The board of directors of Extra Space Storage Inc. has declared a quarterly dividend of $0.14 per share on the companys common stock for the second quarter of 2011. The dividend is payable on June 30 to stockholders of record at the close of business on June 15, 2011.
In addition, Extra Space recently sold 5 million shares of its common stock in a public offering, and the underwriter has partially exercised its over-allotment option to purchase an additional 335,423 shares. After giving effect to the exercise of the option, Extra Space will have sold a total of 5,335,423 shares of common stock in the public offering for total net proceeds of approximately $112.9 million.
The company intends to use the proceeds from the offering to repay outstanding debt and fund potential property acquisitions, including a newly announced multi-property acquisition in Ohio for $39.5 million. Any excess proceeds will be used for general corporate purposes. Citigroup Global Markets Inc. is acting as the sole book-running manager for the offering.
Headquartered in Salt Lake City, Extra Space is a real estate investment trust (REIT) that owns or operates 829 self-storage properties in 34 states and Washington, D.C. The company's properties comprise approximately 550,000 units and 60 million square feet of rentable space, offering storage solutions including boat storage, RV storage and business storage.