SALT LAKE CITY, March 10, 2025 — Extra Space Storage Inc. (“Extra Space”) (NYSE: EXR), a leading self-storage facility owner and operator in the United States and an S&P 500 member, announced today that its operating partnership, Extra Space Storage LP (the “operating partnership”), has set the price for a public offering of $500 million in aggregate principal amount of 5.400% senior notes due 2035 (the “Notes”). The Notes were priced at 99.830% of the principal amount and will mature on June 15, 2035. BofA Securities, TD Securities, Truist Securities, BMO Capital Markets, J.P. Morgan, PNC Capital Markets LLC, Wells Fargo Securities, and US Bancorp are serving as the joint book-running managers for the offering. Regions Securities LLC, BOK Financial Securities, Inc., Citigroup, Huntington Capital Markets, Scotiabank, Zions Capital Markets, Fifth Third Securities, Academy Securities, and Ramirez & Co., Inc. are the co-managers for the offering.
The offering is anticipated to close around March 19, 2025, pending standard closing conditions. Extra Space and some of its subsidiaries will fully and unconditionally guarantee the Notes.
The operating partnership plans to use the net proceeds from this offering to pay down outstanding balances under its credit lines and commercial paper program. The remaining funds will be used for general corporate purposes and working capital, which may include funding potential acquisitions.
The Notes will be offered under an existing shelf registration statement on file with the Securities and Exchange Commission. This announcement is not an offer to sell or a solicitation of an offer to buy any securities. There will be no sale of these securities in any jurisdiction where such an offer, solicitation, or sale would be unlawful. The offering will be conducted only through a prospectus supplement and accompanying prospectus. Copies of these documents, when available, can be obtained from BofA Securities, Inc., 201 North Tryon Street, NC1-022-02-25, Charlotte, NC 28255-0001, Attn: Prospectus Department, email: , or by telephone: 1-800-294-1322; TD Securities (USA) LLC, 1 Vanderbilt Avenue, 11th Floor, New York, NY 10017, or by telephone: 855-495-9846; or Truist Securities, Inc., Attn: Prospectus Department, 50 Hudson Yards, 70th Floor, New York, NY 10001, email: , or by telephone: 1-800-685-4786.
The prospectus supplement related to the offering will also be available without charge on the SEC’s website at .
About Extra Space Storage Inc.:
Extra Space Storage Inc., based in Salt Lake City, Utah, is a self-administered and self-managed real estate investment trust and an S&P 500 member. As of December 31, 2024, the Company owned and/or operated 4,011 self-storage facilities in 42 states and Washington, D.C. These facilities comprise approximately 2.8 million units and about 308.4 million square feet of rentable space, all operating under the Extra Space brand. The Company provides customers with a wide range of conveniently located and secure storage options across the country, including storage for boats, RVs, and businesses. It stands as the largest operator of self-storage properties in the United States.
Forward-Looking Statements:
This release contains “forward-looking statements” as defined in federal securities laws. These statements concern the terms, timing, and completion of Extra Space and its operating partnership’s securities offering, including the anticipated use of proceeds. These forward-looking statements are often identified by terms like “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” or “intends,” or their negative forms, or similar language, or by discussions of strategy. These statements are based on current expectations and various assumptions. While we believe these expectations, beliefs, and projections are made in good faith and have a reasonable basis, we cannot guarantee their realization. Numerous risks and uncertainties could cause actual results to differ significantly from these forward-looking statements. These include, but are not limited to, market risks and uncertainties, the fulfillment of customary closing conditions for a securities offering, and the risks detailed in the “Risk Factors” section of our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. All forward-looking statements are applicable only as of the date of this release, and we assume no obligation to update or revise them to reflect events or circumstances occurring after this date or to reflect unanticipated events.
SOURCE Extra Space Storage Inc.
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