Extra Space Storage buys back $71.5 million of exchangeables in first quarter at discount

By Susanna Moon

Chicago, May 4 - Extra Space Storage Inc. said it repurchased $71.5 million principal amount of its exchangeable senior notes on the open market in the three months ended March 31.

The buy back resulted in a gain on early extinguishment of debt of $22.5 million.

"In the first quarter, our properties performed well despite a challenging operating environment. Although asking rates and occupancy are experiencing downward pressure, our operations team, aided by further improvements in our systems and processes, has again done an excellent job of controlling expenses and optimizing revenue," Spencer F. Kirk, chairman and chief executive officer of Extra Space Storage Inc., said in a press release.

"We've made good progress on refinancing our upcoming debt maturities and continue to see interest from financial institutions in our refinancing efforts," Kirk said.

Extra Space is a Salt Lake City-based real estate investment trust that focuses on self-storage facilities.

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