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Extra Space Storage Inc. Reports Operating Results (10-K)

February 25, 2011 | About:
10qk

10qk

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Extra Space Storage Inc. (EXR) filed Annual Report for the period ended 2010-12-31.

Extra Space Storage Inc. has a market cap of $1.64 billion; its shares were traded at around $18.78 with a P/E ratio of 20.6 and P/S ratio of 5.8. The dividend yield of Extra Space Storage Inc. stocks is 2.1%. Extra Space Storage Inc. had an annual average earning growth of 10.9% over the past 5 years.Hedge Fund Gurus that owns EXR: Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns EXR: Columbia Wanger of Columbia Wanger Asset Management, Kenneth Fisher of Fisher Asset Management, LLC, Pioneer Investments.

Highlight of Business Operations:

Members of the executive management team have guided the Company through substantial growth, developing and acquiring over $4.1 billion in assets since 1996. This growth has been funded through public equity offerings and more than $2.0 billion in private equity capital since 1998. This private equity capital has come primarily from sophisticated, high net-worth individuals and institutional investors such as affiliates of Prudential Financial, Inc. and Fidelity Investments.

Acquisition and Development Financing We currently have a $100.0 million revolving line of credit (the "Credit Line") that is collateralized by certain of our self-storage properties. As of December 31, 2010, the Credit Line had asset collateralizing capacity of $100.0 million of which $100.0 million was drawn. On February 13, 2009, we entered into a $50.0 million revolving secured line of credit (the "Second Credit Line") that is collateralized by certain of our self-storage properties. As of December 31, 2010, the Second Credit Line had asset collateralizing capacity of approximately $50.0 million of

which $30.0 million was drawn. On June 4, 2010, we entered into a $45.0 million revolving secured line of credit (the "Third Credit Line") that is collateralized by mortgages on certain lease-up real estate assets. As of December 31, 2010, the Third Credit Line had asset collateralizing capacity of $34.7 million of which $25.5 million was drawn. On December 8, 2010, we entered into a $40.0 million revolving secured line of credit (the "Fourth Credit Line" and together with the Credit Line, Second Credit Line and Third Credit Line, the "Credit Lines") that is collateralized by mortgages on certain of our self-storage properties. As of December 31, 2010, the Fourth Credit Line had asset collateralizing capacity of approximately $40.0 million, of which $15.0 million was drawn. We expect to maintain a flexible approach in financing new property acquisitions. We plan to finance future acquisitions and development through a combination of cash, borrowings under the Credit Lines, traditional secured mortgage financing, joint ventures and additional equity offerings.

Read the The complete Report

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