Extra Space Storage Inc. announced that its operating partnership has priced a public offering of $550 million aggregate principal amount of 4.900% senior notes due 2032. The notes were priced at 99.702% of the principal amount and will mature on February 1, 2032. The offering is expected to close on or about July 6, 2026, subject to customary closing conditions, and the notes will be fully and unconditionally guaranteed by Extra Space and certain subsidiaries. The operating partnership intends to use the net proceeds to repay amounts outstanding under its lines of credit and commercial paper program, and for other general corporate and working capital purposes, including potential acquisitions. Wells Fargo Securities, J.P. Morgan, and Truist Securities are among the joint book-running managers for the offering.
Extra Space Storage IncExtra Space Storage prices $550M senior notes to repay debt and for general purposes; impact on equity is neutral to slightly positive as it refinances existing debt.
U.S. Bancorp