The board of directors for Extra Space Storage Inc., a self-storage real estate investment trust, has declared a quarterly dividend of $0.47 per share on the company's common stock for the second quarter of 2014. This is a 17.5 percent increase over the previous quarter. The dividend is payable on June 30 to stockholders of record at the close of business on June 13.
In addition, the company released its first-quarter financial results on April 28 and held a conference call on April 29. CEO Spencer Kirk and Scott Stubbs, executive vice president and chief financial officer, hosted the call, which included a review of the company’s first-quarter performance, a discussion of recent events, and a question-and-answer period for registered financial analysts. A complete summary of the results are available at extraspace.com.
The company reported same-store revenue increased 7.9 percent and net operating income rose 9.4 percent compared to the same period in 2013. Same-store occupancy grew by 200 basis points to 90.4 percent as of March 31, compared to 88.4 percent at the same time in 2013.
Headquartered in Salt Lake City, Extra Space owns or operates 1,052 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 700,000 units and 78 million square feet of rentable space.
Sources:
- Extra Space Storage Inc.: Extra Space Storage Inc., Extra Space Storage Announces Increase In Second Quarter 2014 Dividend
- Inside Self-Storage: Self-Storage REITs Release Financial Results for First-Quarter 2014
- Inside Self-Storage: Self-Storage REITs to Release 1Q 2014 Financial Results, Conference Calls Announced
