Salt Lake-based Extra Space Storage Inc. registered Thursday for an initial public offering of up to $276 million in common stock, according to a filing with the Securities and Exchange Commission.
The privately held company owns and operates 110 self-storage properties in 15 states.
Details about the number of shares to be offered and an estimated price range weren't disclosed in Thursday's filing.
James Overturf, Extra Space Storage's vice president of marketing, confirmed Thursday that the company had filed its registration statement but said company officials could not comment further at this time.
The company said in the SEC filing that it intends to use the net proceeds from the offering together with a new $37 million proposed variable-rate mortgage to repay existing debt, acquire properties and purchase the interests of some joint venture partners.
The company will use the remainder of the net proceeds for working capital and for general corporate purposes, including future acquisitions and development activities, the filing said.
UBS Investment Bank and Merrill Lynch & Co. were listed as underwriters for the offering.
In its SEC filing, Extra Space said it had revenue of $36.3 million and a net loss of $18.3 million in its 2003 fiscal year.
Extra Space Storage said it wants to qualify as a real estate investment trust and list its shares on the New York Stock Exchange under the symbol EXR.
The $276 million valuation for the IPO was estimated solely for calculating the registration fee, the filing said. Often, the eventual price terms of an IPO differ substantially from the valuation in the first registration.
Extra Space's properties contained an aggregate of about 7.1 million net rentable square feet of space in about 69,700 separate storage units as of Feb. 29, according to the filing. Average annual rent per occupied square foot for the year ended Dec. 31, 2003, was approximately $17.71, the filing said.
As of Feb. 29, the company had more than 52,000 tenants, primarily leasing on a month-to-month basis.
The real estate investment trust would continue a business that was formed in 1977 to own, operate, acquire, develop and redevelop professionally managed self-storage properties, according to the filing.
Extra Space was founded by Kenneth M. Woolley, who remains the company's chairman and chief executive officer. The SEC filing says another company founder was Richard S. Tanner, Woolley's brother-in-law and Extra Space's current senior vice president, East Coast development.
Woolley also served as an associate professor, and later an adjunct associate professor, of business administration at Brigham Young University from 1979 to 1998.
Contributing: Greg Kratz; Dow Jones; The Associated Press