Norwalk, CT – November 05, 2007 – GE Real Estate has provided a $100 million revolving line of credit to Extra Space Storage (NYSE: EXR). Extra Space is a REIT that owns and/or operates 644 self-storage properties in 32 states. They are the second largest self-storage operator in the United States. This transaction reflects a continuation of an existing and long-lasting relationship between the two companies, which began in 2000.
The line of credit is secured by 17 self storage properties located in seven states, including: Colorado, Massachusetts, Pennsylvania, New Jersey, Florida, California, Maryland and Texas. This transaction exemplifies GE Real Estate’s emphasis on building customer relationships. “We are pleased to continue our relationship with Extra Space and look forward to working together in the future,” observed Pam Fairbanks, director, GE Real Estate. “The Line of Credit is secured by a geographically diverse portfolio of seasoned self storage properties.”
GE Real Estate’s North America Lending division offers financing for retail, industrial, self-storage, multifamily, office, student housing, regional malls and outlet centers. North America Lending is also a provider of financing solutions for niche asset classes including affordable housing, golf, hospitality, vacation ownership, manufactured home communities and RV resorts.
GE Contact:
(Press inquiries only)
John Oliver
Office: 203/750-3089
Cell Phone: 203/984-7757
john.oliver@ge.com
For other inquiries please call 1-888-GE-First extension 333
HLB Communications, Inc.
Richard Ringer
312/649-0371
rringer@hlbcomm.com
Notes to editors:
About GE Real Estate
GE Real Estate (
www.gerealestate.com) is one of the world's premier commercial real estate companies with more than US$72 billion in assets and a presence in 31 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.
GE Commercial Finance (
www.gecommercialfinance.com) offers businesses around the globe an extensive array of financial products and services. With more than US$276 billion in assets and expertise in the middle-market, GE Commercial Finance provides loans, operating leases, financing programs and innovative structured capital to help customers grow. Headquartered in Norwalk, Connecticut, GE Commercial Finance is a wholly owned subsidiary of the General Electric Company (NYSE:GE), a diversified services, technology and manufacturing company with operations worldwide.
