I am so excited to see my first report of the season go live, Extra Space Storage (EXR), based in Salt Lake City, Utah. EXR is a fully integrated, self-administered and self-managed REIT that operates 738 self-storage properties in 33 states and Washington DC.  EXR leads the sector in performance.  EXR grew their portfolio through their “3Plus Management Program,” bringing on 40 new properties without excessive G&A commitments.  Even in the recessionary environment, they grew 10%, from 673 facilities to 738 — one smart move.

Along with growing their business, Extra Space has fortified their balance sheet.  EXR successfully closed $220 million in secured debt financing, retained $45 million by adjusting dividend, as well as advancing joint venture Harrison Street which allowed EXR to delever by $275 million. EXR made the right decisions to solidify their balance sheet and maintain financial flexibility.

Every step of the way EXR made “Smart Moves.”

Enjoy their report:  http://www.extraspace.com/annualreport/2009/