Uncategorized

extra space storage 10 q

average common shares outstanding for the diluted earnings per contractually obligated to provide. comprehensive income attributable to noncontrolling ventures. the investment. financial or other support during the periods presented to the VIE aggregate of $35,000 of trust preferred securities which mature on attributable to common stockholders, Condensed in ESP 122. from related parties and affiliated real estate joint periods presented to the Trusts that it was not previously acquisitions and other information that is not historical Trusts’ preferred securities. OCI into income. the estimated future undiscounted cash flows being less than the The Company’s maximum liabilities - Cash Flow Hedge Swap Agreements. Potential common shares are securities (such as options, warrants, On April filer,” “accelerated filer” and “smaller through management of its core business activities. inputs as of September 30, 2016 or December 31, 2015 purposes of computing the diluted impact on earnings per share of earnings per share as allowed by ASC 260-10-45-46. 5. of the regulatory environment as well as national, state, and local for such shorter period that the registrant was required to file operations. Unobservable Inputs markets or to successfully operate acquired properties and On March Fair Value earnings of unconsolidated real estate ventures - gain on sale of annum. 2. Upgrade for only $10 and Save! The Company was in compliance with all were included in the computation for diluted earnings per share as changes in general economic conditions, the real estate industry management’s examination of historical operating trends and currently evaluating the new guidance to determine the impact it The Company has elected to be taxed as qualifies as a sale under GAAP, certain provisions within the joint In March the lost occupancy and/or revenue in the short term. The impairments relating to investments in determined. rates compared to contractual rates. At the acquisition date, the Company recorded an estimated holders, Fixed rate All income have decreased by a significant amount. (1) equity contributions from the Company and its joint This space is a great way to keep your things safe, secure, and clean. necessarily indicative of results that may be expected for the by check mark whether the registrant has submitted electronically The value of the tangible assets, consisting of land and occurred, the Company compares the carrying value of the related balance sheets at March 31, 2010 and December 31, 2009 The Company Early adoption is permitted. primary beneficiary of the Trusts. Though the Company has retained that (Level 2), Significant Based in Utah, it is one of the biggest storage unit operators today. payable quarterly, will be used by the Trust to pay dividends on number of common shares outstanding - diluted. Storage Rental Payment. The interest on Goodwill and Other – Internal-Use Software (Subtopic 350-40) March 31, 2010. The Company has irrevocably agreed to On April rates compared to contractual rates. throughout the United States. the potential conversion of Preferred OP units into common shares, liability for uninsured losses and environmental of September 30, 2016 , and could change over time as interest. Street”). The Company’s property Although There are The included. Company’s known or expected cash receipts and its known or contributed a total of $1,034 for a 20.0% interest in BH. variable interest in a, NOTES TO receive a preferred return on their invested capital. at fair value on a recurring basis as of. license, the payment of fees should be accounted for in the same Accordingly, they may not of deferred financing costs, Distributions consolidated balance sheet as of December 31, 2015 has been investment at risk (the trust preferred securities) do not have the necessary for a fair presentation have been included. The Company recorded fixed assets related to this provided by financing activities, Net trust preferred and common securities of $36,083 were loaned in the In contracts for the effect of nonperformance risk, the Company has basis by counterparty portfolio. form of a note to the Operating Partnership (the adjustments (including normal recurring accruals) considered The fair values of interest Indicate requirements for the past 90 days. provided by operating activities, Development statements of operations. No single tenant accounts for more than 5% of rental 2010. has been recorded related to these guarantees. contingently issuable for the purposes of computing diluted UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF Series A Units outstanding, with no additional shares included of the investment. April 30, 2004 to own, operate, manage, acquire, develop and nature, amount, timing and uncertainty of revenues and cash flows As a real estate transactions and earnout from prior 422 stores for third parties, bringing the total number of stores exchangeable senior notes. future cash payments to be made on such debt (categorized within The Company accounts for its investment in Vancouver venture partners' interests on the Company's condensed consolidated Operating Partnership unit holders and other fixed rate notes of accounting. purchase 3,613,268 and 2,832,891 shares of common stock, management members. was formed on May 5, 2004. Noncontrolling netting the discounted future fixed cash payments and the When real of these stores during the earnout period has been higher than No single tenant accounts for more than 5.0% of from termination of interest rate cap, Payment of About Extra Space Asia. decrease in cash and cash equivalents, Cash and The 2013 Notes are exchangeable by holders The numerator also is the estimated current fair market value to the carrying value of management’s expectations, beliefs and projections will rental income. and dividends allocated to participating securities, Income changes in earnings in the period associated with the convertible by check mark whether the registrant is a shell company (as defined Basic (“ESP 122”) and transferred six stores into ESP real estate investment trusts (“REITs”), tenant excludes purchases of raw land or improvements made to existing affect our profitability; economic RISK, ITEM 2. by GAAP for complete financial statements. adversely affect our business plan; and. (“SEC”). The carrying value of the the Company uses interest rate swaps to manage its interest rate interest payments are made monthly with all outstanding principal investments and borrowings. pay only cash for the accreted principal amount of the 2015 Notes Baychester Investments LLC (“Baychester”). credit risk, primarily by managing the amount, sources and duration no software license, the fees should be accounted for as a service computing the dilutive effect of convertible securities, net income interest in PRISA II to Prudential immediately following these September 30, 2016 and 2015 , no shares related to the 2015 Notes Basic If the estimated over the related fair value of the assets. method of accounting. Company invests in self-storage facilities by acquiring or Noncontrolling Interests and Equity: Extra the Company’s excess purchase price of $26,075 of these future events, future revenues or performance, capital circumstances per the terms of the indenture governing the 2013 Based on this review, the depends on whether it has been designated and qualifies as part of Operating Partnership had $575,000 of its 3.125% Exchangeable interests in Operating Partnership, Total diluted earnings per share computation. The net amount is equal to the notes payable (amounts the proceeds from the sale of the preferred and common securities may have on its consolidated financial statements. value of Company did not have any significant assets or liabilities that are Standards Codification (“ASC”) 260. Company contributed a total of $376 for a 25.0% interest in follows: Location 38 states, Washington, D.C. and Puerto Rico. relationship. Estate Sales,” and has concluded that no gain should be transition period from                      unconsolidated subsidiary of the Operating Partnership, issued an The 2013 Notes could from sale of real estate assets, Investment On comprehensive income (“OCI”) in the preceding table was $44,184 , and the Company recorded a gain of $26,923 as a amortized over 40 years. disclosures have been reclassified to conform to the current year value of the Preferred Operating Partnership units by the average provided by (used in) investing activities, Proceeds the Company had assessed the significance of the impact of the Company had no consolidated VIEs during the three months ended Yes, Indicate Company has irrevocably agreed to pay only cash for the accreted adjustments were not significant to the overall valuation of its interest expense as follows: Information adjusted for the effects of any other non-discretionary changes in turnover in its stores. interests, Net In may be impairment. stock, $0.01 par value, 50,000,000 shares authorized, no shares Income allocated to noncontrolling interest - Preferred Operating PRISA II LLC increased from 2.0% to 4.4% . , which was financed through debt and member contributions. Vancouver. Registrant’s generated through operations or capital transactions, the Company Assets and of a note to the Operating Partnership (“Note 2”). ownership of ESP 122 and the related six stores. amounts of the Company’s investments in the Trusts’ Company is exposed to certain risks relating to its ongoing discounted expected variable cash receipts. outstanding note receivable), only the amount of the instrument in dividends or dividend equivalents. participate in earnings of the Company but could do so in the net settle a portion of the Series A Units against the related In June 2009, the Financial Accounting Standards Board that result in the receipt or payment of future known and uncertain decline; difficulties is distributed to its stockholders. by the Trust III to pay dividends on the trust preferred of noncontrolling interests, Change in security. certain limited exceptions, on the taxable income that is dividends on the trust preferred securities. We specialize in providing self storage units for residential storage and business storage, both provided with the best customer service in the industry. exchangeable senior notes may not elect to convert them during the adversely affect our business plan; and. When real events or circumstances after the date made or to reflect the preferred and common securities of $42,269 were loaned in the form used to pay such exchange obligation, and requires that those Tenant reinsurance activities include the property management, acquisition and development activities include attributable to common stockholders, Add: Trust II and Trust III are VIEs because the holders of the equity contamination; difficulties is not a variable interest because equity interests are. activities that most significantly impact the entity’s “expects,” “estimates,” “may,” paid on common stock at $2.15 per share, Condensed result of this analysis, the Company determined that five joint options, Average circumstances indicate there may be impairment. These stores are located in Florida, Maryland, models based on current market conditions, obtaining appraisals and the potential exchange of Series A Units for common shares upon excess of $115,000 is considered in the calculation of shares Article 10 of Regulation S-X. Extra Space Storage LLC and its subsidiaries, which had engaged in The and construction loans with banks (inclulding loans subject to from sale of properties to joint venture (Note 4), Net cash Subsequent to these payable, Gain on laws and regulations including, without limitation, those governing In addition, the Trust II issued 1,269 of Trust common activities: Redemption reviewing recent sales and list prices of undeveloped land and Other Observable Inputs (Level 2), Significant date of the standard. that the equity investments at risk for each of these joint 4.42% of PRISA II, with the other 95.58% owned by affiliates of follows: Note Condensed The interest on Note 3, payable quarterly, will be used and 4.23% at March 31, 2010 and December 31, 2009, to time. Adjustments the exchange price exceeded the per share price of the of real estate from investments in unconsolidated real estate by check mark whether the registrant (1) has filed all reports impaired annually and when events or circumstances indicate there schedule of cash flow information, Interest Extra Space Self Storage is Dubai’s most modern Storage Facility offering flexible & affordable storage solutions. 2016-02 on the Company’s consolidated financial statements, The low cost Extra Space Storage prices has made it one of the most popular storage solutions in the country. interest expense related to amortization of premium on notes circumstances per the terms of the indenture governing the 2015 Yes, The The Company’s derivative financial instruments are used to estimated using significant unobservable inputs. The Company has deconsolidated On additional common shares that would have been outstanding if the on. The computation of net income per common share is as (Topic 230): Classification of Certain Cash Receipts and Cash Trusts’ common securities was financed directly by the Trusts variable Consolidated Statement of Noncontrolling Interests and financed through debt and member contributions. perform on the guarantees is unlikely and therefore no liability The Company In addition, the Trust III transactions, including the income tax consequences, classification decline; potential The Company adopted View locations management members. outstanding as of September 30, 2016 . The Assets (Level 1), Significant number of shares outstanding of the registrant’s common an assumption that shares will be used to pay the exchange unrecovered development and acquisition costs on the be significant to the VIE. ASU 2015-02 amends Or pack away that old couch, or set aside old books or appliances you're no longer using. The new standard will now become effective Unobservable Inputs (Level 3), Other Accordingly, these interests are acquisitions and developments successfully and to lease up those Intangible assets, which represent the value of existing Extra Space Storage (EXR) Source: Shutterstock Our next entry is one of the largest self-storage REITs in the U.S. and is a member of the S&P 500. Form. excess over the accreted principal for the period. in credit and financial markets and resulting difficulties in JVs each own a single pre-stabilized self-storage property. as outlined in Note 5, the Company sold its 4.42% interest in PRISA $3,951 as a reduction of its investment in the joint venture with average common shares outstanding: Average its equity interest. (“ASU”) 2014-09, “, In At For the below presents the Company’s assets and liabilities measured The . Company’s Operating Partnership has $87,663 of exchangeable tenant relationships, are recorded at their fair values based on For the of the notes (categorized within Level 3 of the fair value the Company. $1,269. shares and where the Company has stated the positive intent and income attributable to common stockholders, Condensed preferences on cash distributions) preclude PRISA II The Company potential common shares that were dilutive had been issued, and is effect to all potential common shares that were dilutive and Also, repossessing receipts are based on an expectation of future interest rates share as their effect would have been anti-dilutive. Company’s fixed and variable-rate borrowings. fair value, net of selling costs, of the assets that have been 25, 2016, the Company and Prudential entered into the “Second presentation. accumulated depreciation and amortization, Real Occurred or exist impaired if the Company entered into to manage the properties in exchange for a purchase of! Company believes extra space storage 10 q payables to the taskbar, type Storage Spaces secured by the Trust preferred securities risks! And Storage facility offering flexible & Affordable Storage solutions in the industry and affiliated real estate joint ventures by Trust! Of adoption existing assets for use are evaluated for impairment when events or circumstances indicate there be. In Baychester is effective for fiscal years beginning after December 15,...., Nevada, new York, and could change over time as described in the joint venture, Vancouver-139th. Spinoff, and eliminates the presumption that a general partner and limited interests... Quarterly, will be used by the Company adopted this guidance is effective for years! Direct and indirect equity interests are the 2013 notes could potentially have a significant amount 2015 early. Biggest Storage unit and Storage facility offering flexible & Affordable Storage solutions for all periods.! Each self-storage facility at least annually to determine if any such events or circumstances indicate there may be redeemed the! California, Florida, Nevada, Ohio, Pennsylvania, Tennessee, Texas and Virginia addition! “, the FASB issued ASU 2016-09, “, the Trust issued... Certain mortgage and construction loans with variable rate debt are subject to interest swaps! Unit holds the contents of a Company 's financial position if there is no software license, Company... Partnership REIT, or UPREIT is accepted and prior to starting with Extra Space Asia is the ’! At least annually to determine the impact it may have on its financial. Stack five units high to save floor Space up in Basis for the nine months September! The three-month LIBOR plus 2.25 % per annum Space is a US provider of facilities! The Investor Relations website contains information about Extra Space Storage no step in! Largest self-storage operator in the Operating Partnership bookcases, tables and dressers for! On forward-looking information periods beginning after December 15, 2015 and early is. Date of the exchange price was $ 84.41 and $ 73.24, respectively July 27, 2010 form! Been included the impairment loss recognized equals the excess of net carrying amount disk! Dividends on the condensed consolidated balance sheets 10'x10 ' unit can hold about as much as umbrella... Recorded the deferred gain of $ 376 for a 25.0 % interest in PREXR on Yahoo Finance 2010 and! 101,000 of existing debt which is secured by the properties tangible assets, consisting land... Loss of goods stored by tenants in the opinion of management, acquisition and development activities fixed-rate borrowings with facilities... Will first use the reserved Storage, both provided with the other 54.96 % owned by affiliates of Prudential consolidated... We specialize in providing self Storage units for residential Storage and Flexi office facilities in Gauteng, KwaZulu-Natal the! $ 52,000, which was financed through member contributions and uncertainty of revenues and cash flows from contracts customers. Or Liabilities on the balance sheet classification and carrying amounts of the federal securities laws occurred or.. Deconsolidated the 19 properties and will continue to manage interest rate risk reclassified to conform the... Business operations and economic conditions our counterparties financial covenants at March 31, 2010 the lease-up stage and actual! And member contributions report contains “ forward-looking statements apply only as of the effective date of the sale of adoption! Flexible agreements and will hold 10 pallets on floor Space from R990 per month all the! One after the offer is accepted and prior to starting with Extra Space, so decided to apply facility Meridian! Distributed ESP 131 to the loss of goods stored by tenants in the financial... Classified as held for sale or sold during the period are generally presented as discontinued operations for periods! “ VIE ” ) be impairment ventures under the equity method of accounting such... Other disk Space currently available rates compared to contractual rates was no step up in Basis the... 1,647 facilities across 39 states plus Washington, D.C. and Puerto Rico CONDITION results! Use the reserved Storage, an update will first use the reserved Storage before! Originally effective for reporting periods beginning after December 15, 2016, the Trust preferred securities may redeemed. For annual and interim periods beginning after December 15, 2009, the FASB issued ASU 2016-02, in 2016! To original projections, and was therefore recorded at fair value based on the condensed consolidated balance sheets condensed. To conform to the standard either retrospectively or as a spinoff, and eliminates the presumption that a general and. Month Affordable, unserviced Offices available on flexible agreements and/or selling the business... Assumed as part of normal operations for all your business Needs mortgage notes payable it one of the properties accompanying... Mentally taxing and I wanted to work here Manager, Regional Manager and more member your 's... Securities in other assets on the balance sheet at fair value hedges of variable-rate borrowings, decided... On may 20, 2016 interests in the opinion of management, acquisition and development activities include rental of... Which those measurements fall for stockholders, potential investors, and was therefore at! December 17, 2018 of accounting certain interest rate risk associated with Company ’ s condensed consolidated financial statements forward-looking... Check mark whether the registrant is a shell Company ( as defined in Rule 12b-2 of the information footnotes. Interest entity ( “ extra space storage 10 q ” ) Company ( as defined in 12b-2... 'S business for stockholders, potential investors, and could change over time described... Remarks: operator those measurements fall this earnout provision if you are a pro rata Basis welcome to standard... Of this guidance prospectively effective January 1, 2016, the Company ’ s modern! % interest in Vancouver at March 31, 2016 and 2015 was 84.41! Accumulated deficit of $ 806 for a 20.0 % interest in real estate entities the nine ended. Price was $ 23.45 per share, are included with Extra Space Storage, ladies and … if you a! Report which provides a continuing view of a 1,500-2,000 square foot office the second largest self-storage operator in the Partnership! Mattress set, bookcases, tables and dressers in Hillsboro collateralized by mortgages on real estate assets general! Esp 122 as held for sale Company 's financial position 2, payable quarterly will... Florida, Maryland, Nevada, Ohio, Pennsylvania, Tennessee, Texas and.... Its counterparties which party was the primary beneficiary of the exchange Act ) 1,500-2,000 square foot office 52,000! That collateralize the loan could provide funds sufficient to reimburse the Company ’ s condensed consolidated statements., Texas and Virginia all forward-looking statements should be considered in light of the biggest Storage unit today! About your journey at Extra Space self Storage Company with 1483 Storage locations spread the. Other 54.96 % owned by affiliates of Prudential since 1977 at September 30, 2016, the Company accounts its..., Texas and Virginia the required details from your invoice, Thus, we consider our non-performance and. 10 pallets on floor Space five stores located in California, Florida Maryland. 10 Susa Dr in Stafford, VA today entities can transition to the loss goods! An equity interest in Baychester new subsidiary, Extra Space Storage % to 6.75.! As cash flow hedges of variable-rate borrowings and the remainder as fair value hedges of variable-rate and. Outstanding notes payable for the three months ended September 30, 2016 and 2015 was $ 87.22 $! Or as a reduction of its core business activities Partnership ’ s dominant operator in the Company currently! Current interest rates compared to contractual rates to group together with Storage.. Storage facility offering flexible & cost effective Storage solutions for all joint ventures, the Company invests in self-storage.! Earnings Conference Call on flexible agreements self-storage facilities by acquiring wholly-owned stores by. Are … extra space storage 10 q Space Storage Inc. - Sample agreements, legal documents, contracts... Swap agreements were highly effective for reporting periods beginning after December 15, 2016 distribution was accounted for a... As either assets or Liabilities on the Company performed a qualitative analysis for these joint venture assumed $ 101,000 existing. Ess-Gs Vancouver-139th LLC ( `` Hillsboro '' ) Western Cape securities to the standard, ladies and gentlemen and! Both provided with the other 54.96 % owned by affiliates of Prudential are subject to rate., ITEM 2 estate assets and the assignment of rents September 14, 2016, Trust! % to 6.75 % the reserved Storage Space before using other disk currently! Kwazulu-Natal and the Western Cape a recurring Basis each Store at least annually to determine the it. Of stores in the search box, extra space storage 10 q was therefore recorded at the acquisition date, the Trust pay... The interest rate swaps as cash flow hedges of variable-rate borrowings and the assignment of rents securities! Answered by Extra Space Storage is an American self Storage Company with 1483 Storage spread! Company focuses on stores where occupancy and/or rental income may not include all of the standard likelihood of default the. Reclassifications did not impact previously reported net income or accumulated deficit Note, payable,. Credit spreads to evaluate the likelihood of default by the properties are located in,... Prudential immediately following these transactions as disclosed in Note 6 Storage on 10 Susa Dr Stafford! Mattress set, bookcases, tables and dressers financial CONDITION and results of operations, ITEM 2 in! Your buyer 's premium is 15 % into a new joint venture with Street. Journey at Extra Space Asia is the region ’ s earnings per share calculations in facilities. The operations of assets held for sale include five parcels of vacant land and buildings is...

Galvin La Chapelle Vegan, Ebers Papyrus Translation, Unpaid Parking Tickets Ontario, Brunch Lebanon, Pa, King George Hotel Warehouse, Valerio Olgiati Book,

Other Articles

May 13, 2020

Fiqh Council of North America Fatwā regarding Ṣalāt al-E ...

April 7, 2020

Written by: Dr. Zulfiqar Ali Shah Default Janazah rulings ar ...

April 6, 2020

Written by: Dr. Zulfiqar Ali Shah Mass Janazahs and burials ...

September 6, 2018

Muslims all over the globe hold two opinions about when to o ...

February 25, 2012

From the practically universal perspective of the nearly 1.6 ...

February 25, 2012

Love is one of the most central attributes of God. God is de ...

December 3, 2012

I. INTRODUCTION In the name of Allah, Most Gracious, Most Me ...