Filed Pursuant to Rule 433
Registration Statement No. 333-254236
Relating to Preliminary Prospectus Supplement dated January 16, 2024
to Prospectus dated May 4, 2021
Pricing Term Sheet
EXTRA SPACE STORAGE LP
$600,000,000 5.400% Senior Notes due 2034
January 16, 2024
| Issuer: | Extra Space Storage LP | |
| Guarantors: | Extra Space Storage Inc., ESS Holdings Business Trust I and ESS Holdings Business Trust II | |
| Principal Amount: | $600,000,000 | |
| Maturity Date: | February 1, 2034 | |
| Coupon: | 5.400% | |
| Price to Public: | 99.745% of the principal amount | |
| Yield to Maturity: | 5.433% | |
| Spread to Benchmark Treasury: | +135 basis points | |
| Benchmark Treasury: | 4.500% due November 15, 2033 | |
| Benchmark Treasury Price and Yield: | 103-11 / 4.083% | |
| Interest Payment Dates: | February 1 and August 1, commencing August 1, 2024 | |
| Optional Redemption: | Prior to November 1, 2033 (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 November 1, 2033 (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: | January 16, 2024 | |
| Settlement Date: | T+3; January 19, 2024; under Rule 15c6-1 under the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes before the second business day prior to 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 AS6 | |
| ISIN: | US30225VAS60 | |
| Ratings*: | Baa2 / BBB+ (Moody’s/S&P) | |
| Minimum Denomination: | $2,000 and integral multiples of $1,000 in excess thereof | |
| Joint Bookrunners: | Wells Fargo Securities, LLC TD Securities (USA) LLC BofA Securities, Inc. BMO Capital Markets Corp. J.P. Morgan Securities LLC PNC Capital Markets LLC Truist Securities, Inc. 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 Wells Fargo Securities, LLC at 800-645-3751, TD Securities (USA) LLC at 855-495-9846, or BofA Securities, Inc. at 1-800-294-1322.