $3.013B
YoY Change 23.38% 16.77% 26.9%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $76.94M $29.25M $38.61M
YoY Change 113.27% -24.25% 122.49%
Depreciation, Depletion And Amortization $26.00M $23.43M $19.77M
YoY Change 20.37% 18.51% 37.62%
Cash From Operating Activities $72.70M $72.00M $60.40M
YoY Change 15.58% 19.21% 70.14%
INVESTING ACTIVITIES
Capital Expenditures -$273.7M -$25.70M -$322.7M
YoY Change 14.76% -92.04% 1005.14%
Acquisitions
YoY Change
Other Investing Activities $7.100M -$7.500M $13.50M
YoY Change 7.58% -155.56% -130.41%
Cash From Investing Activities -$266.7M -$33.20M -$309.2M
YoY Change 15.06% -89.26% 320.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $206.0M
YoY Change 1.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 239.1M -164.1M 106.9M
YoY Change 53.07% -253.51% 190.49%
NET CHANGE
Cash From Operating Activities 72.70M 72.00M 60.40M
Cash From Investing Activities -266.7M -33.20M -309.2M
Cash From Financing Activities 239.1M -164.1M 106.9M
Net Change In Cash 45.10M -125.3M -141.9M
YoY Change -455.12% -11.7% 10815.38%
FREE CASH FLOW
Cash From Operating Activities $72.70M $72.00M $60.40M
Capital Expenditures -$273.7M -$25.70M -$322.7M
Free Cash Flow $346.4M $97.70M $383.1M
YoY Change 14.93% -74.5% 492.12%

Facts In Submission

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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 fully-integrated, 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 September&#160;30, 2013, the Company had direct and indirect equity interests in 754 operating storage facilities.&#160; In addition, the Company managed 253 properties for third parties, bringing the total number of operating properties which it owns and/or manages to 1,007.&#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 in which we have an ownership interest. 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 selling self-storage facilities.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in;">&#160;</p> </div>
CY2012Q4 us-gaap Real Estate Investment Property Net
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CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2012Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2012Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
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OtherNotesPayable
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CY2012Q4 us-gaap Line Of Credit
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CY2012Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
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CY2012Q4 us-gaap Other Liabilities
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CY2012Q4 us-gaap Liabilities
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CY2012Q4 us-gaap Common Stock Value
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CY2012Q4 us-gaap Additional Paid In Capital Common Stock
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CY2012Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2012Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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CY2012Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2012Q4 us-gaap Common Stock Shares Issued
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CY2013Q3 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
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us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
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us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
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CY2013Q3 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
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CY2012Q3 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
94065000 USD
CY2013Q3 us-gaap Reinsurance Premiums For Insurance Companies By Product Segment Gross Amount
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12294000 USD
CY2012Q3 us-gaap Reinsurance Premiums For Insurance Companies By Product Segment Gross Amount
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentGrossAmount
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CY2013Q3 us-gaap Management Fees Revenue
ManagementFeesRevenue
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CY2012Q3 us-gaap Management Fees Revenue
ManagementFeesRevenue
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us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
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us-gaap Reinsurance Premiums For Insurance Companies By Product Segment Gross Amount
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentGrossAmount
27060000 USD
us-gaap Management Fees Revenue
ManagementFeesRevenue
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us-gaap Real Estate Revenue Net
RealEstateRevenueNet
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us-gaap Costs And Expenses
CostsAndExpenses
222511000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
156168000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2013Q3 us-gaap Minority Interest In Net Income Loss Preferred Unit Holders
MinorityInterestInNetIncomeLossPreferredUnitHolders
2033000 USD
CY2013Q3 exr Minority Interest In Net Income Loss Operating Partnerships And Other
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CY2012Q3 exr Minority Interest In Net Income Loss Operating Partnerships And Other
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CY2012Q3 us-gaap Minority Interest In Net Income Loss Preferred Unit Holders
MinorityInterestInNetIncomeLossPreferredUnitHolders
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us-gaap Minority Interest In Net Income Loss Preferred Unit Holders
MinorityInterestInNetIncomeLossPreferredUnitHolders
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exr Minority Interest In Net Income Loss Operating Partnerships And Other
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CY2013Q3 us-gaap Cost Of Revenue
CostOfRevenue
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CY2012Q3 us-gaap Cost Of Revenue
CostOfRevenue
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CY2013Q3 exr Tenant Reinsurance Expense
TenantReinsuranceExpense
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CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2013Q3 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
31228000 USD
CY2012Q3 exr Tenant Reinsurance Expense
TenantReinsuranceExpense
1379000 USD
CY2013Q3 exr Acquisition Related Costs
AcquisitionRelatedCosts
2427000 USD
CY2012Q3 exr Acquisition Related Costs
AcquisitionRelatedCosts
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CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
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us-gaap Cost Of Revenue
CostOfRevenue
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
444000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
17967000 USD
CY2013Q3 us-gaap Interest Expense
InterestExpense
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CY2012Q3 us-gaap Interest Expense
InterestExpense
18423000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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us-gaap Interest Expense
InterestExpense
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CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2281000 USD
exr Tenant Reinsurance Expense
TenantReinsuranceExpense
4651000 USD
exr Acquisition Related Costs
AcquisitionRelatedCosts
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us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2013Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
30279000 USD
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
37989000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
121351000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
81520000 USD
CY2012Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2814000 USD
CY2013Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
7307000 USD
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
35175000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
74213000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1000 USD
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3654000 USD
exr Noncontrolling Interests Increase From Purchase Of Interests
NoncontrollingInterestsIncreaseFromPurchaseOfInterests
-1150000 USD
exr Minority Interest Decrease From Cash Redemptions
MinorityInterestDecreaseFromCashRedemptions
41000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
17989000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
8901000 USD
exr Minority Interest Decrease From Distributions To Other Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToOtherNoncontrollingInterestHolders
43000 USD
us-gaap Dividends Common Stock
DividendsCommonStock
116712000 USD
CY2012Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2013Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
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us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
1620000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-100303000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
7875000 USD
us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
2349000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4198000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
5016000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
-983000 USD
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
-951000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3654000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
3318000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-3538000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
-1642000 USD
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-891000 USD
us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-7587000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1303000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-4866000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
5949000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
4530000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
2474000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1726000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
198584000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
152961000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1126000 USD
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1053000 USD
exr Return Of Investment Real Estate Ventures
ReturnOfInvestmentRealEstateVentures
1848000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
5827000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-2384000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-375069000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
226692000 USD
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
87663000 USD
exr Proceeds From Notes Payable And Lines Of Credit
ProceedsFromNotesPayableAndLinesOfCredit
364855000 USD
exr Proceeds From Notes Payable And Lines Of Credit
ProceedsFromNotesPayableAndLinesOfCredit
640655000 USD
exr Noncash Or Part Noncash Acquisition Notes Payable Assumed And Immediately Defeased
NoncashOrPartNoncashAcquisitionNotesPayableAssumedAndImmediatelyDefeased
98960000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
6135000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
8427000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
41000 USD
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
155000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5876000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8931000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
116712000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
60693000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
9112000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
239232000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
50914000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
17124000 USD
us-gaap Interest Paid Net
InterestPaidNet
47816000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1626000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
473000 USD
us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
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3099000 USD
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
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3099000 USD
exr Noncash Or Part Noncash Acquisition Net Real Estate Assets Acquired
NoncashOrPartNoncashAcquisitionNetRealEstateAssetsAcquired
210372000 USD
exr Noncash Or Part Noncash Acquisition Net Real Estate Assets Acquired
NoncashOrPartNoncashAcquisitionNetRealEstateAssetsAcquired
148021000 USD
CY2013Q3 us-gaap Business Acquisition Cost Of Acquired Entity Equity Interests Issued And Issuable
BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable
102039000 USD
us-gaap Noncash Or Part Noncash Acquisition Accounts Receivable Acquired1
NoncashOrPartNoncashAcquisitionAccountsReceivableAcquired1
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us-gaap Noncash Or Part Noncash Divestiture Amount Of Consideration Received1
NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1
3349000 USD
dei Document Type
DocumentType
10-Q
dei Entity Registrant Name
EntityRegistrantName
Extra Space Storage Inc.
dei Entity Central Index Key
EntityCentralIndexKey
0001289490
dei Document Period End Date
DocumentPeriodEndDate
2013-09-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
CY2013Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
111253494 shares
us-gaap Proceeds From Issuance Of Unsecured Debt
ProceedsFromIssuanceOfUnsecuredDebt
246250000 USD
exr Number Of Real Estate Properties Acquired
NumberOfRealEstatePropertiesAcquired
28 property
CY2013Q3 exr Fair Value Assets Liabilities Transfer Between Level1 And Level2 Of Fair Value Hierarchy Amount
FairValueAssetsLiabilitiesTransferBetweenLevel1AndLevel2OfFairValueHierarchyAmount
0 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
7122000 USD
us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
2934695 shares
CY2013Q2 exr Increase In Minority Interest Ownership Percentage By Parent In Joint Venture Partner In Consolidated Self Storage Property
IncreaseInMinorityInterestOwnershipPercentageByParentInJointVenturePartnerInConsolidatedSelfStorageProperty
0.2765 pure
CY2013Q2 exr Increase In Profit Interest Percentage By Parent In Joint Venture Partner In Consolidated Self Storage Property
IncreaseInProfitInterestPercentageByParentInJointVenturePartnerInConsolidatedSelfStorageProperty
0.35 pure
CY2013Q2 exr Payments To Acquire Interest In Joint Venture Partner In Consolidated Self Storage Property
PaymentsToAcquireInterestInJointVenturePartnerInConsolidatedSelfStorageProperty
950000 USD
us-gaap Interest And Debt Expense
InterestAndDebtExpense
51992000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
519000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
947000 USD
CY2013Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
834000 USD
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
3147000 USD
us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
ProceedsAndExcessTaxBenefitFromSharebasedCompensation
3147000 USD
us-gaap Adjustment To Additional Paid In Capital Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet
3147000 USD
CY2012Q3 us-gaap Business Acquisition Cost Of Acquired Entity Equity Interests Issued And Issuable
BusinessAcquisitionCostOfAcquiredEntityEquityInterestsIssuedAndIssuable
429000 USD
CY2013Q3 us-gaap Convertible Debt
ConvertibleDebt
250000000 USD
CY2013Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
17299000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
800000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
889000 USD
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
302734 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
351684 shares
CY2012Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
452642 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
500889 shares
CY2012Q4 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
15228000 USD
CY2013Q3 us-gaap Interest Rate Cash Flow Hedge Liability At Fair Value
InterestRateCashFlowHedgeLiabilityAtFairValue
4953000 USD
CY2013Q3 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
7530000 USD
CY2013Q2 us-gaap Gain Loss On Condemnation
GainLossOnCondemnation
800000 USD
CY2013Q2 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
950000 USD
CY2013Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 USD
CY2013Q2 exr Number Of Self Storage Properties Which Portion Of Land Condemned
NumberOfSelfStoragePropertiesWhichPortionOfLandCondemned
1 property
us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
14496000 USD
exr Partner Capital Account Units Issued
PartnerCapitalAccountUnitsIssued
68471000 USD
exr Gain Loss On Purchase Of Joint Venture Partners Interest
GainLossOnPurchaseOfJointVenturePartnersInterest
13499000 USD
us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
147592000 USD
CY2013Q3 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
3223672000 USD
CY2013Q3 exr Number Of Real Estate Properties Owned And Or Managed
NumberOfRealEstatePropertiesOwnedAndOrManaged
1007 property
CY2013Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
81699000 USD
CY2013Q2 exr Number Of Joint Venture Partners In Consolidated Self Storage Property Ownership Interest Acquired
NumberOfJointVenturePartnersInConsolidatedSelfStoragePropertyOwnershipInterestAcquired
1 property
CY2013Q3 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
100455000 USD
exr Minority Interest In Net Income Loss Operating Partnerships And Other
MinorityInterestInNetIncomeLossOperatingPartnershipsAndOther
2753000 USD
CY2013Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-9153000 USD
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-9153000 USD
CY2013Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2996000 USD
us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
8796000 USD
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
27283000 USD
CY2013Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
22803000 USD
CY2013Q3 us-gaap Due From Related Parties
DueFromRelatedParties
7928000 USD
CY2013Q3 us-gaap Other Assets
OtherAssets
81682000 USD
CY2013Q3 us-gaap Secured Debt
SecuredDebt
1402432000 USD
CY2013Q3 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-2336000 USD
CY2013Q3 us-gaap Other Notes Payable
OtherNotesPayable
119590000 USD
CY2013Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
58248000 USD
CY2013Q3 us-gaap Other Liabilities
OtherLiabilities
34052000 USD
us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
324144000 USD
us-gaap Reinsurance Premiums For Insurance Companies By Product Segment Gross Amount
ReinsurancePremiumsForInsuranceCompaniesByProductSegmentGrossAmount
34625000 USD
us-gaap Management Fees Revenue
ManagementFeesRevenue
19910000 USD
us-gaap Cost Of Revenue
CostOfRevenue
102275000 USD
exr Tenant Reinsurance Expense
TenantReinsuranceExpense
6985000 USD
exr Acquisition Related Costs
AcquisitionRelatedCosts
3562000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
40451000 USD
exr Interest Income On Note Receivable From Preferred Partnership Unit Holders
InterestIncomeOnNoteReceivableFromPreferredPartnershipUnitHolders
3638000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
8942000 USD
exr Gain Loss On Sale Of Real Estate Assets And Purchase Of Partners Interests
GainLossOnSaleOfRealEstateAssetsAndPurchaseOfPartnersInterests
2556000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7147000 USD
us-gaap Minority Interest In Net Income Loss Preferred Unit Holders
MinorityInterestInNetIncomeLossPreferredUnitHolders
5495000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
112555000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
5000000 USD
exr Noncash Or Part Noncash Investment In Real Estate And Real Estate Joint Ventures
NoncashOrPartNoncashInvestmentInRealEstateAndRealEstateJointVentures
-3349000 USD
CY2013Q3 us-gaap Share Price
SharePrice
45.75
CY2013Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
9153000 USD
exr Payments Of Notes Payable And Lines Of Credit Including Defeasance
PaymentsOfNotesPayableAndLinesOfCreditIncludingDefeasance
532348000 USD
exr Payments Of Notes Payable And Lines Of Credit Including Defeasance
PaymentsOfNotesPayableAndLinesOfCreditIncludingDefeasance
473349000 USD

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