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Extra Space Storage Reports Second-Quarter 2010 Operating Results

Extra Space Storage Inc., a self-storage real estate investment trust, released its operating results for the second quarter ending June, 30, 2010. Highlights include:
  • Achieved funds from operations (FFO) of $0.22 per diluted share including development dilution of $0.03 per share.
  • Same-store occupancy as of June 20, 2010 to 86.2 percent compared to 84 percent as of June 30, 2009.
  • Same-store revenue and net operating income (NOI) increased  by 0.7 percent and 1.3 percent, respectively, when compared to the six months ending June 30, 2009. 
  • Completed the acquisition of four properties, including three former third-party management sites.
  • Completed the development of two properties at a total cost of $21.3 million.
  • Declared and paid a quarterly cash dividend of $0.10 per common share.

"During the second quarter, the improving trend in operating fundamentals continued as we realized positive growth in same-store revenue and net operating income with a year-over-year increase in move-in activity,” said Spencer F. Kirk, Chairman and CEO. “We remain confident in our operating platform and high-quality portfolio and believe we will see additional growth as fundamentals continue to improve."

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