NEWS BRIEF: Utah-based Extra Space Storage has Raised $400 Million in a Senior Note Offering Priced at 5.35% that's Due in Early 2035

Cottonwood Heights, Utah-based Extra Space Storage (NYSE:EXR) has raised $400 million in a senior note (bond) offering that matures 15 January 2035 at a 5.35% return.

According to the company news release, "BofA Securities, PNC Capital Markets LLC, Truist Securities, BMO Capital Markets, J.P. Morgan, TD Securities, Wells Fargo Securities and US Bancorp ... (acted) as the joint book-running managers for the offering. Regions Securities LLC, BOK Financial Securities, Inc., Citigroup, Huntington Capital Markets, Scotiabank, Zions Capital Markets, Fifth Third Securities, Academy Securities and Ramirez & Co., Inc. ... (acted) as the co-managers for the offering."

According to its own definition, Extra Space "... is a self-administered and self-managed real estate investment trust" that (as of 30 June 2024)

• Owns and/or operates 3,812 self-storage stores in 42 states and Washington, D.C. which
• "... Comprise approximately 2.6 million units and approximately 292.1 million square feet of rentable space ...,"
• "Under the Extra Space, Life Storage and Storage Express brands."

Extra Space's secure storage units include "... boat storage, RV storage and business storage, (and) it is the largest operator of self-storage properties in the United States."

As stated in the news release, "The Notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries."

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