Self-storage real estate investment trust (REIT) Extra Space Storage Inc. celebrated its 10-year anniversary on the New York Stock Exchange (NYSE) on Aug. 12. The REIT, which operates as EXR on the NYSE, debuted with an initial public offering of $12.50 per share. Recently, the company’s stock traded for more than $51 a share, according to a company blog.
Joining the NYSE helped Extra Space access new capital to expand through acquisitions, the blog stated. The company purchased eight properties during the second quarter of this year for approximately $91.2 million. The assets are in California, Florida, Georgia, North Carolina and Washington. Extra Space has five additional properties under contract for a total purchase price of approximately $41.4 million. The acquisition of these facilities is expected to be complete by the end of September.
Headquartered in Salt Lake City, Extra Space has grown considerably in 10 years in staff and the number of owned properties. It had 377 employees in 2004 and now has 2,641, a growth of more than 600 percent. In 2004, the REIT owned 136 facilities. It now has 1,071 properties encompassing 79 million square feet of rentable space in 35 states, Washington, D.C., and Puerto Rico. The company ranked second on the 2013 Inside Self-Storage Top-Operator List.
- Extra Space Storage Blog: See How Weâ€™ve Grown: Extra Space Storage Marks 10-Year New York Stock Exchange Anniversary
- Inside Self-Storage: Self-Storage REITs Release Financial Results for Second-Quarter 2014