Extra Space Storage (EXR) prices $400 million senior notes offering.
Extra Space Storage Inc. (EXR) announced today that its operating partnership has priced an offering of $400 million 3.900% senior unsecured notes due 2029. The notes were priced at a discount to yield 3.919% or +150 basis points to the benchmark treasury. The company said that proceeds from the offering would be used to repay amounts outstanding under its lines of credit and to fund acquisition opportunities.
The following chart provides a pro forma view of EXR's debt maturities inclusive of the note offering and reduction in bank borrowings.
Founded in 1977, Extra Space Storage Inc. (EXR) is the second-largest owner/manager of self storage properties in the U.S. The current portfolio totals 2,096 properties in 41 states and the District of Columbia, including 283 properties held in joint ventures and 828 properties managed on a fee basis. Extra Space is a member of the S&P 500 with a total market capitalization of approximately $38 billion.
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The following chart provides a pro forma view of EXR's debt maturities inclusive of the note offering and reduction in bank borrowings.
Founded in 1977, Extra Space Storage Inc. (EXR) is the second-largest owner/manager of self storage properties in the U.S. The current portfolio totals 2,096 properties in 41 states and the District of Columbia, including 283 properties held in joint ventures and 828 properties managed on a fee basis. Extra Space is a member of the S&P 500 with a total market capitalization of approximately $38 billion.
03/23/2022