Extra Space Storage Inc. Announces Acquisition of 17 Properties for $200.0 Million

Posted by MiniCo on Nov 5, 2013 12:00:00 AM

Extra Space Storage Inc. Announces Acquisition of 17 Properties for $200.0 Million

Extra Space Storage Inc. (NYSE: EXR)  today announced that on October 30, 2013, the Company entered into a definitive agreement to acquire a portfolio of 17 self-storage properties located in Virginia for an aggregate purchase price of approximately $200.0 million in cash. This portfolio consists of approximately 1.5 million square feet of net rentable space in approximately 14,000 units.  As of September 30, 2013, approximately 90% of the net rentable space at these properties was occupied.

The acquisition of these 17 properties is subject to the completion of due diligence and the satisfaction of other closing conditions. The Company intends to consummate the acquisition in or about January 2014; however, there can be no assurances that these conditions will be satisfied or that the acquisition will close on the terms described herein, or at all.

About Extra Space Storage Inc.,

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT that owns and/or operates 1,007 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Company’s properties comprise approximately 667,000 units and approximately 74.0 million square feet of rentable space, offering customers a wide selection of conveniently located and secure storage solutions across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.For more information, please visit: https://www.extraspace.com/

(via PRNewswire)