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Extra Space Storage Inc. ( we, our, us or the Company ) is a fully integrated, self-administered and self-managed real estate investment trust ( REIT ) formed as a Maryland corporation on April 30, 2004. We were formed to continue the business of Extra Space Storage LLC and its subsidiaries, which had engaged in the self-storage business since 1977.
41.83% operating margin is above average. ROIC at 5.55%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue grew 3.7%, steady but not accelerating.
Net debt of $11.42B represents 8.9x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.41B
▲ +3.7% YoY
Net Income (TTM)
$944M
▲ +14.0% YoY
Op. Margin
40.76%
▲ +1.2pp YoY
ROIC
5.46%
Cash Flow & Balance Sheet
FCF (TTM)
$1.42B
▼ -8.5% YoY
Op. Cash Flow (TTM)
$1.86B
▼ -2.0% YoY
Net Debt
$11.23B
Cash & Equiv.
$139M
5Y CAGR: +20.0%
3Y CAGR: +206.2%
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