SOURCE: Extra Space Storage Inc.

Extra Space Storage Inc.

January 18, 2011 18:36 ET

Extra Space Storage Inc. Finalizes $82.2 Million in CMBS Financing

SALT LAKE CITY, UT--(Marketwire - January 18, 2011) - Extra Space Storage Inc. (NYSE: EXR) ("the Company") announced today that it has closed a CMBS loan for $82,185,000 with Bank of America/Merrill Lynch. The loan has a 10-year term with a fixed rate of 5.849% for the life of the loan and is secured by 16 self-storage properties. Proceeds of the loan will be used for general corporate purposes and to repay debt. Kent W. Christensen, the Company's Chief Financial Officer, noted: "Extra Space Storage is the first self-storage REIT to re-enter the CMBS market since the financial crisis. This loan further strengthens our balance sheet and gives us increased financial flexibility."

About Extra Space Storage Inc.
Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed real estate investment trust that owns and/or operates 820 self-storage properties in 34 states and Washington, D.C. The Company's properties comprise approximately 550,000 units and over 59 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.

Contact Information

  • For Information:
    Clint Halverson
    Extra Space Storage Inc.
    (801) 365-4597

    Extra Space Storage Inc.
    PHONE (801) 562-5556
    FAX (801) 562-5579
    2795 East Cottonwood Parkway, Suite 400
    Salt Lake City, Utah 84121
    www.extraspace.com