SALT
LAKE CITY, June 12, 2023 /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 $450 million aggregate principal amount of 5.500%
senior notes due 2030 (the "Notes"). The Notes were priced at
98.878% of the principal amount and will mature on July 1, 2030, Wells Fargo Securities, BMO
Capital Markets, TD Securities, J.P. Morgan, PNC Capital Markets
LLC, Truist Securities, US Bancorp and BofA Securities are acting
as the joint book-running managers for the offering. Regions
Securities LLC, BOK Financial Securities, Inc., Huntington Capital
Markets, Scotiabank, Zions Capital Markets, Citigroup, Fifth Third
Securities, Inc., Academy Securities and Ramirez and Co., Inc. are
acting as the co-managers for the offering. The offering is
expected to close on or about June 16,
2023, 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 of
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 Wells Fargo Securities, Attention: WFS Customer
Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, email:
wfscustomerservice@wellsfargo.com, or by telephone: 1-800-645-3751;
BMO Capital Markets, 151 W. 42nd Street, New York, NY 10036, email:
IGSyndicate@bmo.com, or by telephone: 1-866-864-7760; or TD
Securities, 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017, or by telephone:
1-855-495-9846. 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 self-administered and
self-managed real estate investment trust and a member of the
S&P 500. As of March 31, 2023,
Extra Space owned and/or operated 2,388 self-storage properties,
comprising approximately 180.0 million square feet of rentable
storage space offering customers conveniently located and secure
storage units across the country, including boat storage, RV
storage and business storage. Extra Space is the second largest
owner and/or operator of self-storage properties in the United States and is the largest
self-storage management company 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.