8-KRegulation FDOther EventsExhibits & Filings

Extra Space Storage Inc. 8-K Report, Regulation FD Disclosure (Nov 4, 2013)

Filed November 4, 2013For Securities:EXR

Summary

This 8-K filing from Extra Space Storage Inc. (EXR) dated November 4, 2013, primarily announces significant acquisition activity. Investors should note the definitive agreement to acquire a 17-property self-storage portfolio in Virginia for approximately $200 million, representing a substantial expansion. Additionally, the company has entered into agreements for five other properties across Florida, Hawaii, and Texas for roughly $50.4 million. The filing also reports the completion of 35 out of 40 previously announced property acquisitions for $190.4 million. These ongoing and completed transactions indicate a strategic focus on portfolio growth and market expansion for Extra Space Storage. Investors will want to monitor the satisfaction of closing conditions and the integration of these new assets.

Key Highlights

  • 1Entered into a definitive agreement to acquire a 17-property self-storage portfolio in Virginia for approximately $200.0 million.
  • 2The Virginia portfolio comprises approximately 1.5 million square feet of net rentable space and was 90% occupied as of September 30, 2013.
  • 3Agreed to acquire five additional properties in Florida, Hawaii, and Texas for an aggregate purchase price of approximately $50.4 million.
  • 4These five properties represent approximately 402,000 square feet of net rentable space.
  • 5Completed the acquisition of 35 out of 40 previously announced properties for approximately $190.4 million.
  • 6The 35 completed properties contain approximately 2.6 million square feet of net rentable space across 12 states.
  • 7All pending acquisitions are subject to due diligence and other closing conditions, with an intended closing before the end of Q1 2014.

Frequently Asked Questions

This 8-K filing serves to disclose important recent developments for Extra Space Storage Inc., specifically focusing on significant acquisition activities, both pending and completed. It also includes a press release related to these announcements.

The total value of the pending acquisitions mentioned is approximately $250.4 million, consisting of the $200.0 million Virginia portfolio and the $50.4 million for properties in Florida, Hawaii, and Texas.

The company has completed the acquisition of 35 out of 40 previously announced properties and has entered into definitive purchase agreements for a large portfolio in Virginia and five additional properties in other states. All pending acquisitions are subject to customary closing conditions, and there is no guarantee they will close on the stated terms or at all.

Extra Space Storage intends to close each of the pending acquisitions before the end of the first quarter of 2014, subject to the satisfaction of all closing conditions.