Extra Space Storage Inc. EXR today announced that it will issue and sell 5,000,000 shares of its common stock in a public offering. Citigroup Global Markets Inc. is acting as the sole book-running manager for the offering. The Company will grant the underwriter a 30-day option to purchase up to an additional 750,000 shares to cover over-allotments, if any.
The Company intends to use the net proceeds from the offering to fund potential property acquisitions, including a newly announced multi-property acquisition located in Ohio for $39.5 million bringing total acquisitions under contract to $198.2 million, and to repay outstanding debt. Any excess proceeds will be used for general corporate purposes.
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