Extra Space Storage Inc. Announces Additional $300 Million Public Offering of Senior Notes due 2028

On December 2, 2024, Extra Space Storage Inc. (NYSE: EXR) disclosed in an 8-K SEC Filing that its operating partnership, Extra Space Storage LP, has successfully priced a public offering of an additional $300 million aggregate principal amount of 5.700% senior notes due 2028 (the “Notes”). The Notes will be issued as supplementary notes under the existing indenture through which the operating partnership previously released $500 million of 5.700% senior notes due 2028 (the “Initial Notes”).

The offering was completed at a price of 102.857% of the principal amount, with the maturity date set for April 1, 2028. Acting as the joint book-running managers for the offering are J.P. Morgan, BMO Capital Markets, TD Securities, BofA Securities, PNC Capital Markets LLC, Truist Securities, Wells Fargo Securities, and US Bancorp. Additionally, several co-managers are involved in the offering, including Regions Securities LLC, BOK Financial Securities, Inc., Citigroup, Huntington Capital Markets, Scotiabank, Zions Capital Markets, Fifth Third Securities, Academy Securities, and Ramirez & Co., Inc.

The net proceeds from this offering are intended to be used by the operating partnership to repay outstanding amounts under its credit lines and for general corporate and working capital purposes, including potential acquisition opportunities.

The Additional Notes were offered under an effective shelf registration statement filed with the Securities and Exchange Commission, alongside a base prospectus and a prospectus supplement.

Investors are advised that this announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities. The offering will only take place through a prospectus supplement and accompanying prospectus.

Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust headquartered in Salt Lake City, Utah. As of September 30, 2024, the company owned and/or operated 3,862 self-storage properties comprising approximately 2.7 million units and 296.0 million square feet of rentable storage space.

The press release related to the pricing of the Additional Notes can be found in Exhibit 99.1 of the 8-K filing, which includes additional information regarding the offering and the company’s financial standing.

This press release may contain forward-looking statements that involve certain risks and uncertainties. It is recommended that investors review the accompanying prospectus for further details and risk factors associated with the offering.

For more information, investors can access the prospectus supplement on the SEC’s website at http://www.sec.gov.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Extra Space Storage’s 8K filing here.

About Extra Space Storage

Extra Space Storage Inc, headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT and a member of the S&P 500. As of December 31, 2023, the Company owned and/or operated 3,714 self-storage stores in 42 states and Washington, DC The Company's stores comprise approximately 2.6 million units and approximately 283.0 million square feet of rentable space operating under the Extra Space, Life Storage and Storage Express brands.