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Extra Space Storage reporters higher Q3 revenue, profits

Published November 6, 2012 9:21 am

This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Extra Space Storage Inc., a Salt Lake City-based real estate investment trust that specializes in the self-storage industry, reported higher revenue and earnings for both the three month and nine month periods of its 2012 fiscal year.

The company said its third-quarter revenue reached $109.8 million, a 31 percent increase over the same period a year ago when revenue was $84 million.

Net income for the three months ended Sept. 30, 2012 was $38.6 million, or 37 cents per share, compared with $15.3 million, or 16 cents per share, for the same period in fiscal 2011.

"Our experienced management team, leading operation platform, advanced revenue management and online marketing system are all performing well," Spencer F. Kirk, Extra Space's CEO, said in a statement announcing the company's latest financial results. "We remain optimistic about the self-storage sector and our ability to produce solid results for our shareholders."

For the nine-month period ended Sept. 30, 2012, Extra Space reported its revenue was $295.7 million, up 25 percent from $236.6 million in the same period of the prior year. Net income was $81 million, or 80 cents per share, compared with $34.2 million, or 37 cents per share, a year earlier.