Extra Space Storage(R) Announces Acquisition of 28 Properties for $189.9 Million in Fourth Quarter of 2011
SALT LAKE CITY, UT -- (MARKET WIRE) -- 01/03/12 -- Extra Space Storage Inc. (NYSE: EXR) (the "Company") announced today that during the fourth quarter of 2011 the Company acquired 28 self-storage properties for a total purchase price of approximately $189.9 million. The properties are located in California, Florida, Illinois, Massachusetts, New Jersey, New York, and Rhode Island. Of the 28 properties purchased, 25 came from two separate portfolios. Nineteen properties were from the previously announced acquisition of a portfolio located in California. An additional portfolio of six properties was purchased from a joint venture in which the Company held a 10% equity interest.
For the full year ended December 31, 2011, the Company acquired a total of 55 properties located in 17 states for approximately $289.6 million.
Spencer F. Kirk, the Company's Chairman and Chief Executive Officer, stated, "Extra Space Storage (EXR) is a growth-oriented company and these acquisitions demonstrate that we continue to be a disciplined buyer of assets that enhance our best-in-class portfolio. We are excited by the quality, location and growth potential of the acquisitions we made in 2011."
About Extra Space Storage Inc.
Extra Space Storage Inc. , headquartered in Salt Lake City, is a fully integrated, self-administered and self-managed real estate investment trust. As of December 31, 2011, the Company owned and/or operated 882 self-storage properties in 34 states and Washington, D.C. The Company's properties comprise approximately 585,000 units and approximately 64 million square feet of rentable storage space offering customers conveniently located and secure storage solutions, including business storage. Extra Space Storage is the second-largest owner and/or operator of self-storage properties and is the largest self-storage management company in the United States. For more information, visit www.extraspace.com.
Source: Extra Space Storage Inc.