Extra Space Storage has over 2,000 locations across 41 states in the U.S. We operate as a self-storage pure-play offering a need-based product to customers in nearly every demographic. We rent approximately 1.5 million storage units comprising of 161 million square feet of storage space. Our facilities offer a range of storage solutions, including climate control, drive-up units, car/RV/boat storage, business storage, and more.
This consistency has given self-storage, and Extra Space Storage specifically, a reputation for being a recession-resilient and inflation-resilient investment. Our track record has proven this to be true again as the portfolio has produced record returns in 2021, with average occupancy of 96.2%, the highest in our history.
(HIGHEST IN COMPANY HISTORY)
RENT per square foot growth
NET RENTAL SQUARE FEET
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We have constructed our portfolio to purposefully decrease volatility. We have taken one of real estate’s most stable sectors – self storage – and have built a highly diversified portfolio to make it even more resilient. Our scale leads to significant stability as:
Our portfolio ownership structure is unique in that 47% of our stores are wholly-owned by Extra Space, 13% are held in joint ventures, and 40% are managed on behalf of third-party owners. This structure allows for flexibility and gives us multiple avenues for growth while allowing for investments to range from capital-light expansions to more significant acquisitions. This structure allows us to have greater economies of scale, helps us manage market concentration, provides additional data and insights, and provides us relationships with over 200 partner groups of different sizes and locations.
We have a robust redevelopment program aimed to enhance net operating income (NOI) at existing properties by increasing the net rentable square feet, improving visibility, and optimizing the unit mix. These redevelopments also come with the additional benefits of stores getting a fresh, on-brand facelift by turning older properties into modern and inviting spaces. This keeps our properties competitive in the market for years to come as we continually review our portfolio and identify opportunities to invest in our properties today to improve performance in the future.