Extra Space Storage (Extra Space Storage) Operating Income : $1,237 Mil (TTM As of Dec. 2023)

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What is Extra Space Storage Operating Income?

Extra Space Storage's Operating Income for the three months ended in Dec. 2023 was $346 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 was $1,237 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Extra Space Storage's Operating Income for the three months ended in Dec. 2023 was $346 Mil. Extra Space Storage's Revenue for the three months ended in Dec. 2023 was $798 Mil. Therefore, Extra Space Storage's Operating Margin % for the quarter that ended in Dec. 2023 was 43.37%.

Good Sign:

Extra Space Storage Inc operating margin is expanding. Margin expansion is usually a good sign.

Extra Space Storage's 5-Year average Growth Rate for Operating Margin % was 1.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Extra Space Storage's annualized ROC % for the quarter that ended in Dec. 2023 was 4.99%. Extra Space Storage's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 was 521.99%.

Extra Space Storage Operating Income Historical Data

The historical data trend for Extra Space Storage's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Extra Space Storage Operating Income Chart

Extra Space Storage Annual Data

Trend

Dec14

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Operating Income

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633.75

648.07

835.19

1,037.70

1,236.87

Extra Space Storage Quarterly Data
	Mar19	Jun19	Sep19	Dec19	Mar20	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23
Operating Income	Get a 7-Day Free Trial															269.65	263.54	273.34	353.97	346.03

Extra Space Storage Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2023 adds up the quarterly data reported by the company within the most recent 12 months, which was $1,237 Mil.

Extra Space Storage (NYSE:EXR) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Extra Space Storage's annualized ROC % for the quarter that ended in Dec. 2023 is calculated as:

	ROC % (Q: Dec. 2023 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2023 )	+	Invested Capital (Q: Dec. 2023 ))	/ count )
=	1384.104 * ( 1 - 1.86% )	/	( (27208.363	+	27208.541)	/ 2 )
=	1358.3596656	/	27208.452
=	4.99 %

where

	Invested Capital		(Q: Sep. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	27625.818	-	499.569	-	( 216.121	-	max(0, 1122.569	-	1040.455	+	216.121	))
=	27208.363

	Invested Capital		(Q: Dec. 2023 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	27456.262	-	405.587	-	( 99.062	-	max(0, 1087.587	-	929.721	+	99.062	))
=	27208.541

Note: The Operating Income data used here is four times the quarterly (Dec. 2023) data.

2. Joel Greenblatt's definition of Return on Capital:

Extra Space Storage's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2023 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2023 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2023		Q: Dec. 2023
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	1487.804	/	( ( (294.109 + max(-266.546, 0))	+	(275.938 + max(-179.697, 0)) )	/	2 )
=	1487.804	/	( ( 294.109	+	275.938 )	/	2 )
=	1487.804	/	285.0235
=	521.99 %

where Working Capital is:

	Working Capital		(Q: Sep. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(131.614	+	0	+	101.409)	-	(499.569	+	0	+	0)
=	-266.546

	Working Capital		(Q: Dec. 2023 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(134.716	+	0	+	91.174)	-	(405.587	+	0	+	0)
=	-179.697

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2023) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Extra Space Storage's Operating Margin % for the quarter that ended in Dec. 2023 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2023 )	/	Revenue (Q: Dec. 2023 )
	=	346.026	/	797.774
	=	43.37 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Extra Space Storage Operating Income Related Terms

Thank you for viewing the detailed overview of Extra Space Storage's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.

Extra Space Storage (Extra Space Storage) Business Description

Industry

GURUFOCUS.COM » STOCK LIST » Real Estate » REITs » Extra Space Storage Inc (NYSE:EXR) » Definitions » Operating Income

Comparable Companies

Traded in Other Exchanges

FG8:Germany E1XR34:Brazil

Address

2795 East Cottonwood Parkway, Suite 300, Salt Lake City, UT, USA, 84121

Website

http://www.extraspace.com

Extra Space Storage is a fully integrated real estate investment trust that owns, operates, and manages almost 2,400 self-storage properties in 41 states, with over 180 million net rentable square feet of storage space. Of these properties, approximately one half is wholly owned, while some facilities are owned through joint ventures and others are owned by third parties and managed by Extra Space Storage in exchange for a management fee.

Executives

Joseph Saffire	director	6467 MAIN STREET, WILLIAMSVILLE NY 14221
Joseph D Margolis	director	C/O ARSENAL REAL ESTATE FUNDS, 117 ON THE GREEN, 67 PARK PLACE EAST, MORRISTOWN NJ 07960
Joseph J Bonner	director	2795 E COTTONWOOD PARKWAY, SUITE 300, SALT LAKE CITY UT 84121
Mark G Barberio	director	19 WIK STREET, WILLIAMSVILLE NY 14221
Sue Harnett	director	P.O. BOX 195115, SAN JUAN PR 00919-5115
Jennifer Blouin	director	2795 E COTTONWOOD PARKWAY, SUITE 300, SALT LAKE CITY UT 84121
Matthew T Herrington	officer: EVP & COO	2795 E COTTONWOOD PARKWAY, SUITE 300, SALT LAKE CITY UT 84121
Gwyn Goodson Mcneal	officer: EVP/Chief Legal Officer	2795 E COTTONWOOD PARKWAY, SUITE 400, SALT LAKE CITY UT 84121
Samrat Sondhi	officer: SVP Operations	2795 E COTTONWOOD PARKWAY, SUITE 400, SALT LAKE CITY UT 84121
Jefferson Scott Shreve	director	2795 E COTTONWOOD PARKWAY, SUITE 300, SALT LAKE CITY UT 84121
Kenneth M. Woolley	director	2795 EAST COTTONWOOD PARKWAY, SUITE 400, SALT LAKE CITY UT 84121
P Scott Stubbs	officer: Senior VP Accounting	2795 EAST COTTONWOOD PARKWAY, SALT LAKE CITY UT 84121
Diane Olmstead	director	2795 E COTTONWOOD PARKWAY, SUITE 400, SALT LAKE CITY UT 84121
Spencer Kirk	director, officer: Chief Executive Officer	2795 EAST COTTONWOOD PARKWAY, SUITE 400, SALT LAKE CITY UT 84121
William N Springer	officer: EVP, Assets & 3rd Party Mgmt	2795 E COTTONWOOD PARKWAY, SUITE 300, SALT LAKE CITY UT 84121