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Extra Space Storage Inc. Closes Acquisition Of Smartstop Self Storage, Inc

The following excerpt is from the company's SEC filing.

Acquisition adds 122 owned and 43 managed stores to the Extra Space Storage platform

SALT LAKE CITY October 1, 2015

Inc. (Extra Space) (NYSE:

), 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. Extra Space pa id approximately $1.31 billion, and the remaining $90 million came from the sale of certain assets by SmartStop immediately prior to closing.

As a result of the SmartStop acquisition, Extra Space acquired 122 stores and assumed 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.

Transaction Advisors

Latham & Watkins LLP; Holland & Hart LLP; Sive, Paget & Riesel P.C. and Jones Waldo Holbrook & McDonough, PC acted as Extra Space Storages outside legal counsel in connection with this transaction.

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 October 1, 2015, Extra Space owned and/or operated 1,335

properties in 36 states, Washington, D.C. and Puerto Rico. Extra Spaces properties comprise

approximately 885,000 units and approximately 99.8 million square...


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