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Extra Space Storage Inc. Closes Acquisition Of SmartStop Self Storage, Inc. Including A Store Location In Manassas

January 8, 2016

Provided by Extra Space Storage

Extra Space Storage Inc. (“Extra Space”), a leading owner and operator of self-storage properties, announced today it has completed its acquisition of SmartStop Self Storage, Inc. (SmartStop), a public, non-traded real estate investment trust (REIT). SmartStop stockholders approved the transaction at their shareholder meeting held on September 29, 2015. Stockholders received $13.75 per share in cash which represents a total purchase price of approximately $1.4 billion.

As a result of the acquisition, Extra Space acquired a SmartStop storage facility in Manassas and Sandston, Virginia, along with 163 other stores, assuming the property management of 43 stores previously managed by SmartStop.

“We are excited about the merger of these two great companies and the expansion of our national portfolio and operating platform,” commented Spencer Kirk, Chief Executive Officer of Extra Space Storage. “The additional scale increases our presence in existing markets, and should enhance our ability to source customers online. I want to thank the employees of both companies for their hard work and strong execution on this transaction.”

Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered and self-
managed real estate investment trust. As of October 1, 2015, Extra Space owned and/or operated 1,312 self-storage properties in 36 states, Washington, D.C. and Puerto Rico. Extra Space’s properties comprise approximately 870,000 units and approximately 97.8 million square feet of rentable space. PWL Extra Space Storage Inc. offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. Extra Space is the second largest owner and/or operator of self-storage properties in the United States.

For more information, please visit www.extraspace.com.

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Gil Armour, CFP
February 3, 2016

I have been using Blue Vault Partners for the past five years.  I have found them to be a valuable, unbiased resource when it comes to evaluating and comparing non-traded REITs.  The reports help me analyze which sponsors are doing a responsible job of managing their offerings.  This allows me to limit my REIT recommendations to only the most competitive products, and then track those REITs throughout their life cycle.