$EXR
Extra Space Storage Inc.

2015 Q4 Form 10-Q Financial Statement

#000119312515370397 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $225.8M $197.5M $169.1M
YoY Change 37.01% 16.82% 27.01%
Cost Of Revenue $62.80M $48.88M $43.29M
YoY Change 37.72% 12.9% 25.94%
Gross Profit $162.9M $148.6M $125.8M
YoY Change 33.85% 18.16% 27.38%
Gross Profit Margin 72.16% 75.25% 74.39%
Selling, General & Admin $18.10M $16.70M $15.70M
YoY Change 8.38% 6.37% 12.95%
% of Gross Profit 11.11% 11.24% 12.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $40.80M $30.71M $29.25M
YoY Change 39.73% 5.0% 24.85%
% of Gross Profit 25.05% 20.66% 23.26%
Operating Expenses $59.00M $47.40M $45.00M
YoY Change 28.26% 5.33% 20.32%
Operating Profit $40.31M $97.30M $77.49M
YoY Change -42.35% 25.56% 38.22%
Interest Expense -$25.40M $20.81M $20.68M
YoY Change 53.94% 0.63% 27.16%
% of Operating Profit -63.01% 21.39% 26.69%
Other Income/Expense, Net
YoY Change
Pretax Income $14.90M $78.36M $55.03M
YoY Change -71.18% 42.39% 76.23%
Income Tax $3.200M $3.561M -$1.006M
% Of Pretax Income 21.48% 4.54% -1.83%
Net Earnings $8.675M $71.72M $54.23M
YoY Change -80.77% 32.25% 85.43%
Net Earnings / Revenue 3.84% 36.31% 32.07%
Basic Earnings Per Share $0.07 $0.58 $0.47
Diluted Earnings Per Share $0.07 $0.58 $0.47
COMMON SHARES
Basic Shares Outstanding 123.5M shares 122.6M shares 115.7M shares
Diluted Shares Outstanding 130.4M shares 121.6M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.80M $1.116B $49.20M
YoY Change 58.91% 2167.28% -39.78%
Cash & Equivalents $75.80M $1.116B $49.22M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $2.200M $3.000M $12.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $78.00M $1.119B $61.50M
YoY Change 31.09% 1718.7% -31.36%
LONG-TERM ASSETS
Property, Plant & Equipment $5.689B $4.452B $3.955B
YoY Change 37.57% 12.58% 22.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $103.0M $84.70M $86.20M
YoY Change 20.19% -1.74% -14.23%
Other Assets $30.70M $228.6M $26.20M
YoY Change 21.83% 772.52% 14.91%
Total Long-Term Assets $5.993B $4.884B $4.164B
YoY Change 38.66% 17.29% 21.46%
TOTAL ASSETS
Total Short-Term Assets $78.00M $1.119B $61.50M
Total Long-Term Assets $5.993B $4.884B $4.164B
Total Assets $6.071B $6.003B $4.226B
YoY Change 38.55% 42.05% 20.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $82.70M $76.30M $73.50M
YoY Change 26.26% 3.81% 26.29%
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 $82.70M $76.30M $73.50M
YoY Change 26.26% 3.81% 26.29%
LONG-TERM LIABILITIES
Long-Term Debt $3.536B $3.493B $2.189B
YoY Change 50.46% 59.57% 23.35%
Other Long-Term Liabilities $80.50M $46.50M $30.00M
YoY Change 47.17% 55.0% 78.57%
Total Long-Term Liabilities $3.616B $3.539B $2.219B
YoY Change 50.39% 59.51% 23.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.70M $76.30M $73.50M
Total Long-Term Liabilities $3.616B $3.539B $2.219B
Total Liabilities $3.699B $3.615B $2.292B
YoY Change 49.75% 57.72% 23.95%
SHAREHOLDERS EQUITY
Retained Earnings -$337.6M -$273.0M -$248.2M
YoY Change 30.97% 10.01% -3.3%
Common Stock $2.433B $2.403B $1.984B
YoY Change 21.85% 21.14% 12.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.089B $2.109B $1.739B
YoY Change
Total Liabilities & Shareholders Equity $6.071B $6.003B $4.226B
YoY Change 38.55% 42.05% 20.11%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $8.675M $71.72M $54.23M
YoY Change -80.77% 32.25% 85.43%
Depreciation, Depletion And Amortization $40.80M $30.71M $29.25M
YoY Change 39.73% 5.0% 24.85%
Cash From Operating Activities $81.00M $103.0M $88.80M
YoY Change 0.0% 15.99% 23.33%
INVESTING ACTIVITIES
Capital Expenditures -$100.8M -$30.00M -$38.00M
YoY Change -46.58% -21.05% 47.86%
Acquisitions
YoY Change
Other Investing Activities -$1.038B -$203.7M -$5.600M
YoY Change 5280.31% 3537.5% -25.33%
Cash From Investing Activities -$1.139B -$233.6M -$43.50M
YoY Change 447.74% 437.01% 31.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.50M 1.070B -50.00M
YoY Change -85.25% -2240.6% -69.53%
NET CHANGE
Cash From Operating Activities 81.00M 103.0M 88.80M
Cash From Investing Activities -1.139B -233.6M -43.50M
Cash From Financing Activities 18.50M 1.070B -50.00M
Net Change In Cash -1.040B 939.7M -4.700M
YoY Change 64887.5% -20093.62% -96.25%
FREE CASH FLOW
Cash From Operating Activities $81.00M $103.0M $88.80M
Capital Expenditures -$100.8M -$30.00M -$38.00M
Free Cash Flow $181.8M $133.0M $126.8M
YoY Change -32.59% 4.89% 29.79%

Facts In Submission

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dei Document Fiscal Period Focus
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Q3
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; WIDOWS: 1; 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>ORGANIZATION</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'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At September&#xA0;30, 2015, the Company had direct and indirect equity interests in 868 stores. In addition, the Company managed 302 stores for third parties, bringing the total number of stores which it owns and/or manages to 1,170. These stores are located in 36 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'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -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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dei Document Type
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10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001289490
dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Registrant Name
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Extra Space Storage Inc.
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us-gaap Prior Period Reclassification Adjustment Description
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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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CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
78358000
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3561000
CY2015Q3 us-gaap Interest Expense
InterestExpense
20811000
CY2015Q3 us-gaap Costs And Expenses
CostsAndExpenses
100193000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
5456000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
16716000
CY2015Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
805000
CY2015Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
30711000
CY2015Q3 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
3112000
CY2015Q3 us-gaap Cost Of Revenue
CostOfRevenue
48878000
CY2015Q3 exr Incremental Common Shares Attributable To Share Based Payment Arrangements Stock Options
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsStockOptions
638645 shares
CY2015Q3 exr Incremental Common Shares Attributable To Exchangeable Preferred Operating Partnership Units
IncrementalCommonSharesAttributableToExchangeablePreferredOperatingPartnershipUnits
875480 shares
CY2015Q3 exr Minority Interest In Net Income Loss Operating Partnerships And Other
MinorityInterestInNetIncomeLossOperatingPartnershipsAndOther
3370000
CY2015Q3 exr Acquisition Related Costs
AcquisitionRelatedCosts
280000
CY2015Q3 exr Gains Losses On Sales Of Real Estate And Earnout From Prior Acquisitions
GainsLossesOnSalesOfRealEstateAndEarnoutFromPriorAcquisitions
1101000
CY2015Q3 exr Income Loss Attributable To Noncontrolling Interest Fixed Component
IncomeLossAttributableToNoncontrollingInterestFixedComponent
1272000
CY2015Q3 exr Tenant Reinsurance Expense
TenantReinsuranceExpense
3608000
CY2015Q3 exr Interest Income On Note Receivable From Preferred Partnership Unit Holders
InterestIncomeOnNoteReceivableFromPreferredPartnershipUnitHolders
1213000
CY2015Q3 exr Incremental Common Shares Attributable To Conversion Of Operating Partnership Units
IncrementalCommonSharesAttributableToConversionOfOperatingPartnershipUnits
5934539 shares
CY2015Q3 exr Incremental Common Shares Attributable To Share Based Payment Arrangements Restricted Stock Awards
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsRestrictedStockAwards
304610 shares
CY2015Q3 exr Management Fees Revenue And Other Income
ManagementFeesRevenueAndOtherIncome
8723000
CY2015Q3 exr Number Of Preferred Operating Partnership Units
NumberOfPreferredOperatingPartnershipUnits
2928493 shares
CY2015Q3 exr Conversion Of Units Estimated Issuance Of Shares
ConversionOfUnitsEstimatedIssuanceOfShares
1163994 shares
CY2015Q3 exr Net Income Loss Attributable To Noncontrolling Interest In Operating Partnership
NetIncomeLossAttributableToNoncontrollingInterestInOperatingPartnership
-5151000

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