EXTRA SPACE STORAGE INC. SALT LAKE CITY, July 29, 2015 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage in the United States, announced operating results for the three and six months ended June 30, 2015.
http://photos.prnewswire.com/prnvar/20141028/154912LOGO
Highlights for the three months ended June 30, 2015:
-- Achieved funds from operations attributable to common stockholders
("FFO") of $0.72 per diluted share. Excluding costs associated with
acquisitions and non-cash interest, FFO as adjusted was $0.75 per
diluted share, representing a 17.2% increase compared to the same period
in 2014.
-- Increased same-store revenue by 9.4% and same-store net operating income
("NOI") by 12.1% compared to the same period in 2014.
-- Increased same-store occupancy by 240 basis points to 94.5% as of June
30, 2015, compared to 92.1% as of June 30, 2014.
-- Acquired 29 operating stores for approximately $239.9 million, and two
stores at completion of construction for approximately $22.4 million.
-- Entered a definitive merger agreement to acquire SmartStop Self Storage,
Inc. where the Company will pay approximately $1.3 billion.
-- Completed an equity offering of 6,325,000 shares with gross proceeds of
$431.0 million.
-- Paid a quarterly dividend of $0.59 per share, a 25.5% increase.
Highlights for the six months ended June 30, 2015:
-- Achieved FFO of $1.40 per diluted share. Excluding costs associated with
acquisitions and non-cash interest, FFO as adjusted was $1.44 per
diluted share, representing a 20.0% increase compared to the same period
in 2014.
-- Increased same-store revenue by 8.9% and same-store NOI by 11.8%
compared to the same period in 2014.
-- Acquired 37 operating stores for approximately $324.0 million, and two
stores at completion of construction for approximately $22.4 million.
Spencer F. Kirk, CEO of Extra Space Storage Inc., commented: "The storage business is in a very good place right now, and we are taking advantage of the operating conditions. Muted new supply, steady demand and our sophisticated operating platform led to the strongest revenue and NOI growth in Extra Space's history."
FFO Per Share:
The following table outlines the Company's FFO and FFO as adjusted for the three and six months ended June 30, 2015 and 2014. 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 and per share data -- unaudited):
For the Three Months Ended June 30, For the Six Months Ended June 30,
----------------------------------- ---------------------------------
2015 2014 2015 2014
---- ---- ---- ----
(per share) (per share) (per share) (per share)
Net income attributable to common
stockholders $55,339 $0.47 $41,665 $0.36 $109,081 $0.92 $79,005 $0.68
Impact of the difference in
weighted average number of shares
- diluted(1) (0.03 ) (0.02 ) (0.05 ) (0.04 )
Adjustments:
Real estate depreciation 27,311 0.22 23,722 0.19 53,429 0.43 46,962 0.38
Amortization of intangibles 2,444 0.02 3,109 0.03 5,241 0.04 6,835 0.06
(Gain) loss on earnout from prior
acquisition (400 ) - 7,785 0.06 (400 ) - 7,785 0.06
Unconsolidated joint venture real
estate depreciation and
amortization 1,058 0.01 1,067 0.01 2,115 0.02 2,173 0.02
Unconsolidated joint venture gain
on sale of properties and purchase
of partners' interests - - (3,438 ) (0.03 ) (2,857 ) (0.02 ) (3,438 ) (0.03 )
Distributions paid on Series A
Preferred Operating Partnership
units (1,271 ) - (1,437 ) (0.01 ) (2,545 ) (0.02 ) (2,875 ) (0.02 )
Income allocated to Operating
Partnership noncontrolling
interests 5,608 0.03 4,339 0.04 10,501 0.08 8,208 0.07
----- ---- ----- ---- ------ ---- ----- ----
FFO attributable to common
stockholders $90,089 $0.72 $76,812 $0.63 $174,565 $1.40 $144,655 $1.18
Adjustments:
Non-cash interest expense related
to amortization of discount on
equity portion of exchangeable
senior notes 696 - 663 0.01 1,393 0.01 1,325 -
Non-cash interest benefit related
to out of market debt (935 ) (0.01 ) (713 ) (0.01 ) (1,683 ) (0.01 ) (1,608 ) (0.01 )
Acquisition related costs 4,554 0.04 1,393 0.01 5,423 0.04 3,449 0.03
----- ---- ----- ---- ----- ---- ----- ----
FFO as adjusted attributable to
common stockholders $94,404 $0.75 $78,155 $0.64 $179,698 $1.44 $147,821 $1.20
======= ===== ======= ===== ======== ===== ======== =====
Weighted average number of shares -
diluted(2) 125,998,122 122,861,255 125,028,998 122,695,022
(1) Adjustment to account for the
difference between the number of
shares used to calculate earnings
per share and the number of shares
used to calculate FFO per share.
Earnings per share is calculated
using the two-class method, which
uses a lower number of shares than
the calculation for FFO per share
and FFO as adjusted per share,
which are calculated assuming full
redemption of all OP units as
described in note (2).
(2) Extra Space Storage L.P. (the
"Operating Partnership") has
outstanding preferred and common
operating partnership units ("OP
units"). These OP units can be
redeemed for cash or, at the
Company's election, shares of the
Company's common stock. Redemption
of all OP units for common stock
has been assumed for purposes of
calculating the weighted average
number of shares - diluted as
presented above. The computation
of weighted average shares -
diluted for FFO per share and FFO
as adjusted per share also
includes the effect of share-
based compensation plans and
shares related to the exchangeable
senior notes using the treasury
stock method.
Operating Results and Same-Store Performance:
The following table outlines the Company's same-store performance for the three and six months ended June 30, 2015 and 2014 (amounts shown in thousands, except store count data--unaudited):
For the Three Months Ended Percent For the Six Months Ended Percent
June 30, June 30,
Change Change
------ ------
2015 2014 2015 2014
---- ---- ---- ----
Same-store
rental and
tenant
reinsurance
revenues $146,607 $134,007 9.4% $286,242 $262,936 8.9%
Same-store
operating and
tenant
reinsurance
expenses 41,040 39,842 3.0% 83,318 81,401 2.4%
------ ------ --- ------ ------ ---
Same-store net
operating
income $105,567 $94,165 12.1% $202,924 $181,535 11.8%
======== ======= ==== ======== ======== ====
Non same-store
rental and
tenant
reinsurance
revenues $31,757 $19,279 64.7% $57,526 $35,814 60.6%
Non same-store
operating and
tenant
reinsurance
expenses $10,452 $5,088 105.4% $18,346 $9,578 91.5%
Total rental
and tenant
reinsurance
revenues $178,364 $153,286 16.4% $343,768 $298,750 15.1%
Total operating
and tenant
reinsurance
expenses $51,492 $44,930 14.6% $101,664 $90,979 11.7%
Same-store
square foot
occupancy as
of quarter end 94.5% 92.1% 94.5% 92.1%
Properties
included in
same-store 503 503 503 503
Same-store revenues for the three and six months ended June 30, 2015 increased due to gains in occupancy, higher rental rates for both new and existing customers and reduced customer discounts. Expenses were higher for the three and six months ended June 30, 2015 due to increases in tenant reinsurance expense, credit card merchant fees and repairs and maintenance. Increases in expenses were partially offset by decreases in utility expenses and property insurance during the three and six months ended June 30, 2015.
Major markets with revenue growth above the Company's portfolio average for the three months ended June 30, 2015 included Atlanta, Denver, Los Angeles, Sacramento, San Francisco and Tampa/St. Petersburg. Major markets performing below the Company's portfolio average included Chicago, Philadelphia and Washington D.C./Baltimore.
Acquisition and Third-Party Management Activity:
During the quarter, the Company acquired 29 operating stores located in Arizona, Florida, Georgia, North Carolina and Texas for approximately $239.9 million. The Company also acquired its joint venture partner's 1% interest in an entity holding 19 stores for approximately $1.3 million.
The Company purchased two stores located in Illinois and Massachusetts at completion of construction for approximately $22.4 million.
Subsequent to the end of the quarter, a joint venture in which the Company owns a 10% equity interest acquired a store located in Arizona for $5.4 million. The store was acquired at completion of construction.
Announcement of SmartStop Self Storage, Inc. Acquisition and Related Equity Offering:
On June 15, 2015, the Company announced that it had entered into a definitive agreement to acquire SmartStop Self Storage, Inc. ("SmartStop"). The Company will acquire 122 SmartStop stores, and will assume the property management of an additional 42 third-party stores located in 21 states. The Company will pay approximately $1.3 billion, and expects the acquisition to close in the latter half of 2015.
On June 22, 2015, the Company completed a public offering of 6,325,000 shares to partially fund the SmartStop acquisition. Gross proceeds from the offering totaled $431.0 million.
Operating Stores Under Contract:
The Company has three operating stores under contract for a total purchase price of approximately $27.2 million. The stores are located in Maryland, Massachusetts and New Jersey. All of these acquisitions are expected to close by the end of the fourth quarter of 2015.
Other Stores Under Contract to be Purchased Upon Completion:
The Company has 16 other stores under contract for a total estimated purchase price of $172.3 million. These stores will be purchased upon completion of construction, and are scheduled to be built and opened in 2015 to 2018. Two of the stores, with a total purchase price of $27.8 million, will be purchased by a joint venture in which the Company owns a 10% equity interest.
The pending SmartStop acquisition, operating and other store acquisitions described above are subject to customary closing conditions and no assurance can be provided that these acquisitions will be completed on the terms described, or at all.
Property Management:
As of June 30, 2015, the Company managed 281 stores for third-party owners. With an additional 251 stores owned and operated in joint ventures, the Company had a total of 532 stores under management. The Company continues to be the largest self-storage management company in the United States.
Balance Sheet:
As of June 30, 2015, the Company's percentage of fixed-rate debt to total debt was 68.0%. The weighted average interest rates of the Company's fixed and variable-rate debt were 3.8% and 2.0%, respectively. The combined weighted average interest rate was 3.2% with a weighted average maturity of approximately 4.9 years.
Dividends:
On June 30, 2015, the Company paid a second quarter common stock dividend of $0.59 per share to stockholders of record at the close of business on June 15, 2015.
Outlook:
The following table outlines the Company's FFO estimates and annual assumptions for the year ending December 31, 2015:
Ranges for 2015 Notes
Annual Assumptions
------------------
Low High
Funds from
operations
attributable to
common stockholders $2.89 $2.96
Funds from
operations as
adjusted
attributable to
common stockholders $2.99 $3.06
Same-store property 7.75 % 8.50 % Assumes a same-store pool of 503 stores and includes tenant
revenue growth reinsurance
Same-store property 3.00 % 3.75 % Assumes a same-store pool of 503 stores and includes tenant
expense growth reinsurance
Same-store property 9.25 % 10.50 % Assumes a same-store pool of 503 stores and includes tenant
NOI growth reinsurance
Weighted average
one-month LIBOR 0.25 % 0.25 %
Net tenant
reinsurance income $56,500,000 $57,500,000
General and Includes non-cash compensation expense of $5.5 million and assumes
administrative the SmartStop acquisition closes on 10/1/2015
expenses $64,500,000 $65,500,000
Average monthly cash
balance $65,000,000 $65,000,000
Equity in earnings
of real estate
ventures $11,500,000 $12,000,000
Acquisition of
SmartStop Self
Storage, Inc $1,300,000,000 $1,300,000,000 Assumes a 10/1/2015 closing date
Acquisition of
operating stores $450,000,000 $450,000,000
Acquisition of other
stores upon
completion of
development $50,000,000 $50,000,000
Interest expense $96,000,000 $97,000,000 Assumes the SmartStop acquisition closes on 10/1/2015
Non-cash interest
expense related to
exchangeable senior
notes $2,700,000 $2,700,000 Excluded from FFO as adjusted
Non-cash interest
benefit related to
out of market debt $2,400,000 $2,400,000 Excluded from FFO as adjusted
Taxes associated
with the Company's
taxable REIT
subsidiary $8,500,000 $9,000,000
Acquisition related $13,000,000 $13,000,000 Excluded from FFO as adjusted and excludes defeasance costs associated
costs with SmartStop acquisition
Weighted average
share count 128,500,000 128,500,000 Assumes redemption of all OP units for common stock
FFO estimates for the year are fully diluted for an estimated average number of shares and OP units outstanding during the year. The Company's estimates are forward-looking and based on management's view of current and future market conditions. The Company's actual results may differ materially from these estimates.
Supplemental Financial Information:
Supplemental unaudited financial information regarding the Company's performance can be found on the Company's website at www.extraspace.com. Click on the "Investor Relations" link on the home page, then on "Financials & Stock Info," then on "Quarterly Earnings" in the navigation menu. This supplemental information provides additional detail on items that include store occupancy and financial performance by portfolio and market, debt maturity schedules and performance of lease-up assets.
Conference Call:
The Company will host a conference call at 1:00 p.m. Eastern Time on Thursday, July 30, 2015, to discuss its financial results. To participate in the conference call, please dial 855-791-2026 or 631-485-4899 for international participants; conference ID: 75402312. The conference call will also be available on the Company's website at www.extraspace.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. A replay of the call will be available for 30 days on the Company's website in the Investor Relations section.
A replay of the call will also be available by telephone, from 4:00 p.m. Eastern Time on July 30, 2015, until 11:59 p.m. Eastern Time on August 4, 2015. The replay dial-in numbers are 855-859-2056 or 404-537-3406 for international callers; conference ID: 75402312.
Forward-Looking Statements:
Certain information set forth in this release contains "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements include statements concerning the timing, completion and benefits of the SmartStop acquisition and other store acquisitions, and other statements concerning our plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. In some cases, forward-looking statements can be identified by terminology such as "believes," "estimates," "expects," "may," "will," "should," "anticipates," or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Any forward-looking statements should be considered in light of the risks referenced in the "Risk Factors" section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors include, but are not limited to:
-- adverse changes in general economic conditions, the real estate industry
and the markets in which we operate;
-- failure to close pending acquisitions on expected terms, or at all,
including the acquisition of SmartStop;
-- the effect of competition from new and existing self-storage facilities
or other storage alternatives, which could cause rents and occupancy
rates to decline;
-- difficulties in our ability to evaluate, finance, complete and integrate
acquisitions and developments successfully and to lease up those stores,
which could adversely affect our profitability;
-- potential liability for uninsured losses and environmental
contamination;
-- the impact of the regulatory environment as well as national, state and
local laws and regulations, including, without limitation, those
governing real estate investment trusts ("REITs"), tenant reinsurance
and other aspects of our business, which could adversely affect our
results;
-- disruptions in credit and financial markets and resulting difficulties
in raising capital or obtaining credit at reasonable rates or at all,
which could impede our ability to grow;
-- increased interest rates and operating costs;
-- reductions in asset valuations and related impairment charges;
-- the failure of our joint venture partners to fulfill their obligations
to us or their pursuit of actions that are inconsistent with our
objectives;
-- the failure to maintain our REIT status for federal income tax purposes;
-- economic uncertainty due to the impact of war or terrorism, which could
adversely affect our business plan; and
-- difficulties in our ability to attract and retain qualified personnel
and management members.
All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. All forward-looking statements apply only as of the date made. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
Definition of FFO:
FFO provides relevant and meaningful information about the Company's operating performance that is necessary, along with net income and cash flows, for an understanding of the Company's operating results. The Company believes FFO is a meaningful disclosure as a supplement to net earnings. Net earnings assume that the values of real estate assets diminish predictably over time as reflected through depreciation and amortization expenses. The values of real estate assets fluctuate due to market conditions and the Company believes FFO more accurately reflects the value of the Company's real estate assets. FFO is defined by the National Association of Real Estate Investment Trusts, Inc. ("NAREIT") as net income computed in accordance with U.S. generally accepted accounting principles ("GAAP"), excluding gains or losses on sales of operating stores and impairment write downs of depreciable real estate assets, plus depreciation and amortization and after adjustments to record unconsolidated partnerships and joint ventures on the same basis. The Company believes that to further understand the Company's performance, FFO should be considered along with the reported net income and cash flows in accordance with GAAP, as presented in the Company's consolidated financial statements.
For informational purposes, the Company also presents FFO as adjusted which excludes non-recurring revenues and expenses, acquisition related costs and non-cash interest. Although the Company's calculation of FFO as adjusted differs from NAREIT's definition of FFO and may not be comparable to that of other REITs and real estate companies, the Company believes it provides a meaningful supplemental measure of operating performance. The Company believes that by excluding non-recurring revenues and expenses, the costs related to acquiring stores and non-cash interest charges, stockholders and potential investors are presented with an indicator of its operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. FFO as adjusted by the Company should not be considered a replacement of the NAREIT definition of FFO. The computation of FFO may not be comparable to FFO reported by other REITs or real estate companies that do not define the term in accordance with the current NAREIT definition or that interpret the current NAREIT definition differently. FFO does not represent cash generated from operating activities determined in accordance with GAAP, and should not be considered as an alternative to net income as an indication of the Company's performance, as an alternative to net cash flow from operating activities as a measure of liquidity, or as an indicator of the Company's ability to make cash distributions.
Definition of Same-Store:
The Company's same-store pool for the periods presented consists of 503 stores that are wholly-owned and operated and that were stabilized by the first day of the earliest calendar year presented. The Company considers a store to be stabilized once it has been open for three years or has sustained average square foot occupancy of 80.0% or more for one calendar year. Same-store results provide information relating to store operations without the effects of acquisitions or completed developments and should not be used as a basis for future same-store performance or for the performance of the Company's stores as a whole.
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 June 30, 2015, the Company owned and/or operated 1,147 self-storage stores in 35 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 770,000 units and approximately 85.1 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage stores in the United States and is the largest self-storage management company in the United States.
Extra Space Storage Inc.
Consolidated Balance Sheets
(In thousands, except share data)
June 30, 2015 December 31, 2014
------------- -----------------
(Unaudited)
Assets:
Real estate assets, net $4,452,046 $4,135,696
Investments in unconsolidated real estate ventures 84,744 85,711
Cash and cash equivalents 175,893 47,663
Restricted cash 25,424 25,245
Receivables from related parties and affiliated real estate
joint ventures 2,071 11,778
Other assets, net 93,572 96,014
------ ------
Total assets $4,833,750 $4,402,107
========== ==========
Liabilities, Noncontrolling Interests and Equity:
Notes payable $1,928,552 $1,872,067
Premium on notes payable 1,599 3,281
Exchangeable senior notes 250,000 250,000
Discount on exchangeable senior notes (11,285 ) (13,054 )
Notes payable to trusts 119,590 119,590
Lines of credit - 138,000
Accounts payable and accrued expenses 69,378 65,521
Other liabilities 52,638 54,719
------ ------
Total liabilities 2,410,472 2,490,124
--------- ---------
Commitments and contingencies
Noncontrolling Interests and Equity:
Extra Space Storage Inc. stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares
authorized, no shares issued or outstanding - -
Common stock, $0.01 par value, 500,000,000 shares
authorized, 122,835,005 and 116,360,239 shares issued and
outstanding at June 30, 2015 and December 31, 2014,
respectively 1,228 1,163
Additional paid-in capital 2,416,894 1,995,484
Accumulated other comprehensive loss (1,819 ) (1,484 )
Accumulated deficit (272,130 ) (257,738 )
--------- ---------
Total Extra Space Storage Inc. stockholders' equity 2,144,173 1,737,425
Noncontrolling interest represented by Preferred Operating
Partnership units, net of $120,230 notes receivable 81,020 81,152
Noncontrolling interests in Operating Partnership 197,912 92,422
Other noncontrolling interests 173 984
--- ---
Total noncontrolling interests and equity 2,423,278 1,911,983
--------- ---------
Total liabilities, noncontrolling interests and equity $4,833,750 $4,402,107
========== ==========
Consolidated Statement of Operations for the three and six months ended June 30, 2015 and 2014 (unaudited)
(In thousands, except share and per share data)
For the Three Months Ended June 30, For the Six Months Ended June 30,
----------------------------------- ---------------------------------
2015 2014 2015 2014
---- ---- ---- ----
Revenues:
Property rental $161,024 $138,778 $309,918 $270,779
Tenant reinsurance 17,340 14,508 33,850 27,971
Management fees and other income 7,496 7,438 15,246 14,561
----- ----- ------ ------
Total revenues 185,860 160,724 359,014 313,311
------- ------- ------- -------
Expenses:
Property operations 48,209 42,294 95,453 85,776
Tenant reinsurance 3,283 2,636 6,211 5,203
Acquisition related costs 4,554 1,393 5,423 3,449
General and administrative 16,655 15,469 32,904 31,178
Depreciation and amortization 31,552 28,271 61,980 56,646
------ ------ ------ ------
Total expenses 104,253 90,063 201,971 182,252
------- ------ ------- -------
Income from operations 81,607 70,661 157,043 131,059
Gain (loss) on earnout from prior
acquisitions 400 (7,785 ) 400 (7,785 )
Interest expense (22,811 ) (20,658 ) (44,242 ) (40,256 )
Non-cash interest expense related to
amortization of discount on equity
component of exchangeable senior
notes (696 ) (663 ) (1,393 ) (1,325 )
Interest income 428 712 1,284 981
Interest income on note receivable
from Preferred Operating Partnership
unit holder 1,212 1,212 2,425 2,425
----- ----- ----- -----
Income before equity in earnings of
unconsolidated real estate ventures
and income tax expense 60,140 43,479 115,517 85,099
Equity in earnings of unconsolidated
real estate ventures 3,001 2,604 5,651 5,023
Equity in earnings of unconsolidated
real estate ventures-gain on sale of
real estate assets and purchase of
joint venture partners' interests - 3,438 2,857 3,438
Income tax expense (2,185 ) (3,513 ) (4,433 ) (6,343 )
------- ------- ------- -------
Net income 60,956 46,008 119,592 87,217
Net income allocated to Preferred
Operating Partnership noncontrolling
interests (3,007 ) (2,812 ) (5,933 ) (5,304 )
Net income allocated to Operating
Partnership and other noncontrolling
interests (2,610 ) (1,531 ) (4,578 ) (2,908 )
------- ------- ------- -------
Net income attributable to common
stockholders $55,339 $41,665 $109,081 $79,005
======= ======= ======== =======
Earnings per common share
Basic $0.47 $0.36 $0.93 $0.68
===== ===== ===== =====
Diluted $0.47 $0.36 $0.92 $0.68
===== ===== ===== =====
Weighted average number of shares
Basic 116,861,678 115,653,489 116,491,710 115,546,341
Diluted 124,475,890 121,254,222 123,477,241 121,161,292
Cash dividends paid per common share $0.59 $0.47 $1.06 $0.87
===== ===== ===== =====
Reconciliation of the Range of Estimated Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share -for the Three Months Ending September 30, 2015 and Year Ending
December 31, 2015 -Unaudited
For the Three Months Ending For the Year Ending
September 30, 2015 December 31, 2015
------------------ -----------------
Low End High End Low End High End
------- -------- ------- --------
Net income attributable to common
stockholders per diluted share $0.50 $0.52 $1.82 $1.89
Income allocated to noncontrolling
interest -Preferred Operating
Partnership and Operating
Partnership 0.04 0.04 0.16 0.16
Fixed component of income allocated
to non-controlling interest -
Preferred Operating Partnership (0.01 ) (0.01 ) (0.04 ) (0.04 )
------ ------ ------ ------
Net income attributable to common
stockholders for diluted
computations 0.53 0.55 1.94 2.01
Adjustments:
Real estate depreciation 0.20 0.20 0.84 0.84
Amortization of intangibles 0.03 0.03 0.10 0.10
Unconsolidated joint venture real
estate depreciation and
amortization 0.01 0.01 0.03 0.03
Unconsolidated joint venture gain
on sale of real estate and
purchase of partners' interests - - (0.02 ) (0.02 )
--- --- ------ ------
Funds from operations attributable
to common stockholders $0.77 $0.79 $2.89 $2.96
----- ----- ----- -----
Adjustments:
Non-cash interest related to out
of market debt (0.01 ) (0.01 ) (0.02 ) (0.02 )
Non-cash interest expense related
to amortization of discount on
equity portion of exchangeable
senior notes 0.01 0.01 0.02 0.02
Acquisition related costs - - 0.10 0.10
--- --- ---- ----
Funds from operations as adjusted
attributable to common
stockholders $0.77 $0.79 $2.99 $3.06
===== ===== ===== =====
Logo - http://photos.prnewswire.com/prnh/20141028/154912LOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2015-second-quarter-results-300120818.html
SOURCE Extra Space Storage Inc.
