8-K/AAcquisitions & DispositionsExhibits & Filings

Extra Space Storage Inc. 8-K/A Report, Acquisition Completed (Dec 2, 2005)

Filed December 2, 2005For Securities:EXR

Summary

This Form 8-K/A filed by Extra Space Storage Inc. (EXR) on December 2, 2005, serves as an amendment to a previous filing regarding the acquisition of the Storage USA self-storage business. The primary purpose of this amendment is to provide revised pro forma financial information reflecting the transaction, which closed on July 14, 2005. Key revisions to the pro forma statements include the reclassification of lock and packaging income and expense, the inclusion of a previously omitted $1.9 million gain on sale of real estate assets for the year ended December 31, 2004, and expanded disclosures for certain pro forma adjustments. Additionally, the filing corrects specific notes within the Storage USA Carve-out Company's financial statements. Notably, Note 4(b) concerning investments in joint ventures was updated to reflect a significant increase in third-party debt for the Heitman Joint Venture, and Note 7(b) related to mortgage notes payable was corrected to align the footnote disclosure with the balance sheet presentation. These amendments aim to provide more accurate and transparent financial reporting to investors regarding the impact of the Storage USA acquisition.

Key Highlights

  • 1Amendment to a prior Form 8-K/A to update pro forma financial information for the Storage USA acquisition.
  • 2Reclassification of lock and packaging income and expense from property rental revenue to property operations expenses.
  • 3Inclusion of a $1.9 million gain on sale of real estate assets for the year ended December 31, 2004, previously omitted.
  • 4Expanded disclosures for certain pro forma adjustments to enhance clarity.
  • 5Correction of an error in the Storage USA Carve-out Company's financial statements regarding third-party debt in the Heitman Joint Venture.
  • 6Correction of a discrepancy between a footnote and the balance sheet for mortgage notes payable in the Storage USA Carve-out Company's financial statements.
  • 7The acquisition of Storage USA, involving 61 self-storage properties, franchise rights, and joint venture interests, closed on July 14, 2005.

Frequently Asked Questions

This amended filing (8-K/A) is primarily to update and correct the pro forma financial information related to the acquisition of the Storage USA self-storage business, which closed on July 14, 2005. It also corrects specific notes within the financial statements of the acquired Storage USA Carve-out Company.

Key changes include reclassifying lock and packaging income/expense, adding a $1.9 million gain on sale of real estate assets for the year 2004 that was previously omitted, and providing more detailed explanations for certain pro forma adjustments.

Yes, two specific corrections were made: 1) Note 4(b) was updated to reflect a significant increase in third-party debt for the Heitman Joint Venture, and 2) Note 7(b) was corrected to align the disclosure of mortgage notes payable with the balance sheet presentation.

The acquisition of the Storage USA self-storage business closed on July 14, 2005.