SALT
LAKE CITY, Nov. 20, 2024 /PRNewswire/ -- Extra
Space Storage Inc. (the "Company") (NYSE: EXR) a leading owner
and operator of self-storage facilities in the United States and a member of the S&P
500, today announced that its operating partnership, Extra Space
Storage LP (the "operating partnership"), has established an
unsecured commercial paper note program in the United States.
Under the terms of the program, the operating partnership may
issue from time to time unsecured commercial paper notes up to a
maximum aggregate amount outstanding at any one time of
$1 billion. The notes will be sold
under customary terms in the United
States commercial paper note market and will rank pari passu
with all of the operating partnership's other unsecured senior
indebtedness. The notes will be fully and unconditionally
guaranteed by the Company. Note proceeds will be used for general
corporate purposes.
The Company expects to realize cost benefits in the commercial
paper market versus its $2.0 billion
revolving credit facility, and it expects to use its revolving
credit facility as a liquidity backstop for the repayment of the
notes issued under the commercial paper program.
The notes to be offered under the commercial paper note program
have not been and will not be registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption
from registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy
the notes under the operating company's commercial paper note
program.
About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated,
self-administered and self-managed real estate investment trust,
and a member of the S&P 500. As of September 30, 2024, the Company owned and/or
operated 3,862 self-storage properties, which comprise
approximately 2.7 million units and approximately 296.0 million
square feet of rentable storage space operating under the
Extra Space brand. The Company offers customers a wide selection of
conveniently located and secure storage units across the country,
including boat storage, RV storage and business storage. It is the
largest operator of self-storage properties in the United States.
For more information, please visit www.extraspace.com.
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SOURCE Extra Space Storage Inc.