Extra Space Storage Reports 3Q 2009 Results

Extra Space Storage Inc., a self-storage owner and operator, reported the company’s operating results for third quarter, ending Sept. 30, 2009. Highlights include:

• Achieved funds from operations (FFO) of $0.23 per diluted share including development dilution of $0.02 per share.
• Same-store revenue and net operating income at the company's 252 same-store properties decreased by 4.5 percent and 6.2 percent, respectively, when compared to the same timeframe in 2008.
• Closed $114.1 million of debt financing during the quarter and an additional $3.3 million subsequent to quarter end.
• Completed the development of eight self-storage properties at a total cost of approximately $91 million.

“During the third quarter, our property operations showed signs of stabilization with an increase in rental activity and a reduction in vacates," says Spencer F. Kirk, Chairman and CEO of Extra Space Storage Inc. “As a result of demand stabilization and our dynamic pricing strategies, our incoming rental rates have improved from earlier in the year. We again made strides in solidifying our balance sheet by closing $114 million in new stabilized property and development loans."

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