June 23, 2018 4:21 PM ET

Real Estate Management and Development

Company Overview of Extra Space Storage LP

Company Overview

Extra Space Storage LP manages, develops, sells, and rents self-storage facilities. The company was founded in 2004 and is based in Salt Lake City, Utah. Extra Space Storage LP operates as a subsidiary of Extra Space Storage Inc.

2795 East Cottonwood Parkway

Salt Lake City, UT 84121

United States

Founded in 2004

Phone:

801-562-5556

Fax:

801-562-5579

Key Executives for Extra Space Storage LP

Extra Space Storage LP does not have any Key Executives recorded.

Extra Space Storage LP Key Developments

Extra Space Storage Inc. and Extra Space Storage LP Announce Repurchase of Outstanding 2.375% Exchangeable Senior Notes due 2033

On June 8, 2018, Extra Space Storage Inc. and Extra Space Storage LP distributed an Issuer Repurchase Notice, offering to repurchase, at the option of each holder, any and all of its outstanding 2.375% Exchangeable Senior Notes due 2033, as required by the terms of the Indenture, dated as of June 21, 2013, among the Company, the Operating Partnership and Wells Fargo Bank, N.A., as trustee and paying agent. The repurchase offer will expire at 5:00 p.m., New York City time, on June 28, 2018. In addition, the Operating Partnership has given notice of its intention to redeem all of its outstanding Notes, pursuant to its option under the Indenture. The notice of redemption was originally sent to all registered holders of the Notes on May 31, 2018 and a revised notice of redemption was sent to all registered holders of the Notes on June 8, 2018. The redemption date is July 5, 2018 and the redemption price is 100% of the principal amount of the Notes plus accrued and unpaid interest thereon to, but excluding, the Redemption Date. As of June 8, 2018, there was approximately $11.5 million aggregate principal amount of the Notes outstanding. In connection with the redemption, holders of the Notes have the right to exchange their Notes prior to 5:00 p.m., New York City time, on July 2, 2018. Notes not surrendered pursuant to the repurchase offer prior to 5:00 p.m., New York City time, on June 28, 2018, or surrendered for exchange prior to 5:00 p.m., New York City time, on July 2, 2018, will be redeemed by the Operating Partnership on July 5, 2018.

Extra Space Storage Inc. and Extra Space Storage LP Enters into a Note Purchase Agreement

On May 25, 2018, Extra Space Storage Inc. and Extra Space Storage LP entered into a Note Purchase Agreement with the various purchasers named therein. The Note Purchase Agreement provides for the private placement by the Operating Partnership of $300 million of 4.39% Senior Notes, due July 17, 2028. The Notes are expected to be issued on July 17, 2018, subject to customary closing conditions, at which time the Purchasers will disburse the funds to the Operating Partnership. Upon issuance, the Notes will pay interest semiannually on the 17 day of January and July in each year until their maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the outstanding Notes in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount. The Note Purchase Agreement contains a number of customary financial covenants, including, without limitation, a maximum consolidated leverage ratio, minimum fixed charge coverage ratio, maximum secured debt ratio and maximum unencumbered leverage ratio. The financial covenants in the Note Purchase Agreement are substantially similar to the financial covenants in the Operating Partnership's existing Credit Agreement, dated October 16, 2016, by and among the Operating Partnership, the Company, U.S. Bank National Association, as administrative agent, certain other financial institutions acting as syndication agents, documentation agents, senior management agents and lead arrangers and book runners, and certain lenders party thereto. Subject to the terms of the Note Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, a default in the payment of any principal, Make-Whole Amount or interest under the Notes, a default in the performance of covenants in the Note Purchase Agreement, the Notes and the related guaranty, (iii) a default in the payment of certain other indebtedness of the Operating Partnership, the company or their subsidiaries that are guarantors under the Credit Agreement, and bankruptcy events related to the Operating Partnership, the Company and their subsidiaries that are guarantors under the Credit Agreement, the principal and accrued and unpaid interest and the Make-Whole Amount on the outstanding Notes will become due and payable at the option of the Purchasers.

Extra Space Storage Inc. and Extra Space Storage LP Enters into a Note Purchase Agreement

On June 29, 2017, Extra Space Storage Inc. and Extra Space Storage LP entered into a Note Purchase Agreement with the various purchasers named therein. The Note Purchase Agreement provides for the private placement by the Operating Partnership of $300 million of 3.95% Senior Notes, due August 24, 2027 (the Notes"). The Notes are expected to be issued on August 24, 2017, subject to customary closing conditions, at which time the Purchasers will disburse the funds to the Operating Partnership. Upon issuance, the Notes will pay interest semiannually on the 1st day of March and September in each year until their maturity. The Operating Partnership may prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of the outstanding Notes in the case of a partial prepayment, at 100% of the principal amount so prepaid plus a Make-Whole Amount. The Note Purchase Agreement contains a number of customary financial covenants, including, without limitation, a maximum consolidated leverage ratio, minimum fixed charge coverage ratio, maximum secured debt ratio and maximum unencumbered leverage ratio. The financial covenants in the Note Purchase Agreement are substantially similar to the financial covenants in the Operating Partnership's existing Credit Agreement, dated October 16, 2016, by and among the Operating Partnership, the Company, U.S. Bank National Association, as administrative agent, certain other financial institutions acting as syndication agents, documentation agents, senior management agents and lead arrangers and book runners, and certain lenders party thereto. Subject to the terms of the Note Purchase Agreement and the Notes, upon certain events of default, including, but not limited to, (i) a default in the payment of any principal, Make-Whole Amount or interest under the Notes, (ii) a default in the performance of covenants in the Note Purchase Agreement, the Notes and the related guaranty, (iii) a default in the payment of certain other indebtedness of the Operating Partnership, the Company or their subsidiaries that are guarantors under the Credit Agreement, and (iv) bankruptcy events related to the Operating Partnership, the Company and their subsidiaries that are guarantors under the Credit Agreement, the principal and accrued and unpaid interest and the Make-Whole Amount on the outstanding Notes will become due and payable at the option of the Purchasers.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
May 25, 2018
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Private Placement
December 28, 2017
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Private Placement
August 4, 2017
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