8-KAcquisitions & DispositionsExhibits & Filings

Extra Space Storage Inc. 8-K Report, Acquisition Completed (Oct 24, 2007)

Filed October 24, 2007For Securities:EXR

Summary

This Form 8-K filing by Extra Space Storage Inc. (EXR) on October 24, 2007, provides updated financial information related to asset acquisitions. Specifically, it details the acquisition of eight additional self-storage properties on August 31, 2007, which were not included in a prior 8-K filing dated September 10, 2007. These properties were acquired from joint ventures where the company held a minority interest. The 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 newly acquired properties, along with previously disclosed acquisitions, on the company's financial position and operational results. Audited historical financial statements for two specific entities related to the acquired properties (ESS PRISA LLC and SING, Ltd. Co.) are also provided to comply with SEC regulations.

Key Highlights

  • 1Disclosure of eight additional property acquisitions completed on August 31, 2007, which were not part of the September 10, 2007 8-K filing.
  • 2Presentation of unaudited pro forma condensed consolidated balance sheet as of June 30, 2007, incorporating these latest acquisitions.
  • 3Inclusion of unaudited pro forma condensed consolidated statements of operations for the six months ended June 30, 2007, and the full year ended December 31, 2006, reflecting the cumulative impact of 2007 acquisitions.
  • 4The acquired properties were previously held in joint ventures where Extra Space Storage Inc. had a minority interest.
  • 5Audited financial statements for ESS PRISA LLC (one property) and SING, Ltd. Co. (seven properties) are included, prepared for SEC Regulation S-X Rule 3-14 compliance.
  • 6Management asserts that the exclusion of two additional years of audited financial statements for these acquired entities is not material to investor understanding due to the nature of the acquisitions.
  • 7The pro forma financial information is not necessarily indicative of future results and should be read in conjunction with historical financial statements.

Frequently Asked Questions

The primary purpose of this 8-K filing is to disclose the completion of eight additional property acquisitions that occurred on August 31, 2007, and to provide updated pro forma financial statements reflecting the impact of these acquisitions, along with previously disclosed ones, on Extra Space Storage Inc.'s financial position and results of operations.

The eight properties acquired on August 31, 2007, were purchased from joint ventures in which Extra Space Storage Inc. held a minority interest. These properties are located across various states including Maryland, Missouri, New Mexico, Indiana, Alabama, and Colorado.

These audited financial statements are provided to comply with SEC Regulation S-X Rule 3-14, which requires audited financial statements for significant acquired properties. These specific entities held the properties that were acquired from joint ventures by Extra Space Storage Inc.

No, the pro forma financial statements presented in this filing are unaudited. They are intended to show the hypothetical combined financial position and operational results as if the acquisitions had occurred at an earlier date. Investors should refer to the company's audited financial statements for actual historical performance.