SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
November 4, 2013
(Date of Report (Date of Earliest Event Reported))
EXTRA SPACE STORAGE INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland |
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001-32269 |
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20-1076777 |
(State or Other Jurisdiction |
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(Commission File Number) |
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(IRS Employer |
2795 East Cottonwood Parkway, Suite 400
Salt Lake City, Utah 84121
(Address of Principal Executive Offices)
(801) 365-4600
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 7.01 REGULATION FD DISCLOSURE
On November 4, 2013, Extra Space Storage Inc. issued a press release regarding certain of the acquisitions described below. A copy of the press release is attached hereto as Exhibit 99.1. The information contained in Item 7.01 of this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Such information shall not be incorporated by reference into any filing of Extra Space Storage Inc., whether made before or after the date hereof, regardless of any general incorporation language in such filing.
ITEM 8.01 OTHER EVENTS
The following sets forth certain recent developments for Extra Space Storage Inc.
Recent Developments
Pending Acquisitions
On October 30, 2013, we entered into a definitive purchase agreement to acquire a portfolio of 17 self-storage properties located in Virginia for an aggregate purchase price of approximately $200.0 million in cash. This portfolio consists of approximately 1.5 million square feet of net rentable space in approximately 14,000 units. As of September 30, 2013, approximately 90% of the net rentable space at these properties was occupied.
In addition, as previously announced, we have entered into definitive purchase agreements to acquire five additional properties located in Florida, Hawaii and Texas. These five properties contain an aggregate of approximately 402,000 square feet of net rentable space in approximately 4,160 units. In total, we have agreed to acquire these properties for an aggregate purchase price of approximately $50.4 million.
These acquisitions are subject to the completion of due diligence and the satisfaction of other closing conditions. We intend to close each of these acquisitions before the end of the first quarter of 2014; however, there can be no assurances that these conditions will be satisfied or that the acquisitions will close on the terms described herein, or at all.
Completed Acquisitions
As of November 4, 2013, we have consummated the acquisition of 35 of the 40 properties previously announced in our third quarter 2013 earnings release as being under contract, for a total purchase price of approximately $190.4 million. Of the 35 properties, we acquired 19 from the purchase of a joint-venture partners interest in an existing joint venture. These 35 properties are located in 12 states and contain an aggregate of approximately 2.6 million square feet of net rentable space in approximately 23,600 units.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits:
Exhibit |
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Description of Exhibit |
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99.1 |
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Press Release dated November 4, 2013. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EXTRA SPACE STORAGE INC. | ||
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Date: November 4, 2013 |
By |
/s/ P. Scott Stubbs | |
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Name: |
P. Scott Stubbs |
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Title: |
Executive Vice President and Chief Financial Officer |
Exhibit 99.1
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Extra Space Storage Inc. |
FOR IMMEDIATE RELEASE
Extra Space Storage Inc. Announces Acquisition of 17 Properties for $200.0 Million
SALT LAKE CITY, November 4, 2013 Extra Space Storage Inc. (NYSE: EXR) (the Company) today announced that on October 30, 2013, the Company entered into a definitive agreement to acquire a portfolio of 17 self-storage properties located in Virginia for an aggregate purchase price of approximately $200.0 million in cash. This portfolio consists of approximately 1.5 million square feet of net rentable space in approximately 14,000 units. As of September 30, 2013, approximately 90% of the net rentable space at these properties was occupied.
The acquisition of these 17 properties is subject to the completion of due diligence and the satisfaction of other closing conditions. The Company intends to consummate the acquisition in or about January 2014; however, there can be no assurances that these conditions will be satisfied or that the acquisition will close on the terms described herein, or at all.
About Extra Space Storage Inc.:
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a self-administered and self-managed REIT that owns and/or operates 1,007 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Companys properties comprise approximately 667,000 units and approximately 74.0 million square feet of rentable space, offering customers a wide selection of conveniently located and secure storage solutions across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.
Forward-Looking Statements:
Certain information set forth in this release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements related to the terms, timing and completion of the acquisition described above. In some cases, forward-looking statements can be identified by terminology such as believes, expects, estimates, may, will, should, anticipates, or intends or the negative of such terms or other comparable terminology. All forward-looking statements are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith and we believe there is a reasonable basis for them, but there can be no assurance that managements expectations, beliefs and projections will result or be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements. All forward-looking statements should be considered in light of the risks referenced in the Risk Factors section included in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements apply only as of the date of this release. We undertake no obligation to publicly update or revise forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
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For Information:
Clint Halverson
Extra Space Storage Inc.
(801) 365-4597
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