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Extra Space Storage Inc. Reports 2017 First Quarter Results

SALT LAKE CITY, April 26, 2017 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States, announced operating results for the three months ended March 31, 2017.

Highlights for the three months ended March 31, 2017:

  • Achieved net income attributable to common stockholders of $0.64 per diluted share, representing a 3.0% decrease compared to the same period in 2016, which included a gain related to the buyout of a joint venture partner's interest.
  • Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $1.02 per diluted share. Excluding non-cash interest, FFO as adjusted was $1.03 per diluted share, representing a 19.8% increase compared to the same period in 2016.
  • Increased same-store revenue by 5.8% and same-store net operating income ("NOI") by 9.2% compared to the same period in 2016.
  • Reported same-store occupancy of 92.2% as of March 31, 2017, compared to 91.4% as of March 31, 2016.
  • Acquired two wholly-owned operating stores for a total purchase price of approximately $25.5 million.
  • Acquired two stores at completion of construction ("Certificate of Occupancy stores") with joint venture partners for a total purchase price of approximately $16.2 million.
  • Paid a quarterly dividend of $0.78 per share.

Joseph D. Margolis, CEO of Extra Space Storage Inc., commented: "We started the year with an excellent first quarter.  We experienced the benefits of a highly diversified portfolio with certain markets accelerating, while others moderated.  Our same-store revenue growth was solid at 5.8% and expenses were better than expected, resulting in same-store NOI growth of 9.2%.  Quarter-end occupancy was over 92%, and we are well positioned as we head into our busy season.  Our strong same-store NOI growth helped increase FFO as adjusted by 20%."

FFO Per Share:

The following table outlines the Company's FFO and FFO as adjusted for the three months ended March 31, 2017 and 2016. 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)1:


For the Three Months Ended March 31,


2017


2016




(per share)




(per share)

Net income attributable to common stockholders

$

82,282



$

0.64



$

82,592



$

0.66


Impact of the difference in weighted average number of shares – diluted2



(0.03)





(0.04)


Adjustments:








Real estate depreciation

41,913



0.30



36,436



0.27


Amortization of intangibles

6,161



0.05



4,736



0.04


Loss on earnout from prior acquisition





1,544



0.01


Unconsolidated joint venture real estate depreciation and amortization

1,363



0.01



1,015



0.01


Unconsolidated joint venture gain on sale of properties and purchase of partner's interest





(26,923)



(0.20)


Distributions paid on Series A Preferred Operating Partnership Units

(1,271)



(0.01)



(1,271)



(0.01)


Income allocated to Operating Partnership noncontrolling interests

7,453



0.06



6,816



0.05


FFO attributable to common stockholders and unit holders

137,901



1.02



104,945



0.79










Adjustments:








Non-cash interest expense related to amortization of discount on equity portion of exchangeable senior notes

1,269



0.01



1,233



0.01


Non-cash interest benefit related to out of market debt





(354)




Loss related to settlement of legal action





4,000



0.03


Acquisition related costs and other3





4,053



0.03


FFO as adjusted attributable to common stockholders and unit holders

$

139,170



$

1.03



$

113,877



$

0.86










Weighted average number of shares – diluted4


 

134,930,050




 

132,937,006




(1)

Per share amounts may not recalculate due to rounding.



(2)

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 (4).



(3)

Beginning January 1, 2017, acquisition related costs have been capitalized due to a change in accounting literature, thus eliminating the need for an adjustment to FFO as adjusted attributable to common stockholders and unit holders.



(4)

Extra Space Storage LP (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 number of 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 months ended March 31, 2017 and 2016(amounts shown in thousands, except store count data—unaudited)1:


For the Three Months Ended March 31,


Percent


2017


2016


Change

Same-store rental revenues2

$

206,569



$

195,220



5.8%

Same-store operating expenses2

57,625



58,789



(2.0)%

Same-store net operating income2

$

148,944



$

136,431



9.2%







Same-store square foot occupancy as of quarter end

92.2%



91.4%










Properties included in same-store

732



732






(1)

A reconciliation of net income to same-store net operating income is provided later in this release, entitled "Reconciliation of GAAP Net Income to Same-Store Net Operating Income."

(2)

Same-store revenues, same-store operating expenses and same-store net operating income do not include tenant reinsurance revenue or expense.

Same-store occupancy at March 31, 2017 increased a total of 80 basis points compared to March 31, 2016.  This includes the impact from the addition of 168 stores to the same store pool on January 1, 2017.

Same-store revenues for the three months ended March 31, 2017 increased due to gains in occupancy and higher rental rates for both new and existing customers. Expenses were lower for the three months ended March 31, 2017 due to decreases year-over-year across most expense categories.   The most significant decreases to expenses were in office, insurance and payroll.  Decreases in expenses were partially offset by increases in marketing expense.

Major markets with revenue growth above the Company's portfolio average for the three months ended March 31, 2017 included Las Vegas, Los Angeles, Orlando, Sacramento, and West Palm Beach/Boca Raton. Major markets performing below the Company's portfolio average included Boston, Denver, Houston, New York City/Northern New Jersey and Washington, D.C./Baltimore.

Acquisition, Development, Disposition, Joint Venture and Third-Party Management Activity:

The following table outlines the Company's acquisitions and developments that are closed, completed or under agreement (dollars in thousands – unaudited):



Closed through
March 31, 2017


Closed

Subsequent to
March 31, 2017


To Close/Complete

in 2017


Total to

Close/Complete

in 2017


To Close/Complete
in 2018-2019



Stores


Price


Stores


Price


Stores


Price


Stores


Price


Stores


Price

Operating Stores


2


$

25,500




$



2


$

31,550



4


$

57,050




$


Certificate of Occupancy and Development Stores1





1


7,300



1


8,970



2


16,270



14


182,361


Wholly Owned Total


2


25,500



1


7,300



3


40,520



6


73,320



14


182,361























JV Certificate of Occupancy and Development Stores1


2


16,205



1


15,850



11


157,995



14


190,050



13


341,311


Total


4


$

41,705



2


$

23,150



14


$

198,515



20


$

263,370



27


$

523,672

























(1)

The locations of development and Certificate of Occupancy stores and joint venture ownership interest details are included in the supplemental financial information published on the Company's website at www.extraspace.com.

 

The projected developments and acquisitions under agreement described above are subject to customary closing conditions and no assurance can be provided that these developments and acquisitions will be completed on the terms described, or at all.

Property Management:

As of March 31, 2017, the Company managed 421 stores for third-party owners. With an additional 182 stores owned and operated in joint ventures, the Company had a total of 603 stores under management. The Company continues to be the largest self-storage management company in the United States.

Balance Sheet:

During the three months ended March 31, 2017, the Company did not sell any shares of common stock using its "at the market" ("ATM") equity program.  At March 31, 2017, the Company had $349.4 million available for issuance under the existing equity distribution agreements.

As of March 31, 2017, the Company's percentage of fixed-rate debt to total debt was 69.0%. The weighted average interest rates of the Company's fixed and variable-rate debt were 3.3% and 2.5%, respectively. The combined weighted average interest rate was 3.1% with a weighted average maturity of approximately 4.5 years.  Subsequent to the end of the quarter, the Company swapped $300 million of variable-rate debt to fixed-rate debt.

Dividends:

On March 31, 2017, the Company paid a first quarter common stock dividend of $0.78 per share to stockholders of record at the close of business on March 15, 2017.

Outlook:

The following table outlines the Company's FFO estimates and annual assumptions for the year ending December 31, 20171:


Ranges for 2017
Annual Assumptions


Notes


Low


High



Funds from operations attributable to common stockholders and unit holders

$

4.17



$

4.25




Funds from operations as adjusted attributable to common stockholders

$

4.21



$

4.29










Same-store property revenue growth

4.00

%


5.00

%


Assumes a same-store pool of 732 stores and excludes tenant reinsurance

Same-store property expense growth

2.25

%


3.25

%


Assumes a same-store pool of 732 stores and excludes tenant reinsurance

Same-store property NOI growth

4.25

%


5.75

%


Assumes a same-store pool of 732 stores and excludes tenant reinsurance

Weighted average one-month LIBOR

1.13

%


1.13

%









Net tenant reinsurance income

$

78,000,000



$

79,000,000




General and administrative expenses

$

78,000,000



$

79,000,000



Includes non-cash compensation expense

Average monthly cash balance

$

35,000,000



$

35,000,000




Equity in earnings of real estate ventures

$

13,500,000



$

14,500,000




Acquisition of operating stores

$

305,000,000



$

305,000,000



Wholly-owned

Development and Certificate of Occupancy stores - wholly-owned

$

20,000,000



$

20,000,000



Wholly-owned

Development and Certificate of Occupancy stores - joint ventures

$

190,000,000



$

190,000,000



Company investment totals approximately $75.0 million

Interest expense

$

151,500,000



$

152,500,000




Non-cash interest expense related to exchangeable senior notes

$

5,000,000



$

5,000,000



Excluded from FFO as adjusted

Taxes associated with the Company's taxable REIT subsidiary

$

13,500,000



$

14,500,000




Weighted average share count

135,500,000



135,500,000



Assumes redemption of all OP units for common stock









(1)

A reconciliation of net income outlook to same-store net operating income outlook is provided later in this release entitled "Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income."  The reconciliation includes details related to same-store revenue and same-store expense outlooks.

 

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, April 27, 2017, 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: 2211675. 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 April 27, 2017, until 4:00 p.m. Eastern Time on May 2, 2017. The replay dial-in numbers are 855-859-2056 or 404-537-3406 for international callers; conference ID: 2211675.

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 benefits of store acquisitions, developments, favorable market conditions, our outlook and estimates for the year 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 developments 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;
  • the effect of competition from new and existing stores 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;
  • the failure to effectively manage our growth and expansion into new markets or to successfully operate acquired stores and operations;
  • 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 U.S. 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 income. Net income assumes 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. FFO should not be considered a replacement of net income computed in accordance with GAAP.

For informational purposes, the Company also presents FFO as adjusted which excludes revenues and expenses not core to our operations, acquisition related costs (prior to 2017) 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 revenues and expenses not core to our operations, 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 732 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. The Company believes that by providing same-store results from a stabilized pool of stores, with accompanying operating metrics including, but not limited to occupancy, rental revenue (growth), operating expenses (growth), net operating income (growth), etc., stockholders and potential investors are able to evaluate operating performance without the effects of non-stabilized occupancy levels, rent levels, expense levels, acquisitions or completed developments.  Same-store results 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 March 31, 2017, the Company owned and/or operated 1,441 self-storage stores in 38 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 980,000 units and approximately 109 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)






March 31, 2017


December 31, 2016


(Unaudited)



Assets:




Real estate assets, net

$

6,770,593



$

6,770,447


Investments in unconsolidated real estate ventures

79,385



79,570


Cash and cash equivalents

29,311



43,858


Restricted cash

12,231



13,884


Receivables from related parties and affiliated real estate joint ventures

6,251



16,611


Other assets, net

136,586



167,076


Total assets

$

7,034,357



$

7,091,446


Liabilities, Noncontrolling Interests and Equity:




Notes payable, net

$

3,198,870



$

3,213,588


Exchangeable senior notes, net

612,233



610,314


Notes payable to trusts, net

117,352



117,321


Revolving lines of credit

363,000



365,000


Accounts payable and accrued expenses

77,106



101,388


Other liabilities

79,981



87,669


Total liabilities

4,448,542



4,495,280






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, 125,912,164 and 125,881,460 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively

1,259



1,259


Additional paid-in capital

2,567,228



2,566,120


Accumulated other comprehensive income

22,816



16,770


Accumulated deficit

(355,187)



(339,257)


Total Extra Space Storage Inc. stockholders' equity

2,236,116



2,244,892


Noncontrolling interest represented by Preferred Operating Partnership units, net of $120,230 notes receivable

147,823



147,920


Noncontrolling interests in Operating Partnership

201,876



203,354


Total noncontrolling interests and equity

2,585,815



2,596,166


Total liabilities, noncontrolling interests and equity

$

7,034,357



$

7,091,446


 

Consolidated Statement of Operations for the three months ended March 31, 2017 and 2016

(In thousands, except share and per share data)




For the Three Months Ended March 31,


2017


2016

Revenues:

(Unaudited)


(Unaudited)

Property rental

$

231,493



$

199,488


Tenant reinsurance

22,855



20,555


Management fees and other income

8,660



9,360


Total revenues

263,008



229,403


Expenses:




Property operations

66,645



61,112


Tenant reinsurance

3,920



4,311


Acquisition related costs and other1



4,053


General and administrative

18,808



23,402


Depreciation and amortization

49,432



42,897


Total expenses

138,805



135,775


Income from operations

124,203



93,628


Loss on earnout from prior acquisition



(1,544)


Interest expense

(35,970)



(31,359)


Non-cash interest expense related to amortization of discount on equity component of exchangeable senior notes

(1,269)



(1,233)


Interest income

1,102



1,714


Interest income on note receivable from Preferred Operating Partnership unit holder

1,213



1,213


Income before equity in earnings of unconsolidated real estate ventures and income tax expense

89,279



62,419


Equity in earnings of unconsolidated real estate ventures

3,579



2,830


Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partner's interest



26,923


Income tax expense

(3,124)



(2,765)


Net income

89,734



89,407


Net income allocated to Preferred Operating Partnership noncontrolling interests

(3,951)



(3,180)


Net income allocated to Operating Partnership and other noncontrolling interests

(3,501)



(3,635)


Net income attributable to common stockholders

$

82,282



$

82,592


Earnings per common share




Basic

$

0.65



$

0.66


Diluted

$

0.64



$

0.66


Weighted average number of shares




Basic

125,605,403



124,754,174


Diluted

132,618,644



131,956,094






Cash dividends paid per common share

$

0.78



$

0.59




(1)

Beginning January 1, 2017, acquisition related costs have been capitalized due to a change in accounting literature.

 

 

Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the three months ended March 31, 2017 and 2016  (In thousands) — Unaudited




For the Three Months Ended
March 31,


2017


2016

Net income

$

89,734



$

89,407


Adjusted to exclude:




Loss on earnout from prior acquisition



1,544


Equity in earnings of unconsolidated joint ventures

(3,579)



(2,830)


Equity in earnings of unconsolidated real estate ventures - gain on sale of real estate assets and purchase of joint venture partners' interests



(26,923)


Acquisition related costs and other



4,053


Interest expense

37,239



32,592


Depreciation and amortization

49,432



42,897


Income tax expense

3,124



2,765


General and administrative (includes stock compensation)

18,808



23,402


Management fees, other income and interest income

(10,975)



(12,287)


Net tenant reinsurance

(18,935)



(16,244)


Non same-store revenue

(24,924)



(4,268)


Non same-store expenses

9,020



2,323


Total same-store NOI

$

148,944



$

136,431






Same-store rental revenues

206,569



195,220


Same-store operating expenses

57,625



58,789


Total same-store NOI

$

148,944



$

136,431


 

Reconciliation of the Range of Estimated GAAP Fully Diluted Earnings Per Share to Estimated Fully Diluted FFO Per Share — for the three months ending June 30, 2017 and year ending December 31, 2017 — Unaudited






For the Three Months Ending
June 30, 2017


For the Year Ending

December 31, 2017


Low End


High End


Low End


High End

Net income attributable to common stockholders per diluted share

$

0.61



$

0.63



$

2.45



$

2.53


Income allocated to noncontrolling interest - Preferred Operating Partnership and Operating Partnership

0.06



0.06



0.23



0.23


Fixed component of income allocated to non-controlling interest - Preferred Operating Partnership

(0.01)



(0.01)



(0.03)



(0.03)


Net income attributable to common stockholders and unit holders for diluted computations

0.66



0.68



2.65



2.73










Adjustments:








Real estate depreciation

0.32



0.32



1.29



1.29


Amortization of intangibles

0.04



0.04



0.18



0.18


Unconsolidated joint venture real estate depreciation and amortization

0.01



0.01



0.05



0.05


Funds from operations attributable to common stockholders

1.03



1.05



4.17



4.25










Adjustments:








Non-cash interest expense related to amortization of discount on equity portion of exchangeable senior notes

0.01



0.01



0.04



0.04


Funds from operations as adjusted attributable to common stockholders and unit holders

$

1.04



$

1.06



$

4.21



$

4.29










 

Reconciliation of Estimated GAAP Net Income to Estimated Same-Store Net Operating Income — for the year ending December 31, 2017 — Unaudited




For the Year Ending

December 31, 2017


 Low


 High

Net Income

$

363,500



$

378,800


Adjusted to exclude:




Equity in earnings of unconsolidated joint ventures

(13,500)



(14,500)


Interest expense (includes non-cash)

157,500



156,500


Depreciation and amortization

205,000



205,000


Income tax expense

14,500



13,500


General and Administrative (includes stock compensation)

79,000



78,000


Management fees, other income and interest income

(43,000)



(43,000)


Net Tenant Insurance

(78,000)



(79,000)


Non Same Store Revenue

(112,000)



(112,000)


Non Same Store Expense

37,000



37,000


Total Same Store NOI

$

610,000



$

620,300






Same Store Revenue

$

848,500



$

856,500


Same Store Expense

(238,500)



(236,200)


Total Same Store NOI

$

610,000



$

620,300


 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2017-first-quarter-results-300446497.html

SOURCE Extra Space Storage Inc.

For Information: Jeff Norman, Extra Space Storage Inc., (801) 365-1759