This excerpt taken from the EXR 10-Q filed Nov 14, 2005.
STORAGE USA ACQUISITION
On July 14, 2005, the Company completed, along with joint venture partner Prudential Real Estate Investors (PREI), the acquisition of Storage USA (SUSA) from General Electric Corporation (GE). In connection with the SUSA transaction, the Company acquired SUSA Partnership, L.P.s equity interest in 78 joint venture properties and assumed the management of
60 franchises and managed properties. In addition, 259 of the self-storage properties acquired in the SUSA transaction were contributed to five separate limited liability companies that are owned by five subsidiaries of the Company (each, a Company Sub) and PREI. As part of this contribution, the Company Subs and PREI entered into limited liability company agreements which govern the rights and responsibilities of each such limited liability company. Following this transaction, the Company now has a joint venture interest in 355 self-storage properties.
This excerpt taken from the EXR 8-K filed Aug 15, 2005.
Storage USA Acquisition
On May 5, 2005, the Company and PREI, executed a definitive agreement to acquire Storage USA from GE for approximately $2.3 billion in cash. The transaction was completed on July 14, 2005, and is the largest to date in the self-storage industry.
Mr. Woolley added: This transaction is a major achievement for Extra Space Storage and makes us one of the top operators in the self-storage industry. Weve acquired well-located, quality properties, with the majority located in our current core markets. We are also pleased to have retained some top notch talent from the Storage USA organization and we are expecting them to make a real difference across the expanded Extra Space Storage portfolio. The people of Extra Space Storage and Storage USA have been working together on the transition of the operational processes and technology systems into a single integrated, best-practices platform. We have already begun to transition Storage USAs data and accounting systems, and we are making progress every day on the rest of our integration plan. We know there is a great deal more work to do, and we look forward to using our vastly expanded human resources, our integrated technology systems and operational processes to add value to our combined company.
As a result of the transaction, the Company now owns one hundred percent of 61 Storage USA facilities, and through the PREI joint ventures, has an ownership interest in an additional 259 Storage USA facilities. The Company also acquired Storage USAs equity interest in 54 joint venture properties, and assumes Storage USAs franchise and management business consisting of 84 properties.
This excerpt taken from the EXR 8-K filed May 10, 2005.
Storage USA Acquisition
On May 5, 2005, the Company and joint venture partner Prudential Real Estate Investors (PREI), the real estate investment and advisory business of Prudential Financial, Inc., executed a definitive agreement to acquire Storage USA from General Electric Corp. (GE) for $2.29 billion in cash. The purchase is subject to customary conditions to closing. Company management expects the acquisition to be completed in July 2005. When completed the transaction will be the largest to date in the self-storage industry.
Ken Woolley added: The most exciting news at this time for Extra Space Storage is the recent announcement that we, along with our joint venture partner Prudential Real Estate Investors, have signed an agreement to acquire Storage USA from GE. This transaction is what Extra Space Storage is all about. Were acquiring well-located, quality properties, with the majority of them located in our current core markets. Through this transaction, we will become the second largest operator of self-storage properties in the U.S., and positions us as a major player in the industry. We believe that, with our scalable technology systems and operational processes, we will be able to add value throughout this expanded portfolio. The transaction will provide value to our shareholders and is consistent with our strategy to become a major force in the U.S. self storage industry.
Storage USA, based in Memphis, Tennessee, is currently the fourth largest operator of self-storage facilities in the United States, operating 458 self-storage properties in 31 states and Washington, D.C. Storage USA manages over 31 million net rentable square feet, with nearly 250,000 tenants.
The Company will own one hundred percent of 61 Storage USA facilities, and through the PREI joint venture, will have an ownership interest in an additional 259 Storage USA facilities. The Company will also acquire Storage USAs equity interest in 54 joint venture properties, and assume Storage USAs franchise and management business consisting of 84 properties.