2021 ANNUAL REPORT
Extra Space Storage has, from its founding, aimed to be the best place to work in the self-storage industry. We work to evolve and improve our employee experience because we believe that if we have the best people, we will produce the best results. Our focus on building a deep, diverse talent pool is not only a priority for us today, but we aim to have the best people in place to continue our great results for decades to come. As a result, we focus on learning and development at all levels of the company as we aim to provide a career path for all our employees that is more than just a job.
"The core values of Integrity, Teamwork, Excellence, Innovation and Passion are evident every day. This is a place you want to work at every day."
Randy, Service Manager
3 years at Extra Space
"I am proud to be a part of something bigger here at Extra Space."
Andrew, Senior District Manager
7 years at Extra Space
"The work environment here is awesome. Great work-life balance, wonderful co-workers, excellent teamwork, challenging growth and opportunities, and outstanding leadership."
Linda, Property Accountant
15 years at Extra Space
"The management team at Extra Space goes out of their way to recognize our work and make us feel valued."
Anita, Store Manager
2 years at Extra Space
4.2 GLASSDOOR RATING
NAREIT Leader in the Light
Salt Lake Tribune Top Work Places
Utah Business CEO of the Year
Newsweek America’s Best Customer Service Companies
FORBES best midsized companies to work for
Joseph Margolis
Chief Executive Officer
Joseph D. Margolis has served as our Chief Executive Officer since January 1, 2017. Previously, he served as our Executive Vice President and Chief Investment Officer (“CIO”) from July 2015 until December 31, 2016. Mr. Margolis served as a member of our board of directors from February 2005 until July 2015. From 2011 until July 2015, he also was Senior Managing Director and Partner at Penzance Properties, a vertically integrated owner, operator and developer of office and other properties in the Washington, D.C. metro area. Previously, Mr. Margolis was a co-founding partner of Arsenal Real Estate Funds, a private real estate investment management firm, from 2004 through 2011. Before forming Arsenal in 2004, Mr. Margolis held senior positions from 1992 to 2004 at Prudential Real Estate Investors in portfolio management, capital markets and as General Counsel. Before that, Mr. Margolis worked for The Prudential Insurance Company of America as in-house real estate counsel from 1988 through 1992, and as a real estate associate at the law firm of Nutter, McClennen & Fish from 1986 through 1988. Mr. Margolis is a graduate of Harvard College and Columbia University School of Law.
With staffing being a concern across the U.S., our consistent efforts to make sure employees are thriving in their work environments have paid dividends. Our focus on giving our team ample growth opportunities and ensuring they are compensated fairly are showing positive results as we are able to retain our strong team. In our most recent employee engagement survey, we had an overall engagement index score that was 2% higher than the US Overall average with 78% of employees participating in the surveys.
Our executive management team has an average tenure of 18 years with Extra Space Storage, and succession plans are emphasized at every level of management. We have a track record of well-executed management transitions allowing us to seamlessly adapt and grow. Our management team’s style has been praised by employees for its transparency, its encouragement of work-life balance, and its ability to drive the team to bring their best to work. Our executives have consistently been recognized by Wall Street for providing excellent “bank for the buck” when comparing compensation to total shareholder return.
Ask any employee what makes Extra Space uniquely successful, and they’ll point to our company culture and our core five company values. Our values – Integrity, Excellence, Innovation, Teamwork, and Passion – are at the center of everything we do. They guide the way we work, interact with customers, and behave in our communities. Our culture compass is a guide that gives direction to our strategy.
Extra Space has always prioritized diversity and inclusion among employees, but in 2018 we decided to formalize our commitment to Diversity and Inclusion with a commitment statement and by implementing a Diversity and Inclusion committee to steer future initiatives.
Since then, the committee has focused efforts on company self-evaluations, education, community social involvement, and forming employee resource groups (ERGs). In our most recent employee engagement survey, Extra Space Storage employees responded higher than the US average on questions like “Extra Space makes it easy for people from diverse backgrounds to fit in and be accepted” and “I am comfortable voicing my ideas and opinions, even if they are different from others”. Overall, 79% of Extra Space employees felt positively about the company’s diversity and inclusion, a 3% improvement year-over-year.
In 2021, CEO Joe Margolis joined with other top CEOs in America to sign the CEO Action For Diversity and Inclusion Pledge. This is a commitment to continue workplace conversations about diversity and inclusion, to expand unconscious bias education, to share best practices and to create annual strategic diversity and inclusion plans. Extra Space is committed to continuing our focus on diversity and to being publicly accountable for our actions.
