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Extra Space Storage Locks Up $300M Acquisition of 36 Properties

Nationwide Self-Storage Portfolio Spans 18 States
July 10, 2012
Salt Lake City-based Extra Space Storage Inc. (NYSE: EXR) announced that it has completed its acquisition of the remaining interest in a joint venture formed with Prudential Real Estate Investors (PREI) that owns 36 self-storage properties in 18 states.

Under the agreement previously announced on April 13, Extra Space Storage acquired the remaining 94.9% interest in ESS PRISA III LLC, a joint venture formed with PREI in 2005 with 36 assets operated under the Extra Space Storage brand. EXR acquired PREI’s interest for about $300 million, excluding closing costs, consisting of about $162 million of cash and the assumption of an existing $145 million loan, of which $138 million relates to the interest acquired from PREI.

The loan, which matures in August 2012, will be paid using existing cash and proceeds from new loans that are expected to close in the next 30 days. The JV properties comprise about 2.5 million square feet of net rentable space in about 23,400 units and currently serve a customer base of 20,000 tenants. As of March 31, about 87.8% of the total square feet available for lease at the properties was occupied.

The transaction involves the following properties:

Extra Space Storage/PREI JV
Birmingham/Grace Baker Rd115 Grace Baker RoadBirminghamAL
Mesa/N Alma School Rd112 N Alma School RoadMesaAZ
Moreno Valley/Box Spring21201 Box Springs Road
Moreno Valley
Hawaiian Gardens/S Norwalk21123 South Norwalk BlvdHawaiian GardensCA
Hollywood/N Vine St1860 North Vine StreetHollywoodCA
Los Angeles/Fountain Ave4728 Fountain AvenueLos AngelesCA
Santa Cruz/Soquel Ave2900 Soquel AvenueSanta CruzCA
Brookfield/Brookfield-Fed578 Federal RoadBrookfieldCT
Miami/NW 2nd20240 NW 2nd AvenueMiamiFL
Miami/Coral Way9848 Coral WayMiamiFL
Skokie/N. McCormick7540 N McCormickSkokieIL
Tyngsboro/Industrial Way3 Industrial WayTyngsboroMA
Framingham/Concord St1590 Concord StreetFraminghamMA
Gambrills/Rte 3789 Route 3North GanbrillsMD
Towson/Joppa203 Joppa RoadTowsonMD
Belleville/Old Rawsonville1900 Old Rawsonville RoadBelleville
Harrison/Harrison Ave412 Harrison AveHarrisonNJ
Mt. Laurel/Ark Road103 Ark RoadMt. LaurelNJ
Santa Fe/875 W San Mateo875 San Mateo RoadSanta FeNM
Kingston/Sawkill Rd119 Sawkill RoadKingstonNY
Amsterdam/Route 5 SoRoute 5 South Amsterdam NY
Ridge/Middle Country Rd14 Francis Mooney RoadLong IslandNY
Hicksville/S Broadway789 South BroadwayLong IslandNY
Hauppage/Old Willets Path730 Old Willets PathHauppaugeNY
Brooklyn/64th St201 64th StreetBrooklynNY
Willoughby/Reading Ave36155 Reading AvenueWilloughbyOH
Mentor/Mentor Ave7679 Mentor AvenueMentorOH
Aloha/SW 229th Ave2909 SW 229th AvenueAlohaOR
Memphis/Raleigh-LaGrange4994 Raleigh-LaGrangeMemphisTN
Bartlett/Germantown Rd N3175 Germantown Road NorthNorth BartlettTN
Memphis/Covington Way4961 Covington WayMemphisTN
Spring/I45N25690 I-45North SpringTX
Dallas/19211 Preston Road19211 Preston RoadDallasTX
Fredericksburg/Plank2403 Plank RoadFredericksburgVA
Alexandria/N Henry St1022 North Henry StreetAlexandriaVA
Vancouver/NE 78th8016 NE 78th Street VancouverWA
Source: CoStar Group Information
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