Extra Space Storage Inc. has announced the pricing of a $350 million add-on offering of 5.500% senior notes due 2030. This offering comes as the company's operating partnership, Extra Space Storage LP, priced a public offering of $350 million aggregate principal amount of additional 5.500% senior notes due 2030. These notes will be issued as additional notes under the indenture pursuant to which the operating partnership previously issued $450 million of 5.500% senior notes due 2030.
The notes were priced at 101.509% of the principal amount and will mature on July 1, 2030. The offering is expected to close on or about January 22, 2025, subject to the satisfaction of customary closing conditions. The notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.
The operating partnership intends to use the net proceeds from this offering to repay amounts outstanding from time to time under its lines of credit and its commercial paper program, and for other general corporate and working capital purposes, including funding potential acquisition opportunities.
As of September 30, 2024, Extra Space owned and/or operated 3,862 self-storage properties, which comprise 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. Today the company's shares have moved -1.2% to a price of $150.07. Check out the company's full 8-K submission here.
