Extra Space Storage Acquires Storage Express for $590M
Acquisition adds 107 remotely operated stores to the Extra Space Storage platform
Extra Space Storage has acquired multiple entities doing business as Storage Express, which own 107 remote storage properties across Indiana, Ohio, Illinois and Kentucky. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites.
Total consideration for the acquisition was approximately $590 million.
The company also purchased E-Tracker, a storage software operating platform, which supports Storage Express locations, as well as Bargold Storage Systems, LLC, which was acquired by Extra Space in June 2022.
The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities.