8-KAcquisitions & DispositionsExhibits & Filings

Extra Space Storage Inc. 8-K Report, Acquisition Completed (Aug 27, 2004)

Filed August 27, 2004For Securities:EXR

Summary

This Form 8-K filing from Extra Space Storage Inc. (EXR) on August 27, 2004, reports the completion of significant acquisition transactions following its initial public offering (IPO) which closed on August 17, 2004. Specifically, on August 23, 2004, the company finalized the acquisition of joint venture interests from Equibase Mini Warehouse and affiliates of the Moss Group. These transactions involve a substantial number of self-storage properties, expanding the company's portfolio significantly post-IPO. These acquisitions represent a key step in Extra Space Storage's strategy to consolidate ownership of self-storage facilities and interests, as outlined in its IPO prospectus. The report details the consideration paid, which included both cash and operating partnership (OP) units, indicating a strategic use of both capital and equity to fuel growth. Investors should note that these transactions, along with others mentioned, substantially complete the "Formation Transactions" described in the company's S-11/A filing, marking a critical phase of integration and expansion after going public.

Key Highlights

  • 1Completion of initial public offering (IPO) on August 17, 2004.
  • 2Acquisition of joint venture interests from Equibase Mini Warehouse and its affiliates on August 23, 2004, involving 30 self-storage properties for approximately $35.8 million cash and 114,928 OP units.
  • 3Acquisition of joint venture interests from affiliates of the Moss Group on August 23, 2004, involving 2 self-storage properties for approximately $184,000 cash and 1,006,684 OP units.
  • 4These acquisitions represent a substantial portion of the 'Formation Transactions' described in the company's IPO prospectus.
  • 5The company is continuing to integrate acquired assets and expand its operational footprint post-IPO.
  • 6Financial statements and pro forma information related to these acquisitions are incorporated by reference from the company's earlier S-11/A filing.

Frequently Asked Questions

This 8-K reports the completion of significant acquisitions of joint venture interests in self-storage properties that occurred on August 23, 2004, shortly after the company's initial public offering closed on August 17, 2004. It details the specific entities from which interests were acquired, the number of properties involved, and the consideration paid in cash and operating partnership units.

These acquisitions are a crucial part of the 'Formation Transactions' that were described in Extra Space Storage Inc.'s IPO prospectus. The completion of these deals signifies that the company is executing its post-IPO strategy to consolidate ownership of self-storage assets and expand its operational base.

The acquisitions involved approximately $35.8 million in cash and 114,928 OP units for the Equibase Mini Warehouse interests, and approximately $184,000 in cash and 1,006,684 OP units for the Moss Group affiliate interests. The total cash consideration was approximately $36 million, and the total OP unit consideration was approximately 1,121,612 units.

This 8-K filing incorporates by reference the relevant financial statements (financial statements of business acquired) and pro forma financial information from the company's Registration Statement on Form S-11/A, which was filed on August 11, 2004. Therefore, investors would need to refer to that prior filing for detailed financial data.