Following Through: 2022
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.
MILLION SQUARE FEET
AVERAGE SAME STORE OCCUPANCY
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.
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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:
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.
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.