Item 8.01 Other Events.
On September 13, 2021, Extra Space Storage LP (the "Issuer"), Extra Space
Storage Inc. (the "Company"), ESS Holdings Business Trust I ("EHBT I") and ESS
Holdings Business Trust II ("EHBT II" and, together with the EHBT I and the
Company, the "Guarantors") entered into an underwriting agreement (the
"Underwriting Agreement") with Wells Fargo Securities, LLC and PNC Capital
Markets LLC, as representatives of the several underwriters named therein (the
"Underwriters"), with respect to an underwritten public offering of $600 million
aggregate principal amount of the Issuer's 2.350% senior notes due 2032 (the
"Notes"). The Notes will be fully and unconditionally guaranteed by the
Guarantors. The description of the Underwriting Agreement in this Current Report
on Form 8-K is a summary and is qualified in its entirety by the full text of
the Underwriting Agreement. The press release announcing the pricing of the
Notes is filed as Exhibit 99.1 to this Current Report on Form 8-K and is
incorporated herein by reference.
Certain of the Underwriters and their affiliates have engaged in, and may in the
future engage in from time to time, investment banking and other commercial
dealings in the ordinary course of business with the Company, for which they
have received customary fees and commissions. In addition, certain of the
Underwriters and/or their affiliates are lenders under the Company's secured
line of credit and/or its senior unsecured line of credit. The Company intends
to use the net proceeds from the 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, and to the
extent that the Company uses any of the net proceeds from the offering to repay
indebtedness, such Underwriters or their affiliates will receive their
proportionate share of any amount of the outstanding borrowings that is repaid
with the net proceeds from the offering.
Item 9.01 Financial Statements and Exhibits.
1.1 Underwriting Agreement, dated September 13, 2021, among Extra Space
Storage Inc., Extra Space Storage LP, ESS Holdings Business Trust I,
ESS Holdings Business Trust II, and Wells Fargo Securities, LLC and
PNC Capital Markets LLC, as representatives of the several
underwriters named therein.
99.1 Press Release issued by Extra Space Storage Inc. on September 13,
104 Cover Page Interactive Data File (embedded within the Inline XBRL
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