Extra Space Storage Inc. Reports 2014 First Quarter Results

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    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 months ended March 31, 2014.   Highlights for the three months ended March 31, 2014:

    • Achieved funds from operations (“FFO”) of $0.55 per diluted share. Excluding costs associated with acquisitions and non-cash interest expense, FFO as adjusted was $0.57 per diluted share, representing a 23.9% increase compared to the same period in 2013.
    • Increased same-store revenue and net operating income (“NOI”) by 7.9% and 9.4%, respectively, compared to the same period in 2013.
    • Increased same-store occupancy by 200 basis points to 90.4% as of March 31, 2014, compared to 88.4% as of March 31, 2013.
    • Acquired 21 properties for approximately $249.7 million.
    • Paid a quarterly dividend of $0.40 per share.
    Spencer F. Kirk, CEO of Extra Space Storage Inc., commented:  “We had a strong first quarter and 2014 is shaping up to be another great year for us. We are seeing solid rental activity in most markets and we’re entering peak rental season with pricing momentum.  Our acquisitions year to date have placed us on track for another robust year of acquisition activity despite a competitive market.” Click Here to Read The Entire Report….

    About Extra Space Storage Inc.

    Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust.  As of March 31, 2014, the Company owned and/or operated 1,052 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Company’s properties comprise approximately 700,000 units and approximately 78.0 million square feet of rentable space.  Extra Space Storage, Inc. offers 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.

    For more information, please visit www.extraspace.com.

    (via PRNewswire)

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