SALT LAKE CITY—Real estate investment trust Extra Space Storage Inc. said Monday it will sell 13 million shares of its common stock.
Chairman and Chief Executive Kenneth M. Woolley and President Spencer F. Kirk each committed to purchase 60,000 shares in the offering at the public offering price, the company said.
The REIT, which operates self-storage facilities in more than 30 states, plans to use the proceeds from the offering for to pay down debt, and for general business purposes, including potential property acquisitions.
The company granted the underwriters an option to purchase up to nearly 2 million shares to cover over-allotments.
Merrill Lynch & Co. and Citigroup Global Markets Inc. are joint book-running managers for the offering. The co-managers for the offering are UBS Investment Bank, Banc of America Securities LLC, KeyBanc Capital Markets, and RBC Capital Markets.
Extra Space Storage shares closed up 13 cents at $17.
