NEWS BRIEF: Extra Space Storage is Raising $500 Million via an Offering of 5.4% Senior Notes due 2035

Cottonwood Heights, Utah-based Extra Space Storage (NYSE:EXR) has announced a new debt offering to raise $500 million in new funds for the market-leading Real Estate Investment Trust (REIT) in the self-storage industry.

According to the company news release, the new Extra Space senior notes come with a 5.4% interest rate and mature on 15 June 2035.

As noted in the Extra Space Underwriting Agreement filed last week with the U.S. Securities and Exchange Commission, the following underwriters —

• BofA Securities,
• TD Securities (USA),
• Truist Securities,
• BMO Capital Markets,
• J.P. Morgan Securities,
• PNC Capital Markets,
• Wells Fargo Securities, and
• U.S. Bancorp Investments —

have been hired as joint bookrunners of the offering.

Each of these joint bookrunner underwriters did/will sell a minimum of $27.5 million of the Extra Space senior notes.

Conversely,

• Regions Securities,
• BOK Financial Securities,
• Citigroup Global Markets,
• Huntington Securities,
• Scotia Capital (USA),
• Zions Direct,
• Fifth Third Securities,
• Academy Securities, and
• Samuel A. Ramirez & Company

have been hired as co-managers of the offering.

Each of these co-manager underwriters did/will sell a minimum of $5.0 million of the Extra Space senior notes.

As of 31 December 2024, Extra Space "... owned and/or operated 4,011 self-storage stores in 42 states and Washington, D.C. (units that) ... comprise(d) approximately 2.8 million units and approximately 308.4 million square feet of rentable space operating under the Extra Space brand."

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