Profile: Extra Space Storage Inc (EXR.N)

EXR.N on New York Stock Exchange

43.27USD
1 Aug 2013
Price Change (% chg)

$1.22 (+2.90%)
Prev Close
$42.05
Open
$42.33
Day's High
$43.66
Day's Low
$42.33
Volume
446,119
Avg. Vol
225,048
52-wk High
$45.27
52-wk Low
$32.60

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Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust (REIT). The Company owns, operates, manages, acquires, develops and redevelops professionally managed self-storage facilities. As of December 31, 2011, Extra Space Storage Inc. held ownership interests in 697 operating properties. Of these operating properties, 356 are wholly owned, and 341 are owned in joint venture partnerships. An additional 185 operating properties that are owned by franchisees or third-parties in exchange for a management fee, bringing the total number of operating properties, which it owns and/or manages to 882. The Company operates in three segments: property management, acquisition and development; rental operations, and tenant reinsurance.

The Company’s operating properties are located in 34 states and Washington, D.C. and contain approximately 64 million square feet of net rentable space in approximately 585,000 units and serve a customer base of over 448,000 tenants. The Company’s property management, acquisition and development activities include managing, acquiring, developing and selling self-storage facilities. Its rental operations activities include rental operations of self-storage facilities. Tenant reinsurance activities include the reinsurance of risks relating to the loss of goods stored by tenants in the Company's self storage facilities. Substantially all of the Company’s business is conducted through Extra Space Storage LP (the Operating Partnership). Its primary assets are general partner and limited partner interests in the Operating Partnership.

The Company owns 336 of its stabilized properties and five of its lease-up properties through joint ventures with third-parties, including affiliates of Prudential Financial, Inc. In each joint venture, it manages the day-to-day operations of the underlying properties and has the right to participate in major decisions relating to sales of properties or financings by the applicable joint venture. The Company derives substantially all of its revenues from rents received from tenants under existing leases at each of its self-storage properties, from management fees on the properties managed by it for joint-venture partners, franchisees and unaffiliated third parties, and from its tenant reinsurance program. Its management fee is equal to approximately 6% of total revenues generated by the managed properties. As of December 31, 2011, there was one development projects in process.

As of December 31, 2011, the Company owned and/or managed approximately 64 million square feet of rentable space configured in approximately 585,000 separate storage units. Approximately 77% of its properties are clustered around centers, such as Atlanta, Baltimore/Washington, D.C., Boston, Chicago, Dallas, Houston, Las Vegas, Los Angeles, Miami, New York City, Orlando, Philadelphia, Phoenix, St. Petersburg/Tampa and San Francisco/Oakland. As of December 31, 2011, over 448,000 tenants were leasing storage units at the 882 operating properties that it owned and/or managed, primarily on a month-to-month basis. Its property portfolio is made up of different types of construction and building configurations depending on the site and the municipality where it is located. Most often sites are hybrid facilities, a mix of both drive-up buildings and multi-floor buildings.

Company Address

Extra Space Storage Inc

Suite 400, 2795 East Cottonwood
SALT LAKE CITY   UT   84121
P: +1801.3654600
F: +1801.5625579

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