Extra Space Storage (EXR) has reported a marginal fall of 0.38 percent in profit for the quarter ended Mar. 31, 2017. The company has earned $82.28 million, or $0.64 a share, compared with $82.59 million or $0.66 a share, a year ago.
Revenue during the quarter grew 14.65 percent to $263.01 million from $229.40 million in the previous year period.
Total expenses were $138.80 million for the quarter, up 2.23 percent or $3.03 million from year-ago period. Operating margin for the quarter expanded 641 basis points over the previous year period to 47.22 percent.
Operating income for the quarter was $124.20 million, compared with $93.63 million in the previous year period.
Revenue from real estate activities during the quarter increased 14.99 percent or $31.30 million to $240.15 million.
Income from operating leases during the quarter rose 16.04 percent or $32 million to $231.49 million.
Income from management fees during the quarter dropped 7.48 percent or $0.70 million to $8.66 million.
Joseph D. Margolis, chief executive officer of Extra Space Storage Inc., commented: "We started the year with an excellent first quarter. We experienced the benefits of a highly diversified portfolio with certain markets accelerating, while others moderated. Our same-store revenue growth was solid at 5.8% and expenses were better than expected, resulting in same-store NOI growth of 9.2%. Quarter-end occupancy was over 92%, and we are well positioned as we head into our busy season. Our strong same-store NOI growth helped increase FFO as adjusted by 20%."
Net receivables were at $6.25 million as on Mar. 31, 2017, down 60.28 percent or $9.49 million from year-ago.
Real estate investments stood at $79.38 million as on Mar. 31, 2017, down 11.03 percent or $9.84 million from year-ago.
Total assets grew 11.81 percent or $742.94 million to $7,034.36 million on Mar. 31, 2017. On the other hand, total liabilities were at $4,448.54 million as on Mar. 31, 2017, up 15.07 percent or $582.51 million from year-ago.
Return on assets moved down 13 basis points to 1.79 percent in the quarter. At the same time, return on equity moved down 22 basis points to 3.18 percent in the quarter.
Debt moves upTotal debt was at $4,291.46 million as on Mar. 31, 2017, up 16.55 percent or $609.27 million from year-ago. Shareholders equity stood at $2,585.82 million as on Mar. 31, 2017, up 6.61 percent or $160.43 million from year-ago. As a result, debt to equity ratio went up 14 basis points to 1.66 percent in the quarter.
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