8-KAcquisitions & DispositionsExhibits & Filings

Extra Space Storage Inc. 8-K Report, Acquisition Completed (Sep 10, 2007)

Filed September 10, 2007For Securities:EXR

Summary

Extra Space Storage Inc. (EXR) filed this Form 8-K on September 10, 2007, to report on asset acquisitions and to provide updated financial information. The company announced the acquisition of 23 properties since December 31, 2006, with a significant portion of these acquisitions, including a 10-property portfolio from AAAAA Rent-A-Space, being completed in the preceding months. This filing includes unaudited pro forma condensed consolidated financial statements as of June 30, 2007, and for the six months ended June 30, 2007, and the year ended December 31, 2006. These pro forma statements reflect the impact of these acquisitions as if they occurred at the beginning of the reporting periods, providing investors with a clearer view of the company's expanded operational and financial standing. Additionally, the report includes audited financial statements for the AAAAA Rent-A-Space portfolio and Greenway 27, LLC, as required for significant acquisitions. The company also notes the acquisition of eight additional properties on August 31, 2007, for which separate financial filings will be made. Investors should review the pro forma statements to understand the financial implications of EXR's aggressive property acquisition strategy during this period.

Key Highlights

  • 1Acquisition of 23 self-storage properties since December 31, 2006, up to August 30, 2007.
  • 2Key acquisition includes a 10-property portfolio from AAAAA Rent-A-Space, completed in June and August 2007.
  • 3Filing includes unaudited pro forma condensed consolidated balance sheet as of June 30, 2007.
  • 4Filing includes unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2007, and the year ended December 31, 2006.
  • 5Pro forma statements present acquisitions as if they occurred on January 1, 2006, to provide a normalized view of financial performance.
  • 6Audited historical financial statements for the AAAAA Rent-A-Space portfolio and Greenway 27, LLC are included as required for significant acquisitions.
  • 7Eight additional properties were acquired on August 31, 2007, with separate filings to follow.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report the completion of asset acquisitions and to provide updated financial information, specifically unaudited pro forma condensed consolidated financial statements, reflecting the impact of these acquisitions on Extra Space Storage Inc.'s financial position and results of operations.

Extra Space Storage acquired a total of 23 properties since December 31, 2006, up to August 30, 2007. This includes a significant 10-property portfolio from AAAAA Rent-A-Space.

Pro forma financial information presents financial data adjusted to show the impact of significant events, such as acquisitions, as if they occurred at an earlier date (in this case, January 1, 2006). It is included to give investors a more comprehensive understanding of the company's financial performance and position post-acquisition, offering a normalized view rather than reflecting only partial-period results from the actual acquisition dates.

Audits were performed on 11 of the acquired properties, including the 10 AAAAA Rent-A-Space properties, which represent a mathematical majority of the properties acquired as of August 30, 2007. Financial statements for Greenway 27, LLC were also audited. Other acquisitions' financial information is presented on an unaudited basis within the pro forma statements.