Salt Lake-based Extra Space Storage Inc. on Monday announced it had $43.1 million in revenues in this year's third quarter, an increase from $18.2 million in the third quarter of 2004.
The company, a real estate investment trust that operates self-storage properties, reported that its net loss was $2.9 million in this year's quarter, down from a net loss of $5.1 million in the third quarter of 2004.
A company statement said the decrease in net loss was primarily due to the acquisition of 52 properties, the buyout of various joint-venture partners, a July acquisition of 61 Storage USA properties, continued occupancy gains from the company's lease-up properties and increased rental revenues from existing customers.
The results for the three and nine months ended Sept. 30 include the operations of 546 properties, 191 of which were consolidated and 355 of which were held in joint ventures accounted for using the equity method, compared to the results for the same periods in 2004, which included the operations of 142 properties, 124 of which were consolidated and 18 of which were in joint ventures accounted for using the equity method.
On July 14 the company and Prudential Real Estate Investors completed the acquisition of Storage USA for approximately $2.3 billion in cash. As a result, Extra Space Storage now owns 100 percent of 61 Storage USA facilities, bringing its total of wholly owned properties to 191.
In connection with the Storage USA transaction, Extra Space Storage acquired SUSA Partnership L.P.'s equity interest in 78 joint-venture properties and assumed the management of 60 franchise and managed properties. In addition, 259 of the self-storage properties acquired in the Storage USA transaction were contributed to five separate limited liability companies that are owned by five subsidiaries of the company and PREI.
Extra Space Storage stock fell 6 cents Monday to close at $14.05 per share on the New York Stock Exchange. In the past year, the price has ranged from $12.19 to $16.71.