Self-storage real estate investment trust (REIT) Extra Space Storage Inc. has surpassed 2,000 storage facilities in its owned and managed portfolio. The company has doubled its store count since 2013 and last year invested more than $900 million in “external growth investments,” according to a press release.
In all, 53% of the REIT’s operating portfolio is comprised of wholly owned properties, with another 7% owned through joint-venture partnerships. The remaining 40% are facilities the company manages on behalf of others, the release stated. Extra Space ranked No. 2 in net rentable square footage in the Inside Self-Storage 2020 Top-Operators list of self-storage owners and No. 1 among third-party management companies.
“We’ve been looking forward to hitting this growth milestone. It’s a big marker for our team and shows the exceptional work our 4,000-plus employees have put into growing our company,” said CEO Joe Margolis. “Looking ahead, we have a very promising future. I believe we have the deepest and strongest team in the industry, and I’m grateful to work alongside so many talented individuals here at Extra Space.”
Headquartered in Salt Lake City, Extra Space owns or operates more than 2,000 self-storage properties nationwide and in Puerto Rico. The company’s properties comprise approximately 1.4 million units and 156 million square feet of rentable space. Founded in 1977, the REIT went public in 2004.
Extra Space, Extra Space Storage Surpasses 2,000 Store Milestone