2017 Q1 Form 10-Q Financial Statement

#000162828017005050 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $263.0M $229.4M
YoY Change 14.65% 32.48%
Cost Of Revenue $66.65M $61.11M
YoY Change 9.05% 29.35%
Gross Profit $196.4M $168.3M
YoY Change 16.68% 33.66%
Gross Profit Margin 74.66% 73.36%
Selling, General & Admin $18.80M $23.40M
YoY Change -19.66% 44.44%
% of Gross Profit 9.57% 13.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $49.43M $42.90M
YoY Change 15.23% 40.98%
% of Gross Profit 25.17% 25.49%
Operating Expenses $68.20M $66.30M
YoY Change 2.87% 42.27%
Operating Profit $124.2M $93.63M
YoY Change 32.66% 24.12%
Interest Expense $35.97M $31.36M
YoY Change 14.7% 46.33%
% of Operating Profit 28.96% 33.49%
Other Income/Expense, Net
YoY Change
Pretax Income $89.28M $62.42M
YoY Change 43.03% 12.72%
Income Tax $3.124M $2.765M
% Of Pretax Income 3.5% 4.43%
Net Earnings $82.28M $82.59M
YoY Change -0.38% 53.68%
Net Earnings / Revenue 31.28% 36.0%
Basic Earnings Per Share $0.65 $0.66
Diluted Earnings Per Share $0.64 $0.66
COMMON SHARES
Basic Shares Outstanding 125.6M shares 124.8M shares
Diluted Shares Outstanding 132.6M shares 132.0M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.30M $49.80M
YoY Change -41.16% 9.93%
Cash & Equivalents $29.31M $49.75M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $6.300M $15.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $35.60M $65.50M
YoY Change -45.65% 35.33%
LONG-TERM ASSETS
Property, Plant & Equipment $6.771B $5.934B
YoY Change 14.1% 41.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $79.40M $89.20M
YoY Change -10.99% 4.21%
Other Assets $12.20M $32.00M
YoY Change -61.88% -9.6%
Total Long-Term Assets $6.999B $6.226B
YoY Change 12.41% 40.99%
TOTAL ASSETS
Total Short-Term Assets $35.60M $65.50M
Total Long-Term Assets $6.999B $6.226B
Total Assets $7.034B $6.291B
YoY Change 11.81% 40.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $77.10M $77.10M
YoY Change 0.0% 7.68%
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 $77.10M $77.10M
YoY Change 0.0% 7.68%
LONG-TERM LIABILITIES
Long-Term Debt $4.292B $3.682B
YoY Change 16.55% 50.82%
Other Long-Term Liabilities $80.00M $106.7M
YoY Change -25.02% 142.5%
Total Long-Term Liabilities $4.372B $3.789B
YoY Change 15.38% 52.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.10M $77.10M
Total Long-Term Liabilities $4.372B $3.789B
Total Liabilities $4.449B $3.866B
YoY Change 15.07% 51.19%
SHAREHOLDERS EQUITY
Retained Earnings -$355.2M -$328.8M
YoY Change 8.02% 27.08%
Common Stock $2.568B $2.508B
YoY Change 2.42% 25.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.236B $2.143B
YoY Change
Total Liabilities & Shareholders Equity $7.034B $6.291B
YoY Change 11.81% 40.93%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $82.28M $82.59M
YoY Change -0.38% 53.68%
Depreciation, Depletion And Amortization $49.43M $42.90M
YoY Change 15.23% 40.98%
Cash From Operating Activities $113.1M $95.47M
YoY Change 18.49% 9.23%
INVESTING ACTIVITIES
Capital Expenditures -$45.70M -$242.3M
YoY Change -81.14% 197.67%
Acquisitions
YoY Change
Other Investing Activities $43.90M -$16.40M
YoY Change -367.68% 62.38%
Cash From Investing Activities -$1.743M -$258.7M
YoY Change -99.33% 182.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $73.57M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$127.6M $137.2M
YoY Change -193.02% 7968.0%
NET CHANGE
Cash From Operating Activities $113.1M $95.47M
Cash From Investing Activities -$1.743M -$258.7M
Cash From Financing Activities -$127.6M $137.2M
Net Change In Cash -$16.20M -$26.05M
YoY Change -37.8% 985.25%
FREE CASH FLOW
Cash From Operating Activities $113.1M $95.47M
Capital Expenditures -$45.70M -$242.3M
Free Cash Flow $158.8M $337.8M
YoY Change -52.98% 100.1%

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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2016Q1 us-gaap Net Income Loss
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CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2016Q1 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
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3180000 USD
CY2017Q1 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
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3951000 USD
CY2016Q4 us-gaap Notes Payable
NotesPayable
3213588000 USD
CY2017Q1 us-gaap Notes Payable
NotesPayable
3198870000 USD
CY2017Q1 us-gaap Number Of Real Estate Properties
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1020 store
CY2017Q1 us-gaap Number Of Reportable Segments
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3 segment
CY2017Q1 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
38 state
CY2016Q1 us-gaap Operating Income Loss
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93628000 USD
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231493000 USD
CY2016Q4 us-gaap Other Assets
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167076000 USD
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CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q1 us-gaap Payments Of Dividends Common Stock
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CY2016Q1 us-gaap Payments Of Dividends Minority Interest
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CY2017Q1 us-gaap Payments Of Dividends Minority Interest
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8443000 USD
CY2016Q1 us-gaap Payments Of Financing Costs
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CY2017Q1 us-gaap Payments Of Financing Costs
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253000 USD
CY2016Q1 us-gaap Payments To Acquire Equity Method Investments
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4794000 USD
CY2017Q1 us-gaap Payments To Acquire Equity Method Investments
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1519000 USD
CY2016Q1 us-gaap Payments To Acquire Furniture And Fixtures
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908000 USD
CY2017Q1 us-gaap Payments To Acquire Furniture And Fixtures
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CY2016Q1 us-gaap Payments To Acquire Real Estate
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234820000 USD
CY2017Q1 us-gaap Payments To Acquire Real Estate
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39136000 USD
CY2016Q1 us-gaap Payments To Develop Real Estate Assets
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CY2017Q1 us-gaap Payments To Develop Real Estate Assets
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CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2016Q4 us-gaap Preferred Stock Shares Authorized
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CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2016Q4 us-gaap Preferred Stock Shares Issued
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CY2017Q1 us-gaap Preferred Stock Shares Issued
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CY2016Q4 us-gaap Preferred Stock Shares Outstanding
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CY2017Q1 us-gaap Preferred Stock Shares Outstanding
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CY2016Q4 us-gaap Preferred Stock Value
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0 USD
CY2017Q1 us-gaap Preferred Stock Value
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CY2016Q1 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
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272000 USD
CY2017Q1 us-gaap Proceeds And Excess Tax Benefit From Sharebased Compensation
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0 USD
CY2016Q1 us-gaap Proceeds From Collection Of Notes Receivable
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CY2017Q1 us-gaap Proceeds From Collection Of Notes Receivable
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CY2016Q1 us-gaap Proceeds From Derivative Instrument Financing Activities
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CY2017Q1 us-gaap Proceeds From Derivative Instrument Financing Activities
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CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
13000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
89407000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
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CY2016Q4 us-gaap Real Estate Investment Property Net
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CY2017Q1 us-gaap Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
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CY2016Q4 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
79570000 USD
CY2017Q1 us-gaap Real Estate Investments Unconsolidated Real Estate And Other Joint Ventures
RealEstateInvestmentsUnconsolidatedRealEstateAndOtherJointVentures
79385000 USD
CY2016Q1 us-gaap Real Estate Revenue Net
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229403000 USD
CY2017Q1 us-gaap Real Estate Revenue Net
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CY2016Q1 us-gaap Repayments Of Debt
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CY2017Q1 us-gaap Repayments Of Debt
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CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2017Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2016Q4 us-gaap Stockholders Equity
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CY2017Q1 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2016Q1 us-gaap Transfer Of Investments
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CY2017Q1 us-gaap Transfer Of Investments
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CY2016Q1 us-gaap Undistributed Earnings
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CY2017Q1 us-gaap Undistributed Earnings
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CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2017Q1 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ORGANIZATION</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 properties (&#8220;stores&#8221;) 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 interests in its stores 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. 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></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company invests in stores by acquiring wholly-owned stores or by acquiring an equity interest in real estate entities. At </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had direct and indirect equity interests in </font><font style="font-family:inherit;font-size:10pt;">1,020</font><font style="font-family:inherit;font-size:10pt;"> stores. In addition, the Company managed </font><font style="font-family:inherit;font-size:10pt;">421</font><font style="font-family:inherit;font-size:10pt;"> stores for third parties, bringing the total number of stores which it owns and/or manages to </font><font style="font-family:inherit;font-size:10pt;">1,441</font><font style="font-family:inherit;font-size:10pt;">. These stores are located in </font><font style="font-family:inherit;font-size:10pt;">38</font><font style="font-family:inherit;font-size:10pt;"> states, Washington, D.C. and Puerto Rico.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> distinct segments: (1)&#160;rental operations; (2) tenant reinsurance; and (3)&#160;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 </font><font style="font-family:inherit;font-size:10pt;">5.0%</font><font style="font-family:inherit;font-size:10pt;"> of rental income. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company&#8217;s stores. The Company&#8217;s property management, acquisition and development activities include managing, acquiring and developing stores.</font></div></div>

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