Finance History|11 Wall Street — Twelve Fifty for Twenty Million Storage Shares
· 2004-8
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Finance History|11 Wall Street — Twelve Fifty for Twenty Million Storage Shares
kevin
People treat Extra Space as a Salt Lake City REIT that always printed EXR after a finished self-storage book.
The August 2004 issuer was Extra Space Storage Inc., a Maryland corporation formed on 30 April 2004 to continue Extra Space Storage LLC, which had run the trade since 1977.
The prospectus dated 11 August 2004 offered 20,200,000 common shares at 12.50 dollars each. Gross proceeds were 252.5 million dollars in 2004 currency. Net proceeds to the company were about 234.8 million dollars after issuance costs.
The company closed the offering on 17 August 2004. The letters EXR opened on the New York Stock Exchange. Underwriters later took 3,030,000 more shares on 1 September 2004.
The predecessor reported 36.3 million dollars of 2003 revenue and an 18.3 million dollar net loss. The May filing counted 110 properties in 15 states.
The mechanism is a cash REIT float. New public equity and formation exchanges turned a private storage operator into a listed landlord that has to pay out most of its taxable income.
The pin is the Broad Street facade of the Exchange on the morning the New York tape opened. Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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