SALT
LAKE CITY, Aug. 7, 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 $400 million aggregate
principal amount of 5.350% senior notes due 2035 (the "Notes"). The
Notes were priced at 99.973% of the principal amount and will
mature on January 15, 2035. BofA
Securities, PNC Capital Markets LLC, Truist Securities, BMO Capital
Markets, J.P. Morgan, TD Securities, Wells Fargo 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
August 12, 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 the net proceeds from
this offering 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 BofA Securities, Inc. NC1-022-02-25, 201 North Tryon
Street, Charlotte, NC 28255-0001,
Attn: Prospectus Department, email:
dg.prospectus_requests@bofa.com, or by telephone: 1-800-294-1322;
PNC Capital Markets LLC, 300 Fifth Avenue, Pittsburgh, PA 15222, email:
pnccmprospectus@pnc.com, or by telephone: 1-855-881-0697; or Truist
Securities, Inc., Attn: Prospectus Department, 3333 Peachtree Road
NE, 9th floor, Atlanta, GA 30326,
email: TruistSecurities.prospectus@Truist.com, or by telephone:
1-800-685-4786.
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, Utah, is a self-administered
and self-managed real estate investment trust and a member of the
S&P 500. As of June 30,
2024, the Company owned and/or operated 3,812 self-storage
stores in 42 states and Washington,
D.C. The Company's stores comprise approximately 2.6 million
units and approximately 292.1 million square feet of rentable space
operating under the Extra Space, Life Storage and Storage Express
brands. The Company offers customers a wide selection of
conveniently located and secure storage units across the country,
including boat storage, RV storage and business storage. It 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.