SALT
LAKE CITY, March 21, 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 $500 million aggregate
principal amount of 5.700% senior notes due 2028 (the "Notes"). The
Notes were priced at 99.823% of the principal amount and will
mature on April 1, 2028. J.P. Morgan,
PNC Capital Markets LLC, Truist Securities, BMO Capital Markets, TD
Securities, Wells Fargo Securities and US Bancorp are acting as the
joint book-running managers for the offering. Huntington Capital
Markets, Regions Securities LLC, BOK Financial Securities, Inc.,
Citigroup, Fifth Third Securities, Zions Capital Markets and
Ramirez & Co., Inc. are acting as the co-managers for the
offering. The offering is expected to close on or about
March 28, 2023, subject to 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 fund potential acquisition opportunities, to repay
amounts outstanding from time to time under its lines of credit,
and for other general corporate and working capital purposes.
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 J.P. Morgan Securities LLC, c/o Broadridge Financial
Solutions, Attn: Prospectus Department, 1155 Long Island Avenue,
Edgewood, NY 11717, or by
telephone: 1-866-803-9204; 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, is a self-administered and
self-managed real estate investment trust and a member of the
S&P 500. As of December 31, 2022,
Extra Space owned and/or operated 2,338 self-storage properties,
which comprise approximately 1.6 million units and approximately
176.1 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.