$EXR
Extra Space Storage Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515284889 Filed on August 10, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $185.9M $160.7M
YoY Change 15.64% 27.31%
Cost Of Revenue $48.21M $42.29M
YoY Change 13.99% 26.39%
Gross Profit $137.7M $118.4M
YoY Change 16.23% 27.64%
Gross Profit Margin 74.06% 73.69%
Selling, General & Admin $16.70M $15.50M
YoY Change 7.74% 13.14%
% of Gross Profit 12.13% 13.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.55M $28.27M
YoY Change 11.61% 24.08%
% of Gross Profit 22.92% 23.87%
Operating Expenses $48.20M $43.80M
YoY Change 10.05% 20.0%
Operating Profit $81.61M $70.66M
YoY Change 15.49% 32.39%
Interest Expense $22.81M $20.66M
YoY Change 10.42% 12.5%
% of Operating Profit 27.95% 29.24%
Other Income/Expense, Net
YoY Change
Pretax Income $60.14M $43.48M
YoY Change 38.32% 17.37%
Income Tax $2.185M $3.513M
% Of Pretax Income 3.63% 8.08%
Net Earnings $55.34M $41.67M
YoY Change 32.82% 20.89%
Net Earnings / Revenue 29.77% 25.92%
Basic Earnings Per Share $0.47 $0.36
Diluted Earnings Per Share $0.47 $0.36
COMMON SHARES
Basic Shares Outstanding 116.9M shares 115.7M shares
Diluted Shares Outstanding 124.5M shares 121.3M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $175.9M $53.90M
YoY Change 226.35% -73.95%
Cash & Equivalents $175.9M $53.95M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.100M $12.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $178.0M $66.50M
YoY Change 167.67% -68.36%
LONG-TERM ASSETS
Property, Plant & Equipment $4.452B $3.941B
YoY Change 12.97% 30.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.70M $86.80M
YoY Change -2.42% -14.65%
Other Assets $25.40M $20.70M
YoY Change 22.71% 0.98%
Total Long-Term Assets $4.656B $4.142B
YoY Change 12.39% 28.55%
TOTAL ASSETS
Total Short-Term Assets $178.0M $66.50M
Total Long-Term Assets $4.656B $4.142B
Total Assets $4.834B $4.209B
YoY Change 14.85% 22.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $69.40M $65.50M
YoY Change 5.95% 39.36%
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 $69.40M $65.50M
YoY Change 5.95% 39.36%
LONG-TERM LIABILITIES
Long-Term Debt $2.298B $2.174B
YoY Change 5.73% 21.97%
Other Long-Term Liabilities $43.00M $39.00M
YoY Change 10.26% 184.67%
Total Long-Term Liabilities $2.341B $2.213B
YoY Change 5.81% 23.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.40M $65.50M
Total Long-Term Liabilities $2.341B $2.213B
Total Liabilities $2.410B $2.278B
YoY Change 5.81% 23.62%
SHAREHOLDERS EQUITY
Retained Earnings -$272.1M -$247.9M
YoY Change 9.79% 2.68%
Common Stock $2.418B $1.982B
YoY Change 21.98% 12.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.144B $1.737B
YoY Change
Total Liabilities & Shareholders Equity $4.834B $4.209B
YoY Change 14.85% 22.61%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $55.34M $41.67M
YoY Change 32.82% 20.89%
Depreciation, Depletion And Amortization $31.55M $28.27M
YoY Change 11.61% 24.08%
Cash From Operating Activities $95.90M $103.2M
YoY Change -7.07% 36.69%
INVESTING ACTIVITIES
Capital Expenditures -$172.0M -$47.20M
YoY Change 264.41% 7.52%
Acquisitions
YoY Change
Other Investing Activities $10.70M -$9.600M
YoY Change -211.46% -4900.0%
Cash From Investing Activities -$161.3M -$56.80M
YoY Change 183.98% 29.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $416.6M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 196.0M -39.40M
YoY Change -597.46% -128.2%
NET CHANGE
Cash From Operating Activities 95.90M 103.2M
Cash From Investing Activities -161.3M -56.80M
Cash From Financing Activities 196.0M -39.40M
Net Change In Cash 130.6M 7.000M
YoY Change 1765.71% -95.92%
FREE CASH FLOW
Cash From Operating Activities $95.90M $103.2M
Capital Expenditures -$172.0M -$47.20M
Free Cash Flow $267.9M $150.4M
YoY Change 78.13% 25.96%

Facts In Submission

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" 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>ORGANIZATION</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Extra Space Storage&#xA0;Inc. (the &#x201C;Company&#x201D;) is a fully-integrated, self-administered and self-managed 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 (&#x201C;stores&#x201D;) 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&#x2019;s interests in its stores is held through its operating partnership, Extra Space Storage 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 (&#x201C;UPREIT&#x201D;). The Company has elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended. 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; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At June&#xA0;30, 2015, the Company had direct and indirect equity interests in 866 stores. In addition, the Company managed 281 stores for third parties, bringing the total number of stores which it owns and/or manages to 1,147. These stores are located in 35 states, Washington, D.C. and Puerto Rico.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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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Extra Space Storage Inc.
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Reclassifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Certain amounts in the Company&#x2019;s 2014 consolidated financial statements and supporting note disclosures have been reclassified to conform to the current period presentation. Such reclassifications did not impact previously reported net income or accumulated deficit.</p> </div>
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2015-06-30
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ConversionOfUnitsEstimatedIssuanceOfShares
1257389 shares
CY2015Q2 exr Net Income Loss Attributable To Noncontrolling Interest In Operating Partnership
NetIncomeLossAttributableToNoncontrollingInterestInOperatingPartnership
-4276000

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