| Stage | EXR | % of rev | PSA | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $890M | 100.00% | $1.4B | 100.00% | PSA ×1.54 |
| Gross profit | $651M | 73.16% | $989M | 72.41% | EXR +0.7pp |
| Operating income | $392M | 44.04% | $317M | 23.20% | EXR +20.8pp |
| Pre-tax income | $268M | 30.16% | $363M | 26.59% | EXR +3.6pp |
| Net income | $259M | 29.16% | $378M | 27.69% | EXR +1.5pp |
| Stage | EXR | PSA | Gap · A − B |
|---|---|---|---|
| Revenue | $890M100.00% | $1.4B100.00% | PSA ×1.54 |
| Gross profit | 73.16%$651M | 72.41%$989M | EXR +0.7pp |
| Operating income | 44.04%$392M | 23.20%$317M | EXR +20.8pp |
| Pre-tax income | 30.16%$268M | 26.59%$363M | EXR +3.6pp |
| Net income |
| 29.16%$259M |
| 27.69%$378M |
| EXR +1.5pp |
No disclosed counterparties: EXR, PSA.