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EXR > SEC Filings for EXR > Form 8-K on 8-Nov-2013All Recent SEC Filings

Show all filings for EXTRA SPACE STORAGE INC. | Request a Trial to NEW EDGAR Online Pro

Form 8-K for EXTRA SPACE STORAGE INC.


8-Nov-2013

Other Events, Financial Statements and Exhibits


ITEM 8.01 OTHER EVENTS

On November 4, 2013, Extra Space Storage Inc. (the "Company") entered into an underwriting agreement with Citigroup Global Markets Inc. (the "Underwriter") pursuant to which the Company agreed to issue and sell to the Underwriter 4,500,000 shares of the Company's common stock, par value $.01 per share ("Common Stock"), plus up to an additional 675,000 shares of Common Stock pursuant to the Underwriter's option to purchase additional shares. The offering closed on November 8, 2013. Net proceeds of the offering were approximately $205.8 million after deducting the underwriting discount and estimated expenses.

The Company intends to use the net proceeds of this offering to partially fund its recently announced acquisition of a portfolio of 17 properties and other previously announced acquisitions, to repay the outstanding indebtedness under its secured lines of credit and for other general corporate and working capital purposes. The aggregate purchase price of the pending 17 property portfolio acquisition is approximately $200.0 million in cash. In addition, the Company has previously announced pending acquisitions of five additional properties under contract, with an aggregate purchase price of approximately $50.4 million.

The Company's pending acquisitions are subject to the completion of due diligence and the satisfaction of other closing conditions. The Company intends to close 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.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits:

Exhibit
Number                             Description of Exhibit

  1.1      Underwriting Agreement, dated as of November 4, 2013, among the
           Company, Extra Space Storage LP and Citigroup Global Markets Inc.

  5.1      Opinion of Venable LLP

 23.1      Consent of Venable LLP (contained in the opinion filed as Exhibit 5.1
           hereto)


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