Key Developments: Extra Space Storage Inc (EXR.N)
43.27USD
1 Aug 2013
$1.22 (+2.90%)
$42.05
$42.33
$43.66
$42.33
446,119
225,048
$45.27
$32.60
Latest Key Developments (Source: Significant Developments)
Extra Space Storage Inc Issues Q3 2013 FFO Guidance Below Analysts' Estimates; Issues FY 2013 FFO Guidance In Line With Analysts' Estimates
Extra Space Storage Inc announced that for the third quarter of 2013, it estimates that FFO per diluted share will be between $0.49 and $0.51 and will be between $1.96 and $2.01 for fiscal 2013. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.54 for the third quarter of 2013; FFO of $2.00 for fiscal 2013. Full Article
Extra Space Storage Inc Announces Appointment Of Chairman-Form 8-K
Extra Space Storage Inc reported in its Form 8-K that on July 8, 2013, Kenneth M. Woolley, formerly Executive Chairman of the Board of Directors and Chief Investment Officer of Extra Space Storage Inc. (Company), assumed the sole role of Executive Chairman of the Board of Directors. Full Article
Extra Space Storage Inc's Extra Space Storage LP Announces Pricing of Private Offering of $250 Million of 2.375% Exchangeable Senior Notes Due 2033
Extra Space Storage Inc announced that its operating partnership subsidiary, Extra Space Storage LP (the Operating Partnership), priced a private placement of $250.0 million aggregate principal amount of its 2.375% Exchangeable Senior Notes due 2033 (the Notes). Up to an additional $37.5 million aggregate principal amount of Notes may be issued upon exercise by the initial purchasers, within 30 days of the date of pricing of the Notes, of their over-allotment option to purchase additional Notes. The Notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company. The Operating Partnership intends to use the net proceeds from the private offering to fund a previously announced property acquisition, to repay the outstanding indebtedness under the Company's secured lines of credit and for other general corporate and working capital purposes. Full Article
Extra Space Storage Inc's Extra Space Storage LP Announces Agreement to Acquire 20 Self Storage Properties
Extra Space Storage Inc announced that its operating partnership subsidiary, Extra Space Storage LP (the Operating Partnership), entered into a Contribution Agreement with various companies affiliated with All Aboard Mini Storage and Lance D. Alworth, as principal (the Contributors), to acquire 20 self-storage facilities (the Properties). The transaction is currently expected to close by the end of the third quarter of 2013. The Properties are located in California and include approximately 14,800 self storage units, containing approximately 1.5 million square feet of net rentable space. The aggregate consideration for the Properties is valued at approximately $196.0 million, excluding transaction costs, including taking the Properties subject to approximately $100.1 million of existing loans (which will be prepaid by the Company after the Properties are conveyed to the Company). The Company will pay an additional $10.1 million related to the defeasance and prepayment costs associated with these loans. The Company will also issue approximately $33.6 million of newly designated Series B Redeemable Preferred Units (the Series B Preferred Units) and approximately $62.3 million of common Operating Partnership units (the Common Units) to the Contributors. The terms of the Series B Preferred Units will be governed by the Operating Partnership's Third Amended and Restated Agreement of Limited Partnership which the Company expects to enter into upon the closing of the transaction. Full Article
Extra Space Storage Inc Announces Launch Of Offering Of $250 Million Of Exchangeable Senior Notes
Extra Space Storage Inc announced that its operating partnership subsidiary, Extra Space Storage LP (the Operating Partnership), has commenced a private offering, subject to market conditions, of $250.0 million aggregate principal amount of Exchangeable Senior Notes due 2033 (the Notes). Up to an additional $37.5 million aggregate principal amount of Notes may be issued upon exercise by the initial purchasers, within thirty (30) days of the initial issuance of the Notes, of their over-allotment option to purchase additional Notes. The Notes will be senior unsecured obligations of the Operating Partnership and will be fully and unconditionally guaranteed by the Company. Upon exchange, the Notes will be settled in cash and shares of the Company's common stock (subject to the Company's right to pay cash in lieu of delivering all or any portion of such shares). The interest rate, exchange rate, exchange price, offering price and other terms of the Notes will be determined by negotiations between the Operating Partnership and the initial purchasers of the Notes. The Operating Partnership intends to use the net proceeds from the private offering to fund a previously announced property acquisition, to repay the outstanding indebtedness under the Company's secured lines of credit and for other general corporate and working capital purposes. Full Article
Extra Space Storage Inc Announces Increase In Second Quarter 2013 Dividend
Extra Space Storage Inc announced that Board Of Directors has declared a quarterly dividend of $0.40 per share on the common stock of the Company for the second quarter 2013. This is a 60% increase over the previous quarter. The dividend is payable on June 28, 2013 to stockholders of record at the close of business on June 14, 2013. Full Article
Extra Space Storage Inc Issues Q2 2013 FFO Guidance In Line With Analysts' Estimates; Raises FY 2013 FFO Guidance
Extra Space Storage Inc announced that for second quarter of 2013, it expects funds from operations (FFO) per diluted share will be between $0.47 and $0.49 and FFO to be between $1.94 and $2.01 for fiscal 2013. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.47 for the second quarter of 2013; FFO of $1.91 for fiscal 2013. Full Article
Extra Space Storage Inc Issues Q1 2013 FFO Guidance In Line With Analysts' Estimates; Issues FY 2013 FFO Guidance Above Analysts' Estimates
Extra Space Storage Inc announced that for the first quarter of 2013, it expects FFO per diluted share to be between $0.42 and $0.44. and will be between $1.87 and $1.95 for fiscal 2013. FFO estimates for the year are fully diluted for an estimated average number of shares and Operating Partnership units ("OP units") outstanding during the year. The Company's estimates are forward-looking and based on management's view of current and future market conditions. According to I/B/E/S Estimates, analysts are expecting the Company to report FFO of $0.43 for the first quarter of 2013; FFO of $1.85 for fiscal 2013. Full Article
Extra Space Storage Inc Announces First Quarter 2013 Dividend
Extra Space Storage Inc announced that the Company's board of directors has declared a quarterly dividend of $0.25 per share on the common stock of the Company for the first quarter 2013. The dividend is payable on March 29, 2013 to stockholders of record at the close of business on March 15, 2013. Full Article
Extra Space Storage Inc Completes Public Offering Of 5,980,000 Shares Of Common Stock
Extra Space Storage Inc announced the completion of its previously announced public offering of 5,980,000 shares of its common stock, including 780,000 shares of common stock sold pursuant to the underwriter's full exercise of its option to purchase additional shares. Citigroup acted as the sole book-running manager for the offering. Net proceeds of the offering were approximately $202.9 million after deducting the underwriting discount and estimated expenses. Full Article

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