Extra Space Storage Inc. Reports 2014 Second Quarter Results

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    LA48662LOGOExtra Space Storage Inc. (NYSE: EXR), a leading owner and operator of self-storage properties in the United States, announced operating results for the three and six months ended June 30, 2014. Highlights for the three months ended June 30, 2014:

    • Achieved funds from operations (“FFO”) of $0.63 per diluted share.  Excluding costs associated with acquisitions and non-cash interest, FFO as adjusted was $0.64 per diluted share, representing a 25.5% increase compared to the same period in 2013.
    • Increased same-store revenue and net operating income (“NOI”) by 7.9% and 9.9%, respectively, compared to the same period in 2013.
    • Increased same-store occupancy by 160 basis points to 92.4% as of June 30, 2014, compared to 90.8% as of June 30, 2013.
    • Acquired eight properties for approximately $91.2 million.
    • Paid a quarterly dividend of $0.47 per share, a 17.5% increase.
    Spencer F. Kirk, CEO of Extra Space Storage Inc., commented:  “We continue to see strong demand, resulting in solid operational performance. We are achieving record-high occupancies, while successfully increasing street rates. Our internet presence and operational proficiencies are propelling outstanding results.” FFO Per Share: The following table outlines the Company’s FFO and FFO as adjusted for the three and six months ended June 30, 2014 and 2013.  The table also provides a reconciliation to GAAP net income attributable to common stockholders and earnings per diluted share for each period presented (amounts shown in thousands, except share data – unaudited): Click Here to Read The Full 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 June 30, 2014, the Company owned and/or operated 1,071 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Company’s properties comprise approximately 715,000 units and approximately 79.0 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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