Extra Space Storage Inc., an owner and operator of self-storage properties, released operating results for the three months and year ended Dec. 31, 2009. Highlights include:
- Achieved funds from operations (FFO) of $0.22 per diluted share including development dilution of $0.03 per share. FFO as adjusted was $0.23 per share after excluding approximately $0.01 of non-recurring severance charges associated with the company's closure of its Memphis, Tenn., marketing operations.
- Same-store revenue and net operating income (NOI) decreased by 4 percent and 6.9 percent, respectively, when compared to the three months ended Dec. 31, 2008.
- Increased same-store occupancy to 83.2 percent as of Dec. 31, 2009, compared with 82.2 percent as of Dec. 31, 2008.
- Secured $63 million of debt financing as part of the company's efforts to strengthen its balance sheet.
- Completed the development of four self-storage properties at a total cost of approximately $36 million.
- Declared and paid a dividend of $0.13 per common share.
“Despite the challenging environment, we realized numerous achievements in 2009. These include improving our balance sheet, maximizing our property performance and expanding our operational footprint by 10 percent,” said Chairman and CEO Spencer F. Kirk. “As we look to 2010 and beyond, we are more optimistic as occupancy and rental rates strengthen. We are also encouraged about the options available for Extra Space to grow in an intelligent manner through our third-party management program and potential acquisition opportunities.”