Extra Space Storage Releases Second-Quarter 2011 Operating Results

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Extra Space Storage Inc., a self-storage real estate investment trust, released its operating results for the three and six months ending June 30.

Highlights include:  

  • Achieved funds from operations of $0.27 per diluted share, including development dilution of $0.02 per share resulting in approximately 22 percent year-over-year growth for the quarter.
  • Grew same-store occupancy by 290 basis points to 89.0 percent compared to 86.1 percent during the same time period in 2010.
  • Increased same-store revenue and net operating income by 4.7 percent and 7.8 percent, respectively, as compared to the same period in 2010. This includes tenant reinsurance income and expenses.
  • Acquired 24 properties in 11 states.
  • Added 26 properties to the company's third-party management platform.
  • Issued and sold 5,335,423 shares of common stock in a public offering for total net proceeds of approximately $112.5 million.
  • Paid a quarterly dividend of $0.14 per share.

"Extra Space Storage's diversified growth platform has produced another quarter of strong results for our shareholders,” said Spencer F. Kirk, chairman and CEO. “Our solid performance resulted from better-than-anticipated core operations, robust acquisition activity and significant growth in our third-party management business. These components have combined to enhance our trajectory towards double-digit earnings growth in 2011 and beyond.”

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