Extra Space Storage Inc.

Regulatory Filings • Aug 7, 2024

FWP 1 d858532dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Registration Statement No. 333-278690

Relating to Preliminary Prospectus Supplement dated August 7, 2024

to Prospectus dated April 15, 2024

Pricing Term Sheet

EXTRA SPACE STORAGE LP

$400,000,000 5.350% Senior Notes due 2035

August 7, 2024

Issuer:	Extra Space Storage LP
Guarantors:	Extra Space Storage Inc., ESS Holdings Business Trust I and ESS Holdings Business Trust II
Principal Amount:	$400,000,000
Maturity Date:	January 15, 2035
Coupon:	5.350%
Price to Public:	99.973% of the principal amount
Yield to Maturity:	5.354%
Spread to Benchmark Treasury:	+140 basis points
Benchmark Treasury:	4.375% due May 15, 2034
Benchmark Treasury Price and Yield:	103-12 / 3.954%
Interest Payment Dates:	January 15 and July 15, commencing January 15, 2025
Optional Redemption:	Prior to October 15, 2034 (three months prior to the Maturity Date of the Notes), make-whole redemption at the Treasury Rate (as defined) plus 25 basis points, plus accrued and unpaid interest to, but excluding, the redemption
date. On and after October 15, 2034 (three months prior to the Maturity Date of the Notes), at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. See the
preliminary prospectus supplement for the definition of “Treasury Rate” and for further terms and provisions applicable to optional redemption and the calculation of the redemption price.
Trade Date:	August 7, 2024

| Settlement Date: | T+3; August 12, 2024; under Rule 15c6-1 under the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in one business day, unless
the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes prior to the date that is one business day preceding the Settlement Date will be required, by virtue of the fact that the Notes initially will
settle on a delayed basis, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement, and should consult their own advisors with respect to these matters. |
| --- | --- |
| CUSIP: | 30225V AT4 |
| ISIN: | US30225VAT44 |
| Ratings*: | Baa2 / BBB+ (Moody’s/S&P) |
| Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof |
| Joint Bookrunners: | BofA Securities, Inc. PNC Capital Markets
LLC Truist Securities, Inc. BMO Capital Markets Corp. J.P. Morgan Securities LLC TD Securities (USA) LLC Wells Fargo Securities, LLC U.S. Bancorp Investments,
Inc. |
| Co-Managers: | Regions Securities LLC BOK Financial
Securities, Inc. Citigroup Global Markets Inc. Huntington
Securities, Inc. Scotia Capital (USA) Inc. Zions Direct,
Inc. Fifth Third Securities, Inc. Academy Securities,
Inc. Samuel A. Ramirez & Company, Inc. |

• Note: A securities rating is not a recommendation to buy, sell or hold securities and may be revised or withdrawn at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. at 1-800-294-1322, PNC Capital Markets LLC, toll-free at 855-881-0697, or Truist Securities, Inc. at 1-800-685-4786.