Extra Space Storage Inc
), a real estate investment trust (REIT), has recently completed
a public offering of 6.0 million shares of its common stock to
enhance its liquidity. This includes 780,000 shares sold to the
underwriters. Citigroup part of
) acted as the sole book-running manager for the offering.
Extra Space intends to use the net proceeds from the offering to
fund acquisition of 28 properties, to repay a portion of the
outstanding debt under its secured lines of credit and for other
general corporate and working capital purposes.
As of September 30, 2012, the company's fixed-rate debt to
total debt was 74.2%. During the third quarter 2012, Extra Space
obtained $149.1 million in secured financing. It consisted of
four loans with a weighted average interest rate of 2.9%.
At quarter-end, cash and cash equivalents stood at $43.6
Headquartered in Salt Lake City, Utah, Extra Space is engaged
in property management and development activities that include
acquiring, management, development and sales, as well as the
rental of self-storage facilities. The company owns and operates
910 self-storage properties in 34 states, Washington, D.C. and
Puerto Rico. The company's properties comprise approximately
610,000 units totalling approximately 66.7 million square feet of
Extra Space currently retains a Zacks #1 Rank, which
translates into a short-term Strong Buy rating. We have a
long-term Neutral recommendation on the stock. One of its
) holds a Zacks #3 Rank, which translates into a short term Hold
CITIGROUP INC (C): Free Stock Analysis Report
EXTRA SPACE STG (EXR): Free Stock Analysis
PUBLIC STORAGE (PSA): Free Stock Analysis
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