This site is part of the Global Exhibitions Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


Extra Space Storage Offers 7,000,000 Shares of Common Stock


Extra Space Storage Inc., a self-storage real estate investment trust (REIT) will issue and sell 7,000,000 shares of its common stock in a public offering. Citigroup is acting as the sole book-running manager for the offering. The company will grant the underwriter a 30-day option to purchase up to an additional 1,050,000 shares.

Extra Space intends to use the net proceeds of this offering to fund its acquisition of a 94.9 percent interest in ESS PRISA III LLC from Prudential Real Estate Investors (PREI) to repay outstanding indebtedness, fund other future acquisitions, and for other general corporate and working capital purposes. The purchase price of PREI’s interest is approximately $298 million, of which approximately $160 million is to be paid in cash at closing. The remaining $138 million relates to PREI's interest in an existing loan of $145.0 million that will be assumed by the Extra Space at closing.

An automatic shelf registration statement relating to these securities was previously filed with the Securities and Exchange Commission on Aug. 12, 2011. A preliminary prospectus supplement relating to this offering was 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 Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th St., 8th Floor, Brooklyn, NY 11220, Attention: Prospectus Department.

Headquartered in Salt Lake City, Extra Space Storage is a fully integrated, self-administered and self-managed REIT that owns or operates 882 self-storage properties in 34 states and Washington, D.C. The company's properties comprise approximately 585,000 units and approximately 64 million square feet of rentable space, including boat storage, RV storage and business storage.

comments powered by Disqus