Extra Space Storage Inc. (EXR) 2018年年度报告「NYSE」.pdf

1、BUILT TO LASTANNUAL REPORT 2018A TRACK RECORD OF TOP PERFORMANCEANNUAL REPORT 2018Self-storage is a need-based,recession resilient asset class with high operating margins and low cap-ex requirements.The granularity of assets and tenant base,reduces volatility,tenant risk and market risk.Extra Space

2、Storage enhances the value of existing and newly acquired self-storage facilities,through best-in-class customer acquisition,revenue management and customer service platforms.The consistent growth of our geographically-diverse portfolio through accretive acquisitions,mutually-beneficial joint-ventur

3、e partnerships,and third-party management services add cash flow above and beyond our same-store NOI growth,resulting in strong funds from operations growth,consistent dividend growth and a solid track record of stock appreciation.Extra Space has an appropriately leveraged balance sheet,consisting o

4、f diversified capital sources to provide access to the cheapest sources of funds in different economic climates.Our company and our industry are built to last.SELECTED DATADollars in thousands,except share dataYear Ended December 31,2018 2017 2016OPERATING DATA:Total revenues$1,196,604$1,105,009$991

5、,875Operating expenses$317,402$291,147$265,560General and administrative expenses$81,256$78,961$81,806Depreciation and amortization$209,050$193,296$182,560Interest expense$183,123$158,614$138,459Equity in earnings of real estate ventures$14,452$15,331$12,895Net income$447,080$514,222$397,089OTHER DA

6、TA:FFO(1)diluted$622,976$590,151$494,670Weighted average number of shares diluted(2)134,954,665 135,066,080 133,798,946Cash dividends paid per common share 3.36 3.12 2.93Same-store property occupancy at year end 91.8%91.9%92.0%BALANCE SHEET DATA:Total Assets$7,847,978$7,460,953$7,091,446Total Debt$4