Extra Space Storage Announces Offering of 5.0 Million Shares of Common Stock

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.