Summary
This 8-K filing by Extra Space Storage Inc. (EXR) on February 19, 2013, reports on property acquisitions made during the fiscal year ended December 31, 2012. The company acquired a total of 91 properties across various states for approximately $701 million. While most individual acquisitions were not considered significant by SEC rules, their aggregate value met the threshold for reporting. This filing includes financial statements and pro forma information for two significant portfolios acquired from The Hampshire Companies, LLC, and Storage Portfolio Bravo II, LLC, providing investors with insight into the operational performance and financial impact of these strategic additions.
Key Highlights
- 1Acquisition of 91 properties for approximately $701 million during the year ended December 31, 2012.
- 2The majority of acquisitions were individually insignificant but collectively significant, triggering additional reporting requirements.
- 3Includes audited financial statements of revenues and certain operating expenses for properties acquired from The Hampshire Companies, LLC and Storage Portfolio Bravo II, LLC.
- 4Presents unaudited pro forma condensed consolidated financial information reflecting the impact of the Storage Portfolio Bravo II, LLC and The Hampshire Companies, LLC acquisitions.
- 5The acquisition of joint venture partners' interest in PRISA III LLC, involving 36 properties, was previously reported as a significant acquisition.
- 6Properties were acquired across 24 different states, indicating a broad geographic expansion.
- 7The filing provides necessary exhibits, including consents from independent registered public accounting firms.
Frequently Asked Questions
Extra Space Storage acquired 91 properties across various states for approximately $701 million during the year ended December 31, 2012.
While the aggregate value of all acquisitions was significant, most individual property acquisitions did not meet the SEC's threshold for a 'significant acquisition'. However, Regulation S-X requires presentation of financial data for a majority of individually insignificant properties when their collective impact is significant. Therefore, audited statements for The Hampshire Companies, LLC and Storage Portfolio Bravo II, LLC portfolios are included as they represent a majority of these individually insignificant acquisitions.
The unaudited pro forma condensed consolidated financial statements reflect the Company's completed acquisitions from Storage Portfolio Bravo II, LLC and The Hampshire Companies, LLC. This information allows investors to better understand the combined financial position and operational results as if these acquisitions had occurred at an earlier point in time.
The primary significant acquisition reported previously was the purchase of joint venture partners' interest in the PRISA III LLC joint venture, which involved 36 properties and was initially reported on July 9, 2012, with an amendment on September 18, 2012. The other 55 properties acquired in 2012 were individually insignificant but significant in aggregate.