At the end of 2017, our geographically diversified portfolio consisted of 1,483 stores spread across 39 states which enabled us to replace individual market volatility with steady nationwide returns. The collective contribution of many primary and secondary markets, reduces risk and provides consistent cash flow for our shareholders.

Our ownership structure also equips Extra Space Storage for continued growth regardless of market conditions.


1,483 properties in 39 states

Over One million units

112 million square feet

52 acquired properties

Added 156 3rd-party management contracts

Rollover Map

  • Pacific

    CA / HI / OR / WA

    168 Wholly Owned Properties 119 Joint Venture & Third Party Managed Stores 19% of Portfolio
  • Mountain West Region

    AZ / CO / KS / NE / NM / NV / OK / UT

    70 Wholly Owned Properties 79 Joint Venture & Third Party Managed Stores 10% of Portfolio
  • Texas


    96 Wholly Owned Properties 59 Joint Venture & Third Party Managed Stores 10% of Portfolio
  • Midwest

    IL / IN / KY / MI / MN / MO / OH / WI

    84 Wholly Owned Properties 68 Joint Venture & Third Party Managed Stores 10% of Portfolio
  • Southeast

    AL / GA / LA / MS / SC / TN

    108 Wholly Owned Properties 62 Joint Venture & Third Party Managed Stores 11% of Portfolio
  • Northeast

    CT / MA / NH / NJ / NY / PA / RI

    145 Wholly Owned Properties 107 Joint Venture & Third Party Managed Stores 17% of Portfolio
  • Mid-Atlantic

    DC / DE / MD / NC / VA

    93 Wholly Owned Properties 65 Joint Venture & Third Party Managed Stores 11% of Portfolio
  • Florida / Puerto Rico

    FL / PR

    82 Wholly Owned Properties 76 Joint Venture & Third Party Managed Stores 11% of Portfolio
  • Market
  • No Presence

With properties that are wholly-owned, held in joint-venture, or managed on behalf of third parties, we have access to multiple types of capital that are more attractive during different stages of a real estate cycle.

The growth of our portfolio through accretive acquisitions, new joint ventures and the expansion of our third-party management program were key contributors to our success in 2017. We work to create additional value at acquired sites once they are added to our platform through increasing occupancy, rates and length of customer stay. Rebranding and redevelopment initiatives further solidified the portfolio by keeping stores relevant, competitive and consistent with our brand.


We are committed to being good corporate citizens. This includes our ongoing efforts to improve the sustainability of our operations by installing solar panels, retrofitting properties with high-efficiency lighting systems, and replacing fixtures with energy-saving bulbs. To date, we have performed lighting retrofits at 351 Extra Space Storage stores in 27 states—the equivalent in CO2 savings of removing 15,000 cars from the roads, based on U.S. Environmental Protection Agency metrics. We have also completed solar installations at 221 locations in 13 states—saving enough energy to power 9,828 homes for a year— and added charging stations for electric cars at select facilities.

Our sustainability efforts have been recognized having received LEED Gold Certification at 16 of our stores, and we continue to look for ways to make our facilities more efficient. We are committed to using recycled materials in the products we sell in our stores- from cardboard boxes to packing supplies, we seek to use products containing recycled materials - and find ways to reduce our carbon footprint.


In 2017, we acquired 52 properties in 43 markets.



In a competitive acquisition environment, we continue to be disciplined and transact only at levels that are beneficial for our shareholders. In 2017, we acquired 52 properties in 43 markets with a total investment of $603 million. We have been particularly successful sourcing off-market transactions through our joint ventures, third-party management and other relationships. 75% of our 2017 acquisitions were off-market transactions.

Included in these totals are 16 newly constructed purpose-built stores which we purchased at completion. The addition of these new assets provides many of the benefits of new development without accepting entitlement and construction risk. These new stores improve our average portfolio life, strengthen our presence in key markets, improve our portfolio demographics and provide an attractive long-term return.

When seeking acquisition candidates, we focus on long-term value creation and the ability of our newly acquired properties to further round out our diversified portfolio. We have increased our presence in markets where we lacked scale. Extra Space also sold a majority interest in a 36-property portfolio - to rebalance our exposure to certain markets where we were over weighted, and to reinvest the proceeds in higher demographic markets.

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Joint Ventures

Producing an outsized return on dollars invested.


Joint Ventures

Joint ventures have produced—and will continue to produce—an outsized return on dollars invested. In addition to our participation in the NOI growth of these stores, they provide additional income streams and promoted return opportunities. These returns are leveraged, since we receive the benefits without full investment in the real estate.

Joint ventures also provide us with additional capital flexibility to pursue transactions. Certain ventures allow us to invest in new developments on a programmatic basis, without accepting entitlement or construction risk. We currently have a number of joint ventures where our ownership varies from minority to majority positions, in which we are gaining a promoted return.

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Third-Party Management

The largest third-party management program in the country.


Third-Party Management

Extra Space Storage has the largest third-party management program in the country. We have the largest third-party management program in the country. Property management provides additional income and enables us to take advantage of significant economies of scale, additional data and off-market acquisition opportunities. In 2017, we added 156 properties to the platform, with a fairly even balance of newly constructed stores as well as stabilized facilities. We also currently have the largest pipeline of stores being added to the platform that we have seen in our history, as more owners seek to align themselves with the top operator in storage.

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In 2017, we created 7,200 new units at existing stores.



We have a robust redevelopment program in place to enhance NOI at existing properties by increasing net rentable square feet (NRSF) and optimizing unit mix.

In 2017, we created 7,200 new units at existing stores through expansion projects or by reconfiguring the existing unit mix. Redevelopment also improves our average portfolio life by making upgrades to properties that reduce their effective age and keeps stores relevant in high-rent per square foot markets.

Part of our redevelopment program involves improving the consistency of the Extra Space Storage brand throughout the portfolio. We focus on using our office space, signage and colors to ensure customers know we are Extra Space Storage and where to transact business. In 2017, we rebranded 97 stores and plan to rebrand the entire portfolio over the next five years.

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