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Extra Space Storage sets up new $400M at-the-market offering program

Extra Space StorageInc. and Extra Space Storage LP have agreed to sell up to $400.0 millionworth of common stock through "at the market" offerings.

The parties entered into separate equity distribution agreementsMay 6 with Wells Fargo Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc.,Jefferies LLC, J.P. Morgan Securities LLC and Piper Jaffray & Co., each as salesagents and/or principals, according to a filing.

The deals supersede the previousequity distribution agreements under which Extra Space sold roughly $105.4 million.The $400.0 million aggregate price under the new deals includes common shares thatremain unsold under the previous agreements.

Extra Space will inject the net proceeds to the operating partnership,which plans to use them to fund potential acquisitions, repay amounts outstandingunder the company's secured lines of credit and for other general corporate andworking capital purposes.