Extra Space Storage (EXR) to Offer 1.6M Common Shares
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Overall Analyst Rating:
SELL (= Flat)
Dividend Yield: 4.3%
Revenue Growth %: +2.7%
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Extra Space Storage Inc. (NYSE: EXR), a leading owner and operator of self-storage facilities in the United States and a member of the S&P 500, today announced that it will issue and sell 1,600,000 shares of its common stock in a public offering. Citigroup and Wells Fargo Securities are acting as the joint book-running managers for the offering. Extra Space will grant the underwriters a 30-day option to purchase up to an additional 240,000 shares.
Extra Space intends to use the net proceeds of this offering to fund potential acquisition opportunities, to repay amounts outstanding from time to time under its lines of credit, and for other general corporate and working capital purposes.
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