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Extra Space Storage Inc. - Exchange & Consent Offer - Launch

Extra Space To Commence Exchange Offers And Consent Solicitations


05 JUNE 2023


Full announcement, including disclaimers and offer restrictions, available via Prnewswire


"SALT LAKE CITY, June 5, 2023 /PRNewswire/ -- Extra Space Storage Inc. ("EXR") (NYSE: EXR) announced today that its operating partnership, Extra Space Storage LP ("Extra Space OP" and together with EXR, "Extra Space" or the "Company"), will commence offers to exchange all validly tendered and accepted notes of the following series (the "Life Storage Notes") issued by Life Storage LP ("Life Storage OP") and guaranteed by Life Storage, Inc. ("LSI" and together with Life Storage OP, "Life Storage"), for notes to be issued by Extra Space OP and guaranteed by EXR and certain of its subsidiaries as described below (collectively the "EXR Notes"). A Registration Statement on Form S-4 (the "Registration Statement") relating to the issuance of the EXR Notes was filed with the Securities and Exchange Commission ("SEC") on June 5, 2023, but has not yet been declared effective.

  • 3.500% Senior Notes due 2026 issued by Life Storage OP (the "2026 Notes") for up to an aggregate principal amount of $600,000,000 of new 3.500% Senior Notes due 2026 issued by Extra Space OP (the "New 2026 Notes");

  • 3.875% Senior Notes due 2027 issued by Life Storage OP (the "2027 Notes") for up to an aggregate principal amount of $450,000,000 of new 3.875% Senior Notes due 2027 issued by Extra Space OP (the "New 2027 Notes");

  • 4.000% Senior Notes due 2029 issued by Life Storage OP (the "2029 Notes") for up to an aggregate principal amount of $350,000,000 of new 4.000% Senior Notes due 2029 issued by Extra Space OP (the "New 2029 Notes");

  • 2.200% Senior Notes due 2030 issued by Life Storage OP (the "2030 Notes") for up to an aggregate principal amount of $400,000,000 of new 2.200% Senior Notes due 2030 issued by Extra Space OP (the "New 2030 Notes"); and

  • 2.400% Senior Notes due 2031 issued by Life Storage OP (the "2031 Notes") for up to an aggregate principal amount of $600,000,000 of new 2.400% Senior Notes due 2031 issued by Extra Space OP (the "New 2031 Notes").

The following table sets forth the Exchange Consideration (as defined herein), Early Participation Premium (as defined herein) and Total Consideration (as defined herein) for each series of Life Storage Notes:"



"In connection with the exchange offers, Extra Space is also soliciting consents from holders of the Life Storage Notes to amend (the "Proposed Amendments") the indenture governing the Life Storage Notes to eliminate (1) substantially all of the restrictive covenants in the Life Storage indenture and (2) any of Life Storage's reporting obligations under the Life Storage Notes other than those required by applicable law. If the Proposed Amendments are adopted, the Life Storage Notes will be governed by the amended indenture. Holders of the Life Storage Notes under the amended indenture will no longer receive annual, quarterly and other reports from Life Storage, and will no longer be entitled to the benefits of various covenants and certain other provisions in the indenture."


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