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Extra Space Storage

Extra Space Storage Inc. is a self-administered and self-managed real estate investment trust (REIT) headquartered in Salt Lake City, Utah, that owns, operates, and manages self-storage facilities across the United States.^[1] Founded in 1977, the company has grown to become the largest owner and operator of self-storage properties in the nation, providing secure and convenient storage solutions for residential and commercial customers.^[2] As of September 30, 2025, Extra Space Storage owns and/or operates 4,238 self-storage stores comprising approximately 2.9 million units in 43 states and Washington, D.C., with a presence in 98 of the 100 largest U.S. metropolitan markets.^[3] The company employs over 8,000 people and emphasizes advanced security features, such as gated access, video surveillance, and climate-controlled units, at its facilities to ensure customer satisfaction and asset protection.^[2] In addition to direct ownership, Extra Space Storage is the leading third-party management provider for self-storage properties, overseeing operations for other owners through its ManagementPLUS program, which supports growth and optimization for partner facilities.^[2] Publicly traded on the New York Stock Exchange under the ticker symbol EXR, it is a member of the S&P 500 index and focuses on delivering value to shareholders through consistent dividends and strategic acquisitions.^[1] Extra Space Storage's mission is to create additional space in people's lives by offering affordable, accessible storage options that adapt to various life stages, from home decluttering to business inventory management.^[2] The company has demonstrated resilience and expansion amid market fluctuations, reporting financial results in 2025 with high occupancy rates of 94.1%. Its commitment to sustainability includes initiatives for energy-efficient facilities, such as solar installations at over 800 properties, and community involvement, positioning it as a leader in the evolving self-storage industry.^[4]^[5]

History

Founding and early development

Extra Space Storage was founded in 1977 by Kenneth Woolley in Salt Lake City, Utah, amid the burgeoning self-storage industry driven by suburban expansion and increasing household needs for additional space in the post-World War II era.^[6] Woolley, inspired by a market research project during his MBA studies that highlighted untapped demand for self-storage facilities, recognized the potential in this emerging sector as Americans moved to suburbs and accumulated more possessions.^[7] His vision emphasized providing accessible, secure storage solutions to meet these evolving lifestyle demands.^[8] The company's entry into the market was marked by the construction of its first self-storage property in Billings, Montana, in May 1977, developed in partnership with Woolley's then-employer.^[9] This initial facility represented a modest beginning, operating as a one-person development venture focused on building and managing properties to serve local communities in the western United States.^[6] The project capitalized on the regional growth patterns, where suburbanization was creating opportunities for storage services near expanding residential areas.^[7] From its inception, Extra Space Storage adopted a business model centered on owning and operating self-storage facilities, prioritizing direct development over acquisitions to maintain control and ensure quality.^[2] Initial expansion occurred through targeted local developments in high-demand areas of the western U.S., such as Utah and Montana, allowing the company to refine operations and build a reputation for reliable service.^[8] This organic approach enabled steady growth despite economic challenges, including high interest rates in the early 1980s that temporarily slowed new builds.^[7] By the early 1990s, Extra Space Storage had achieved significant operational scale through continued organic development, establishing a portfolio of multiple facilities across the western states and laying the groundwork for further national presence.^[6] Key milestones during this formative period included Woolley's ongoing involvement in site selection and construction, which emphasized locations with strong demographic trends supporting self-storage usage.^[9] This pre-public phase solidified the company's foundation as a disciplined operator in the industry.^[7]

Initial public offering

Extra Space Storage completed its initial public offering on August 17, 2004, with shares beginning to trade on the New York Stock Exchange under the ticker symbol EXR on August 20, 2004.^[10]^[11] The offering consisted of 20.2 million shares priced at $12.50 each, with an overallotment option exercised for an additional 3.03 million shares, resulting in gross proceeds of approximately $290 million.^[12]^[13] Net proceeds after underwriting discounts and offering expenses totaled about $270 million, providing significant capital for the company's growth initiatives.^[11] The company was structured as a real estate investment trust (REIT) upon going public, which enabled it to avoid corporate-level federal income taxes by distributing at least 90% of its taxable income to shareholders as dividends, while focusing exclusively on self-storage real estate assets.^[12] This REIT status was a strategic choice to capitalize on the growing demand for self-storage facilities and to attract investors seeking high dividend yields from real estate investments. At the time of the IPO, Extra Space Storage owned and operated 136 self-storage properties and managed an additional 9 for third parties across 20 states, representing a portfolio valued at over $500 million in assets.^[12]^[14] The IPO marked a pivotal transition for Extra Space Storage from a privately held entity to a publicly traded company, enhancing its access to equity capital markets for funding property acquisitions, developments, and operational expansions. Immediately following the offering, the stock opened at $12.50 per share and experienced active early trading, with initial volumes reflecting strong investor interest in the self-storage sector. This influx of capital allowed the company to pursue aggressive growth strategies in the short term, solidifying its position as one of the largest self-storage REITs at the time.^[12]^[14]

Expansion and major acquisitions

Following its initial public offering in 2004, which provided capital for further growth, Extra Space Storage pursued a multi-pronged expansion strategy that included organic development of new facilities and third-party management agreements to scale its operations nationwide.^[15] The company developed new self-storage properties in key markets while entering management contracts with property owners, allowing it to oversee additional facilities without full ownership and thereby expanding its branded footprint.^[16] By leveraging these approaches, Extra Space Storage grew its managed portfolio significantly in the years after going public, focusing on high-demand urban and suburban areas.^[17] In 2005, one year after the IPO, the company acquired Storage USA, adding 458 self-storage properties and significantly accelerating its growth.^[9] A key milestone in this expansion occurred in 2013, when the company acquired its 1,000th branded property, marking substantial progress in its post-IPO scaling efforts.^[18] This achievement reflected a combination of acquisitions and organic additions, solidifying Extra Space Storage's position as a major player in the self-storage sector. In January 2016, the company was added to the S&P 500 index, effective January 19, which enhanced its visibility to investors and facilitated access to additional capital for ongoing expansion.^[19] Major acquisitions further accelerated growth, including the purchase of a $200 million portfolio of 17 self-storage assets in Virginia in early 2014, which added approximately 1.5 million square feet of rentable space primarily in the Richmond and Hampton Roads markets.^[20] In June 2022, Extra Space Storage acquired Bargold Storage Systems, LLC, for about $180 million, integrating specialized urban storage solutions and enhancing its presence in dense metropolitan areas like New York City.^[21] The most transformative deal came in 2023 with the $12.7 billion all-stock merger with Life Storage, Inc., completed in July, which added over 1,100 stores across 19 states and established Extra Space Storage as the largest self-storage operator in the United States by store count and rentable square footage.^[22] As of the third quarter of 2025, Extra Space Storage had deployed $548 million in wholly-owned and joint venture acquisitions year-to-date, continuing its strategy of targeted investments to bolster its portfolio amid evolving market dynamics.^[23] These efforts underscore the company's ongoing commitment to inorganic growth through strategic deals that complement its organic initiatives.^[24]

Operations

Services provided

Extra Space Storage's core service revolves around the rental of self-storage units available in diverse sizes to accommodate personal, business, and specialty storage requirements. Units typically range from compact 5x5-foot spaces ideal for boxes and seasonal items to expansive 10x30-foot options suitable for furniture, appliances, or entire household contents, with standard heights of about 8 feet and taller variants for oversized needs.^[25] These offerings extend to specialty units, including climate-controlled environments that maintain temperatures between 55°F and 80°F to safeguard sensitive materials like electronics, artwork, and documents from humidity and temperature fluctuations.^[25] Vehicle storage solutions are also provided, encompassing indoor, outdoor, and covered spaces for automobiles, motorcycles, boats, and recreational vehicles.^[26] Flexible leasing terms form a key aspect of the services, with month-to-month agreements that require no long-term commitments, allowing customers to adjust unit sizes or terminate rentals with minimal notice.^[25] Online reservations enable seamless booking through the company's website, often with promotional first-month discounts, while contactless rental processes permit digital lease signing and payment without physical interaction.^[27] Security measures enhance user confidence, featuring 24/7 video surveillance, electronic gated entry systems, perimeter lighting, and optional unit alarms, with some facilities offering extended access hours from 6 a.m. to 10 p.m. or round-the-clock availability.^[2] Additionally, on-site retail of packing supplies—including boxes, locks, tape, and protective materials—supports customers in preparing and organizing their stored items.^[25] Business-oriented services include commercial storage tailored for small enterprises and larger operations, such as inventory management in climate-controlled units for seasonal stock, raw materials, or archived records.^[28] Facilities may accept direct deliveries of business inventory at select locations, streamlining logistics, while drive-up access and warehouse-style units with loading docks facilitate efficient loading and unloading of equipment or bulk goods.^[28] For professional needs, options like equipped office spaces with electricity, internet, and phone connectivity are available, enabling on-site work alongside storage.^[28] Post-2020 innovations emphasize customer convenience through digital enhancements, including the Extra Space Storage mobile app, which uses Bluetooth technology for keyless access to gates, keypads, and individual units, along with features to share digital keys and monitor access logs.^[29]

Property portfolio and locations

As of September 30, 2025, Extra Space Storage owned and/or operated 4,238 self-storage stores across the United States.^[23] The company's portfolio consists of a mix of wholly owned properties, stores owned through unconsolidated joint ventures, and properties managed for third parties, with approximately 2,016 wholly owned stores, 411 joint venture stores, and 1,811 managed third-party stores.^[23] This structure allows Extra Space Storage to expand its operational footprint while sharing ownership risks in select markets, with a strategic emphasis on urban and suburban locations to serve high-density population centers.^[30] The portfolio spans 43 states and Washington, D.C., with a strong presence in major metropolitan areas; for instance, the company operates in 98 of the 100 largest U.S. metro markets.^[31] Heaviest concentrations are found in populous states such as California (approximately 425 stores), Texas (approximately 558 stores), and Florida (approximately 558 stores), enabling proximity to customers in high-demand regions. These locations are strategically positioned to address varying regional needs, from coastal urban hubs to growing suburban developments. Extra Space Storage's properties feature an average store size of approximately 77,000 square feet of rentable space, encompassing approximately 2.9 million storage units in total across the portfolio.^[23] The unit mix includes a variety of sizes and types, with a significant portion dedicated to climate-controlled units designed to protect sensitive items from temperature and humidity fluctuations; many facilities offer units ranging from 5x5 feet to 10x30 feet or larger.^[32] In terms of sustainability, the company has implemented energy-efficient measures, including solar panel installations at over 800 wholly owned properties—representing about 42% of its wholly owned facilities as of late 2024—and broader initiatives that reduced greenhouse gas emissions per square foot by 8.3% through efficiency programs.^[5]^[33] These efforts underscore a commitment to environmentally responsible operations while maintaining facility performance.^[34]

Management and governance

Executive leadership

Joseph D. Margolis has served as Chief Executive Officer of Extra Space Storage since January 1, 2017.^[35] Prior to this role, he was Executive Vice President and Chief Investment Officer, with a background in real estate investments dating back to his involvement with the company since 2005, including over a decade on the board of directors.^[35]^[36] Jeff Norman was appointed Chief Financial Officer effective July 1, 2025, succeeding P. Scott Stubbs, who will retire from the position on December 31, 2025, after 25 years with the company.^[37]^[38] Norman joined Extra Space Storage in 2012 and has held senior roles since 2014, most recently as Senior Vice President of Capital Markets and Treasury, with prior experience leading investor relations and corporate communications.^[37]^[39] Zachary Dickens serves as Executive Vice President and Chief Investment Officer, a position he has held after progressing through various real estate roles since joining the company in 2002 as an analyst.^[35] The executive leadership team demonstrates notable stability, with an average tenure of approximately 21 years as of the latest reporting.^[40]

Board of directors

The board of directors of Extra Space Storage Inc. comprises 10 members, the majority of whom are independent, in line with NYSE listing standards for corporate governance.^[41] The structure includes three standing committees—Audit, Compensation, and Nominating and Corporate Governance—all composed exclusively of independent directors to oversee key aspects of financial reporting, executive pay, and director nominations.^[42]^[43] Key members include founder Kenneth M. Woolley, who serves as Chairman and provides strategic guidance drawn from decades in the self-storage sector, including developing and acquiring over 790 properties.^[44] Joseph D. Margolis, the Chief Executive Officer, also sits on the board, reporting directly to it on operational matters.^[35] Independent directors bring specialized expertise in real estate and finance; for instance, Gary L. Crittenden chairs the Audit Committee with a background in global financial leadership, while Diane L. Olmstead chairs the Nominating and Corporate Governance Committee, offering insights from her real estate investment experience.^[41] Governance practices emphasize annual CEO succession planning reviewed by the full board and Nominating Committee, diversity in director skills and backgrounds during nominations, and no mandatory term limits to foster long-term commitment, with tenures ranging from recent additions to over 20 years for foundational members.^[43] Eight of the ten board members are independent, and stockholder approval of the board has routinely exceeded 97%, reflecting strong alignment with governance best practices.^[41]^[45] In its oversight role, the board guides strategic initiatives, including major acquisitions, through regular reviews of company materials and management presentations, while the Audit Committee manages enterprise risks to support sustainable growth as a specialized REIT.^[43]^[46]

Financial performance

Revenue and profitability

Extra Space Storage generates revenue primarily through net rental income from its self-storage facilities, supplemented by other sources such as management and administration fees from third-party managed properties, tenant insurance, merchandise sales, and late fees.^[23] In the third quarter of 2025, same-store net rental income reached $647.7 million, while other income contributed $26.2 million, resulting in total same-store revenues of $674.0 million.^[47] For the full quarter, total revenues amounted to $858.5 million, reflecting a 4.1% increase from the prior year.^[23] As a real estate investment trust (REIT), Extra Space Storage measures profitability using funds from operations (FFO), which adjusts net income for non-cash items like depreciation and amortization to better reflect operational performance. In the third quarter of 2025, core FFO—a refined metric excluding certain non-recurring items—stood at $2.08 per diluted share.^[47] For the full year 2024, core FFO reached $8.12 per diluted share, a 0.2% increase from 2023, underscoring stable profitability amid integration efforts following the 2023 merger with Life Storage.^[48] Net income attributable to common stockholders has shown variability post-merger, with full-year 2024 net income at $855 million, or $4.03 per diluted share, down 15% from 2023 due to merger-related costs and higher depreciation.^[48] The company's revenue has grown substantially since its pre-IPO period, expanding from approximately $65 million in pro forma revenues for 2003 to $3.26 billion in 2024, a compound annual growth rate driven by portfolio expansion, acquisitions, and organic growth.^[49] This trajectory reflects sustained high occupancy rates, averaging above 93% in recent quarters, and consistent rate increases for existing customers.^[23] For instance, same-store occupancy ended the third quarter of 2025 at 93.7%, with an average of 94.1% during the period.^[50] Key expenses impacting profitability include real estate depreciation, amortization of intangibles, and operational costs such as property taxes, utilities, and personnel. In the third quarter of 2025, real estate depreciation totaled $0.77 per diluted share ($164.8 million), while amortization of intangibles added $0.01 per share ($3.0 million).^[23] Overall, depreciation and amortization expenses for the quarter were $167.8 million, contributing to a net profit margin of 19.3% for the period.^[23] These non-cash charges are significant for REITs but are excluded from FFO calculations to highlight cash-generating capabilities.^[47]

Stock information and market position

Extra Space Storage Inc. trades on the New York Stock Exchange under the ticker symbol EXR and has been a component of the S&P 500 index since January 19, 2016.^[51] Since its initial public offering in August 2004, the company's stock has delivered strong long-term returns, with a 20-year total return of approximately 2,437% as reported in its 2024 annual report; for context, a $1,000 investment at the IPO would have grown to around $24,370 by the end of 2024, reflecting compounded annual growth driven by operational expansion and dividend reinvestment.^[52] As the largest self-storage real estate investment trust (REIT) in the United States by store count, Extra Space Storage owned or operated more than 4,238 facilities across 43 states and Washington, D.C., as of the third quarter of 2025, surpassing competitors such as Public Storage and CubeSmart in scale.^[53] This market leadership is bolstered by strategic acquisitions that have enhanced its portfolio density in high-demand urban and suburban markets.^[54] In terms of valuation, Extra Space Storage maintained a market capitalization of approximately $29.5 billion as of early November 2025, positioning it as a significant player in the REIT sector.^[55] The company offers a forward dividend yield of 4.87%, supported by robust payout growth averaging 15.5% annually over the past five years, which has attracted income-focused investors amid stable cash flows from its storage operations.^[56] Analyst expectations for the first quarter of 2025 were met and exceeded, with core funds from operations (FFO) reaching $2.00 per diluted share, up 2% year-over-year and reflecting resilient operational performance.^[57] Extra Space Storage's competitive advantages stem from its unparalleled scale, achieved through accretive acquisitions that provide economies of scope in property management and technology deployment.^[58] High customer satisfaction levels, evidenced by low bad debt and strong retention metrics, further differentiate the company in a fragmented industry.^[59] Additionally, demand for self-storage remains resilient across economic cycles, driven by consistent needs for personal and business storage solutions that insulate the sector from broader market volatility.^[60]

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