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Extra Space Storage Inc. Comments on CEO's Recent Stock Transactions
(Marketwire Via Acquire Media NewsEdge) SALT LAKE CITY, UT, November 13 / MARKET WIRE/ --
Extra Space Storage Inc. (the "Company")
(NYSE: EXR) announced today that the Company's Chairman and CEO, Kenneth M.
Woolley, has voluntarily sold 350,000 shares of the Company's common stock.
Proceeds from the sales were used to partially pay down the outstanding
balance on a margin loan secured by Mr. Woolley's common shares. The sales
were related to certain contractual obligations, although there has been no
default or margin call at this time. The amount of shares sold represented
approximately 15.5% of Mr. Woolley's total holdings in the Company's common
stock including operating partnership units. The outstanding balance on
Mr. Woolley's loan is approximately $3.5 million after the sale of shares.
"I am very disappointed to have to sell shares at this time. The margin
loan is personal to me and has been used for business ventures completely
separate and apart from Extra Space Storage," Mr. Woolley said. "The sales
in no way reflect any lack of confidence on my part in the performance or
prospects of Extra Space Storage. I believe wholeheartedly in our
strategic direction, our assets, our systems, our expertise, and our
management team."
Forward-Looking Statements
Certain information set forth in this release contains "forward-looking
statements" within the meaning of the federal securities laws.
Forward-looking statements include statements concerning our plans,
objectives, goals, strategies, future events, future revenues or
performance, capital expenditures, financing needs, plans or intentions
relating to acquisitions and other information that is not historical
information. In some cases, forward-looking statements can be identified by
terminology such as "believes," "estimates," "expects," "may," "will,"
"should," "anticipates," or "intends" or the negative of such terms or
other comparable terminology, or by discussions of strategy. We may also
make additional forward-looking statements from time to time. All such
subsequent forward-looking statements, whether written or oral, by us or on
our behalf, are also expressly qualified by these cautionary statements.
All forward-looking statements are based upon our current expectations and
various assumptions. Our expectations, beliefs and projections are
expressed in good faith and we believe there is a reasonable basis for
them, but there can be no assurance that management's expectations, beliefs
and projections will result or be achieved. All forward-looking statements
apply only as of the date made. We undertake no obligation to publicly
update or revise forward-looking statements which may be made to reflect
events or circumstances after the date made or to reflect the occurrence of
unanticipated events.
There are a number of risks and uncertainties that could cause our actual
results to differ materially from the forward-looking statements contained
in or contemplated by this release. Any forward-looking statements should
be considered in light of the risks
referenced in the "Risk Factors" section included in our most recent Annual
Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors
include, but are not limited to:
-- changes in general economic conditions and in the markets in which we
operate;
-- the effect of competition from new self-storage facilities or other
storage alternatives, which could cause rents and occupancy rates to
decline;
-- potential liability for uninsured losses and environmental
contamination;
-- difficulties in our ability to evaluate, finance and integrate
acquired and developed properties into our existing operations and to lease
up those properties, which could adversely affect our profitability;
-- the impact of the regulatory environment as well as national, state,
and local laws and regulations including, without limitation, those
governing REITs, which could increase our expenses and reduce our cash
available for distribution;
-- recent disruptions in credit and financial markets and resulting
difficulties in raising capital at reasonable rates, which could impede our
ability to grow;
-- delays in the development and construction process, which could
adversely affect our profitability; and
-- economic uncertainty due to the impact of war or terrorism, which
could adversely affect our business plan.
About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully
integrated, self-administered and self-managed real estate investment trust
that owns and/or operates 684 self-storage properties in 33 states and
Washington, D.C. The Company's properties comprise approximately 468,000
units and over 50 million square feet of rentable space. The Company is the
second largest owner and/or operator of self-storage properties in the
United States.
For Information:
James Overturf
Extra Space Storage Inc.
(801) 365-4501
Mark Collinson
CCG Investor Relations
(310) 477-9800
Copyright ? 2008 Marketwire
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