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EXTRA VALUE: 2019 ANNUAL REPORT

EXTRA CONSISTENCY: PORTFOLIO

Extra Space Storage has over 1,800 stores spanning 40 states. We operate in all the 50 largest Metropolitan Statistical Areas, and we continue to add stores every year. This diversification reduces the impact of individual market volatility and helps create steady portfolio returns. By investing in Extra Space, investors are spreading their capital across many properties and markets.

The product that we sell – storage – is need-based. Years of customer data shows that storage users come from every walk of life, in every demographic. We see consistent use from Baby Boomers, Gen X and Millennials. Customers who seek storage, generally, are facing a life transition. While those life transitions vary with changes in the economy, demand has been steady in all stages of the cycle. Historically, this stability has made the storage industry a recession-resilient investment. Our strong industry demand, low capital expenditures and our highly diversified portfolio, result in very durable cash flows.

"Our portfolio’s diversification makes it highly dependable. We have no single key market, or demographic or partner that could throw-off our results. The company is set up for consistent, long-term performance, no matter the shifting landscapes around us."

SAMRAT SONDHI
Executive Vice President and Chief Operations Officer

Our portfolio ownership structure is unique in that approximately half of our stores are wholly-owners, while the other half are either held in joint ventures or on behalf of third-party owners. This structure allows tremendous flexibility, and multiple avenues of growth in different situations and market environments. Our structure allows for capital light expansion or more significant investment through wholly-owned acquisitions. We have relationships with 239 partner groups of different sizes and in different locations. Our structure allows us to control concentration in different markets, increase our yields through joint ventures, and recognize significant economies of scale with reduced capital investment.

Rollover map for market information.

  • Northwest

    29

    2%

  • California

    261

    16%

  • Hawaii

    16

    1%

  • Mtn West

    148

    9%

  • Texas

    173

    10%

  • Midwest

    201

    12%

  • Southeast

    196

    12%

  • Northeast

    288

    15.9%

  • Mid-Atlantic

    175

    11%

  • Florida & P.R.

    188

    11%

  • EXR PRESENCE

  • NO PRESENCE
SAME-STORE REVENUE CONTRIBUTION BY MSA
  • Other – 36%
  • Los Angeles – 12%
  • New York / New Jersey – 12%
  • Washington D.C. – 8%
  • San Francisco – 8%
  • Dallas – 5%
  • Boston – 5%
  • Atlanta – 5%
  • Miami – 4%
  • Chicago – 3%
  • Houston – 2%

REDEVELOPMENT

We’re proud of our robust redevelopment program. This program enhances net operating income (NOI) at existing properties by increasing the net rentable square footage and optimizing unit mix. These redevelopments also come with the additional benefits of stores getting a fresh, on-brand facelift; turning older properties into modern, inviting space, that will be competitive in the market for years to come. Our continued investment and improvement of current properties enhances our visibility and brand recognition and is another way we are creating extra value through our portfolio.

Brooklyn, NY