Extra Space Storage Inc. is beginning an underwritten public offering of 13,000,000 shares of its common stock, with all shares being offered by the company. Extra Space intends to use the net proceeds from the offering for debt repayment and general business purposes, including potential property acquisitions.
The company has granted the underwriters a 30-day option to purchase up to an additional 1,950,000 shares of common stock to cover over-allotments, if any. Kenneth M. Woolley, chairman and CEO, and Spencer F. Kirk, president, have each committed to purchase 60,000 shares at the public-offering price. A shelf registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission.
Salt Lake City-based Extra Space is a real estate investment trust that owns or operates 654 self-storage properties in 33 states and Washington, D.C. For more information, visit www.extraspace.com.