2013 Q4 Form 10-K Financial Statement

#000119312515073584 Filed on March 02, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $141.9M $133.1M $126.2M
YoY Change 24.87% 21.24% 32.96%
Cost Of Revenue $39.80M $34.38M $33.46M
YoY Change 15.36% 14.15% 28.64%
Gross Profit $102.2M $98.74M $92.78M
YoY Change 29.2% 23.92% 34.59%
Gross Profit Margin 72.01% 74.17% 73.49%
Selling, General & Admin $13.80M $13.90M $13.70M
YoY Change 8.66% 10.32% 9.6%
% of Gross Profit 13.5% 14.08% 14.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.00M $23.43M $22.79M
YoY Change 20.37% 18.51% 37.04%
% of Gross Profit 25.44% 23.73% 24.56%
Operating Expenses $39.70M $37.40M $36.50M
YoY Change 15.74% 15.79% 25.0%
Operating Profit $57.32M $56.06M $53.38M
YoY Change 32.94% 28.93% 40.92%
Interest Expense $27.50M $16.26M $18.36M
YoY Change -987.1% -11.72% 15.82%
% of Operating Profit 47.98% 29.01% 34.4%
Other Income/Expense, Net
YoY Change
Pretax Income $85.00M $31.23M $37.05M
YoY Change 112.5% 16.81% 56.43%
Income Tax $2.800M $2.281M $2.858M
% Of Pretax Income 3.29% 7.3% 7.71%
Net Earnings $76.94M $29.25M $34.47M
YoY Change 113.27% -24.25% 53.78%
Net Earnings / Revenue 54.21% 21.97% 27.3%
Basic Earnings Per Share $0.68 $0.26 $0.31
Diluted Earnings Per Share $0.67 $0.26 $0.31
COMMON SHARES
Basic Shares Outstanding 111.3M shares 110.8M shares 110.7M shares
Diluted Shares Outstanding 115.5M shares 114.0M shares

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.7M $81.70M $206.9M
YoY Change 311.36% 87.39% 11.54%
Cash & Equivalents $126.7M $81.70M $206.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $7.500M $7.900M $3.300M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $134.2M $89.60M $210.2M
YoY Change 220.29% 64.4% 4.32%
LONG-TERM ASSETS
Property, Plant & Equipment $3.637B $3.224B $3.028B
YoY Change 21.55% 17.57% 32.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $88.10M $100.5M $101.7M
YoY Change -17.12% -17.15% -19.09%
Other Assets $21.50M $22.80M $20.50M
YoY Change 26.47% -2.56% -44.89%
Total Long-Term Assets $3.843B $3.429B $3.222B
YoY Change 20.79% 15.89% 28.54%
TOTAL ASSETS
Total Short-Term Assets $134.2M $89.60M $210.2M
Total Long-Term Assets $3.843B $3.429B $3.222B
Total Assets $3.977B $3.518B $3.433B
YoY Change 23.38% 16.77% 26.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $60.60M $58.20M $47.00M
YoY Change 15.87% 17.34% -0.21%
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 $47.00M
YoY Change 15.87% 17.34% -0.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.958B $1.774B $1.782B
YoY Change 24.13% 11.59% 35.83%
Other Long-Term Liabilities $26.50M $16.80M $13.70M
YoY Change -45.02% -60.93% -64.51%
Total Long-Term Liabilities $1.985B $1.791B $1.796B
YoY Change 22.08% 9.68% 32.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.60M $58.20M $47.00M
Total Long-Term Liabilities $1.985B $1.791B $1.796B
Total Liabilities $2.045B $1.849B $1.843B
YoY Change 21.88% 9.9% 31.85%
SHAREHOLDERS EQUITY
Retained Earnings -$226.0M -$256.6M -$241.4M
YoY Change -3.86% 5.38% -7.61%
Common Stock $1.974B $1.768B $1.767B
YoY Change 13.39% 15.32% 15.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.758B $1.514B $1.530B
YoY Change
Total Liabilities & Shareholders Equity $3.977B $3.518B $3.433B
YoY Change 23.38% 16.77% 26.74%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income $76.94M $29.25M $34.47M
YoY Change 113.27% -24.25% 53.78%
Depreciation, Depletion And Amortization $26.00M $23.43M $22.79M
YoY Change 20.37% 18.51% 37.04%
Cash From Operating Activities $72.70M $72.00M $75.50M
YoY Change 15.58% 19.21% 45.75%
INVESTING ACTIVITIES
Capital Expenditures -$273.7M -$25.70M -$43.90M
YoY Change 14.76% -92.04% 52.96%
Acquisitions
YoY Change
Other Investing Activities $7.100M -$7.500M $200.0K
YoY Change 7.58% -155.56% -100.96%
Cash From Investing Activities -$266.7M -$33.20M -$43.80M
YoY Change 15.06% -89.26% -11.52%
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 139.7M
YoY Change 53.07% -253.51% -4.05%
NET CHANGE
Cash From Operating Activities 72.70M 72.00M 75.50M
Cash From Investing Activities -266.7M -33.20M -43.80M
Cash From Financing Activities 239.1M -164.1M 139.7M
Net Change In Cash 45.10M -125.3M 171.4M
YoY Change -455.12% -11.7% 15.89%
FREE CASH FLOW
Cash From Operating Activities $72.70M $72.00M $75.50M
Capital Expenditures -$273.7M -$25.70M -$43.90M
Free Cash Flow $346.4M $97.70M $119.4M
YoY Change 14.93% -74.5% 48.32%

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CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2287000
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3728000
CY2014Q4 us-gaap Liabilities And Stockholders Equity
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4402107000
CY2014Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0
CY2014Q4 us-gaap Deferred Income Tax Liabilities
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CY2014Q4 us-gaap Other Notes Payable
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119590000
CY2014Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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7417000
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Equity
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1152634000
CY2014Q4 us-gaap Unrecognized Tax Benefits
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0
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Amount Of Encumbrances
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1872067000
CY2014Q4 us-gaap Other Minority Interests
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984000
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5054000
CY2014Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
265000000
CY2014Q4 us-gaap Line Of Credit
LineOfCredit
138000000
CY2014Q4 us-gaap Liabilities
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2490124000
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
6125000
CY2014Q4 us-gaap Minority Interest In Preferred Unit Holders
MinorityInterestInPreferredUnitHolders
81152000
CY2014Q4 us-gaap Liability For Claims And Claims Adjustment Expense
LiabilityForClaimsAndClaimsAdjustmentExpense
1832000
CY2014Q4 us-gaap Interest Rate Derivative Liabilities At Fair Value
InterestRateDerivativeLiabilitiesAtFairValue
3533000
CY2014Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
5367000
CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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47663000
CY2014Q4 us-gaap Derivative Assets
DerivativeAssets
3583000
CY2014Q4 us-gaap Real Estate Investment Property Net
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4135696000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
23898000
CY2014Q4 us-gaap Deferred Tax Assets Gross
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19297000
CY2014Q4 us-gaap Development In Process
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17870000
CY2014Q4 us-gaap Due From Related Parties Noncurrent
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120230000
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
EquityMethodInvestmentSummarizedFinancialInformationAssets
1477391000
CY2014Q4 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
8891000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Buildings And Improvements
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3586795000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Buildings And Improvements
RealEstateAndAccumulatedDepreciationInitialCostOfBuildingsAndImprovements
3286329000
CY2014Q4 us-gaap Real Estate Federal Income Tax Basis
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4135696000
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
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25245000
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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23798000
CY2014Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
7554000
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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1232000
CY2014Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
840000
CY2014Q4 us-gaap Due From Related Parties
DueFromRelatedParties
11778000
CY2014Q4 us-gaap Notes Receivable Net
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9661000
CY2014Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
85711000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Initial Cost Of Land
RealEstateAndAccumulatedDepreciationInitialCostOfLand
1161721000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Carrying Amount Of Land
RealEstateAndAccumulatedDepreciationCarryingAmountOfLand
1153237000
CY2014Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
31946000
CY2014Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
13054000
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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1176000
CY2014Q4 us-gaap Other Assets
OtherAssets
96014000
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
21204000
CY2014Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21483000
CY2014Q4 us-gaap Fixtures And Equipment Gross
FixturesAndEquipmentGross
24913000
CY2014Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
609000
CY2014Q4 us-gaap Real Estate Heldforsale
RealEstateHeldforsale
0
CY2014Q4 us-gaap Reinsurance Recoverable For Unpaid Claims And Claims Adjustments
ReinsuranceRecoverableForUnpaidClaimsAndClaimsAdjustments
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CY2014Q4 us-gaap Assets
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4402107000
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
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CY2014Q4 us-gaap Deferred Tax Assets State Taxes
DeferredTaxAssetsStateTaxes
6260000
CY2014Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
9342000
CY2014Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
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0
CY2014Q4 us-gaap Real Estate Gross At Carrying Value
RealEstateGrossAtCarryingValue
4722162000
CY2014Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
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CY2014Q4 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquity
25713000
CY2014Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
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0
CY2014Q4 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
7130000
CY2014Q4 us-gaap Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Carrying Costs
RealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionCarryingCosts
291982000
CY2014Q4 exr Deferred Tax Liabilities State Taxes
DeferredTaxLiabilitiesStateTaxes
1576000
CY2014Q4 exr Equity Method Investment Summarized Financial Information Other Assets
EquityMethodInvestmentSummarizedFinancialInformationOtherAssets
34636000
CY2014Q4 exr Equity Method Investment Summarized Financial Information Other Liabilities
EquityMethodInvestmentSummarizedFinancialInformationOtherLiabilities
23490000
CY2014Q4 exr Real Estate Property Acquisition Assets Acquired Liabilities Assumed Net
RealEstatePropertyAcquisitionAssetsAcquiredLiabilitiesAssumedNet
5762000
CY2014Q4 exr Real Estate Property Acquisition Purchase Price Allocation Land
RealEstatePropertyAcquisitionPurchasePriceAllocationLand
139174000
CY2014Q4 exr Real Estate Property Acquisition Purchase Price Allocation Building
RealEstatePropertyAcquisitionPurchasePriceAllocationBuilding
410432000
CY2014Q4 exr Variable Interest Entity Interest In Joint Ventures Number
VariableInterestEntityInterestInJointVenturesNumber
1 JointVenture
CY2014Q4 exr Variable Interest Entity Percentage Of Profit Interest
VariableInterestEntityPercentageOfProfitInterest
0.50 pure
CY2014Q4 exr Investments In Trusts
InvestmentsInTrusts
3590000
CY2014Q4 exr Credit Risk Derivative Liabilities Expected Termination Value On Settlement
CreditRiskDerivativeLiabilitiesExpectedTerminationValueOnSettlement
3757000
CY2014Q4 exr Operating Partnership Units Redemption Amount
OperatingPartnershipUnitsRedemptionAmount
258722000
CY2014Q4 exr Common Stock Average Closing Market Price
CommonStockAverageClosingMarketPrice
59.26
CY2014Q4 exr Number Of Properties Under Construction
NumberOfPropertiesUnderConstruction
1 Store
CY2014Q4 exr Number Of Properties Owned By Joint Venture
NumberOfPropertiesOwnedByJointVenture
19 Store
CY2014Q4 exr Number Of Real Estate Properties Franchisees And Others
NumberOfRealEstatePropertiesFranchiseesAndOthers
260 Store
CY2014Q4 exr Number Of Real Estate Properties Owned And Or Managed
NumberOfRealEstatePropertiesOwnedAndOrManaged
1088 Store
CY2014Q4 exr Tenant Reinsurance Policy Minimum Amount Of Insurance Coverage
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2000000
CY2014Q4 exr Tenant Reinsurance Policy Maximum Amount Of Insurance Coverage
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10000000
CY2014Q4 exr Tenant Reinsurance Policy Average Amount Of Insurance Coverage
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2540000
CY2014Q4 exr Net Operating Real Estate Assets
NetOperatingRealEstateAssets
4117826000
CY2014Q4 exr Real Estate Self Storage Properties Ground Leases Number
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17 Facility
CY2014Q4 exr Maximum Percentage Of Annual Salary Which Plan Participants May Contribute To The Plan
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0.15 pure
CY2014Q4 exr Deferred Tax Assets Tax Deferred Captive Insurance Subsidiary
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447000
CY2014Q4 exr Equity Method Investment Summarized Financial Information Real Estate Investment Property Net
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1442755000
CY2014Q4 exr Equity Method Investment Summarized Financial Information Secured Debt
EquityMethodInvestmentSummarizedFinancialInformationSecuredDebt
301267000
CY2014Q4 exr Lease Obligation Liability
LeaseObligationLiability
713000
CY2014Q4 exr Variable Interest Entity Not Primary Beneficiary Number And Not Consolidated Number
VariableInterestEntityNotPrimaryBeneficiaryNumberAndNotConsolidatedNumber
3 Entity
CY2012Q1 exr Gain Recognized From Dissolution Of Joint Venture And Final Distribution
GainRecognizedFromDissolutionOfJointVentureAndFinalDistribution
5550000
CY2012Q4 exr Gain Recognized From Dissolution Of Joint Venture And Final Distribution
GainRecognizedFromDissolutionOfJointVentureAndFinalDistribution
1409000
CY2013Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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CY2013Q2 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
950000
CY2013Q4 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0
CY2013Q4 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
2025000
CY2013Q4 exr Divestiture Of Interest In Parcel Of Undeveloped Land Held For Sale
DivestitureOfInterestInParcelOfUndevelopedLandHeldForSale
0.50 pure
CY2013Q4 exr Percentage Of Interest In Real Estate Held By Buyer As Tenant In Common
PercentageOfInterestInRealEstateHeldByBuyerAsTenantInCommon
0.50 pure
CY2012Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5980000 shares
CY2012Q4 us-gaap Payments Of Stock Issuance Costs
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300000
CY2012Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
202900000
CY2012Q4 exr Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
203200000
CY2013Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4500000 shares
CY2013Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
157000
CY2013Q4 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
205988000
CY2013Q4 exr Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
206145000
CY2013Q4 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
160000
CY2013Q4 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
3250000
CY2012Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8050000 shares
CY2012Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
483000
CY2013Q1 exr Increase In Profit Interest Percentage By Parent In Joint Venture Partner In Consolidated Self Storage Property
IncreaseInProfitInterestPercentageByParentInJointVenturePartnerInConsolidatedSelfStorageProperty
0.17 pure
CY2012Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
226688000
CY2012Q2 exr Gross Proceeds From Issuance Of Common Stock
GrossProceedsFromIssuanceOfCommonStock
227171000
CY2013Q1 exr Number Of Joint Venture Partners In Consolidated Self Storage Property Ownership Interest Acquired
NumberOfJointVenturePartnersInConsolidatedSelfStoragePropertyOwnershipInterestAcquired
1 Store
CY2013Q1 exr Increase In Minority Interest Ownership Percentage By Parent In Joint Venture Partner In Consolidated Self Storage Property
IncreaseInMinorityInterestOwnershipPercentageByParentInJointVenturePartnerInConsolidatedSelfStorageProperty
0.017 pure
CY2013Q1 exr Payments To Acquire Interest In Joint Venture Partner In Consolidated Self Storage Property
PaymentsToAcquireInterestInJointVenturePartnerInConsolidatedSelfStorageProperty
200000
CY2013Q4 exr Number Of Joint Venture Partners In Consolidated Self Storage Property Ownership Interest Acquired
NumberOfJointVenturePartnersInConsolidatedSelfStoragePropertyOwnershipInterestAcquired
1 Store
CY2013Q4 exr Increase In Minority Interest Ownership Percentage By Parent In Joint Venture Partner In Consolidated Self Storage Property
IncreaseInMinorityInterestOwnershipPercentageByParentInJointVenturePartnerInConsolidatedSelfStorageProperty
0.10 pure
CY2013Q4 exr Payments To Acquire Interest In Joint Venture Partner In Consolidated Self Storage Property
PaymentsToAcquireInterestInJointVenturePartnerInConsolidatedSelfStorageProperty
1292000
CY2013Q2 us-gaap Gain Loss On Condemnation
GainLossOnCondemnation
800000
CY2013Q2 exr Number Of Stores Which Portion Of Land Condemned
NumberOfStoresWhichPortionOfLandCondemned
1 Store
CY2013Q2 exr Number Of Joint Venture Partners In Consolidated Self Storage Property Ownership Interest Acquired
NumberOfJointVenturePartnersInConsolidatedSelfStoragePropertyOwnershipInterestAcquired
1 Store
CY2013Q2 exr Increase In Minority Interest Ownership Percentage By Parent In Joint Venture Partner In Consolidated Self Storage Property
IncreaseInMinorityInterestOwnershipPercentageByParentInJointVenturePartnerInConsolidatedSelfStorageProperty
0.276 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
CY2013 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.53
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
49075 shares
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
14.81
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.74
CY2013 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.052 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.024 pure
CY2013 us-gaap Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
95938000
CY2013 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
271259000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.04 pure
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2013 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
1.60
CY2013 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.003 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.009 pure
CY2013 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued
3342691 shares
CY2013 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.45
CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.002 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.000 pure
CY2013 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.279 pure
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113105094 shares
CY2013 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.54
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
38.40
CY2013 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
1.61
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.42 pure
CY2013 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
391543 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
111349361 shares
CY2013 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
205988000
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
25335000
CY2013 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
173581000
CY2013 us-gaap Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
-1277000
CY2013 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
960000
CY2013 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
4475000
CY2013 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
1000
CY2013 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
13262000
CY2013 us-gaap Undistributed Earnings
UndistributedEarnings
-567000
CY2013 us-gaap Repayments Of Debt
RepaymentsOfDebt
664372000
CY2013 us-gaap Profit Loss
ProfitLoss
185556000
CY2013 us-gaap Partners Capital Account Acquisitions
PartnersCapitalAccountAcquisitions
119216000
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Current Year1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidCurrentYear1
2627000
CY2013 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-8725000
CY2013 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
46032000
CY2013 us-gaap Business Combination Consideration Transferred Including Equity Interest In Acquiree Held Prior To Combination1
BusinessCombinationConsiderationTransferredIncludingEquityInterestInAcquireeHeldPriorToCombination1
704449000
CY2013 us-gaap Adjustments To Additional Paid In Capital Equity Component Of Convertible Debt
AdjustmentsToAdditionalPaidInCapitalEquityComponentOfConvertibleDebt
14496000
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
5896000
CY2013 us-gaap Payments To Acquire Furniture And Fixtures
PaymentsToAcquireFurnitureAndFixtures
6524000
CY2013 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
163014000
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
213483000
CY2013 us-gaap Noncash Or Part Noncash Acquisition Debt Assumed1
NoncashOrPartNoncashAcquisitionDebtAssumed1
110803000
CY2013 us-gaap Interest Rate Cash Flow Hedge Gain Loss Reclassified To Earnings Net
InterestRateCashFlowHedgeGainLossReclassifiedToEarningsNet
-8917000
CY2013 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
196505000
CY2013 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
-4562000
CY2013 us-gaap Income Taxes Paid
IncomeTaxesPaid
1916000
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
137855000
CY2013 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
179792000
CY2013 us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
349959000
CY2013 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
41000
CY2013 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
413778000
CY2013 us-gaap Interest Paid Net
InterestPaidNet
66705000
CY2013 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
260487000
CY2013 us-gaap Direct Premiums Earned
DirectPremiumsEarned
47317000
CY2013 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
567000
CY2013 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
6466000
CY2013 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
7975000
CY2013 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
1516000
CY2013 us-gaap Operating Leases Income Statement Minimum Lease Revenue
OperatingLeasesIncomeStatementMinimumLeaseRevenue
446682000
CY2013 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
171509000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
172076000
CY2013 us-gaap Investment Income Interest
InvestmentIncomeInterest
749000
CY2013 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
119216000
CY2013 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4819000
CY2013 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
3193000
CY2013 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
8006000
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5896000
CY2013 us-gaap Advertising Expense
AdvertisingExpense
6482000
CY2013 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
13718000
CY2013 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
520613000
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
25335000
CY2013 us-gaap Management Fees Revenue
ManagementFeesRevenue
26614000
CY2013 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Claims Paid Prior Years1
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseClaimsPaidPriorYears1
1252000
CY2013 us-gaap Income Tax Reconciliation Tax Exempt Income
IncomeTaxReconciliationTaxExemptIncome
-53519000
CY2013 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
11653000
CY2013 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions
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CY2013 us-gaap Gains Losses On Extinguishment Of Debt
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78 Property
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425705 shares
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CY2013 exr Interest Income On Note Receivable From Preferred Partnership Unit Holders
InterestIncomeOnNoteReceivableFromPreferredPartnershipUnitHolders
4850000
CY2013 exr Gain Loss On Sale Of Real Estate Assets And Purchase Of Partners Interests
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46032000
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5474000
CY2013 exr Incremental Common Shares Attributable To Exchangeable Preferred Operating Partnership Units
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5750000
CY2013 exr Real Estate Property Acquisition Previous Equity Interest
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CY2013 exr Real Estate Property Acquisition Closing Costs Expensed
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5461000
CY2013 exr Noncash Or Part Noncash Acquisition Notes Payable Assumed And Immediately Defeased
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41000
CY2013 exr Noncontrolling Interest Increase Related To Consolidated Joint Venture
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CY2013 exr Income Tax Credits And Adjustments Federal
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-4556000
CY2013 exr Number Of Claims Made Under Tenant Reinsurance Program
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2316 Item
CY2013 exr Income Tax Credits And Adjustments State
IncomeTaxCreditsAndAdjustmentsState
0
CY2013 exr Payments For Proceeds From Notes Receivable
PaymentsForProceedsFromNotesReceivable
5000000
CY2014 us-gaap Common Stock Voting Rights
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All holders of the Company's common stock are entitled to receive dividends and to one vote on all matters submitted to a vote of stockholders.
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14.85
CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
Extra Space Storage Inc.
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes
CY2014 dei Trading Symbol
TradingSymbol
EXR
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.03
CY2014 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014 dei Entity Voluntary Filers
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No
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
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CY2014 us-gaap Nature Of Operations
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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>DESCRIPTION OF BUSINESS</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Extra Space Storage&#xA0;Inc. (the &#x201C;Company&#x201D;) is a fully integrated,&#xA0;<font style="WHITE-SPACE: nowrap">self-administered</font>&#xA0;and&#xA0;<font style="WHITE-SPACE: nowrap">self-managed</font>&#xA0;real estate investment trust (&#x201C;REIT&#x201D;), formed as a Maryland Corporation on April&#xA0;30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage properties located throughout the United States. The Company continues the business of Extra Space Storage&#xA0;LLC and its subsidiaries, which had engaged in the&#xA0;<font style="WHITE-SPACE: nowrap">self-storage</font>&#xA0;business since 1977. The Company&#x2019;s interest in its stores is held through its operating partnership, Extra Space Storage&#xA0;LP (the &#x201C;Operating Partnership&#x201D;), which was formed on May&#xA0;5, 2004. The Company&#x2019;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 (the &#x201C;Internal Revenue Code&#x201D;). 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.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company invests in stores by acquiring&#xA0;<font style="WHITE-SPACE: nowrap">wholly-owned</font>&#xA0;stores or by acquiring an equity interest in real estate entities. At December&#xA0;31, 2014, the Company had direct and indirect equity interests in 828 storage facilities. In addition, the Company managed 260 stores for third parties bringing the total number of stores which it owns and/or manages to 1,088. These stores are located in 35 states, Washington, D.C. and Puerto Rico.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company operates in three distinct segments: (1)&#xA0;rental operations; (2)&#xA0;tenant reinsurance; and (3)&#xA0;property management, acquisition and development. The rental operations activities include rental operations of stores in which we have an ownership interest. No single tenant accounts for more than 5.0% of rental income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company&#x2019;s stores. The Company&#x2019;s property management, acquisition and development activities include managing, acquiring, developing and selling stores.</p> </div>
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CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> </div>
CY2014 dei Document Period End Date
DocumentPeriodEndDate
2014-12-31
CY2014 us-gaap Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Issued
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1228390 shares
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CY2014 us-gaap Schedule Of Liability For Unpaid Claims And Claims Adjustment Expense
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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The following table presents information on the Company&#x2019;s unpaid claims liability for the periods presented:</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 12pt 'Times New Roman'; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="10" align="center"><b>For the Year Ended<br /> December&#xA0;31,</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'"> <td valign="bottom" nowrap="nowrap"> <p style="FONT-SIZE: 8pt; FONT-FAMILY: 'Times New Roman'; BORDER-BOTTOM: rgb(0,0,0) 1pt solid; WIDTH: 97.7pt"> <b>Tenant Reinsurance Claims:</b></p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2014</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2013</b></td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center"><b>2012</b></td> <td valign="bottom">&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'" bgcolor="#CCEEFF"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Unpaid claims liability at beginning of year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,236</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,414</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">$</td> <td valign="bottom" align="right">715</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'"> <td valign="top"> <p style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; MARGIN-LEFT: 1em; TEXT-INDENT: -1em"> Claims and claim adjustment expense for claims incurred in the current year</p> </td> <td valign="bottom">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">5,126</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,817</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom">&#xA0;</td> <td valign="bottom" align="right">3,417</td> <td valign="bottom" nowrap="nowrap">&#xA0;&#xA0;</td> </tr> <tr style="FONT-SIZE: 10pt; 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