Extra Space Storage Inc. (NYSE: EXR) recently announced that it has amended the terms of its previously announced joint venture (the "JV") with an affiliate of Harrison Street Real Estate Capital, LLC. Under the amended terms, Harrison Street will contribute approximately $15.0 million in cash to the JV in return for a 50.0% ownership interest.
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The Company will contribute 19 wholly owned properties and will receive approximately $15.0 million in cash and a 50.0% ownership interest in the JV. The JV will assume approximately $101.0 million of debt which is secured by the properties. The properties are located in California, Florida, Nevada, Ohio, Pennsylvania, Tennessee, Texas and Virginia. The Company will continue to operate the properties. The joint venture transaction is subject to customary conditions and the debt assumption and is currently anticipated to close by the end of the fourth quarter of 2009. Independently, the Company announced that in the third quarter it has obtained $114.1 million of financing consisting of four loans secured by 20 operating properties totaling $93.7 million and three construction loans totaling $20.4 million. For the year, the Company has obtained approximately $277.7 million in financing to date. Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed real estate investment trust that owns and/or operates 738 self-storage properties in 33 states and Washington, D.C. The Company's properties comprise approximately 495,000 units and over 53 million square feet of rentable space. The Company is the second largest owner and/or operator of self-storage properties in the United States.
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