Following Through: 2022
Extra Space Storage has, for its entire 45 years of operation, aimed to be the best employer in the self-storage industry. The Extra Space team works to evolve and improve employee experience, because the team believes if Extra Space has the best people, the company will produce the best results. The focus on building a deep, diverse talent pool is a continued priority. Through training, development, and career planning, Extra Space has built a team that will produce great results for decades to come.
"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."
Andrew, Senior District Manager (7 years)
Great Place to Work
Extra Space has made consistent efforts to ensure employees are thriving in their work environment. With the tight labor market of early 2022, those efforts paid dividends, as the team was able to retain and hire despite the challenging employment climate. In the most recent Extra Space Storage engagement survey, the overall engagement index score of 79% was higher than the US Overall average and 91.3% of employees participated in this survey.
Strong Leadership Team
The executive management team at Extra Space Storage has an average tenure of 19 years, and succession plans are emphasized at every level of management. The company has a track record of great leadership, with the management style being praised by employees for transparency, balance, and mentorship. Wall Street has recognized the executive team for providing excellent “bang for the buck” when comparing compensation to total shareholder return.
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.
NAREIT Leader in the Light
Salt Lake Tribune Top Places to work
Utah Business Best Employer
Newsweek America’s Best Customer Service Companies
Newsweek America’s Most Trustworthy Companies
FORBES best midsized companies to work for
Ask any employee what makes Extra Space uniquely successful, and they’ll point to the company’s culture and five company values. The Extra Space values – Integrity, Excellence, Innovation, Teamwork, and Passion – are at the center of everything the team does. The values guide the way Extra Space teams work, interact with customers, and behave in communities. The culture compass is a guide that gives direction for employees.
Extra Space has always prioritized a diverse workplace and a culture of equity and inclusion. The company has a formal diversity, equity, and inclusion commitment with robust programs to maintain its place as a great employer for all.
These efforts have included DEI training, community social involvement like charity partnerships, a scholarship and internship program, and employee resource groups (ERGs). In the most recent employee engagement survey, 82% of Extra Space employees felt positively about the company’s diversity, equity, and inclusion. Extra Space is committed to continuing to focus on diversity, equity, and inclusion.
TRAINING AND DEVELOPMENT
Employees of Extra Space have access to robust training and development programs. New hire onboarding focuses on preparing new employees for the job ahead of them, and the training programs provide real-time feedback on success and improvements. Employees progressing through the company have many training opportunities, including job shadowing programs, Individual Development Plans (IDPs), skill courses, mentorship opportunities, real-time difficult conversations coaching, and more. The pinnacle of these programs is the Leadership Development Program (LDP) and Executive Development Program (EDP). Annually, LDP trains ~20 employees and involves leadership assessments, a senior leadership mentor, training courses, and an in-person Arbinger training. EDP trains ~5 employees and involves an executive mentor, individualized training, and a special project assignment. Both programs build leadership bench depth and create advancement opportunities internally for team members.