8-KOther EventsExhibits & Filings

Extra Space Storage Inc. 8-K Report, Corporate Update (Jan 3, 2012)

Filed January 3, 2012For Securities:EXR

Summary

Extra Space Storage Inc. (EXR) filed an 8-K on January 3, 2012, reporting on significant property acquisitions made during the fiscal year ended December 31, 2011. The company acquired a total of 55 self-storage properties across 17 states for an aggregate purchase price of approximately $290 million. While no single acquisition was deemed individually significant, their combined value made the aggregate acquisition significant. The filing includes detailed unaudited pro forma financial statements that combine the company's historical financial data with the acquired properties' operations, presenting a consolidated view as if the acquisitions had occurred at earlier points in time. This provides investors with a clearer picture of the company's expanded operational footprint and financial position post-acquisitions.

Key Highlights

  • 1Extra Space Storage Inc. acquired 55 self-storage properties in 2011 for approximately $290 million.
  • 2The acquired properties are located across 17 different U.S. states.
  • 3The filing provides unaudited pro forma condensed consolidated financial statements reflecting the impact of these acquisitions.
  • 4Financial statements are presented for two significant portfolios acquired: Storage Solutions/Union Development Company, Inc. (19 properties) and Everest Real Estate Fund LLC (6 properties).
  • 5The pro forma statements adjust historical data to show the combined financial performance as if acquisitions occurred earlier in the reporting periods.
  • 6The company is providing audited statements of revenues and certain operating expenses for the majority of individually insignificant but collectively significant acquired properties.
  • 7These filings aim to provide investors with a comprehensive view of the company's growth and financial performance following a period of significant expansion.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report on Extra Space Storage Inc.'s significant property acquisitions made during 2011. It provides investors with financial information related to these acquisitions, including pro forma statements that show the combined financial impact of these new properties on the company's overall operations.

Extra Space Storage Inc. acquired a total of 55 self-storage properties in 2011 for an aggregate purchase price of approximately $290 million.

Pro forma financial statements are included to present a consolidated view of the company's financial position and results of operations as if the significant acquisitions completed during 2011 had occurred at the beginning of the periods presented. This helps investors understand the normalized impact of these acquisitions on the company's financial performance.

The filing includes detailed financial statements for two key portfolios: the 19 properties acquired from Storage Solutions/Union Development Company, Inc. and the 6 properties acquired from Everest Real Estate Fund LLC. These represent a majority of the acquired properties and are presented to satisfy regulatory requirements for significant aggregate acquisitions.