# EDGAR Filing Document

**Accession Number:** 0001302071
**File Stem:** 0001193125-23-075855
**Filing Date:** 2023-3
**Character Count:** 5702
**Document Hash:** e88025cd9d660754901347f72281cdd5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-075855.hdr.sgml**: 20230321

**ACCESSION NUMBER**: 0001193125-23-075855

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230321

**DATE AS OF CHANGE**: 20230321

**GROUP MEMBERS**: ESS HOLDINGS BUSINESS TRUST I

**GROUP MEMBERS**: ESS HOLDINGS BUSINESS TRUST II

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Extra Space Storage Inc.
- **CENTRAL INDEX KEY:** 0001289490
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 201076777
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-254236
- **FILM NUMBER:** 23750431

**BUSINESS ADDRESS:**
- **STREET 1:** 2795 COTTONWOOD PARKWAY, SUITE 400
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84121
- **BUSINESS PHONE:** 801-562-5556

**MAIL ADDRESS:**
- **STREET 1:** 2795 COTTONWOOD PARKWAY, SUITE 400
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84121
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Extra Space Storage LP
- **CENTRAL INDEX KEY:** 0001302071
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 201368986
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 2795 EAST COTTONWOOD PARKWAY
- **STREET 2:** SUITE 400
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84121
- **BUSINESS PHONE:** 801-365-4600

**MAIL ADDRESS:**
- **STREET 1:** 2795 EAST COTTONWOOD PARKWAY
- **STREET 2:** SUITE 400
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84121

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Extra Space Storage L P
- **DATE OF NAME CHANGE:** 20040901

**Filed Pursuant to Rule 433** 

**Registration Statement No. 333-254236** 

**Relating to Preliminary Prospectus Supplement dated March 21, 2023** 

**to Prospectus dated May 4, 2021** 

**<u>Pricing Term Sheet</u>**

**EXTRA SPACE STORAGE LP** 

**$500,000,000 5.700% Senior Notes due 2028** 

**March 21, 2023** 

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| | |
|:---|:---|
| **Issuer:** | Extra Space Storage LP |
| **Guarantors:** | Extra Space Storage Inc., ESS Holdings Business Trust I and ESS Holdings Business Trust II |
| **Principal Amount:** | $500000000 |
| **Maturity Date:** | April 1, 2028 |
| **Coupon:** | 5.700% |
| **Price to Public:** | 99.823% of the principal amount |
| **Yield to Maturity:** | 5.741% |
| **Spread to Benchmark Treasury:** | +200 basis points |
| **Benchmark Treasury:** | 4.000% due February 29, 2028 |
| **Benchmark Treasury Price and Yield:** | 101-05 / 3.741% |
| **Interest Payment Dates:** | April 1 and October 1, commencing October 1, 2023 |
| **Optional Redemption:** | Prior to March 1, 2028 (one month prior to the Maturity Date of the Notes), make-whole redemption at the Treasury Rate (as defined) plus 30 basis points, plus accrued and unpaid interest to, but not including, the redemption date. On and after March 1, 2028 (one month 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 not including, 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:** | March 21, 2023 |

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| | |
|:---|:---|
| **Settlement Date:** | T+5; March 28, 2023; 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:** | 30225VAJ6 |
| **ISIN:** | US30225VAJ61 |
| **Ratings\*:** | Baa2 / BBB (Moody's/S&P) |
| **Minimum Denomination:** | $2,000 and integral multiples of $1,000 in excess thereof |
| **Joint Bookrunners:** | J.P. Morgan Securities LLC, PNC Capital Markets LLC, Truist Securities, Inc., BMO Capital Markets Corp., TD Securities (USA) LLC, Wells Fargo Securities, LLC, U.S. Bancorp Investments, Inc. |
| **Co-Managers:** | Huntington Securities, Inc., Regions Securities LLC, BOK Financial Securities, Inc., Citigroup Global Markets Inc., Fifth Third Securities, Inc., Zions Direct, Inc., Samuel A. Ramirez & Company, Inc. |

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**\*** **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 J.P. Morgan Securities LLC at 1-212-834-4533, PNC Capital Markets LLC at 1-855-881-0697, or Truist Securities, Inc. at 1-800-685-4786.**