Extra Space Storage (EXR) FY2023 results: revenue $2.6 billion, up 33.1% on the year
Extra Space Storage Inc. (EXR) reported revenue of $2.6 billion for fiscal 2023, the year ended 31 December 2023, up 33.1% on the year before. Net income was $803 million, down 6.7%, and diluted earnings per share $4.74. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.
Revenue
$2.6 billion
+33.1% on the year
FY2016FY2023
Operating margin
45.7%
54.6% a year earlier
FY2016FY2023
Net income
$803 million
-6.7% on the year
FY2016FY2023
Diluted EPS
$4.74
-26.1% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ million except per share. Read moreFree 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
1,402
1,238
952
+13.3%
Capital expenditure
136
1,193
56.2
-88.6%
Free cash flow
1,267
44.9
896
+2,723.0%
Free cash flow margin
49.5%
2.3%
56.8%
Cash from investing
-1,818
-1,648
-838
Cash from financing
423
432
-167
-2.0%
Depreciation and amortisation
506
288
242
+75.5%
Share-based compensation
26.5
21.4
17.3
+23.8%
Buybacks
0.0
63.0
0.0
Dividends paid
1,046
805
601
+29.9%
Dividend per share
$6.48
$6.00
$4.50
+8.0%
Diluted shares, weighted
169m
142m
140m
+19.4%
Shares outstanding at period end
211m
134m
134m
+57.8%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
14,391
3,260
3,116
+341.5%
Non-controlling interest
1,023
819
669
+25.0%
Debt
11,017
7,331
5,958
+50.3%
Other liabilities
1,026
758
731
+35.3%
Total liabilities and equity
27,456
12,167
10,474
+125.7%
Fixed assets
48.7
42.8
29.1
+13.8%
Goodwill
171
171
0.0
0.0%
Intangible assets
66.3
0.0
n/a
Cash and equivalents
99.1
92.9
71.1
+6.7%
Other assets
27,071
11,861
10,374
+128.2%
Total assets
27,456
12,167
10,474
+125.7%
10-K for the year ended 31 December 2023, filed 29 February 2024: the filing.