Extra Space Storage Inc., a self-storage real estate investment trust, announced operating results for the three and nine months ending Sept. 30, 2010.
Highlights for the three months include:
- Achieved funds from operations (FFO) of $0.24 per diluted share including development dilution of $0.03 per share and a one-time $0.02 per share charge resulting from the bankruptcy of a tenant sub-leasing office space from the company under a long-term office lease assumed in the 2005 Storage USA acquisition.
- Grew same-store occupancy by 180 basis points to 85.8 percent, compared to 84 percent from the same period a year ago.
- Increased same-store revenue and net operating income (NOI) for the by 3.9 percent and 7.8 percent, respectively, compared to the same period in 2009. Same-store revenue and NOI includes tenant reinsurance income and expense.
- Acquired three properties from the company's third-party management program for approximately $5.4 million. Subsequent to the end of the quarter, Extra Space acquired three additional properties for $21.2 million.
- Completed the development of one property at a total cost of $8.5 million.
- Added 21 properties to the company's third-party management platform.
"Our operating platform has once again delivered solid results with better-than-expected, top-line growth and expense containment, said CEO Spencer F. Kirk. Efforts to grow our footprint through expansion of our third-party management platform continue on a successful trajectory and the acquisition environment is improving. We have had a strong rebound in our operations; however, its possible that this rate of growth may not be sustainable."
Headquartered in Salt Lake City, Extra Space owns or operates 809 self-storage properties in 34 states and Washington, D.C. The companys properties comprise approximately 540,000 units and more than 58 million square feet of rentable space.
