Extra Space Announces Pricing of $400 Million of 5.350% Senior Notes due 2035

Core Viewpoint - Extra Space Storage Inc. has announced a public offering of $400 million in senior notes, which will be used for debt repayment and general corporate purposes, including potential acquisitions [1][2]. Group 1: Offering Details - The operating partnership, Extra Space Storage LP, priced the offering at 99.973% of the principal amount with a 5.350% interest rate, maturing on January 15, 2035 [1]. - The offering is expected to close on or about August 12, 2024, pending customary closing conditions [1]. - The notes will be fully and unconditionally guaranteed by Extra Space and certain subsidiaries [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to repay outstanding amounts under lines of credit and for general corporate and working capital purposes, including funding potential acquisition opportunities [2]. Group 3: Company Overview - Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust, a member of the S&P 500, and operates 3,812 self-storage stores across 42 states and Washington, D.C. as of June 30, 2024 [5]. - The company offers approximately 2.6 million storage units and around 292.1 million square feet of rentable space under various brands, making it the largest operator of self-storage properties in the United States [5].