10-K/APeriod: FY2006

Extra Space Storage Inc. Annual Report (Amendment), Year Ended Dec 31, 2006

Filed March 20, 2007For Securities:EXR

Summary

Extra Space Storage Inc. (EXR) filed an amended annual report on Form 10-K for the fiscal year ended December 31, 2006. As of February 15, 2007, the company had 64,242,922 shares of common stock outstanding and a market capitalization of approximately $752.5 million as of June 30, 2006. The filing indicates EXR is a large accelerated filer, signaling significant market presence and compliance with enhanced disclosure requirements. This amendment specifically addresses the inclusion of two new exhibits: the Extra Space Storage Non-Employee Director Plan and an Employment Agreement with Karl Haas dated July 26, 2006. Investors reviewing this filing should note the company's engagement in various acquisition and financing activities, as evidenced by the numerous purchase and loan agreements listed as exhibits. These include agreements related to acquisitions from entities affiliated with AAAAA Rent-A-Space and prior transactions with Security Capital Self Storage Incorporated, as well as various loan agreements with General Electric Capital Corporation and Bank of America. The company also has significant debt instruments, including a Junior Subordinated Indenture and related Trust Preferred Securities, suggesting a leveraged capital structure. The presence of compensation plans and employment agreements indicates ongoing efforts in executive compensation and talent management.

Key Highlights

  • 1The company had a market capitalization of approximately $752.5 million as of June 30, 2006, and 64,242,922 shares of common stock outstanding as of February 15, 2007.
  • 2Extra Space Storage Inc. is classified as a large accelerated filer, indicating substantial market capitalization and trading volume.
  • 3The filing is an amendment to include new exhibits related to employee compensation and executive agreements, specifically the Non-Employee Director Plan and an employment agreement with Karl Haas.
  • 4The company has been actively engaged in various acquisition activities, including a significant purchase agreement with entities affiliated with AAAAA Rent-A-Space.
  • 5Multiple loan agreements with major financial institutions like General Electric Capital Corporation and Bank of America are listed, indicating ongoing financing strategies.
  • 6The company utilizes debt financing, including Junior Subordinated Indentures and Trust Preferred Securities, suggesting a leveraged financial strategy.
  • 7Executive compensation structures are detailed through various incentive plans and employment agreements, including those for key personnel like Kenneth M. Woolley and Kent W. Christensen.

Frequently Asked Questions

This amended 10-K filing for the fiscal year ended December 31, 2006, primarily serves to include additional exhibits: the Extra Space Storage Non-Employee Director Plan and an Employment Agreement for Karl Haas dated July 26, 2006.

Being a 'large accelerated filer' indicates that Extra Space Storage Inc. meets specific criteria for market capitalization and reporting history, suggesting it is a well-established company with significant public float. This classification also implies adherence to more stringent SEC disclosure requirements, providing investors with a higher level of transparency.

The extensive list of exhibits, including purchase and sale agreements, loan agreements, and financing documents, indicates that Extra Space Storage Inc. has been actively involved in property acquisitions, significant financing activities through various lenders, and has a structured approach to executive compensation and corporate governance.

Yes, the filing references a Purchase and Sale Agreement dated December 8, 2006, between Extra Space Storage LLC and various limited partnerships affiliated with AAAAA Rent-A-Space, suggesting a recent acquisition. Other purchase agreements and financing documents also point to ongoing strategic growth and capital management activities.