Extra Space Storage (EXR) FY2021 results: revenue $1.6 billion, up 16.3% on the year

Extra Space Storage Inc. (EXR) reported revenue of $1.6 billion for fiscal 2021, the year ended 31 December 2021, up 16.3% on the year before. Net income was $828 million, up 71.8%, and diluted earnings per share $6.19. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$1.6 billion

+16.3% on the year

FY2014FY2021

Operating margin

61.9%

49.1% a year earlier

FY2014FY2021

Net income

$828 million

+71.8% on the year

FY2014FY2021

Diluted EPS

$6.19

+66.8% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,577	1,356	1,308	+16.3%
Cost of revenue	369	361	336	+2.2%
Gross profit	1,209	996	972	+21.4%
Gross margin	76.6%	73.4%	74.3%
Operating income	976	666	635	+46.5%
Operating margin	61.9%	49.1%	48.5%
Interest expense	166	17.2	22.7	+868.9%
Pre-tax income	859	509	451	+68.8%
Income tax	20.3	13.8	11.3	+47.2%
Effective tax rate	2.4%	2.7%	2.5%
Net income	828	482	420	+71.8%
Net margin	52.5%	35.5%	32.1%
Diluted EPS	$6.19	$3.71	$3.24	+66.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	952	771	708	+23.5%
Capital expenditure	56.2	67.3	53.7	-16.5%
Free cash flow	896	704	654	+27.3%
Free cash flow margin	56.8%	51.9%	50.0%
Cash from investing	-838	-955	-622
Cash from financing	-167	241	-88.0
Depreciation and amortisation	242	n/a	220
Share-based compensation	17.3	16.3	13.1	+6.3%
Buybacks	0.0	67.9	0.0
Dividends paid	601	468	458	+28.5%
Dividend per share	$4.50	$0.90	$3.56	+400.0%
Diluted shares, weighted	140m	130m	136m	+8.0%
Shares outstanding at period end	134m	131m	130m	+2.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	3,116	2,548	2,540	+22.3%
Non-controlling interest	669	388	382	+72.4%
Debt	5,958	5,746	5,046	+3.7%
Other liabilities	731	713	564	+2.4%
Total liabilities and equity	10,474	9,396	8,532	+11.5%
Fixed assets	29.1	n/a	n/a
Goodwill	0.0	n/a	n/a
Cash and equivalents	71.1	109	65.7	-34.8%
Other assets	10,374	9,287	8,467	+11.7%
Total assets	10,474	9,396	8,532	+11.5%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.