Extra Space Storage Inc. Reports 2020 Third Quarter Results

November 4, 2020

SALT LAKE CITY, Nov. 4, 2020 /PRNewswire/ -- Extra Space Storage Inc. (NYSE: EXR) (the "Company"), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, announced operating results for the three and nine months ended September 30, 2020.

Highlights for the three months ended September 30, 2020:

  • Achieved net income attributable to common stockholders of $0.88 per diluted share, representing a 6.0% increase compared to the same period in 2019.
  • Achieved funds from operations attributable to common stockholders and unit holders ("FFO") of $1.30 per diluted share. FFO, excluding acceleration of share-based compensation expense due to retirement of an executive officer and adjustments for non-cash interest ("Core FFO"), was $1.31 per diluted share, representing a 5.6% increase compared to the same period in 2019.
  • Experienced decreases in same-store revenue of (1.5)% and same-store net operating income ("NOI") of (2.7)% compared to the same period in 2019.
  • Reported same-store occupancy of 95.9% as of September 30, 2020, compared to 93.8% as of September 30, 2019.
  • Acquired eight operating stores for a total cost of approximately $87.4 million.
  • In conjunction with joint venture partners, acquired two stores at completion of construction (a "Certificate of Occupancy store" or "C of O store") for a total cost of approximately $19.6 million, of which the Company invested $9.8 million.
  • Purchased a senior mezzanine note at 98.0% of the $103.0 million principal balance.
  • Added 42 stores (gross) to the Company's third-party management platform. As of September 30, 2020, the Company managed 718 stores for third parties and 253 stores in joint ventures, for a total of 971 managed stores.
  • Paid a quarterly dividend of $0.90 per share.

Highlights for the nine months ended September 30, 2020:

  • Achieved net income attributable to common stockholders of $2.50 per diluted share, representing a 5.5% increase compared to the same period in 2019.
  • Achieved FFO of $3.74 per diluted share. Core FFO was $3.78 per diluted share, representing a 5.0% increase compared to the same period in 2019.
  • Experienced decreases in same-store revenue of (0.9)% and same-store NOI of (2.1)% compared to the same period in 2019.
  • Acquired nine operating stores and one C of O store for a total cost of approximately $106.8 million.
  • In conjunction with joint venture partners, acquired one operating store, five C of O stores and completed one development for a total cost of approximately $85.6 million, of which the Company invested $33.9 million.
  • Added 121 stores (gross) to the Company's third-party management platform.

Updates Subsequent to September 30, 2020:

  • Achieved same-store occupancy of 95.9% as of October 31, 2020, compared to 93.3% as of October 31, 2019. Same-store occupancy as of October 31, 2020, includes less than 0.2% of inflated occupancy due to delayed auctions of delinquent units as a result of COVID-19.
  • The Company continues to hold auctions except where prohibited by local restrictions, which impact fewer than 1.5% of wholly-owned stores.
  • As of October 31, 2020, accounts receivable and collections less than 60 days have returned to historical levels.
  • Invested an additional $50.0 million in convertible preferred stock of Smart Stop Self Storage REIT, Inc. ("SmartStop"), bringing the Company's total investment to $200.0 million.
  • Due to the continuing uncertainty related to the impacts of the COVID-19 pandemic, including the potential for future stay-at-home orders, the uncertain economic climate, and the resulting impact on customer behavior, the Company has elected to not reinstate 2020 annual guidance.

Joe Margolis, CEO of Extra Space Storage Inc., commented: "The storage sector experienced a number of tailwinds in the third quarter that benefited our earnings. Demand was healthy and vacates remained muted, resulting in strong occupancy and increased rental rates to new customers, offset by lower late fees and higher bad debt.  These improved trends resulted in better than expected same-store performance, which together with contributions from our various external growth and balance sheet initiatives, resulted in solid third quarter FFO growth of 5.6%.  We recognize that future risks and uncertainties related to the pandemic and general macro-economic conditions may still impact future results, however, to date the impact has been less significant than previously anticipated."

FFO Per Share:

The following table outlines the Company's FFO and Core FFO for the three and nine months ended September 30, 2020 and 2019. 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 September 30,


For the Nine Months Ended September 30,


2020


2019


2020


2019




(per share)1




(per share)1




(per share)1




(per share)1

Net income attributable to
common stockholders

$

114,633



$

0.88



$

108,087



$

0.83



$

325,723



$

2.50



$

307,685



$

2.37


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



(0.05)





(0.05)





(0.15)





(0.14)


Adjustments:
















Real estate depreciation

53,909



0.38



51,828



0.36



160,202



1.16



153,745



1.12


Amortization of intangibles

247





1,184



0.01



1,402



0.01



5,281



0.04


Gain on real estate
transactions













(1,205)



(0.01)


Unconsolidated joint
venture real estate
depreciation and
amortization

2,279



0.02



2,160



0.02



6,667



0.05



5,944



0.04


Distributions paid on Series
A Preferred Operating
Partnership units

(572)





(572)





(1,716)



(0.01)



(1,716)



(0.01)


Income allocated to
Operating Partnership
noncontrolling interests

9,221



0.07



7,908



0.06



25,550



0.18



23,159



0.17


FFO

$

179,717



$

1.30



$

170,595



$

1.23



$

517,828



$

3.74



$

492,893



$

3.58


















Adjustments:
















Acceleration of share-based
compensation expense due
to executive officer retirement









1,823



0.01






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

1,233



0.01



1,186



0.01



3,675



0.03



3,533



0.02


CORE FFO

$

180,950



$

1.31



$

171,781



$

1.24



$

523,326



$

3.78



$

496,426



$

3.60


















Weighted average number
of shares – diluted3

138,098,629





138,719,395





138,415,939





137,848,978
























(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 Core FFO per share, which are calculated assuming full redemption of all OP units as described in note (3).



(3)

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 Core FFO per share also includes the effect of share-based compensation plans and our 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 nine months ended September 30, 2020 and 2019 (amounts shown in thousands, except store count data—unaudited)1:


For the Three Months Ended
September 30,


Percent


For the Nine Months Ended
September 30,


Percent


2020


2019


Change


2020


2019


Change

Same-store rental revenues2

$

271,717



$

275,963



(1.5)%


$

804,469



$

812,048



(0.9)%

Same-store operating expenses2

79,266



78,091



1.5%


234,828



230,225



2.0%

Same-store net operating income2

$

192,451



$

197,872



(2.7)%


$

569,641



$

581,823



(2.1)%













Same-store square foot occupancy as of
quarter end

95.9%


93.8%




95.9%


93.8%















Properties included in same-store

863


863




863


863















(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 Total Same-Store Net Operating Income."



(2)

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

 

Same-store revenues for the three and nine months ended September 30, 2020 decreased due to lower rental rates for existing customers, lower late fees collected and higher bad debt expense related to non-paying tenants, partially offset by higher occupancy.  Same-store expenses were higher for the three months ended September 30, 2020 primarily due to increases in marketing expenses and property taxes.  Same-store expenses were higher for the nine months ended September 30, 2020 primarily due to increases in payroll, marketing expenses and property taxes.  Expenses in both periods were partially offset by reduced utilities expense and repairs and maintenance.

Details related to the same-store performance of stores by metropolitan statistical area ("MSA") for the three and nine months ended September 30, 2020 are provided in the supplemental financial information published on the Company's Investor Relations website at https://ir.extraspace.com/.

Investment and Property 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
September 30, 2020 


Closed/Completed
Subsequent to
September 30, 2020


Scheduled to Still
Close/Complete in
2020


Total 2020


To Close/Complete
in 2021/2022

Wholly-Owned Investment


Stores


Price


Stores


Price


Stores


Price


Stores


Price


Stores


Price

Operating Stores


9


$

97,150



4


$

44,150



8


$

95,875



21


$

237,175




$


C of O and Development
   Stores1


1


9,628



1


6,400






2


16,028



2


14,284


EXR Investment in
Wholly-owned stores


10


106,778



5


50,550



8


95,875



23


253,203



2


14,284























Joint Venture Investment





















EXR Investment in JV
   Acquisition of Operating
   Stores1


1


1,810









1


1,810





EXR Investment in JV C of O
   and Development Stores1


6


32,081









6


32,081



1


1,600


EXR Investment in Joint
Ventures


7


33,891









7


33,891



1


1,600


Total EXR Investment


17


$

140,669



5


$

50,550



8


$

95,875



30


$

287,094



3


$

15,884




(1)

The locations of C of O and development stores and joint venture ownership interest details are included in the supplemental financial information published on the Company's Investor Relations website at https://ir.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.

Bridge Loans:

Year to date the Company has closed $79.5 million in bridge loans, with an additional $235.4 million under agreement to close in 2020 and an additional $167.7 million under agreement to close in 2021.  

During the three months ended September 30, 2020, the Company purchased a senior mezzanine note at 98.0% of the $103.0 million principal balance, which has an expected yield-to-maturity of 6.1%.

Other Investment Activity:

On October 26, 2020 the Company purchased $50.0 million in shares of convertible preferred stock of SmartStop, which the Company had previously committed to purchase at SmartStop's option.  Accordingly, the Company has invested a total of $200.0 million in SmartStop's convertible preferred stock.  The dividend rate for the preferred stock is 6.25% per annum, and is subject to increase in 2024.

Property Management:

As of September 30, 2020, the Company managed 718 stores for third-party owners and 253 stores owned in joint ventures, for a total of 971 stores under management.  The Company is the largest self-storage management company in the United States.

Balance Sheet:

The Company received $425.0 million in proceeds from a previously announced private placement of senior unsecured notes through delayed draws on August 25, 2020 and October 1, 2020

During the three months ended September 30, 2020, the Company did not sell any shares of common stock using its "at the market" ("ATM") program.  As of September 30, 2020, the Company had $298.6 million available for issuance under its ATM program.

As of September 30, 2020, the Company's percentage of fixed-rate debt to total debt was 77.7%. The weighted average interest rates of the Company's fixed and variable-rate debt were 3.4% and 1.8%, respectively. The combined weighted average interest rate was 3.0% with a weighted average maturity of approximately 4.3 years.

Dividends:

On September 30, 2020, the Company paid a third quarter common stock dividend of $0.90 per share to stockholders of record at the close of business on September 15, 2020.

Outlook:

On May 6, 2020, the Company withdrew its previously provided FFO estimates and annual assumptions for the year ending December 31, 2020 due to the impact of COVID-19. 

Supplemental Financial Information:

Supplemental unaudited financial information regarding the Company's performance can be found on the Company's website at www.extraspace.com. Under the "Company Info" navigation menu on the home page, click on "Investor Relations," then under the "Financials & Stock Info" navigation menu click on "Quarterly Earnings." 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, November 5, 2020, to discuss its financial results. To participate in the conference call, please dial 855-791-2026 or 631-485-4899 for international participants; audience passcode: 1069195. The conference call will also be available on the Company's investor relations website at https://ir.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 4:30 p.m. Eastern Time on November 5, 2020, until 4:30 p.m. Eastern Time on November 10, 2020. The replay dial-in numbers are 855-859-2056 or 404-537-3406 for international callers; passcode: 1069195.

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, the competitive landscape, 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 and developments 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;
  • 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;
  • impacts from the COVID-19 pandemic or the future outbreak of other highly infectious or contagious diseases, including reduced demand for self-storage space and ancillary products and services such as tenant reinsurance, and potential decreases in occupancy and rental rates and staffing levels, which could adversely affect our results;
  • increases in interest rates;
  • reductions in asset valuations and related impairment charges;
  • our lack of sole decision-making authority with respect to our joint venture investments;
  • the effect of recent changes to U.S. tax laws;
  • the failure to maintain our REIT status for U.S. federal income tax purposes; and
  • economic uncertainty due to the impact of natural disasters, war or terrorism, which could adversely affect our business plan.

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 related to real estate 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 Core FFO.  Core FFO excludes revenues and expenses not core to our operations and non-cash interest.  Although the Company's calculation of Core FFO 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 and non-cash interest charges, stockholders and potential investors are presented with an indicator of our operating performance that more closely achieves the objectives of the real estate industry in presenting FFO. Core FFO 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 863 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 and a member of the S&P 500. As of September 30, 2020, the Company owned and/or operated 1,906 self-storage stores in 40 states, Washington, D.C. and Puerto Rico. The Company's stores comprise approximately 1.4 million units and approximately 147.5 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.

Condensed Consolidated Balance Sheets

(In thousands, except share data)




September 30, 2020


December 31, 2019


(Unaudited)



Assets: 




Real estate assets, net

$

7,755,947



$

7,696,864


Real estate assets - operating lease right-of-use assets

256,154



264,643


Investments in unconsolidated real estate entities

347,786



338,054


Cash and cash equivalents

74,803



65,746


Restricted cash

5,771



4,987


Other assets, net

320,643



162,083


Total assets 

$

8,761,104



$

8,532,377


Liabilities, Noncontrolling Interests and Equity:




Notes payable, net

$

4,611,222



$

4,318,973


Exchangeable senior notes, net

575,000



569,513


Revolving lines of credit

94,000



158,000


Operating lease liabilities

267,093



274,783


Cash distributions in unconsolidated real estate ventures

46,527



45,264


Accounts payable and accrued expenses

153,838



111,382


Other liabilities

245,602



132,768


Total liabilities 

5,993,282



5,610,683


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, 129,094,900
and 129,534,407 shares issued and outstanding at September 30, 2020 and
December 31, 2019, respectively

1,291



1,295


Additional paid-in capital

2,889,592



2,868,681


Accumulated other comprehensive loss

(108,708)



(28,966)


Accumulated deficit

(392,891)



(301,049)


Total Extra Space Storage Inc. stockholders' equity

2,389,284



2,539,961


Noncontrolling interest represented by Preferred Operating Partnership units, net

171,738



175,948


Noncontrolling interests in Operating Partnership, net and other noncontrolling
interests

206,800



205,785


Total noncontrolling interests and equity

2,767,822



2,921,694


Total liabilities, noncontrolling interests and equity

$

8,761,104



$

8,532,377


 

Consolidated Statement of Operations for the Three and Nine Months Ended September 30, 2020 and 2019

(In thousands, except share and per share data) - Unaudited



For the Three Months Ended
September 30,


For the Nine Months Ended
 September 30,


2020


2019


2020


2019

Revenues:








Property rental

$

290,423



$

290,917



$

856,438



$

841,504


Tenant reinsurance

39,294



33,588



107,985



95,086


Management fees and other income

13,307



13,000



38,299



36,063


Total revenues

343,024



337,505



1,002,722



972,653


Expenses:








Property operations

92,322



88,653



271,659



248,288


Tenant reinsurance

7,189



7,644



20,725



21,593


General and administrative

23,894



22,519



72,242



68,548


Depreciation and amortization

56,412



56,051



167,705



165,116


Total expenses

179,817



174,867



532,331



503,545


Gain on real estate transactions







1,205


Income from operations

163,207



162,638



470,391



470,313


Interest expense

(42,213)



(46,908)



(127,610)



(141,716)


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

(1,233)



(1,186)



(3,675)



(3,533)


Interest income

3,145



2,799



6,488



5,905


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

122,906



117,343



345,594



330,969


Equity in earnings and dividend income from
unconsolidated real estate entities

5,605



2,704



15,692



8,455


Income tax expense

(4,657)



(4,052)



(10,013)



(8,580)


Net income

123,854



115,995



351,273



330,844


Net income allocated to Preferred Operating
Partnership noncontrolling interests

(3,248)



(3,088)



(9,498)



(9,379)


Net income allocated to Operating Partnership and
other noncontrolling interests

(5,973)



(4,820)



(16,052)



(13,780)


Net income attributable to common stockholders

$

114,633



$

108,087



$

325,723



$

307,685


Earnings per common share








Basic

$

0.89



$

0.84



$

2.52



$

2.40


Diluted

$

0.88



$

0.83



$

2.50



$

2.37


Weighted average number of shares








Basic

128,862,341



128,776,549



129,044,954



127,830,272


Diluted

129,871,096



137,318,475



130,066,121



136,164,299


Cash dividends paid per common share

$

0.90



$

0.90



$

2.70



$

2.66


 

Reconciliation of GAAP Net Income to Total Same-Store Net Operating Income — for the Three and Nine Months
Ended September 30, 2020 and 2019  (In thousands) — Unaudited 



For the Three Months Ended
September 30,


For the Nine Months Ended
September 30,


2020


2019


2020


2019

Net Income

$

123,854



$

115,995



$

351,273



$

330,844


Adjusted to exclude:








Gain on real estate transactions







(1,205)


Equity in earnings and dividend income from
unconsolidated real estate entities

(5,605)



(2,704)



(15,692)



(8,455)


Interest expense

43,446



48,094



131,285



145,249


Depreciation and amortization

56,412



56,051



167,705



165,116


Income tax expense

4,657



4,052



10,013



8,580


General and administrative

23,894



22,519



72,242



68,548


Management fees, other income and interest income

(16,452)



(15,799)



(44,787)



(41,968)


Net tenant insurance

(32,105)



(25,944)



(87,260)



(73,493)


Non-same store rental revenue

(18,706)



(14,954)



(51,969)



(29,456)


Non-same store operating expense

13,056



10,562



36,831



18,063


Total Same-store net operating income

$

192,451



$

197,872



$

569,641



$

581,823










Same-store rental revenues

271,717



275,963



804,469



812,048


Same-store operating expenses

79,266



78,091



234,828



230,225


Same-store net operating income

$

192,451



$

197,872



$

569,641



$

581,823


 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/extra-space-storage-inc-reports-2020-third-quarter-results-301166573.html

SOURCE Extra Space Storage Inc.

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