Extra space storage inc. (EXR)
CashFlow / Yearly
Dec'19Dec'18Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09Dec'08
Cash flows from operating activities:
Net income

451,123

447,080

514,222

397,089

209,536

195,896

185,556

127,689

58,423

33,374

39,093

43,349

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization

219,857

209,050

193,296

182,560

133,457

115,076

95,232

74,453

58,014

50,349

52,403

49,566

Amortization of deferred financing costs

11,989

14,286

12,289

12,922

7,779

6,592

5,997

5,889

5,583

4,354

3,877

3,596

Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes

4,742

4,687

5,103

4,980

3,310

2,683

1,404

444

1,761

1,664

2,239

4,060

Non-cash lease expense

1,064

-

-

-872

-2,409

-3,079

-1,194

-1,270

-

-

-

-

Loss on extinguishment of debt related to portfolio acquisition

-

-

-

-

-

-

-9,153

-

-

-

27,928

6,311

Gain on sale of real estate assets

-

-

-

-

-

-

960

-

-

-

-

-

Compensation expense related to stock-based awards

13,051

11,176

9,561

8,045

6,055

4,984

4,819

4,356

5,757

4,580

3,809

3,500

Gain on real estate transactions and impairment of real estate

1,205

30,807

112,789

8,465

1,501

-2,500

-

-

-

-

-

-

Gain on sale of real estate assets and purchase of joint venture partners' interests

-

-

-

69,199

2,857

3,438

46,032

23,670

-

-

-

-

Property casualty loss

-

-

-

-

-

1,724

-

-

-

-

-

-

Loss on sale of investments available for sale

-

-

-

-

-

-

-

-

-

-

-

1,415

Non-cash unrecovered development and acquisition costs

-

-

-

-

-

-

-

-

-

-

19,011

1,727

Loss on sublease

-

-

-

-

-

-

-

-

-

2,000

-

-

Distributions from unconsolidated real estate ventures in excess of earnings

-6,358

-6,867

-4,567

-3,534

-4,531

-4,510

-4,838

-2,581

-7,008

-6,722

-5,968

-5,176

Changes in operating assets and liabilities:
Receivables from related parties and affiliated real estate joint ventures

-

-

-

-

1,436

-71

-1,277

-7,439

8,634

-3,011

12,347

5,976

Other assets

12,482

1,664

12,728

1,614

1,172

1,498

-8,725

-8,746

-7,533

1,676

6,584

9,164

Accounts payable and accrued expenses

15,522

2,736

-10,515

10,075

108

4,920

8,302

7,220

9,837

1,856

-1,675

3,435

Other liabilities

-2,333

14,384

-5,631

208

11,928

6,640

-5,858

2,002

-1,118

-1,419

3,299

4,018

Net cash provided by operating activities

707,686

677,795

597,375

539,263

367,329

337,581

271,259

215,879

144,164

104,815

81,165

98,391

Cash flows from investing activities:
Acquisition of real estate assets

349,494

426,388

653,185

1,086,523

349,897

503,538

349,959

601,727

-

69,588

38,185

127,293

Development and redevelopment of real estate assets

53,717

60,677

31,746

23,279

26,931

23,528

6,466

3,759

202,019

36,062

67,301

66,071

Acquisition of SmartStop, net of cash acquired

-

-

-

-

1,200,853

0

-

-

-

-

-

-

Proceeds from Sale of Other Real Estate

-

-

-

60,813

800

0

-

-

-

15,750

-

-

Proceeds from sale of real estate assets

11,254

52,458

312,165

-

-

-

6,964

-

-

-

4,652

340

Net proceeds from sale of investments available for sale

-

-

-

-

-

-

-

-

-

-

-

-21,812

Change in restricted cash

-

-

-

-

-1,282

3,794

4,475

-8,792

-4,730

-9,036

497

3,781

Investment in unconsolidated real estate entities

197,759

65,500

17,944

28,241

3,434

0

1,516

1,423

4,088

9,699

3,246

50,061

Return of investment in unconsolidated real estate ventures

3,982

49,130

581

16,953

45,080

0

-

2,421

4,614

8,802

1,315

2,915

Issuance of notes receivable

185,993

13,850

0

26,429

-

-

-

-

50,140

-

-

-

Purchase/issuance of notes receivable

-

-

-

-

84,331

29,258

5,000

7,875

-

-

-

-

Principal payments received from notes receivable

157,861

25,226

44,869

42,785

0

0

-

-

-

-

-

-

Purchase of equipment and fixtures

7,764

4,297

7,819

4,968

7,380

4,830

6,524

3,367

5,016

1,945

1,148

2,342

Net cash used in investing activities

-621,630

-443,898

-353,079

-1,048,889

-1,625,664

-564,948

-366,976

-606,938

-251,919

-83,706

-104,410

-224,481

Cash flows from financing activities:
Proceeds from the sale of common stock, net of offering costs

198,827

90,231

0

123,424

446,877

0

205,988

429,588

112,349

-

-

276,601

Proceeds from notes payable and revolving lines of credit

2,214,000

1,413,030

1,325,623

1,900,357

2,121,802

917,664

582,185

1,074,263

475,487

191,062

442,560

42,302

Deferred financing costs

-

-

-

-

9,779

-

-

-

-

-

-

-

Net proceeds from the issuance of 2015 exchangeable senior notes

-

-

-

-

563,500

0

246,250

-

-

-

-

-

Principal payments on notes payable and revolving lines of credit

1,977,805

1,109,854

1,088,679

1,122,442

-

533,128

664,372

921,831

452,347

252,400

212,515

26,575

Principal payments on notes payable to trusts

30,928

88,662

0

0

-

-

-

-

-

-

-

-

Deferred financing costs

2,986

12,302

6,967

17,486

227,212

5,305

7,975

11,607

6,197

4,160

8,716

1,007

Repurchase of exchangeable senior notes

0

80,270

19,916

22,195

1,313,570

0

-

87,663

-

-

87,734

31,721

Net proceeds from exercise of stock options

3,063

1,169

1,266

1,444

1,542

3,095

5,896

10,267

18,622

5,661

-

1,904

Proceeds from termination of interest rate cap

-

-

-

1,650

0

0

-

-

-

-

-

-

Purchase of interest rate cap

-

-

-

-

2,884

0

-

-

-

-

-

-

Payment of earnout from prior acquisition

-

-

-

4,600

0

0

-

-

-

-

-

-

Redemption of Operating Partnership units held by noncontrolling interests

0

2,558

2,510

506

0

4,794

41

155

271

4,116

1,908

-

Contributions from noncontrolling interests

173

122

201

0

0

-

-

-

-

87

-

1,174

Dividends paid on common stock

458,114

424,907

393,040

367,818

269,302

210,091

163,014

88,287

52,027

34,964

32,800

79,120

Distributions to noncontrolling interests

34,243

33,250

31,972

30,997

24,503

19,134

13,262

9,215

8,127

7,479

7,664

10,873

Net cash provided by (used in) financing activities

-88,013

-247,251

-215,994

460,831

1,286,471

148,307

191,655

395,360

87,489

-106,309

91,223

172,685

Net increase (decrease) in cash, cash equivalents, and restricted cash

-1,957

-13,354

28,302

-48,795

28,136

-79,060

95,938

4,301

-20,266

-85,200

67,978

46,595

Supplemental schedule of cash flow information
Interest paid

174,155

159,474

136,202

122,265

89,507

75,218

66,705

65,687

61,726

60,100

64,175

62,831

Income taxes paid

10,359

730

5,648

14,864

1,782

3,418

1,916

831

665

6,539

4,292

-

Supplemental schedule of noncash investing and financing activities:
Redemption of Operating Partnership units held by noncontrolling interests for common stock
Receivables from related parties and affiliated real estate joint ventures

-

-

-

-

-

-

-

-

-

21,142

-

-

Other assets and other liabilities

-

-

-

-

-

-

-

-

-

-51

-

-

Notes payable

-

-

-

-

-

-

-

-

-

21,348

-

-

Common stock and paid-in capital

13,057

1,337

-

577

28,106

10,638

260

2,479

2,344

-

3,583

-

Establishment of operating lease right of use assets and lease liabilities
Establishment of operating lease right of use assets and lease liabilities
Real estate assets - operating lease right-of-use assets

277,557

-

-

-

-

-

-

-

-

-

-

-

Operating lease liabilities

286,914

-

-

-

-

-

-

-

-

-

-

-

Accounts payable and accrued expenses

9,357

-

-

-

-

-

-

-

-

-

-

-

Other assets

-

-

-

2,404

1,727

3,613

3,193

3,476

2,199

836

-414

-

Additional paid-in capital

-

-

-

2,404

1,727

3,613

3,193

3,476

2,199

836

-414

-

Acquisitions of real estate assets
Real estate assets, net

21,066

88,842

51,455

-

-

-

331,230

159,297

137,177

25,963

-

3,621

Notes payable assumed and immediately defeased

-

-

-

-

-

-

98,960

-

-

-

-

-

Notes payable issued to seller

-

-

-

-

-

-

-

8,584

-

-

-

-

Notes payable assumed

17,157

87,500

24,055

-

-

-

110,803

150,284

132,327

25,963

-

-

Investment in unconsolidated real estate ventures

2,780

-535

12,957

0

0

-

-

-

-

404

-

-

Other noncontrolling interests

-

-

-15

-

-

-

2,251

-

-

-104

-

-

Net liabilities assumed

1,129

-

-

-

-

-

-

-

-

-

-

-

Receivables from related parties and affiliated real estate joint ventures

-

-

-

-

-

-

-

-

-

-

18,568

-

Accrued construction costs and capital expenditures
Acquisition of real estate assets

2,203

778

3,509

8,497

2,332

2,799

-

-

-

-

-

-

Development and redevelopment of real estate assets

1,601

554

1,703

125

0

0

-

-

-

-

-

-

Accounts payable and accrued expenses

3,804

1,332

5,212

8,622

2,332

2,799

-

-

-

-

-

-

Contribution of Preferred OP Units to unconsolidated real estate venture
Investments in unconsolidated real estate ventures

28,022

-

-

25,055

0

0

-

-

-

-

-

-

Investment in unconsolidated real estate ventures

-

-

4,351

0

0

-

-

-

-

-

-

-

Value of Preferred Operating Partnership units issued

28,022

-

4,351

0

0

-

-

-

-

-

-

-

Operating Partnership units issued

-

-

-

-

-

-

-

-

-

-

-

-3,621

Real estate assets, net

-

-

-

7,869

0

0

-

-

-

-42,739

-

-

Conversion of Preferred OP Units to common OP Units
Preferred OP Units

4,374

6,851

-

-

-

-

-

-

-

-

-

-

Common OP Units

4,374

6,851

-

-

-

-

-

-

-

-

-

-

Redemption of Operating Partnership units held by noncontrolling interests for common stock
Noncontrolling interests in Operating Partnership

13,057

1,337

-

577

28,106

10,638

260

2,479

2,344

-

3,583

-

Acquisitions of real estate assets
Noncash Or Part Noncash Acquisition Net Real Estate Assets Acquired

-

-

-

84,163

-

-

-

-

-

-

-

-

Value of Operating Partnership units issued

-

1,877

14,428

74,440

-

-

119,216

429

-

-

-

-

Noncash or Part Noncash Acquisition, Debt Assumed

-

-

-

9,723

-

-

-

-

-

-

-

-

Other noncontrolling interests

-

-

-

0

-

-

-

-

-

-

-

-

Acquisition of noncontrolling interests
Operating Partnership units issued

-

-

-

800

-

-

-

-

-

-

-

-

Other noncontrolling interests

-

-

-

162

-

-

-

-

-

-

-

-

Additional paid-in capital

-

-

-

638

-

-

-

-

-

-

-

-

Operating Partnership units redeemed
Operating Partnership units redeemed

-

-

-

7,869

-

-

-

-

-

-

-

-