Extra Space Storage Acquires Storage Express for $590M

by Kristin Harlow

INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.

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