Extra Space Storage Inc. yesterday announced operating results for the three months ended March 31, 2009. In the first quarter, the company’s properties performed well despite a challenging operating environment, said Spencer Kirk, chairman and CEO.
“Although asking rates and occupancy are experiencing downward pressure, our operations team, aided by further improvements in our systems and processes, has again done an excellent job of controlling expenses and optimizing revenue,” Kirk said. “We've made good progress on refinancing our upcoming debt maturities and continue to see interest from financial institutions in our refinancing efforts.”
Highlights from the first quarter included:
- Funds from operations (FFO), including development dilution of $0.02 per share, was $0.47 per diluted share.
- Revenue and net operating income at the company’s 252 same-store portfolio decreased by 0.1 percent and 0.5 percent respectively when compared to the same period in 2008.
- The company secured $67 million of financing consisting of a $50 million revolving line of credit, a $9.1 million term loan and a $7.9 million construction loan.
- The company declared and paid a quarterly cash dividend of $0.25 per common share.
More information on 1Q results can be found at www.extraspace.com.