Summary
Extra Space Storage Inc. (EXR) reported solid financial results for the nine months ended September 30, 2019. Total revenues increased by 9.4% year-over-year to $972.7 million, driven primarily by a 8.9% rise in property rental revenue and an 11.0% increase in tenant reinsurance revenue. This growth was fueled by the acquisition of new stores and increased rental rates at existing stabilized properties. The company's property operations expenses also saw an increase, largely due to the expansion of its store portfolio. Net income attributable to common stockholders for the nine-month period was $307.7 million, a slight decrease from $313.8 million in the prior year, impacted by a gain on real estate transactions in the prior year and increased interest expenses. Funds From Operations (FFO) attributable to common stockholders and unit holders increased by 6.9% to $492.9 million, demonstrating the company's operational profitability. The company maintained strong liquidity, with $62.3 million in cash and cash equivalents and an available revolving credit line, positioning it well for future growth and operational demands.
Financial Highlights
37 data points| Revenue | $337.50M |
| Cost of Revenue | $88.65M |
| Gross Profit | $248.85M |
| Operating Expenses | $174.87M |
| Operating Income | $162.64M |
| Interest Expense | $5.68M |
| Net Income | $108.09M |
| EPS (Basic) | $0.84 |
| EPS (Diluted) | $0.83 |
| Shares Outstanding (Basic) | 128.78M |
| Shares Outstanding (Diluted) | 137.32M |
Key Highlights
- 1Total revenues for the nine months ended September 30, 2019, grew 9.4% to $972.7 million compared to $889.3 million in the prior year.
- 2Property rental revenue increased by 8.9% year-over-year to $841.5 million, driven by acquisitions and higher rental rates.
- 3Funds From Operations (FFO) attributable to common stockholders and unit holders increased 6.9% to $492.9 million for the nine months ended September 30, 2019.
- 4The company's balance sheet shows total assets of $8.32 billion and total liabilities of $5.41 billion as of September 30, 2019.
- 5Cash and cash equivalents stood at $62.3 million as of September 30, 2019, indicating healthy liquidity.
- 6Same-store rental revenues increased by 3.3% for the three months ended September 30, 2019, and by 3.8% for the nine months ended September 30, 2019, indicating strong performance in existing properties.
- 7The company continued to expand its portfolio, owning or having ownership interests in 1,167 operating stores as of September 30, 2019, an increase from 1,099 stores in the prior year period.