Extra Space (NYSE: EXR) prices $550M 4.900% senior notes offering
Rhea-AI Filing Summary
Extra Space Storage LP, the operating partnership of Extra Space Storage Inc., is issuing $550 million of 4.900% senior notes due 2032 in an underwritten public offering. The notes were priced at 99.702% of principal and will mature on February 1, 2032, with full and unconditional guarantees from Extra Space and certain subsidiaries.
The company plans to use the net proceeds mainly to repay borrowings under its lines of credit and commercial paper program, and for other general corporate and working capital purposes, including potential acquisitions. The offering is expected to close on or about July 6, 2026, subject to customary closing conditions, under an effective shelf registration statement.
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Insights
Extra Space is terming out $550M of debt at 4.9% via 2032 notes.
Extra Space Storage’s operating partnership is raising $550 million through 4.900% senior notes due 2032, priced slightly below par at 99.702%. These notes are guaranteed by the REIT and key subsidiaries, positioning them as senior unsecured obligations in the capital stack.
Management plans to use net proceeds primarily to repay amounts outstanding under lines of credit and a commercial paper program, with flexibility for general corporate and acquisition uses. This shifts a portion of short-term borrowing into longer-dated fixed-rate debt at 4.900%, with the actual impact depending on future interest costs and acquisition activity.
8-K Event Classification
Key Figures
Key Terms
underwritten public offering financial
senior notes financial
shelf registration statement regulatory
commercial paper program financial
forward-looking statements regulatory
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
(Date of Report (Date of Earliest Event Reported))
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
On June 24, 2026, Extra Space Storage LP (the “Issuer”), Extra Space Storage Inc. (the “Company”), ESS Holdings Business Trust I (“EHBT I”) and ESS Holdings Business Trust II (“EHBT II” and, together with the EHBT I and the Company, the “Guarantors”) entered into an underwriting agreement (the “Underwriting Agreement”) with Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Truist Securities, Inc., as representatives of the several underwriters named therein (the “Underwriters”), with respect to an underwritten public offering of $550 million aggregate principal amount of the Issuer’s 4.900% senior notes due 2032 (the “Notes”). The Notes will be fully and unconditionally guaranteed by the Guarantors. The description of the Underwriting Agreement in this Current Report on Form 8-K is a summary and is qualified in its entirety by the full text of the Underwriting Agreement. The press release announcing the pricing of the Notes is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Certain of the Underwriters and their affiliates have engaged in, and may in the future engage in from time to time, investment banking and other commercial dealings in the ordinary course of business with the Company, for which they have received customary fees and commissions. In addition, affiliates of certain of the Underwriters are lenders under the Company’s secured line of credit and/or senior unsecured line of credit. The Company intends to use the net proceeds from the offering to repay amounts outstanding from time to time under its lines of credit and its commercial paper program, and for other general corporate and working capital purposes, including funding potential acquisition opportunities. To the extent that the Company uses any of the net proceeds from the offering to repay indebtedness, such Underwriters or their affiliates will receive their proportionate share of any amount of the outstanding borrowings that is repaid with the net proceeds from the offering.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 1.1 | Underwriting Agreement, dated June 24, 2026, among Extra Space Storage Inc., Extra Space Storage LP, ESS Holdings Business Trust I, ESS Holdings Business Trust II, and Wells Fargo Securities, LLC, J.P. Morgan Securities LLC and Truist Securities, Inc. as representatives of the several underwriters named therein. | |
| 99.1 | Press Release issued by Extra Space Storage Inc. on June 24, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EXTRA SPACE STORAGE INC. | ||||||
| Date: June 25, 2026 | By | /s/ Gwyn McNeal | ||||
| Name: | Gwyn McNeal | |||||
| Title: | Executive Vice President and Chief Legal Officer | |||||
Exhibit 99.1
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FOR IMMEDIATE RELEASE | |
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Press Contact: | ||
|
Jared Conley | ||
| Extra Space Storage 801-365-1759 info@extraspace.com |
Extra Space Announces Pricing of $550 Million of 4.900% Senior Notes due 2032
SALT LAKE CITY – June 24, 2026 – Extra Space Storage Inc. (“Extra Space”) (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 priced a public offering of $550 million aggregate principal amount of 4.900% senior notes due 2032 (the “Notes”). The Notes were priced at 99.702% of the principal amount and will mature on February 1, 2032. Wells Fargo Securities, J.P. Morgan, Truist Securities, BMO Capital Markets, BofA Securities, PNC Capital Markets LLC, TD Securities and US Bancorp are acting as the joint book-running managers for the offering. Regions Securities LLC, Citigroup, Huntington Capital Markets, Scotiabank, Zions Capital Markets, BOK Financial Securities, Inc., Fifth Third Securities, Academy Securities and Ramirez & Co., Inc. are acting as the co-managers for the offering.
The offering is expected to close on or about July 6, 2026, subject to the satisfaction of customary closing conditions. The Notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries.
The operating partnership intends to use the net proceeds from this offering to repay amounts outstanding from time to time under its lines of credit and its commercial paper program, and for other general corporate and working capital purposes, including funding potential acquisition opportunities.
The Notes will be issued pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. This release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale is not permitted. The offering will be made only by means of a prospectus supplement and accompanying prospectus, copies of which, when available, may be obtained from Wells Fargo Securities, LLC, Attention: WFS Customer Service, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402, by telephone at 1-800-645-3751, or by email at wfscustomerservice@wellsfargo.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by email at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com; or Truist Securities, Inc., Attention: Prospectus Department, 740 Battery Ave SE, 3rd Floor, Atlanta, GA 30339, by telephone at 1-800-685-4786, or by email at TruistSecurities.prospectus@Truist.com.
A prospectus supplement related to the offering will also be available free of charge on the SEC’s website at http://www.sec.gov.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed real estate investment trust, and a member of the S&P 500. As of March 31, 2026, the Company owned and/or operated 4,344 self-storage stores in 42 states and Washington, D.C. The Company’s stores comprise approximately 3.0 million units and approximately 335.6 million square feet of rentable 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.
Forward-Looking Statements:
Certain information set forth in this release contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning the terms, timing and completion of the offering of securities by Extra Space and the operating partnership, including the anticipated use of proceeds therefrom. In some cases, forward-looking statements can be identified by terminology such as “believes,” “estimates,” “expects,” “may,” “will,” “should,” “anticipates,” or “intends,” or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that management’s expectations, beliefs and projections will result or be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in or contemplated by this release. Such risks and uncertainties include without limitation those associated with market risks and uncertainties and the satisfaction of customary closing conditions for an offering of securities, as well as the risks referenced in the “Risk Factors” section included in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. All forward-looking statements apply only as of the date of this release. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
SOURCE Extra Space Storage Inc.
Jared Conley, Extra Space Storage, 801-365-1759, info@extraspace.com