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EXR > SEC Filings for EXR > Form 8-K on 5-Nov-2012All Recent SEC Filings

Show all filings for EXTRA SPACE STORAGE INC.



Regulation FD Disclosure, Other Events, Financial Statements and Exhibit


On November 5, 2012, Extra Space Storage Inc. issued a press release regarding 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.


The following sets forth certain recent developments for Extra Space Storage Inc.

Recent Developments

On November 1, 2012, we entered into a letter of intent to acquire a joint venture partner's interest in one of our existing joint ventures that owns 21 self-storage properties in 11 states. All of the properties owned by the joint venture are currently operated by us under the Extra Space Storage brand. The joint venture properties contain approximately 1.7 million square feet of net rentable space in approximately 13,600 units. As of September 30, 2012, approximately 89.0% of the net rentable space at these properties was occupied. Upon closing, we expect to own 100% of the joint venture properties.

In addition, we have entered into definitive purchase agreements to acquire seven additional properties located in Florida, Maryland, Massachusetts and New Jersey, with an aggregate of approximately 575,000 square feet of net rentable space in approximately 5,800 units. As of September 30, 2012, approximately 86.6% of the net rentable space at these properties was occupied.

In total, we have agreed to acquire the above described properties for an aggregate purchase price of approximately $190.2 million, of which approximately $187.5 million is to be paid in cash at the respective closings and approximately $2.7 million of debt is to be assumed.

These acquisitions are subject to the completion of due diligence, the satisfaction of other closing conditions and, in the case of the acquisition of the joint venture partner's interest, the negotiation and execution of a definitive purchase agreement. We intend to close each of these acquisitions by December 31, 2012; 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.


(d) Exhibits

Number           Description of Exhibit

 99.1     Press Release dated November 5, 2012.

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