Extra Space Storage Inc., a publicly traded self-storage real estate investment trust (REIT) and third-party management firm, has received recognition for its sustainability practices from multiple organizations. The notoriety includes being ranked the No. 1 sustainable U.S. self-storage company by GRESB B.V. (Global Real Estate Sustainability Benchmark), a data-services firm that issues an annual assessment of sustainability performance at real estate companies and funds worldwide, according to a press release.
This is the fourth consecutive year Extra Space has been ranked atop the U.S. self-storage sector by GRESB. More than 1,500 real estate companies and funds participate in the annual benchmark rating. Each receives an overall score, a comparison against its peer group and a star rating. The REIT received a three-star rating, improving its standing-investments assessment score by 23% over last year. It also received an “A” grade for public disclosure, the release stated.
In addition, the National Association of Real Estate Investment Trusts (NAREIT) named Extra Space a “Leader in the Light” recipient for the second year in a row. The annual award is given to companies that demonstrate “superior and sustained sustainability practices,” according to the association website. NAREIT uses the GRESB ratings on corporate environmental, social and governance initiatives in making its selections.
“We are proud to be recognized as a Leader in the Light by NAREIT and GRESB, since this award is designed for the real estate sector, by those who truly understand sustainable best practices for REITs,” said Joe Margolis, CEO of Extra Space. “We are building Extra Space to be a strong, successful enterprise for decades to come, and our sustainability initiatives are an integral piece of that long-term strategy.”
The REIT also improved its SAM Corporate Sustainability Assessment score by 17% year over year. The benchmark is issued annually by financial information and analytics firm S&P Global Inc., according to the release.
Extra Space officials indicated their company consumes 84% less energy and produces 86% less carbon emissions when compared to the real estate sector average published by the Urban Land Institute, a nonprofit organization and global network of cross-disciplinary real estate and land-use experts.
Headquartered in Salt Lake City, Extra Space owns or operates 2,054 self-storage properties in 41 states and Washington, D.C. The company’s properties comprise approximately 1.5 million units and 159 million square feet of rentable space.
Source: Extra Space, Extra Space Is Recognized as Self-Storage Sector Leader for Sustainability