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Following Through: 2022

PORTFOLIO

THE PORTFOLIO

Extra Space Storage has over 2300 locations across 41 states in the United States. Extra Space is a self-storage pure-play offering a need-based product to customers across every demographic. The company rents approximately 1.6 million storage units comprising of 176 million square feet of storage space. The facilities offer customers a range of storage solutions, including climate control, drive-up units, car/RV/boat storage, business storage, and more.

PORTFOLIO
HIGHLIGHTS

2,338

STORES

176

MILLION SQUARE FEET

95%

AVERAGE SAME STORE OCCUPANCY

Efficiency through Scale

The scale of the Extra Space Storage portfolio creates significant efficiencies across the operation. With sixteen regional divisions being supported by one platform and one support team, Extra Space is able to streamline efforts and fulfill the needs of the portfolio. Additionally, with over 1.3 million customers, the Extra Space team is better able to understand and meet customer needs, as data from every transaction helps the team understand more about each customer. Extra Space has followed through on the goal to continue to increase its scale and scope by adding new stores across the U.S.

Hover to view locations

  • Northwest

    3.1 Million SF

    2%

  • CA & Hawaii

    27.6 Million SF

    16%

  • Mnt West

    15.5 Million SF

    9%

  • Texas

    18.7 Million SF

    10%

  • Midwest

    24.9 Million SF

    14%

  • Southeast

    19.0 Million SF

    11%

  • Northeast

    28.4 Million SF

    16%

  • Mid-Atlantic

    17.9 Million SF

    10%

  • Florida

    21.0 Million SF

    12%

  • EXR PRESENCE

  • NO PRESENCE

STABILITY THROUGH DIVERSIFICATION

The Extra Space portfolio has been designed to decrease volatility. This stability, plus the historical stability of the self-storage industry, has given Extra Space Storage a reputation for consistency and recession resilience. By creating a highly diversified portfolio, Extra Space creates stability and can tout:

  • - No singular property is worth more than 1% of the portfolio
  • - No metropolitan statistical area contributes more than 13% of same-store revenue
  • - Balanced presence in markets of varying size
  • - Operations in 49 of the 50 the largest metropolitan statistical areas
  • - Over 1.3 million customers across all demographics of age, gender, income, etc.

OWNERSHIP STRUCTURE

Extra Space has a unique ownership structure in that 48% of stores are wholly-owned by Extra Space, 14% are held in joint ventures, and 38% are managed on behalf of third-party owners. This structure allows for flexibility and gives Extra Space multiple avenues for growth with different capital investment requirements. This structure allows Extra Space to have greater economies of scale, manage market concentration, gather more data and insights, and provides Extra Space with over 200 partner groups of different sizes and structures.

1,133

WHOLLY-OWNED

887

THIRD-PARTY MANAGED

318

JOINT VENTURE

Re-development program

The redevelopment program at Extra Space Storage aims to enhance net operating income (NOI) at existing properties by increasing the rentable square footage, improving visibility, and optimizing the unit mix. These redevelopments give stores a fresh, on-brand facelift for older properties, ensuring they stay modern and inviting for customers. This program keeps Extra Space properties competitive in the market and ensures the portfolio maintains its asset quality.