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Utah's Extra Space Storage reports higher 4Q results

Published February 22, 2012 9:01 am

Real estate • Acquisitions, property performance propel SLC company.
This is an archived article that was published on sltrib.com in 2012, and information in the article may be outdated.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, a real estate investment company based in Salt Lake City, has reported that it generated $93.2 million in revenue for its fourth quarter ending Dec. 31, 2011.

A year ago the company, which owns and operates self-storage units across the country, reported revenue of $73.15 million.

Fourth-quarter net income was $16.28 million, or 17 cents per share, compared with $8.92 million, or 10 cents per share, in the comparable quarter a year earlier, the company reported.

"With strong property performance and robust acquisition activity, we produced 32 percent annual growth in our FFO [funds from operations] over 2010," Chairman and CEO Spencer Kirk said in announcing the company's financial results.

During the fourth quarter of 2011, Extra Space Storage acquired 28 properties for a total purchase price of $189.9 million.

Kirk noted that on Feb. 16, the company's board of directors declared a first quarter 2012 dividend of 20 cents per share, an increase of 42.9 percent over the dividend in the fourth quarter of last year.

The dividend will be paid on March 30 to stockholders whose names are on the company's list is shareholders as of March 15.