Extra Space Storage

Technology

The Internet as a Competitive Advantage

When it comes to internet marketing, scale matters. As Extra Space Storage grows, we are even better positioned to drive awareness of our brand, attract new prospects, and convert them to customers. Approximately 80% of our customers interact with us online before completing a transaction. Our ability to present these customers with real-time promotions optimized for them is a distinct competitive advantage.

We generate web awareness and drive engagement through paid advertising, organic search engine optimization, social media and partnerships, putting us in the consideration set with an ever-broadening population of customers. These efforts are paying off. Our web conversion rates continue to increase and we continue to grow the number of unique web visitors we attract each year.

Mobile Matters – a Lot

One of our longstanding goals is consistently to reinforce the benefits and value of our storage solutions across all customer touchpoints – in our stores, through our call center and online. Today, as more and more customers connect with us through mobile devices, we are continuing to strengthen our mobile marketing platform and capabilities.

This approach was validated in early 2015, when Google launched a new way of ranking results. This new algorithm benefits mobile-friendly websites like ours. Unlike smaller operators that lack the technology resources to adapt to this change, we were well prepared for “Mobilegeddon” and well positioned to capitalize on it. As a result, more than half of consumers now find us through mobile search, a meaningful increase over 2014.

Data Drives Results

With more than 800,000 current customers, millions of previous customers and transactions, and millions more calls and website visits, Extra Space Storage has an enormous – and growing – set of data. Our analytics capabilities allow us to utilize this vast collection of information to better understand customer behavior and preferences. As a result, we can tailor our offerings to meet the unique needs of similar customers while maximizing revenue for our business. For example, we can predict which prices, discounts and special offers are more likely to lead a specific prospect to convert to a customer and stay with us longer.

The insights we gain from our technology enable us to deepen our understanding of consumer behavior, fine-tune our marketing approach and test new offers. With these insights and capabilities, we are well positioned to meet customer needs, optimize revenue and deliver strong results.

Real-Time Revenue Management

We continue to enhance the sophistication and reliability of our advanced revenue management platform, which remains a key driver of our success. The platform tracks and predicts supply and demand in real time, allowing us to vary rates and discounts by sales channel, set the best possible rates for new customers, and increase rates appropriately for existing customers.

With these advanced capabilities, we can carefully manage our rates and discounts during seasonal shifts. By giving us the information we need to maximize revenue, optimize occupancy and increase length of stay, our revenue management platform once again helped us achieve superior operational and financial results.

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Sustainability and Redevelopment

Sustainability

We believe that sustainability is not only good for our environment, it’s good for our business. We continue to install solar panels where it makes financial sense, retrofit properties with high-efficiency lighting systems, and replace fixtures with energy-saving bulbs. We have also added charging stations for electric cars in select California facilities. When improvements like these are multiplied across our 1,347 stores, the cost savings – and the environmental impact – add up quickly. In fact, based on U.S. Environmental Protection Agency metrics, our sustainability efforts to date have reduced annual carbon dioxide emissions by 35,000 tons, saving enough energy to power 4,500 homes each year.

During 2015, twelve of our stores in Maryland were awarded LEED Gold certification. These certifications underscore our commitment to good corporate citizenship, and we are gratified to make an impact on the communities we serve and the world around us.

Site Redevelopment and Expansion

We have embarked on a multi-year project to update select stores with a fresh, modern look that keeps our portfolio fresh and relevant. These enhancements are designed to clearly convey who Extra Space Storage is and what we offer, and to create an inviting environment in which to conduct business.

We prioritize these upgrades by focusing on stores in high-demand markets where an enhanced customer experience is a differentiator. We also work to optimize our mix of units to meet the specific demands in a particular market. As part of our ongoing redevelopment program, we add square footage where feasible and appropriate.

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