Industry Ownership • Section 2 Based in Salt Lake City, Extra Space Storage is the second


largest self-storage operator with 1,470 facilities that consist of more than 111 million rentable square feet. For the third quarter of 2017, the company achieved net income attrib- utable to common stockholders of $0.74 per diluted share, representing a 20.4 percent increase compared with the same period in 2016. The company paid a quarterly dividend of $0.78 per share, as seen in Table 2.6.


In terms of acquisitions, Extra Space acquired three operating stores and


one store at completion of construction (a “Certificate of Occupancy store”) for a total purchase price of approximately $31.8 million.


Extra Space achieved funds from operations attribut-


able to common stockholders and unit holders of $1.09 per diluted share. Excluding non-cash interest and property losses and tenant reinsurance claims due to hurricanes, FFO as adjusted was $1.13 per diluted share, representing a 10.8 percent increase compared to the same period in 2016 (See Table 2.5.). Same-store revenue increased by 4.8 percent, while same-store net operating income increased by 5.5 per- cent compared to the same period in 2016.


In terms of acquisitions, Extra Space acquired three op-


erating stores and one store at completion of construction (a “Certificate of Occupancy store”) for a total purchase price of approximately $31.8 million. In addition, one Certificate of Occupancy store was acquired with a joint-venture partner for a total purchase price of approximately $8.8 million.


National Storage Affiliates $148.49 Rental Income # of Stores


Source: MiniCo Publishing


$32,964 222


$159.27 $44,117 277


CubeSmart, based in Malvern, Pa., is the third largest self-


storage operator with 919 facilities that total more than 62.3 million net rentable square feet of storage space. For Q3 2017, the company reported adjusted funds from operations per share of $0.41, as seen in Table 2.5 on the opposite page.


Same-store net operating income for the company


increased by 4.1 percent year over year. According to CubeSmart, this was driven by 4.1 percent revenue growth and a 4.2 percent percent increase in property operating


 





Public Storage Rental Income # of Stores


Life Storage Inc Rental Income # of Stores


CubeSmart


Rental Income # of Stores


Extra Space Rental Income # of Stores





$258.49 $516,971 2,000


$209.28 $87,271 417


$286.03 $116,416 407


$322.58 $181,937 564





$276.39 $564,394 2,042


$211.53 $91,168 431


$263.61 $113,879 432


$300.71 $220,123 732


2018 Self-Storage Almanac


37


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