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.