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Extra Space Announces Pricing of Senior Notes Offering
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Extra Space Announces Pricing of Senior Notes Offering

Extra Space Storage Inc. (EXR), one of the largest operators of self-storage facilities in the U.S., recently announced the public offering of $600 million of its 2.350% senior notes due 2032. The offering is being made through its operating partnership, Extra Space Storage LP.

The notes are being priced at 99.797% of the principal amount and will mature on March 15, 2032.

The operating partnership intends to use the proceeds from the offerings to fund acquisition opportunities, repay outstanding amounts occasionally under its lines of credit and for general corporate and working capital purposes. (See Extra Space stock chart on TipRanks)

Recently, UBS analyst Michael Goldsmith reiterated a Buy rating on the stock. The analyst, however, raised the price target to $210 from $194, which implies upside potential of 14.4% from current levels.

The Wall Street community is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 8 Buys, 4 Holds and 1 Sell. The average Extra Space price target of $184.17 implies that the stock has upside potential of 0.33% from current levels.

Extra Space scores a 7 out of 10 from TipRanks’ Smart Score rating system, indicating that the stock is likely to perform in line with market expectations. Shares have gained about 65.2% over the past year.

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