SALT LAKE CITY, July 17, 2019 /PRNewswire/ -- Extra Space
Storage Inc. (the "Company") (NYSE: EXR) announced today that
S&P Global Ratings ("S&P") assigned a BBB issuer credit
rating with a stable outlook to the Company and Extra Space Storage
LP, its operating partnership subsidiary.
"S&P's assignment of a BBB credit rating with a stable
outlook recognizes the stability of our company and our strategic
balance sheet transition over the last several years as we have
increased the size of our unencumbered asset pool and further
staggered our maturities," said Scott
Stubbs, Chief Financial Officer. "Our BBB rating is another
significant step toward our goals to enhance financial flexibility,
support our growth and to have access to the most efficient types
of capital in any economic cycle."
S&P's press release notes that the stable outlook reflects
its expectation that the Company will continue to deliver positive
operating performance and external growth resulting in steady
EBITDA increases. The release also notes that the Company is
well positioned to navigate headwinds from new supply in the
storage industry, given its ability to further leverage its
technology platform and limit expense growth through economies of
scale relative to smaller peers.
Additional information regarding the credit rating assigned can
be found in S&P's press release dated July 17, 2019 available on S&P's website. The
press release is not incorporated by reference into or otherwise
made a part of this press release. The rating is subject to
revision or withdrawal at any time by S&P and is not a
recommendation to buy, sell or hold the Company's securities.
About Extra Space Storage Inc.
Extra Space Storage
Inc., headquartered in Salt Lake
City, is a fully integrated, self-administered and
self-managed real estate investment trust, and a member of the
S&P 500. As of June 30,
2019, the Company owned and/or operated 1,752
self-storage properties, which comprise approximately 1.2
million units and approximately 134.1 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. The Company 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.
For more information, please visit www.extraspace.com.
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SOURCE Extra Space Storage Inc.