Highlights for the three months ended December 31, 2013:
- Achieved funds from operations (“FFO”) of $0.52 per diluted share, including a $0.04 expense related to costs associated with acquisitions and a $0.01 expense related to the Company’s exchangeable senior notes. Excluding these items, FFO as adjusted was $0.57 per diluted share representing a 26.7% increase compared to the same period in 2012.
- Increased same-store revenue and net operating income (“NOI”) by 6.6% and 8.9%, respectively, compared to the same period in 2012.
- Increased same-store occupancy by 130 basis points to 89.2% at December 31, 2013, compared to 87.9% as of December 31, 2012.
- Acquired 50 properties for approximately $310.4 million.
- Paid a quarterly dividend of $0.40 per share.
Spencer F. Kirk, CEO of Extra Space Storage Inc., commented: “2013 was an exceptional year for the self-storage industry and for Extra Space Storage. We saw record high occupancies and strong operational performance. The inflow of new supply continues to be minimal. We are committed to the fundamentals of our business and our focus on being the best at getting better will drive financial and operational excellence in 2014. “
FFO Per Share:
The following table outlines the Company’s FFO and FFO as adjusted for the three months and years ended December 31, 2013 and 2012. The table also provides a reconciliation to GAAP net income and earnings per diluted share for each period presented (amounts shown in thousands, except share data – unaudited):
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About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT. As of December 31, 2013, the Company owned and/or operated 1,029 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Company’s properties comprise approximately 680,000 units and approximately 75.7 million square feet of rentable space. The Company 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 and is the largest self-storage management company in the United States. For more information, please visit: https://www.extraspace.com/
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