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Extra Space Storage Inc. operates as a fully integrated, self-administered, and self-managed real estate investment trust (REIT) focused on the self-storage industry. The company is involved in owning, operating, managing, acquiring, developing, and redeveloping self-storage properties across the United States. Extra Space Storage generates revenue primarily through its self-storage operations and also offers tenant reinsurance services, providing additional income through reinsurance premiums collected from tenants . As of December 31, 2023, the company owned and/or operated 3,714 stores across 42 states and Washington, D.C., managing approximately 283 million square feet of net rentable space .
- Self-Storage Operations - Manages rental operations of wholly-owned stores, which are the primary source of revenue, contributing significantly to the company's overall income.
- Tenant Reinsurance - Provides reinsurance of risks related to the loss of goods stored by tenants, generating additional revenue through reinsurance premiums collected from tenants.
| Revenue by Segment - in Millions of USD | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 | Q3 2016 | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Self-Storage Operations | 696.98 | 2,222.578 | 688.044 | 697.1 | 710.874 | 707.23 | 2,803.252 | 704.380 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Rental Operations | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Tenant Reinsurance | 70.42 | 235.680 | 81.347 | 83.7 | 84.048 | 83.7 | 332.795 | 84.712 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Management Fees and Other | - | 101.986 | - | 29.9 | - | - | 120.855 | 30.905 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property Management, Acquisition, and Development | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Property Rental | - | - | - | - | - | - | - | 704.380 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total Revenue | 797.77 | 2,560.244 | 799.539 | 810.7 | 824.804 | 821.86 | 3,256.902 | 819.997 | |||||||||||||||||||||||||||||||||||||||||||||||||
| KPIs - Metric (Unit, Scale) | FY 2013 | Q1 2014 | Q2 2014 | Q3 2014 | Q4 2014 | FY 2014 | Q1 2015 (Total Stabilized Stores) | Q2 2015 | Q3 2015 | Q4 2015 | FY 2015 | Q1 2016 | Q2 2016 (Total Stabilized Stores) | Q3 2016 (Total Stabilized Stores) | Q4 2016 | FY 2016 | Q1 2017 | Q2 2017 | Q3 2017 | Q4 2017 | FY 2017 | Q1 2018 | Q2 2018 | Q3 2018 | Q4 2018 | FY 2018 | Q1 2019 | Q2 2019 | Q3 2019 | Q4 2019 | FY 2019 | Q1 2020 | Q2 2020 | Q3 2020 | Q4 2020 | FY 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | FY 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | FY 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | FY 2024 | Q1 2025 |
| Same-store square foot occupancy as of year end (percentage) | - | 93.0 | 93.2 | 94.3 | 94.3 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average same-store square foot occupancy (percentage) | - | - | 93.6 | 94.1 | 94.4 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Properties included in same-store (count) | - | 913 | 1,078 | 1,078 | 1,075 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of unencumbered stores (stores) | - | 1,671 | 1,677 | 1,680 | 1,705 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of tenants (tenants) | - | - | 2,155,000 | 2,235,000 | 2,245,000 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average length of stay for vacated tenants (months) | - | - | - | 17.5 | 17.2 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average annual rent per square foot for existing customers (USD per square foot) | - | - | 20.36 | 20.38 | 20.55 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average annual rent per square foot for new leases (USD per square foot) | - | - | 13.60 | 15.60 | 13.49 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Average discounts as percentage of rental revenues at stabilized properties (percentage) | - | - | 2.2% | 2.3% | 2.2% | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of REIT Owned stores in Alabama (count) | - | - | 38 | 38 | 38 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| REIT Owned net rentable square feet in Alabama (square feet) | - | - | 2,947,166 | 2,968,178 | 2,990,107 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Joint Venture Owned stores in Alabama (count) | - | - | 2 | 2 | 2 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Joint Venture Owned net rentable square feet in Alabama (square feet) | - | - | 150,859 | 150,909 | 150,969 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Managed stores in Alabama (count) | - | - | 13 | 14 | 15 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Managed net rentable square feet in Alabama (square feet) | - | - | 808,111 | 905,600 | 994,955 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total stores in Alabama (count) | - | - | 53 | 54 | 55 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total net rentable square feet in Alabama (square feet) | - | - | 3,906,136 | 4,024,687 | 4,136,031 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of REIT Owned stores in Arizona (count) | - | - | 47 | 47 | 48 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| REIT Owned net rentable square feet in Arizona (square feet) | - | - | 3,513,908 | 3,557,234 | 3,621,884 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Joint Venture Owned stores in Arizona (count) | - | - | 26 | 26 | 25 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Joint Venture Owned net rentable square feet in Arizona (square feet) | - | - | 2,092,735 | 2,090,168 | 2,027,293 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Managed stores in Arizona (count) | - | - | 45 | 43 | 45 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Managed net rentable square feet in Arizona (square feet) | - | - | 3,617,066 | 3,597,543 | 3,748,880 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total stores in Arizona (count) | - | - | 118 | 116 | 118 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total net rentable square feet in Arizona (square feet) | - | - | 9,223,709 | 9,244,945 | 9,398,057 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of REIT Owned stores in California (count) | - | - | 218 | 217 | 220 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| REIT Owned net rentable square feet in California (square feet) | - | - | 17,841,007 | 17,812,279 | 18,041,792 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Joint Venture Owned stores in California (count) | - | - | 50 | 50 | 50 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Joint Venture Owned net rentable square feet in California (square feet) | - | - | 3,715,765 | 3,715,629 | 3,714,549 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Managed stores in California (count) | - | - | 128 | 130 | 132 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Managed net rentable square feet in California (square feet) | - | - | 12,013,135 | 12,151,077 | 12,329,788 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total stores in California (count) | - | - | 396 | 397 | 402 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total net rentable square feet in California (square feet) | - | - | 33,569,907 | 33,678,985 | 34,086,129 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of REIT Owned stores (Total) (count) | - | - | 1,912 | 1,917 | 1,941 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| REIT Owned net rentable square feet (Total) (square feet) | - | - | 144,067,341 | 144,409,733 | 146,292,309 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Joint Venture Owned stores (Total) (count) | - | 472 | 472 | 472 | 460 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Joint Venture Owned net rentable square feet (Total) (square feet) | - | - | 36,768,086 | 36,792,171 | 35,940,624 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Number of Managed stores (Total) (count) | - | - | 1,409 | 1,423 | 1,461 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Managed net rentable square feet (Total) (square feet) | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total stores (count) | - | 3,714 | 3,793 | 3,812 | 3,862 | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||
| Total net rentable square feet (square feet) | - | - | 289,533,931 | 292,068,852 | 296,651,291 | - | - | - |
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Joseph D. Margolis ExecutiveBoard | CEO | Director at Invitation Homes | CEO since 2017, previously EVP and CIO. Instrumental in EXR's growth and strategic initiatives. | View Report → |
Gwyn G. McNeal Executive | EVP and Chief Legal Officer | None | CLO since 2013, joined EXR in 2005. Manages litigation, employment law, and intellectual property. | |
Matthew Herrington Executive | EVP and COO | None | COO since 2020, joined EXR in 2007. Oversees operations, facilities management, and construction. | |
Noah Springer Executive | EVP and Chief Strategy and Partnership Officer | None | Joined EXR in 2006. Leads third-party management and joint venture platforms. | |
Samrat Sondhi Executive | EVP and Chief Marketing Officer | None | CMO since 2020, joined EXR in 2003. Previously COO and SVP of Revenue Management. | |
Scott Stubbs Executive | EVP and CFO | None | CFO since 2000, previously SVP of Finance and Accounting. Key contributor to EXR's financial strategy. | |
Zach Dickens Executive | EVP and Chief Investment Officer | None | CIO since 2020, joined EXR in 2002. Leads investments, joint ventures, and bridge lending programs. | |
Diane Olmstead Board | Director | Managing Director at Fillmore Capital Partners; Board Member at Scioto | Director since 2013. Extensive experience in real estate investing and ESG policy creation. | |
Gary Crittenden Board | Director | Executive Director at HGGC; Director at Primerica and Zions Bancorporation | Director since 2020. Former CFO of Citigroup and American Express. | |
Joseph J. Bonner Board | Director | President & CEO of Solana Beach Capital; Director at Capital Group Mutual Funds | Director since 2019. Extensive experience in real estate investing and global capital markets. | |
Joseph V. Saffire Board | Director | None | Former CEO of Life Storage (2019-2023). Played a key role in the merger with EXR. | |
Julia Vander Ploeg Board | Director | Supervisory Board Member at Ahold Delhaize; Senior Advisor to McKinsey | Director since 2020. Extensive experience in digital marketing and e-commerce. | |
Kenneth M. Woolley Board | Chairman of the Board | Chairman of American Homes 4 Rent; Partner at Gaia Real Estate | Founder of EXR, involved in self-storage since 1977. Developed/acquired over 1,000 properties. | |
Mark G. Barberio Board | Director | Director at Gibraltar Industries and Endo International; Trustee at RIT | Director since 2023. Extensive experience in corporate governance and finance. | |
Roger B. Porter Board | Lead Independent Director | Professor at Harvard University; Director at Packaging Corporation of America | Director since 2004. Former senior economic policy advisor to multiple U.S. presidents. | |
Spencer F. Kirk Board | Director | Managing Director at Kirk Humanitarian | Former CEO of EXR (2009-2016). Largest private individual stockholder of EXR. | |
Susan Harnett Board | Director | Director at OFG Bancorp, GoalSetter, and Sphere 3D; Mentor at FinTech Innovation Lab | Director since 2023. Extensive experience in corporate finance and governance. | |
Jennifer Blouin | None | Professor at Wharton School; Editor of Review of Accounting Studies | Former EXR director (2023). Expertise in financial and tax matters. |
- With recent underperformance in key markets like Florida, what specific strategies are you implementing to mitigate further deterioration, and how confident are you in their effectiveness?
- Despite efforts to close the performance gap between Life Storage and Extra Space properties, there's still a 6% spread in like-for-like markets; what challenges are preventing parity, and how do you plan to address them?
- Given that you retain mezzanine positions when selling the A pieces of loans, how are you managing the increased credit risk associated with holding onto the riskier portions of these loans?
- You anticipate $10 million in marketing cost savings from integrating Life Storage stores under the Extra Space brand; what is the timeline for realizing these savings, and what risks could impact achieving this goal?
- As some customers are moving out due to rate increases from your ECRI program, how sustainable is this strategy without negatively affecting occupancy rates, and how do you balance rent growth with customer retention?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Our three primary competitors who are public self-storage REITs are CubeSmart, National Storage Affiliates and Public Storage. | |
Our three primary competitors who are public self-storage REITs are CubeSmart, National Storage Affiliates and Public Storage. | |
Our three primary competitors who are public self-storage REITs are CubeSmart, National Storage Affiliates and Public Storage. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Life Storage, Inc. | 2023 | Acquired via an all‐stock merger valued at approximately $11.6 billion. Life Storage stockholders received 0.895 shares of Extra Space Storage for each Life Storage share, and upon completion on July 20, 2023 the deal expanded the combined portfolio to over 3,500 locations with significant financial adjustments including the retirement of $1.16 billion in credit and exchange of senior notes. |
Bargold Storage Systems, LLC | 2022 | Completed at a total purchase price of about $179.3 million, financed with a combination of cash, Series D, and Operating Partnership units. The acquisition added an urban storage portfolio of approximately 17,000 units with a 97% occupancy rate and retained the existing Bargold team while incorporating valuable assets such as goodwill and operational technology. |
Storage Express | 2022 | Executed for roughly $590 million, with part of the consideration paid in cash and the balance secured through the issuance of 619,294 OP units. The deal, finalized on September 15, 2022, involved acquiring 106 operating stores and eight parcels across Illinois, Indiana, Kentucky, and Ohio, providing a remote storage platform to drive future growth and integration into Extra Space Storage’s systems. |
Recent press releases and 8-K filings for EXR.
- Annual meeting held on May 21, 2025, where stockholders voted on key proposals including the election of 10 board members with terms expiring at the 2026 meeting.
- Approval of the Amended and Restated 2015 Incentive Award Plan was confirmed following its earlier board approval and detailed in the proxy statement.
- Q1 2025 results: The company reported net income attributable to common stockholders of $1.28 per diluted share, a 26.7% increase year-over-year, and funds from operations of $1.93 per diluted share (Core FFO of $2.00 per diluted share) (citation ).
- Operational performance: Same-store revenue increased by 0.3%, with same-store NOI down by 1.2% and occupancy improving to 93.4% from 92.4% compared to Q1 2024 (citation ).
- Acquisitions and dividends: The company acquired 12 operating stores for approximately $153.8 million and paid a quarterly dividend of $1.62 per share (citation ).
- Extra Space Storage Inc. and its affiliated Guarantors have executed a Fourteenth Supplemental Indenture for the issuance of $500,000,000 5.400% Senior Notes due 2035, with the Notes being fully guaranteed by the Company and associated trusts.
- The Notes are offered at a public offering price of 99.830%, carry an annual interest rate of 5.400%, and feature specific redemption and maturity provisions, including semi-annual interest payments starting June 15, 2025, and a maturity date of June 15, 2035.
- The document also details the involvement of legal counsel from Latham & Watkins LLP, Venable LLP, and Verrill Dana LLP, underscoring the adherence to regulatory and procedural requirements in connection with this debt issuance.
- Extra Space Storage Inc. announced the pricing of $500 million aggregate principal amount of 5.400% senior notes due 2035, priced at 99.830% of the principal amount, set to mature on June 15, 2035.
- The net proceeds are intended to repay outstanding lines of credit and commercial paper, while also supporting general corporate and working capital purposes including potential acquisitions.
- Extra Space Storage Inc. announced a public offering of $500 million aggregate principal amount of 5.400% senior notes due 2035, priced at 99.830% of par, with an expected closing on or about March 19, 2025.
- The notes will be fully and unconditionally guaranteed by Extra Space and certain of its subsidiaries, with net proceeds intended for repaying lines of credit, a commercial paper program, and funding potential acquisition opportunities.