Extra Space Storage Inc. has announced the pricing of a $300 million add-on offering of 5.700% senior notes due 2028. This offering comes as a follow-up to the initial issuance of $500 million of 5.700% senior notes due 2028. The additional notes were priced at 102.857% of the principal amount and will mature on April 1, 2028.
The joint book-running managers for the offering include J.P. Morgan, BMO Capital Markets, TD Securities, BofA Securities, PNC Capital Markets LLC, Truist Securities, Wells Fargo Securities, and US Bancorp. The co-managers for the offering are Regions Securities LLC, BOK Financial Securities, Inc., Citigroup, Huntington Capital Markets, Scotiabank, Zions Capital Markets, Fifth Third Securities, Academy Securities, and Ramirez & Co., Inc.
The net proceeds from this offering are intended to be used by the operating partnership to repay outstanding amounts under its lines of credit and for other general corporate and working capital purposes, including funding potential acquisition opportunities.
As of September 30, 2024, Extra Space Storage Inc. owned and/or operated 3,862 self-storage properties, comprising approximately 2.7 million units and approximately 296.0 million square feet of rentable storage space operating under the Extra Space brand. It is the largest operator of self-storage properties in the United States. Following these announcements, the company's shares moved -0.2%, and are now trading at a price of $163.64. If you want to know more, read the company's complete 8-K report here.
