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Extra Space Storage under agreement to buy 26 stores for $356M

Extra Space Storage Inc. said it was under agreement to purchase 26 stores for approximately $355.8 million, as of March 31.

The self-storage real estate investment trust expects to close a portion of the agreement, $306.9 million for 22 stores, in 2018. Its $38.4 million closing of three further stores is slated for 2019, while the remaining store is scheduled to close thereafter at a purchase price of about $10.5 million.

The company is also under agreement to purchase 15 stores with joint venture partners for a total investment of $77.8 million, with 12 stores scheduled to close in 2018 and the rest in 2019.

Subsequent to March 31, Extra Space paid about $16.3 million to buy one store in Virginia and acquired its joint venture partner's interest in 14 stores for about $204.0 million.