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Extra Space Storage CEO Discusses Q2 Results - Earnings Call Transcript

Forward-looking statements represent management’s estimates as of today, Tuesday July 31, 2012. The company assumes no obligation to revise or update any forward-looking statements because of changing market conditions or other circumstances after the date of this conference call.

I would now like to turn the call over to Spencer Kirk, Chief Executive Officer.

Spencer Kirk

Thanks, Clint. Hello, everyone and thank you for joining us today. With me are Karl Haas, our

Chief Operating Officer, and Scott Stubbs, our Chief Financial Officer.

It was another very good quarter for Extra Space. We achieved year-over-year FFO growth of 41%. Our properties and our systems are performing very well. During the quarter, we increased same-store revenues 6.7%, and reduced expenses which resulted in double-digit NOI growth of 10.2%. I give credit where credit is due. To our people.

I think our 2,400 employees, who have worked hard and dedicated themselves to executing on the fundamentals of our business. Our internal and external growth efforts have been highly effective in acquiring quality well-located assets.

We have acquired 51 properties so far in 2012, 36 of which are from Prudential, and we have an additional nine properties under contract. We are disciplined in our acquisition approach and purchased assets when it makes financial sense for our shareholders.

As the country's largest third-party management company with 519 assets under management, we continue to assert and demonstrate that this is a viable off market acquisition pipeline. Of the 51 assets acquired this year, 76% came from these existing relationships.

Our company is driven by an entrepreneurial culture of innovation and growth and we push for continuous improvement in all areas of our business. This development and implementation of system-wide innovations will continue to improve our performance.

I would now like to turn the call over to Karl to talk about our operational success in more detail.

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