Extra Space Storage Inc. Announces $1 Billion Commercial Paper Note Program

Core Viewpoint - Extra Space Storage Inc. has established an unsecured commercial paper note program allowing its operating partnership to issue notes up to $1 billion for general corporate purposes [1][2]. Group 1: Commercial Paper Note Program - The operating partnership can issue unsecured commercial paper notes with a maximum aggregate amount of $1 billion at any one time [2]. - The notes will rank equally with other unsecured senior debts of the operating partnership and will be fully guaranteed by the Company [2]. - Proceeds from the notes will be utilized for general corporate purposes [2]. Group 2: Financial Strategy - The Company anticipates cost benefits from the commercial paper market compared to its existing $2.0 billion revolving credit facility [3]. - The revolving credit facility will serve as a liquidity backstop for the repayment of the notes issued under the commercial paper program [3]. Group 3: Company Overview - Extra Space Storage Inc. is a fully integrated real estate investment trust and a member of the S&P 500, operating 3,862 self-storage properties as of September 30, 2024 [5]. - The Company manages approximately 2.7 million storage units and 296.0 million square feet of rentable storage space under the Extra Space brand [5]. - It is recognized as the largest operator of self-storage properties in the United States, offering a variety of storage solutions including boat and RV storage [5].