Extra Space Storage Inc. Reports 2013 Third Quarter Results


    ~ Achieves FFO, Excluding One-Time Events, of $0.52 per Share ~~ Grows FFO by 21% ~~ Increases Same-Store Revenue by 7.8% ~~ Increases Same-Store NOI by 9.7% Extra Space Storage Inc. (NYSE: EXR) (the “Company”), a leading owner and operator of self-storage properties in the United States, announced operating results for the three and nine months ended September 30, 2013. Highlights for the three months ended September 30, 2013:

    • Achieved funds from operations (“FFO”) of $0.46 per diluted share, including an $0.08 expense related to extinguishment of debt on a portfolio acquisition and a $0.02 benefit related to the modification of existing debt. Excluding these one-time events, FFO was $0.52 per diluted share representing a 20.9% increase compared to the same period in 2012.
    • Achieved FFO as adjusted of $0.57 per diluted share, including a $0.02 benefit related to the modification of existing debt. Excluding this one-time event, FFO as adjusted was $0.55 per diluted share.
    • Increased same-store revenue and net operating income (“NOI”) by 7.8% and 9.7%, respectively, compared to the same period in 2012.
    • Increased same-store occupancy by 170 basis points to 90.6% at September 30, 2013, compared to 88.9% as of September 30, 2012.
    • Acquired 22 properties for approximately $214.5 million.
    • Paid a quarterly dividend of $0.40 per share.
    Spencer F. Kirk, CEO of Extra Space Storage Inc., commented: “The self storage industry finds itself in unprecedented times. New supply remains at historical lows, customer demand is stable, and the economy continues to recover. These favorable macro conditions coupled with our advanced technology, marketing and revenue management platforms continue to produce strong operating results and outstanding earnings growth. We continue to see growth in our portfolio, having surpassed 1,000 Extra Space branded properties during the quarter.” Click Here To View The Entire Report About Extra Space Storage Inc Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed real estate investment trust that owns and/or operates 900 self-storage properties in 38 states and Washington, D.C. The Company’s properties comprise approximately 550,000 units and over 59 million square feet of rentable space, offering customers a wide selection of conveniently located and secure storage solutions across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States. For more information, please visit: https://www.extraspace.com/ (via Extra Space Storage)]]>


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