Extra Space prices $800 million in senior notes due 2033

SALT LAKE CITY - Extra Space Storage Inc. (NYSE:EXR), a self-storage REIT with a market capitalization of $30.7 billion and a solid financial health score according to InvestingPro, announced Wednesday that its operating partnership has priced a public offering of $800 million in 4.950% senior notes due January 15, 2033.

The notes were priced at 99.739% of principal amount, according to a company press release. The offering is expected to close around August 8, 2025, subject to customary closing conditions.

J.P. Morgan, BMO Capital Markets, and PNC Capital Markets LLC are leading the offering as joint book-running managers, alongside five other financial institutions. The notes will be fully guaranteed by Extra Space and certain subsidiaries.

The self-storage operator intends to use proceeds to repay outstanding amounts on its lines of credit and commercial paper program, as well as for general corporate purposes, including potential acquisitions.

Extra Space Storage, a member of the S&P 500, owns and/or operates 4,179 self-storage facilities across 43 states and Washington, D.C. As of June 30, the company’s portfolio comprised approximately 2.9 million units and 321.5 million square feet of rentable space.

The notes will be issued under an effective shelf registration statement filed with the Securities and Exchange Commission. The company noted that this announcement does not constitute an offer to sell or solicitation to buy securities.

In other recent news, Extra Space Storage Inc. reported its second-quarter 2025 earnings, revealing mixed results. The company exceeded earnings per share (EPS) expectations with a reported EPS of $1.18, surpassing the forecasted $1.15, which constitutes a 2.61% surprise. However, revenue did not meet projections, coming in at $841.62 million compared to the anticipated $844.76 million. These figures indicate that while the company managed to control costs and improve profitability, it faced challenges in achieving its revenue targets. This development is part of the company’s ongoing financial performance updates. Investors and analysts are likely to keep a close watch on how Extra Space Storage addresses these revenue shortfalls in future quarters.

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