(To read more on the debt and equity markets, click here.)

SALT LAKE CITY-Locally based REIT Extra Space Storage Inc. said late Tuesday it will sell nine million shares of its stock in a public offering. All shares are being offered by the company, including the underwriters’ option for 1.35 million additional shares to cover any over-allotments.

UBS Investment Bank and Banc of America Securities LLC are the joint book-running managers for the proposed offering. Proceeds will be used to pay debt and fund property acquisitions and general business purposes.

Extra Space Storage owns or operates 638 self-storage properties in 32 states. The public offering was announced after close of trading Tuesday. In Wednesday morning trading, shares of the company are down $0.28 cents to $17.42.

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