From Deseret News archives:
Extra Space to buy 13 AAAAA facilities
$150 million deal includes 11 sites in Bay area
Extra Space will pay about $130 million in newly designated Series A partnership units and assume $20 million in debt for the California and Hawaii facilities, according to a filing with the U.S. Securities and Exchange Commission.
The properties being acquired from affiliates of AAAAA Rent-A-Space consist of 11 facilities in northern California's Bay area, where the closely held company is based, and two in Hawaii. They have a combined 14,700 self-storage units and about 1.04 million square feet of rental space, Extra Space said.
Extra Space operates 640 storage centers in 32 states, including 225 that it owns.
The company will have spent $300 million on acquisitions this year once the transaction closes at the end of the second quarter. That's close to the high end of its goal of $200 million to $350 million of purchases this year, according to spokesman James Overturf.
"We have a captive pipeline of acquisitions," he said in a telephone interview, referring to Extra Space's role as a manager of other groups' self-storage facilities.
The transaction is tax-deferred for AAAAA Rent-A-Space, because the preferred units won't be redeemable until Sept. 1, 2008, Extra Space Chief Legal Officer Charles Allen said. AAAAA will be issued $100 million of loans, backed by the units, when the deal closes in order to get it cash sooner, he said.
Shares of Extra Space Storage rose 8 cents to close at $16.92 a share Monday on the New York Stock Exchange.
Comments
- BYU soccer incident still popular 12:04 a.m.
- We need answers from Hasan 12:02 a.m.
- Interpreting Buffett's bet 12:01 a.m.
- Editorial: Education still a priority? 12:01 a.m.
- Letters: Mayor has it wrong 12:01 a.m.
- Letters: Term 'Latino' misused 12:01 a.m.
- Letters: Oil violence 12:01 a.m.
- Letters: Behavior is a choice 12:01 a.m.
- Letters: Expand sex education 12:01 a.m.
- Letters: Endless black hole 12:01 a.m.
- TCU showdown has big implications
- Seniors helped BYU regroup
- Lambert surprisingly tops news
- Hope for single moms
- Bystanders framed for child porn
- Korver and Miles to be evaluated
- Soccer MVPs know how to win
- Utah Jazz Extra: Whose hot/not
- GOP blasts Matheson after vote
- Newhouse Hotel, an explosive end
- House passes health care bill
228 - TCU showdown has big implications
183 - Lobo suspended
182 - Cougars crush hapless Cowboys
154 - Utah Jazz fall apart against Kings
131 - TCU 4th in AP poll; U. 16th, Y. 22nd
118 - Thousands protest health bill
114 - RSL rallies to advance
103 - No 'backlash' for pioneers, gays analogy
97 - Utes pound winless Lobos
89
Sounds like a good option if you can't or won't switch to AT&T for the...
I worked with and around Bill Sederburg for 5 years while he was at...
hand. He needs to work on his moves to the basket and rebounding. Lateral...
play Fez or Koufos tonight. He went with a smaller line up and Boozer, Okur...
I've met Bennett before and he is a nice man. He also knows the Constitution...
That's never been a secret. Everyone will pay for it except those that don't...
I agree with NonMormon. I am active LDS, and I enjoy Ash's articles, and I...
I kept saying don't resign Milsap, especially after Portland offered that...
BYU is the slowest team that has ever been in the top 25. Utah will put up a...
i think u have the cowboys ranked too low! at least an A- LOL nice work!


You can be the first to comment on this story.