SALT
LAKE CITY, March 10, 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 $500 million aggregate
principal amount of 5.400% senior notes due 2035 (the "Notes"). The
Notes were priced at 99.830% of the principal amount and will
mature on June 15, 2035. BofA
Securities, TD Securities, Truist Securities, BMO Capital Markets,
J.P. Morgan, PNC Capital Markets LLC, 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 March 19, 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 BofA Securities, Inc., 201 North Tryon Street,
NC1-022-02-25, Charlotte, NC
28255-0001, Attn: Prospectus Department, email:
dg.prospectus_requests@bofa.com, or by telephone: 1-800-294-1322;
TD Securities (USA) LLC, 1
Vanderbilt Avenue, 11th Floor, New York, NY 10017, or by telephone:
855-495-9846; or Truist Securities, Inc., Attn: Prospectus
Department, 50 Hudson Yards, 70th Floor, New York, NY 10001, 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 December 31, 2024,
the Company owned and/or operated 4,011 self-storage stores in 42
states and Washington, D.C. The
Company's stores comprise approximately 2.8 million units and
approximately 308.4 million square feet of rentable 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/extra-space-announces-pricing-of-500-million-of-5-400-senior-notes-due-2035--302397610.html
SOURCE Extra Space Storage Inc.
