Extra Space Storage Inc., a self-storage real estate investment trust, released its operating results for the first quarter ending March 31, 2010. Highlights include:
- Achieved funds from operations (FFO) of $0.19 per diluted share including development dilution of $0.03 per share.
- Increased same-store occupancy as of March 31, 2010 to 82.7 percent compared to 80.9 percent as of March 31, 2009.
- Same-store revenue and net operating income (NOI) decreased by 1 percent and 0.3 percent, respectively, when compared to the three months ended March 31, 2009.
- Same-store revenue and NOI includes tenant reinsurance income.
- Completed the development of one self-storage property at a total cost of approximately $8.9 million.
- Declared and paid a quarterly cash dividend of $0.10 per common share.
- Closed a joint venture with Harrison Street Real Estate Capital LLC
"The first quarter was another step forward for Extra Space Storage as we continue to recover from the economic downturn,” said Spencer F. Kirk, chairman and CEO of Extra Space Storage Inc. “Our property performance accelerated with improved asking rates and increased levels of occupancy. We are encouraged by the performance of our platform and believe that we can continue to drive operational improvement as storage continues to show its strength in a challenged real estate market."