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Extra Space Storage Announces Third-Quarter 2013 Stock Dividend


The board of directors for Extra Space Storage Inc., a self-storage real estate investment trust, has declared a quarterly dividend of $0.40 per share on the common stock of the company for the third quarter of 2013. This is a match to the dividend of the previous quarter. The dividend is payable on Sept. 30 to stockholders of record at the close of business on Sept. 16.

Extra Space also released its quarterly earnings for the second quarter of 2013 on Aug. 1. A conference call took place on Aug. 2 during which CEO Spencer Kirk, along with Scott Stubbs, executive vice president and chief financial officer, and Karl Haas, executive vice president and chief operations officer, reviewed second-quarter performance.

Same-store revenue increased 7.8 percent and NOI rose 10.4 percent compared to the same period in 2012. FFO was 50 cents per diluted share, resulting in 31.6 percent growth compared to the second quarter the previous year.

Same-store occupancy grew by 180 basis points to 90.8 percent as of June 30, compared to 89 percent at the same time last year.

The company purchased four properties during the quarter for approximately $48.3 million. Those assets are in Hawaii, Maryland and Texas. Subsequent to the end of the quarter, Extra Space also acquired two properties in Arizona for $9.3 million.

Headquartered in Salt Lake City, Extra Space owns or operates 974 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 649,000 units and 71 million square feet of rentable space.


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