Following Through: 2022

external growth


Extra Space Storage has followed through on the promise to find innovative ways to grow. In addition to continued traditional acquisitions, third-party management platform additions, and expansion of the bridge loan program, Extra Space purchased Storage Express and Bargold Storage Solutions, adding new properties and new avenues for future growth in areas of storage not previously included in the Extra Space model.









Storage Express & Bargold

Both Storage Express and Bargold operate unique business models in the self-storage industry.

Storage Express is a self-storage company which has over 25 years of experience operating properties that are approximately half the size of Extra Space’s traditional facilities, using a remote management strategy driven by new technology tools. The portfolio currently has over 100 locations, and the Extra Space team plans to leverage this model within current markets on smaller stores, as well as in new markets where Extra Space can gain additional scale through acquisition or third-party management.

Bargold is a business focused on subleasing unused space in apartment buildings in and around New York City, converting those areas into storage units, which are then leased to the resident tenants. Since the acquisition of Bargold, the team has been focused on institutionalizing its operations, and bringing it on to the Extra Space operating platform. Next, the Extra Space team will explore future opportunities to grow the platform in New York City, and then potentially in other urban markets.

These acquisitions both are opportunities to bring storage closer to customers. The Extra Space team is learning from both business models and is excited about the new growth channels opened by these strategic transactions.


extra space storage branded stores

*As of December 31, 2022


Outside of Storage Express and Bargold, Extra Space purchased 81 stores. The acquisition environment continues to be very competitive, and the team is committed to only enter transactions that are accretive for shareholders. Instead of focusing on brokered deals, the company has targeted off-market acquisitions through deep industry relationships. In 2022, 23% of properties were purchased from joint ventures, third-party partners, or bridge loan relationships.

Third-Party Management

The management program at Extra Space continues to be very active, adding 163 third-party owned stores to the platform (gross) and 59 (net of dispositions). As the largest third-party manager in the industry, Extra Space’s management system enhances the company’s scale, market power, data reach, and creates partnerships with over 200 storage groups that can lead to growth opportunities in other avenues. This is in addition to $114 million in management fees and tenant insurance income from third-party stores.

Bridge Loan Program

During 2022, the Extra Space Bridge Loan Program exceeded $1 billion in total loan originations program to date. The program is designed to provide loans to current and prospective third-party management customers on operating properties regardless of the property’s current occupancy. The program deepens relationships, creates another offering for partners, and allows Extra Space to place capital at an attractive risk-adjusted return. It also creates a robust future acquisition pipeline, so far Extra Space has acquired 29 of properties that were financed by the Bridge Loan Program. This is the fourth year of the program, and it continued to show steady reliable growth. The team originated $574 million in mortgage and mezzanine loans in 2022. Following through with the capital light strategy, Extra Space also sold $229 million of mortgage loans to debt partners in 2022, primarily retaining the higher yielding mezzanine loans.