Extra Space broadens self-storage properties

Deseret News (Salt Lake City), Jan 15, 2005

Salt Lake-based Extra Space Storage on Friday said it has acquired five self-storage properties for about $32 million in cash.

The move gives the company a total of 141 properties. The acquired properties are in New Jersey, Pennsylvania and California. Four were purchased in December and one was bought this month.

The company said it is under contract to acquire three other properties in Florida, Georgia and New Jersey for about $26 million and is considering buying seven more with a total value of about $57 million.

The real estate investment trust has properties in 20 states, comprising more than 85,000 units and 9 million square feet rented by more than 70,000 tenants.