Extra Space Announces Pricing of $300 Million Add-On Offering of 5.700% Senior Notes due 2028

Core Viewpoint - Extra Space Storage Inc. has announced a public offering of $300 million in additional senior notes due 2028, aimed at refinancing existing credit lines and funding potential acquisitions [1][2]. Group 1: Offering Details - The operating partnership, Extra Space Storage LP, priced the offering at 102.857% of the principal amount, with a maturity date of April 1, 2028 [1]. - The new notes will be issued as additional notes under the existing indenture for previously issued $500 million of senior notes due 2028, making them fungible with the initial notes [1]. - The offering is expected to close around December 5, 2024, pending customary closing conditions [1]. Group 2: Use of Proceeds - The net proceeds from the offering will be used to repay outstanding amounts under credit lines and for general corporate purposes, including potential acquisitions [2]. Group 3: Company Overview - Extra Space Storage Inc. is a leading self-storage real estate investment trust (REIT) in the U.S., operating 3,862 properties with approximately 2.7 million units and 296 million square feet of rentable space as of September 30, 2024 [5]. - The company is a member of the S&P 500 and offers a variety of storage solutions, including boat and RV storage [5].