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Extra Space Storage Reports Second-Quarter 2010 Operating Results
Extra Space Storage Inc., a self-storage real estate investment trust, released its operating results for the second quarter ending June, 30, 2010. Highlights include:
July 29, 2010
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Extra Space Storage Inc., a self-storage real estate investment trust, released its operating results for the second quarter ending June, 30, 2010. Highlights include:
Achieved funds from operations (FFO) of $0.22 per diluted share including development dilution of $0.03 per share.
Same-store occupancy as of June 20, 2010 to 86.2 percent compared to 84 percent as of June 30, 2009.
Same-store revenue and net operating income (NOI) increased by 0.7 percent and 1.3 percent, respectively, when compared to the six months ending June 30, 2009.
Completed the acquisition of four properties, including three former third-party management sites.
Completed the development of two properties at a total cost of $21.3 million.
Declared and paid a quarterly cash dividend of $0.10 per common share.
"During the second quarter, the improving trend in operating fundamentals continued as we realized positive growth in same-store revenue and net operating income with a year-over-year increase in move-in activity,” said Spencer F. Kirk, Chairman and CEO. “We remain confident in our operating platform and high-quality portfolio and believe we will see additional growth as fundamentals continue to improve."
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