Extra Space Storage Announces 5 Mln. Stock Offering

(RTTNews) - Extra Space Storage Inc (EXR), an owner of self-storage properties, on Monday announced a public offering of 5 million shares of its common stock.

Wells Fargo Securities, BofA Merrill Lynch and Citigroup are acting as the joint book-running managers for the offering.

Extra Space will grant the underwriters a 30-day option to purchase up to an additional 750,000 shares.

The company said it plans to use the net proceeds of the offering to partly fund its $1.4 billion acquisition of SmartStop Self Storage Inc.

Upon completion of the acquisition, Extra Space will own 121 SmartStop stores and will assume the property management of 43 third-party managed stores.