Extra Space Storage (EXR) Amends JV Agreement With Harrison Street Real Estate Capital, LLC
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Extra Space Storage Inc. (NYSE: EXR) announced that it has amended the terms of its previously announced joint venture with an affiliate of Harrison Street Real Estate Capital, LLC.
Under the amended terms, HSRE will contribute approximately $15.0 million in cash to the JV in return for a 50.0% ownership interest. The Company will contribute 19 wholly owned properties and will receive approximately $15.0 million in cash and a 50.0% ownership interest in the JV. The JV will assume approximately $101.0 million of debt which is secured by the properties. The properties are located in California, Florida, Nevada, Ohio, Pennsylvania, Tennessee, Texas and Virginia.
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