The transition from SmartStop Self Storage to Extra Space Storage has been completed in the region with signage at all Northern Kentucky locations now reflecting the new ownership.
Extra Space Storage Inc. (“Extra Space”), a leading owner and operator of self-storage properties, announced the purchase in June and completed its acquisition of SmartStop Self Storage, Inc. (SmartStop), in October.
SmartStop stockholders approved the transaction at their shareholder meeting held on September 29. Stockholders received $13.75 per share in cash which represents a total purchase price of approximately $1.4 billion.
“We are excited about the merger of these two great companies and the expansion of our national portfolio and operating platform,” said Spencer Kirk, Chief Executive Officer of Extra Space Storage. “The additional scale increases our presence in existing markets, and should enhance our ability to source customers online. I want to thank the employees of both companies for their hard work and strong execution on this transaction.”
As a result of the acquisition, Extra Space acquired SmartStop storage facilities in Florence, Walton, and Erlanger, along with 162 other stores, and assumed the property management of 43 stores previously managed by SmartStop.
As of October 1, Extra Space owned and/or operated 1,312 self-storage properties in 36 states, Washington, D.C. and Puerto Rico. Extra Space’s properties comprise approximately 870,000 units and approximately 97.8 million square feet of rentable space.
Extra Space Storage Northern Kentucky locations now include two facilities in Florence and Crescent Springs, and one each in Covington, Erlanger and Walton.
Extra Space, the second-largest owner and/or operator of self-storage properties in the United States, also provides boat, RV and business storage.
For more information on Extra Space Storage, click here .