SALT
LAKE CITY, Jan. 16, 2025 /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 $350 million aggregate
principal amount of additional 5.500% senior notes due 2030 (the
"Notes"). The Notes will be issued as additional notes under the
indenture pursuant to which the operating partnership previously
issued $450 million of 5.500% senior
notes due 2030 (the "Initial Notes"). The Notes will be treated as
a single series of securities with the Initial Notes under the
indenture and will have the same CUSIP number as, and be
fungible with, the Initial Notes. The Notes were
priced at 101.509% of the principal amount and will mature on
July 1, 2030. Wells Fargo Securities,
PNC Capital Markets LLC, US Bancorp, BMO Capital Markets, BofA
Securities, J.P. Morgan, TD Securities and Truist Securities are
acting as the joint book-running managers for the offering. Regions
Securities LLC, Scotiabank, BOK Financial Securities, Inc.,
Citigroup, Huntington Capital Markets, Zions Capital Markets,
Academy Securities, Fifth Third Securities and Ramirez & Co.,
Inc. are acting as the co-managers for the offering. The offering
is expected to close on or about January 22,
2025, 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 its commercial paper program, 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;
PNC Capital Markets LLC, 300 Fifth Avenue, Pittsburgh, PA 15222, by telephone at
1-855-881-0697, or by email at pnccmprospectus@pnc.com; or U.S.
Bancorp Investments, Inc., toll free at 1-877-558-2607.
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 fully integrated,
self-administered and self-managed real estate investment trust,
and a member of the S&P 500. As of September 30, 2024, the Company owned and/or
operated 3,862 self-storage properties, which comprise
approximately 2.7 million units and approximately 296.0 million
square feet of rentable storage space operating under the Extra
Space brand. 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.
