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 company's common stock for the fourth quarter of 2013. This is a match to the dividend of the previous quarter. The dividend is payable on Dec. 31 to stockholders of record at the close of business on Dec. 13.
Extra Space also released its quarterly earnings for the third quarter of 2013 on Oct. 28. A conference call took place on Oct. 29 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 third-quarter performance.
Same-store revenue increased 7.8 percent and NOI rose 9.7 percent compared to the same period in 2012. FFO was 52 cents per diluted share, resulting in 20.9 percent growth compared to the third quarter the previous year.
Same-store occupancy grew by 170 basis points to 90.6 percent as of Sept. 30, compared to 88.9 percent at the same time last year.
The company purchased 22 properties during the quarter for approximately $214.5 million. The assets are located in Arizona and California. Extra Space has 40 additional properties under contract for a total purchase price of approximately $241 million. Of those properties, 19 are from the purchase of a joint-venture partner's interest in an existing joint venture. The acquisition of these properties is expected to occur by the end of 2013.
Headquartered in Salt Lake City, Extra Space owns or operates 1,007 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The companys properties comprise approximately 667,000 units and 74 million square feet of rentable space.
- Extra Space Storage: Extra Space Storage Announces Fourth Quarter 2013 Dividend