Extra Space Storage Prices $550 Million Senior Notes at 4.900%
Extra Space Storage LP priced $550 million of 4.900% senior notes due February 1, 2032, at 99.702% of par, the REIT's operating partnership disclosed June 24.
Extra Space Storage LP priced a public offering of $550 million aggregate principal amount of 4.900% senior notes due February 1, 2032 [1]. The notes were priced at 99.702% of principal amount [1]. The offering was announced June 24 by Extra Space Storage Inc. (NYSE: ), the parent REIT and operating partnership sponsor.
The 4.900% coupon reflects current pricing for investment-grade real estate debt with a six-year tenor. The 99.702% issue price implies a yield slightly above the stated coupon, consistent with a modest new-issue concession. Extra Space did not disclose the intended use of proceeds in the pricing announcement, though REIT debt offerings of this size typically fund property acquisitions, refinance maturing obligations, or repay revolving credit balances.
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