Business Context and Reporting Period
Company: Extra Space Storage Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: June 5, 2009
Subject: Re-issuance of historical consolidated financial statements for the year ended December 31, 2008, to comply with new accounting pronouncements.
Key Financial Metrics
This filing does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves as a notice that the financial statements and selected financial data for the fiscal year ended December 31, 2008, have been restated. The updated figures are located in Exhibit 99.1 attached to the filing.
Material Changes Versus Prior Period
The filing details a restatement of the 2008 Annual Report (Form 10-K) due to the retroactive application of the following accounting standards effective January 1, 2009:
- FSP APB 14-1: Accounting for convertible debt instruments that may be settled in cash upon conversion.
- FAS 160: Noncontrolling interests in consolidated financial statements.
- FSP EITF 03-6-1: Determining whether instruments granted in share-based payment transactions are participating securities.
Consequently, the Company has revised amounts allocated to noncontrolling interests in its operating partnership and updated earnings per share (EPS) calculations.
Guidance, Outlook, and Management Commentary
The filing explicitly states that, except for the accounting restatements noted above, the information contained in the report has not been updated to reflect any developments since December 31, 2008. No new guidance, outlook, or management commentary regarding future operations is provided in this document.
Investor Verification Checklist
- Review Exhibit 99.1 attached to this filing for the specific restated financial figures for the year ended December 31, 2008.
- Verify the impact of the restatement on Earnings Per Share (EPS) and Noncontrolling Interests.
- Confirm that the restated financial statements replace the original versions filed in the 2008 Form 10-K.
- Note that no operational updates or forward-looking statements are included in this report.