8-K/AExhibits & Filings

Extra Space Storage Inc. 8-K/A Report, Exhibit Filing (Sep 18, 2012)

Filed September 18, 2012For Securities:EXR

Summary

This filing is an amendment to a previous 8-K report by Extra Space Storage Inc. (EXR), filed on September 18, 2012. The primary purpose is to provide previously omitted financial statements and pro forma information related to the Company's acquisition of the remaining 94.9% equity interest in ESS PRISA III LLC. This acquisition, completed on July 2, 2012, for approximately $300 million, consolidated full ownership of 36 self-storage properties under EXR, which it previously held as a joint venture with Prudential Real Estate Investors (PREI). Investors should note that the filing includes detailed historical financial statements for ESS PRISA III LLC for the three years ended December 31, 2011, and unaudited interim financials for the six months ended June 30, 2012. Additionally, unaudited pro forma condensed consolidated financial statements are provided, reflecting the combined financial position and results of operations as if the acquisition had occurred at the beginning of the periods presented. This information is crucial for understanding the full impact of the PRISA III consolidation on Extra Space Storage's financial standing.

Key Highlights

  • 1Extra Space Storage Inc. (EXR) has filed an amendment to its July 9, 2012, 8-K to include financial statements for its acquired joint venture, ESS PRISA III LLC.
  • 2The Company completed the acquisition of the remaining 94.9% interest in ESS PRISA III LLC on July 2, 2012, for approximately $300 million.
  • 3ESS PRISA III LLC owns 36 self-storage properties located across the United States.
  • 4The filing provides audited historical financial statements for ESS PRISA III LLC for the three years ended December 31, 2011, and unaudited interim statements for the six months ended June 30, 2012.
  • 5Unaudited pro forma condensed consolidated financial statements are included to show the combined financial impact of the acquisition on EXR's balance sheet as of June 30, 2012, and statements of operations for the six months ended June 30, 2012, and the year ended December 31, 2011.
  • 6The pro forma statements reflect adjustments such as the elimination of management fees previously charged by EXR to the joint venture and the inclusion of PRISA III's revenues and expenses.
  • 7A non-cash gain of $13,499 was recognized by EXR at the time of acquisition due to the revaluation of its prior investment in the joint venture.

Frequently Asked Questions

This filing is an amendment to a previous 8-K to provide the financial statements and related pro forma information for ESS PRISA III LLC, which were previously omitted. These financials are required due to Extra Space Storage Inc.'s acquisition of the remaining 94.9% equity interest in ESS PRISA III LLC.

Extra Space Storage Inc. acquired the remaining 94.9% equity interest in ESS PRISA III LLC, a joint venture. This acquisition resulted in EXR gaining full ownership of 36 self-storage properties previously held through this joint venture.

The unaudited pro forma condensed consolidated financial statements show the combined financial position and results of operations as if the acquisition had occurred at the beginning of the periods presented. Key impacts include the consolidation of PRISA III's assets and liabilities, the elimination of management fees previously paid by PRISA III to EXR, and the inclusion of PRISA III's operational revenues and expenses. The pro forma balance sheet as of June 30, 2012, reflects the assets and liabilities of both entities post-acquisition.

The acquisition was completed on July 2, 2012.