Extra Space Storage Inc. (EXR) has reported 849.89 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $82.40 million, or $0.65 a share in the quarter, compared with $8.68 million, or $0.07 a share for the same period last year.
Revenue during the quarter grew 15.62 percent to $261.02 million from $225.76 million in the previous year period.
Total expenses were $137.83 million for the quarter, down 25.68 percent or $47.62 million from year-ago period. Operating margin for the quarter expanded 2934 basis points over the previous year period to 47.19 percent.
Operating income for the quarter was $123.18 million, compared with $40.31 million in the previous year period.
Revenue from real estate activities during the quarter increased 15.93 percent or $32.80 million to $238.66 million.
Income from operating leases during the quarter rose 17.04 percent or $33.34 million to $229.01 million.
Income from management fees during the quarter dropped 5.33 percent or $0.54 million to $9.65 million.
Joseph D. Margolis, chief executive officer of Extra Space Storage Inc., commented: "2016 was another strong year for Extra Space. Same-store revenue and NOI growth for the year were among the highest in our history, and earnings and FFO per share increases were among the best of all public real estate companies. We continued to grow our national portfolio with over $1 billion in acquisitions and the addition of over 60 third-party managed stores. Industry fundamentals continue to be sound, and while growth rates have moderated from all-time highs, we anticipate solid revenue, NOI and FFO growth in 2017."
Receivables increase substantially
Net receivables were at $16.61 million as on Dec. 31, 2016, up 653.33 percent or $14.41 million from year-ago.
Real estate investments stood at $79.57 million as on Dec. 31, 2016, down 22.75 percent or $23.44 million from year-ago.
Total assets grew 16.80 percent or $1,020.04 million to $7,091.45 million on Dec. 31, 2016. On the other hand, total liabilities were at $4,495.28 million as on Dec. 31, 2016, up 21.53 percent or $796.48 million from year-ago.
Return on assets moved up 108 basis points to 1.78 percent in the quarter. At the same time, return on equity moved up 281 basis points to 3.17 percent in the quarter.
Debt moves up
Total debt was at $4,306.22 million as on Dec. 31, 2016, up 21.80 percent or $770.60 million from year-ago. Shareholders equity stood at $2,596.17 million as on Dec. 31, 2016, up 9.42 percent or $223.56 million from year-ago. As a result, debt to equity ratio went up 17 basis points to 1.66 percent in the quarter.
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