Summary
Extra Space Storage Inc. (EXR) filed an 8-K on September 15, 2004, reporting on two significant events that occurred in early September 2004. The company completed the acquisition of a preferred equity interest in its joint venture, Extra Space Properties Four LLC, for approximately $21.5 million. This acquisition consolidated ownership of 19 self-storage properties, marking the completion of all third-party joint venture interests and the self-storage properties involved in the company's formation transactions as detailed in its S-11/A filing. Additionally, the company's operating partnership entered into a new $100 million secured revolving credit facility with a group of lenders, including Wells Fargo Bank, National Association, as Administrative Agent. This facility, secured by 16 self-storage properties, is intended for general corporate purposes and matures in September 2007, with an option for a one-year extension. The credit facility includes various covenants and requires key management personnel to remain active in the company's operations unless lenders consent to replacements.
Key Highlights
- 1Completion of acquisition of preferred equity interest in Extra Space Properties Four LLC for $21.5 million.
- 2Consolidated ownership of 19 self-storage properties through the acquisition.
- 3Finalized the acquisition of all third-party joint venture interests and formation transaction properties.
- 4Entered into a new $100 million secured revolving credit facility.
- 5The credit facility is secured by 16 self-storage properties and has a maturity date of September 9, 2007 (with a one-year extension option).
- 6Proceeds from the credit facility are intended for general corporate purposes.
- 7The credit facility contains covenants restricting certain business activities and requiring key management to remain active.