Extra Space Storage to acquire 21 properties from partner
Extra Space Storage Inc., a Salt Lake City-based real estate investment trust that operates in the self-storage industry, said it is poised to acquire interest in 28 additional properties for approximately $190 million.
The company said it signed a letter of intent with one of its joint venture partners to acquire that partner's interest in 21 self storage properties in 11 states. Those properties, according to Extra Space, contain approximately 1.7 million square feet of rentable space in 13,600 units.
In addition, the company said it has entered into a purchase agreement to acquire seven additional properties in Florida, Maryland, Massachusetts and New Jersey.
Those properties contain about 5,800 units with some 575,000 square feet of rentable space.
The company said it plans to sell 5.2 million shares of its stock in a public offering to fund the acquisitions.