GROWTH

Extra Space Storage continues to prioritize growth through a variety of strategic channels. In 2024, the company acquired 58 stores, with a focus on off-market deals that leverage long-established relationships built over 45+ years in the industry. Many of these acquisitions stem from the company's third-party management program, the largest self storage management platform in the industry, which serves as a vital source for growth and future acquisitions. Additionally, Extra Space offers bridge lending to industry partners, having originated approximately $2.4 billion in loans since the program's inception. Each growth avenue reinforces the others, creating a powerful, interconnected strategy that strengthens Extra Space's ability to expand.

Acquisitions

In a competitive acquisition landscape, Extra Space is dedicated to only pursuing transactions that are accretive to shareholder value. In 2024, the company's team of investment analysts reviewed 620 potential deals, selecting only the highest-quality opportunities. Rather than focusing on brokered deals, Extra Space emphasizes off-market acquisitions, often facilitated through strong industry relationships. Of the properties acquired in 2024, 92% were sourced from joint ventures, third-party partners, or bridge loan relationships.

Third-Party Management

Extra Space's third-party management program remains a cornerstone of its growth strategy. The company added 367 (238 net) third-party owned stores to its platform in 2024, reinforcing its position as the largest self storage property manager in the industry. The program enhances Extra Space's scale, market influence, and access to valuable data, while also fostering partnerships with over 400 storage operators. These relationships frequently open doors to additional growth opportunities across various business channels. In 2024, the program generated $182 million in management fees and tenant insurance income.

Bridge Lending

The Extra Space Bridge Loan Program offers loans to current and prospective third-party management customers, regardless of a property's occupancy level. This program strengthens partnerships, provides an additional value offering, and enables Extra Space to deploy capital with attractive risk-adjusted returns. It also serves as a key driver of the company's future acquisition pipeline. Now in its fifth year, the program continues to demonstrate consistent and reliable growth. In 2024, the team originated $980.2 million in mortgage and mezzanine loans and sold $199.3 million in mortgage loans to debt partners.

10 YEAR STORE COUNT GROWTH