Self-Storage REIT Extra Space Celebrates 20 Years on the New York Stock Exchange

Extra Space Storage Inc., a self-storage real estate investment trust (REIT) and third-party management firm, is celebrating its 20th anniversary as a publicly traded company. The REIT began trading on the New York Stock Exchange on Aug. 20, 2004, following its initial public offering (IPO), according to a press release.

At the time, Extra Space operated 160 properties in 20 states and employed 450 people. It had a market-capitalization (cap) value of about $700 million. Now, the REIT is a Standard and Poor's 500-listed company with 3,812 locations in 42 states and 7,500 employees. It serves more than 2.2 million customers across the United States and has a market-cap value of approximately $35 billion, the release stated.

“I am grateful to be celebrating 20 years of Extra Space as a publicly traded company,” said Scott Stubbs, chief operating officer. “I was involved in the IPO in 2004, and as I reflect on the last 20 years, I am inspired by what the team has been able to accomplish. The journey [over] the past two decades has been challenging and a lot of fun, and I am excited to see what the next 20 years holds for Extra Space.”

The REIT plans to maintain its focus on long-term success and sustainable growth, Stubbs said. “We will continue to deliver to shareholders the value they've come to expect from our company. I know we have the best team in place to continue our success. I am grateful for our employees and their commitment to excellence that has led us here and will continue to lead us forward.”

Headquartered in Salt Lake City, the company operates self-storage facilities under the Extra Space, Life Storage and Storage Express brand names nationwide. Its facilities comprise 292 million square feet of rentable space in 2.6 million units.

Source: Extra Space Storage, Extra Space Storage Celebrates 20 Years as a Publicly Traded Company