Self-Storage REIT Extra Space Celebrates 40 Years in Business

Extra Space Storage Inc., a self-storage real estate investment trust (REIT) and third-party management company, is celebrating its 40th anniversary. Founder Ken Woolley became interested in the industry through a research project while a graduate student at Stamford University. He built his first self-storage property in Billings, Mont., in May 1977. Since then, his company has grown to be the second largest operator of storage facilities, with 1,441 locations nationwide, according to a press release.

Extra Space became a publicly traded company on the New York Stock Exchange in August 2004 when it had 136 locations. At the time, it was the largest initial public offering by a Utah-headquartered company, raising gross proceeds of $290 million, the release stated. A year later, the REIT purchased Storage USA, which had 458 locations, from General Electric for $2.3 billion.

Extra Space acquired its 1,000th location in October 2013, and was added to the Standard & Poor’s 500 in January 2016. It has been recognized as one of the fastest growing companies in Utah, according to the release.

“We have had an incredible 40 years as Extra Space Storage has gone from a one-person development company to a best-in-class REIT with over 3,000 employees in 38 states, Washington, D.C., and Puerto Rico,” said Woolley, executive chairman of the board. "I congratulate and thank our team for helping build a company that will outlast all of us, and will continue to be an employer of choice in the state of Utah and around the country."

Headquartered in Salt Lake City, Extra Space properties comprise approximately 960,000 units and 107 million square feet of rentable space.

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