Self-Storage REIT Extra Space Storage Buys 28 Facilities for $190M
Copyright 2014 by Virgo Publishing.
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Posted on: 11/06/2012



 

Extra Space Storage Inc., a self-storage real estate investment trust, has agreed to purchase 28 self-storage properties in multiple states for $190.2 million. The acquisitions will be made in two separate deals and expand the company’s portfolio by approximately 2.3 million square feet of net rentable space and about 19,400 units.

One deal includes 21 facilities in 11 states from an unnamed joint-venture partner. These properties already operate under the Extra Space Storage brand. The facilities comprise approximately 1.7 million square feet of net rentable space in about 13,600 units. As of Sept. 30, the occupancy rate for all 21 sites was approximately 89 percent, company officials said. Once the deal closes, Extra Space will own 100 percent of the facilities.

The second deal includes seven self-storage facilities in Florida, Maryland, Massachusetts and New Jersey, with an aggregate of approximately 575,000 square feet of net rentable space in about 5,800 units. As of Sept. 30, these properties had an occupancy rate of nearly 87 percent, company officials said.

The company expects to close each of the acquisitions by Dec. 31.

Headquartered in Salt Lake City, Extra Space owns or operates more than 900 self-storage properties throughout the United States and Puerto Rico. The company’s properties comprise approximately 610,000 units and about 66.7 million square feet of rentable space.