8-KAcquisitions & DispositionsExhibits & Filings

Extra Space Storage Inc. 8-K Report, Acquisition Completed (Jan 17, 2007)

Filed January 17, 2007For Securities:EXR

Summary

This 8-K filing by Extra Space Storage Inc. (EXR) on January 17, 2007, primarily details the completion of various property acquisitions throughout 2006. The company acquired a total of 25 self-storage properties during the year, with 20 purchased in the first nine months and five acquired in the latter part of the year. None of these acquisitions were individually significant enough to require separate audited financial statements under Regulation S-X Rule 3-14. The filing also includes extensive pro forma financial information, presenting condensed consolidated balance sheets and statements of operations that reflect the impact of these acquisitions as if they occurred at the beginning of the reporting periods presented. This pro forma data allows investors to assess the company's financial position and performance with these new assets incorporated. The report also provides audited historical financial statements for nine of the acquired properties, with unaudited interim periods included. These detailed statements offer insights into the revenue and certain expenses of these specific assets prior to their full integration into Extra Space Storage's consolidated reporting. The company's strategy of active property acquisition is a key theme, aiming to expand its operational footprint.

Key Highlights

  • 1Extra Space Storage Inc. acquired a total of 25 self-storage properties during 2006.
  • 2No single property acquisition was deemed individually significant, avoiding the need for separate audited financials for each.
  • 3The filing includes unaudited pro forma condensed consolidated financial statements as of September 30, 2006, and for the nine months ended September 30, 2006, and the year ended December 31, 2005.
  • 4Pro forma statements reflect the impact of all 25 acquired properties as if acquired on January 1, 2005, providing a combined view of operations.
  • 5Audited historical financial statements and unaudited interim periods are provided for nine of the acquired properties.
  • 6The acquisitions demonstrate a strategy of aggressive expansion in the self-storage market during 2006.

Frequently Asked Questions

The primary purpose of this 8-K filing was to report on the completion of acquisitions of 25 self-storage properties by Extra Space Storage Inc. during 2006 and to provide associated financial information, including pro forma statements.

The filing states that no single property or portfolio of properties was an individually significant acquisition as defined under Regulation S-X Rule 3-14. This rule dictates when separate audited financial statements are required for acquired businesses. Since none met the significance threshold, this requirement was avoided for individual properties.

The pro forma financial information presents the company's financial position and results of operations as if all 25 acquired properties had been owned and operated since the beginning of the reporting periods (January 1, 2005). This allows investors to better understand the consolidated impact of these acquisitions on the company's overall financial performance and balance sheet.

No, the filing provides audited historical financial statements and unaudited interim periods for nine of the acquired properties. The other 16 properties acquired during 2006 were considered individually insignificant and do not have separate audited financial statements provided in this report.