2019 Q1 Form 10-Q Financial Statement

#000162828019006047 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $311.5M $285.5M
YoY Change 9.13% 8.55%
Cost Of Revenue $78.77M $72.75M
YoY Change 8.26% 9.16%
Gross Profit $232.8M $212.7M
YoY Change 9.42% 8.34%
Gross Profit Margin 74.72% 74.52%
Selling, General & Admin $22.70M $21.50M
YoY Change 5.58% 14.36%
% of Gross Profit 9.75% 10.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $54.66M $51.75M
YoY Change 5.62% 4.69%
% of Gross Profit 23.48% 24.33%
Operating Expenses $77.40M $73.20M
YoY Change 5.74% 7.33%
Operating Profit $148.5M $133.9M
YoY Change 10.88% 7.82%
Interest Expense $47.36M $40.97M
YoY Change 15.61% 13.89%
% of Operating Profit 31.9% 30.59%
Other Income/Expense, Net
YoY Change
Pretax Income $101.3M $93.18M
YoY Change 8.77% 4.36%
Income Tax $1.813M $1.342M
% Of Pretax Income 1.79% 1.44%
Net Earnings $94.77M $88.26M
YoY Change 7.38% 7.26%
Net Earnings / Revenue 30.42% 30.91%
Basic Earnings Per Share $0.74 $0.70
Diluted Earnings Per Share $0.74 $0.70
COMMON SHARES
Basic Shares Outstanding 127.0M shares 125.8M shares
Diluted Shares Outstanding 134.3M shares 132.7M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.00M $35.50M
YoY Change 9.86% 21.16%
Cash & Equivalents $38.99M $35.53M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $39.00M $35.50M
YoY Change 9.86% -0.28%
LONG-TERM ASSETS
Property, Plant & Equipment $7.783B $7.172B
YoY Change 8.52% 5.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $161.0M $63.90M
YoY Change 151.96% -19.52%
Other Assets $7.800M $18.50M
YoY Change -57.84% 51.64%
Total Long-Term Assets $8.094B $7.435B
YoY Change 8.86% 6.23%
TOTAL ASSETS
Total Short-Term Assets $39.00M $35.50M
Total Long-Term Assets $8.094B $7.435B
Total Assets $8.133B $7.471B
YoY Change 8.86% 6.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.30M $108.9M
YoY Change -8.82% 41.25%
Accrued Expenses $103.6M
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 $202.9M $108.9M
YoY Change 86.32% 41.25%
LONG-TERM LIABILITIES
Long-Term Debt $5.001B $4.514B
YoY Change 10.78% 5.19%
Other Long-Term Liabilities $154.7M $130.7M
YoY Change 18.36% 63.37%
Total Long-Term Liabilities $5.156B $4.645B
YoY Change 10.99% 6.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $202.9M $108.9M
Total Long-Term Liabilities $5.156B $4.645B
Total Liabilities $5.359B $4.754B
YoY Change 12.72% 6.87%
SHAREHOLDERS EQUITY
Retained Earnings -$277.7M -$263.4M
YoY Change 5.43% -25.85%
Common Stock $2.650B $2.552B
YoY Change 3.85% -0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.384B $2.344B
YoY Change
Total Liabilities & Shareholders Equity $8.133B $7.471B
YoY Change 8.86% 6.2%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $94.77M $88.26M
YoY Change 7.38% 7.26%
Depreciation, Depletion And Amortization $54.66M $51.75M
YoY Change 5.62% 4.69%
Cash From Operating Activities $169.3M $171.6M
YoY Change -1.32% 51.7%
INVESTING ACTIVITIES
Capital Expenditures -$229.6M -$88.40M
YoY Change 159.73% 93.44%
Acquisitions
YoY Change
Other Investing Activities -$17.40M $57.40M
YoY Change -130.31% 30.75%
Cash From Investing Activities -$247.0M -$30.93M
YoY Change 698.55% 1674.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $51.77M -$172.7M
YoY Change -129.99% 35.34%
NET CHANGE
Cash From Operating Activities $169.3M $171.6M
Cash From Investing Activities -$247.0M -$30.93M
Cash From Financing Activities $51.77M -$172.7M
Net Change In Cash -$25.86M -$31.98M
YoY Change -19.13% 97.41%
FREE CASH FLOW
Cash From Operating Activities $169.3M $171.6M
Capital Expenditures -$229.6M -$88.40M
Free Cash Flow $398.9M $260.0M
YoY Change 53.43% 63.71%

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CY2019Q1 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-top:8px;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 30, 2004, to own, operate, manage, acquire, develop and redevelop professionally managed self-storage properties ("stores") located throughout the United States. The Company was formed to continue the business of Extra Space Storage&#160;LLC and its subsidiaries, which had engaged in the self-storage business since 1977. The Company&#8217;s interest in its stores is held through its operating partnership, Extra Space Storage&#160;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. </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, 2019</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;">1,119</font><font style="font-family:inherit;font-size:10pt;"> stores. In addition, the Company managed </font><font style="font-family:inherit;font-size:10pt;">577</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;">1,696</font><font style="font-family:inherit;font-size:10pt;">. These stores are located in </font><font style="font-family:inherit;font-size:10pt;">40</font><font style="font-family:inherit;font-size:10pt;"> states, Washington, D.C. and Puerto Rico. The Company also offers tenant reinsurance at its owned and managed stores that insures the value of goods in the storage units.</font></div></div>

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