Inside Self-Storage is part of the Informa Markets 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 8860726.

Extra Space Agrees to Buy 20 Self-Storage Facilities for $196M

Article-Extra Space Agrees to Buy 20 Self-Storage Facilities for $196M

Self-storage real estate investment trust Extra Space Storage Inc. has agreed to purchase 20 self-storage facilities from All Aboard Mini Storage and Lance D. Alworth for $196 million. The California properties comprise 14,800 units and approximately 1.5 million square feet of net rentable space. The deal is expected to close by the end of September.

Self-storage real estate investment trust Extra Space Storage Inc. has agreed to purchase 20 self-storage facilities from All Aboard Mini Storage and Lance D. Alworth for $196 million. The California properties comprise 14,800 units and approximately 1.5 million square feet of net rentable space. The deal is expected to close by the end of September.

As part of the transaction, Extra Space will take on $100.1 million in existing loans and pay an additional $10.1 million related to the defeasance and prepayment costs associated with the loans. The company will also issue $33.6 million of newly designated Series B Redeemable Preferred Units and $62.3 million of common Operating Partnership units to the sellers.

To help pay for the assets, Extra Space also announced the private offering of $250 million in Exchangeable Senior Notes, settled in cash and shares at a rate to be determined through negotiations. The funds will also be put toward general corporate and working-capital purposes, company officials said.

Headquartered in Salt Lake City, Extra Space owns or operates 965 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The companys properties comprise approximately 640,000 units and 70 million square feet of rentable space.

Sources:

Hide comments
account-default-image

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish