Extra Space Storage Releases Third-Quarter Operating Results

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Extra Space Storage Inc., a self-storage real estate investment trust, announced operating results for the three and nine months ending Sept. 30, 2010.

 

Highlights for the three months include:

  • Achieved funds from operations (FFO) of $0.24 per diluted share including development dilution of $0.03 per share and a one-time $0.02 per share charge resulting from the bankruptcy of a tenant sub-leasing office space from the company under a long-term office lease assumed  in the 2005 Storage USA acquisition.
  • Grew same-store occupancy by 180 basis points to 85.8 percent, compared to 84 percent from the same period a year ago.
  • Increased same-store revenue and net operating income (NOI) for the by 3.9 percent and 7.8 percent, respectively, compared to the same period in 2009. Same-store revenue and NOI includes tenant reinsurance income and expense.
  • Acquired three properties from the company's third-party management program for approximately $5.4 million.  Subsequent to the end of the quarter, Extra Space acquired three additional properties for $21.2 million.
  • Completed the development of one property at a total cost of $8.5 million.
  • Added 21 properties to the company's third-party management platform.

"Our operating platform has once again delivered solid results with better-than-expected, top-line growth and expense containment,” said CEO Spencer F. Kirk. “Efforts to grow our footprint through expansion of our third-party management platform continue on a successful trajectory and the acquisition environment is improving. We have had a strong rebound in our operations; however, it’s possible that this rate of growth may not be sustainable."

 

Headquartered in Salt Lake City, Extra Space owns or operates 809 self-storage properties in 34 states and Washington, D.C. The company’s properties comprise approximately 540,000 units and more than 58 million square feet of rentable space.

 

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