SALT
LAKE CITY, Jan. 16, 2024 /PRNewswire/ -- Extra Space
Storage Inc. ("Extra Space") (NYSE: EXR), a leading owner and
operator of self-storage facilities in the United States and a member of the S&P
500, today announced that its operating partnership, Extra Space
Storage LP (the "operating partnership"), has priced a public
offering of $600 million aggregate
principal amount of 5.400% senior notes due 2034 (the "Notes"). The
Notes were priced at 99.745% of the principal amount and will
mature on February 1, 2034. Wells
Fargo Securities, TD Securities, BofA Securities, BMO Capital
Markets, J.P. Morgan, PNC Capital Markets LLC, Truist Securities
and US Bancorp are acting as the joint book-running managers for
the offering. Regions Securities LLC, BOK Financial Securities,
Inc., Citigroup, Huntington Capital Markets, Scotiabank, Zions
Capital Markets, Fifth Third Securities, Academy Securities and
Ramirez & Co., Inc. are acting as the co-managers for the
offering. The offering is expected to close on or about
January 19, 2024, subject to the
satisfaction of customary closing conditions. The Notes will be
fully and unconditionally guaranteed by Extra Space and certain of
its subsidiaries.
The operating partnership intends to use approximately half of
the net proceeds from this offering to repay a portion of its term
loan under its Third Amended and Restated Credit Agreement, dated
as of June 22, 2023, and use the
remainder of the net proceeds to repay amounts outstanding from
time to time under its lines of credit, and for other general
corporate and working capital purposes, including funding potential
acquisition opportunities.
The Notes will be issued pursuant to an effective shelf
registration statement filed with the Securities and Exchange
Commission. This release does not constitute an offer to sell or
the solicitation of an offer to buy any securities, nor will there
be any sale of these securities in any state or jurisdiction in
which such an offer, solicitation or sale is not permitted. The
offering will be made only by means of a prospectus supplement and
accompanying prospectus, copies of which, when available, may be
obtained from Wells Fargo Securities, LLC, Attention: WFS Customer
Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, by telephone at
1-800-645-3751, or by email at wfscustomerservice@wellsfargo.com;
TD Securities (USA) LLC, by
telephone at (855) 495-9846; or BofA Securities, Inc.
NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus
Department or by email at dg.prospectus_requests@bofa.com. A
prospectus supplement related to the offering will also be
available free of charge on the SEC's website at
http://www.sec.gov.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated,
self-administered and self-managed real estate investment trust,
and a member of the S&P 500. As of September 30, 2023, Extra Space owned and/or
operated 3,651 self-storage properties, which comprise
approximately 2.5 million units and approximately 278.8 million
square feet of rentable storage space operating under the Extra
Space, Life Storage and Storage Express brands. Extra Space offers
customers a wide selection of conveniently located and secure
storage units across the country, including boat storage, RV
storage and business storage. Extra Space is the largest operator
of self-storage properties in the United
States.
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 the terms, timing and completion of the offering of
securities by Extra Space and the operating partnership, including
the anticipated use of proceeds therefrom. 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. 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. 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. Such risks and uncertainties include without
limitation those associated with market risks and uncertainties and
the satisfaction of customary closing conditions for an offering of
securities, as well as the risks referenced in the "Risk Factors"
section included in our most recent Annual Report on Form 10-K and
any subsequent Quarterly Reports on Form 10-Q. All
forward-looking statements apply only as of the date of this
release. We undertake no obligation to publicly update or
revise forward-looking statements which may be made to reflect
events or circumstances after the date of this release or to
reflect the occurrence of unanticipated events.
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SOURCE Extra Space Storage Inc.