Financial Highlights

Superior Results

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For Extra Space Storage, 2014 was another year of outstanding financial performance. By leveraging our operational expertise, we took full advantage of our proven platform to maximize revenue growth. During the year we expanded same-store revenues 7.5% – best in class in the self-storage sector.

We also led the sector in growth of funds from operations as adjusted (AFFO). In our fourth consecutive year of double-digit AFFO gains, we generated AFFO of $2.61 per diluted share, a 23.7% increase compared to 2013. Our growth allowed us to raise our quarterly dividend to common stockholders in the second quarter by 17.5% to $0.47 per share, or $1.88 on an annualized basis.

23.7 Percent FFO Growth
17.5 Percent Dividend Increase

We invested prudently in future growth, completing $531 million in strategic acquisitions to expand our portfolio. At the same time we maintained a solid capital position with moderate leverage, staggered debt maturities and healthy liquidity levels. We have proactively refinanced credit facilities and reduced our weighted average cost of debt, with interest savings benefitting the bottom line.

Since our initial public offering in August 2014, creating long-term shareholder value has been our top priority. We couldn’t be more proud of how we have rewarded shareholders in the decade since our IPO. As of December 31, 2014 we produced 10-year total shareholder returns of 595% – among the highest in the entire REIT sector in any asset class. We look forward to continuing to build value for our shareholders in the decade ahead.

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