Extra Space Storage Inc., a self-storage real estate investment trust, released its operating results for the three months and year ending Dec. 31, 2010.
- Achieved funds from operations (FFO) of $0.26 per diluted share including development dilution of $0.03 per share.
- Grew same-store occupancy by 190 basis points to 84.8 percent, compared to 82.9 percent during the same period in 2009.
- Increased same-store revenue and net operating income (NOI) by 3.3 percent and 5.3 percent, respectively, as compared to the same period in 2009. Same-store revenue and NOI include tenant reinsurance income and expenses.
- Acquired eight properties for approximately $42 million.
- Added six properties to the company's third-party management platform.
"Our operating and technology platform delivered solid top-line growth and expense containment resulting in excellent NOI growth,” said CEO Spencer F. Kirk “We believe our occupancy is approaching an optimal level, giving us pricing power as we head into 2011. We continue to invest in technology initiatives that will enable us to capture more business and increase our efficiencies. With property level growth trending toward historical levels and increased acquisition activity, we are looking forward to a successful 2011."
Headquartered in Salt Lake City, Extra Space owns or operates more than 800 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.