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Self-Storage REIT Extra Space Supports Hospital Workers During COVID-19 Crisis

Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, is responding to the urgent and growing medical needs created by the coronavirus (COVID-19) pandemic by donating emergency supplies and offering free storage to hospitals and first responders, according to a press release. The company had previously created emergency kits for its employees in hurricane-prone areas, each of which includes an N95 respiratory mask designed to filter out airborne particles. Staff from hundreds of Extra Space facilities volunteered to donate more than 10,000 masks to hospitals in need.

“One of our guiding principles is to ‘do the right thing.’ This one is clear and simple. We’ll be donating masks and we’ll restock the hurricane kits when supplies aren’t in high demand,” said Gwyn McNeal, chief legal officer and head of people.

Additionally, the company is offering two months of free storage to first responders, hospitals and hospital staff at any of its 1,800 locations nationwide. “When a hospital in New York City reached out to one of our stores about the cost of renting a unit to potentially store less critical hospital equipment to make room for COVID-19 patients, it was clear we could help,” McNeal said. “We’re hoping by opening up two months of free storage to first responders, we’ll be helping them mobilize and taking one concern off their plate right now, so they can focus on what matters most—caring for COVID-19 patients.”

In addition, Extra Space facilities are operating without physical contact between customers and store managers. Business is being conducted through a “no contact” lease process, with all management offices being closed and rental agreements being processed online. This allows the storage portion of each facility to be used with minimal risk.

“We talk about our company values often, and it’s times like these where we put those values into practice,” McNeal said. “We hope these donations provide some relief to healthcare professionals in our communities during this time.”

Headquartered in Salt Lake City, Extra Space owns or operates 1,817 self-storage properties in 40 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 1.3 million units and 140 million square feet of rentable space.

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