Extra Space Storage Ups Ownership With $190M Buy

SALT LAKE CITY-Extra Space Storage Inc. has entered into a letter of intent with a joint venture partner to acquire the partner’s interest in one of the company’s existing joint ventures that owns 21 self-storage properties in 11 states. The 21 assets are currently operated by the company under the Extra Space Storage brand.

The joint venture properties contain approximately 1.7 million square feet of net rentable space in approximately 13,600 units. As of September 30, 2012, approximately 89% of the net rentable space at these properties was occupied, according to a prepared statement. Upon closing, the company would own 100% of the joint venture properties.