Extra Space Storage (EXR) has reported 64.66 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $118.09 million, or $0.93 a share in the quarter, compared with $71.72 million, or $0.58 a share for the same period last year. Revenue during the quarter surged 30.22 percent to $257.18 million from $197.50 million in the previous year period.
Total expenses were $134.46 million for the quarter, up 34.20 percent or $34.27 million from year-ago period. Operating margin for the quarter contracted 155 basis points over the previous year period to 47.72 percent.
Operating income for the quarter was $122.72 million, compared with $97.30 million in the previous year period.
Revenue from real estate activities during the quarter surged 30.22 percent or $59.69 million to $257.18 million.
Income from operating leases during the quarter surged 31.61 percent or $53.90 million to $224.45 million. Revenue from tenant reimbursements was $22.73 million for the quarter, up 24.70 percent or $4.50 million from year-ago period.
Income from management fees during the quarter increased 14.70 percent or $1.28 million to $10 million.
Spencer F. Kirk, chief executive officer of Extra Space Storage Inc., commented: "Strong rate growth to new and existing customers drove another quarter of solid revenue and NOI growth. Our same-store performance, together with accretive off-market acquisitions, led to earnings per share growth of 60% and FFO growth of 26%. This marks our 24th consecutive quarter of double-digit FFO growth."
Receivables increase substantiallyNet receivables were at $9.16 million as on Sep. 30, 2016, up 203.58 percent or $6.14 million from year-ago. Real estate investments stood at $85.91 million as on Sep. 30, 2016, up 1.47 percent or $1.24 million from year-ago.
Total assets grew 12.31 percent or $739.22 million to $6,742.06 million on Sep. 30, 2016. On the other hand, total liabilities were at $4,212.68 million as on Sep. 30, 2016, up 16.52 percent or $597.19 million from year-ago.
Return on assets moved up 43 basis points to 1.39 percent in the quarter. At the same time, return on equity moved up 166 basis points to 4.67 percent in the quarter.
Debt moves upTotal debt was at $3,991.90 million as on Sep. 30, 2016, up 15.11 percent or $524.10 million from year-ago. Shareholders equity stood at $2,529.37 million as on Sep. 30, 2016, up 5.95 percent or $142.03 million from year-ago. As a result, debt to equity ratio went up 13 basis points to 1.58 percent in the quarter.
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