Following the recent onboarding of a new batch of managed facilities, Salt Lake City, UT-based Extra Space now has more than 2,000 stores in its portfolio.
The company was founded in 1977, went public in 2004, and has doubled in store count since 2013. It now becomes the second self-storage operator to amass an owned and managed portfolio of more than 2,000 facilities, after Public Storage which operates more than 2,600 storage locations.
“The self-storage industry continues to prove itself as stable and resilient. While the sector is competitive, our advanced technology, high-performing team and great platform continue to produce strong results, allowing us to continue our accretive growth nationwide,” said CEO Joe Margolis.
A company representative confirmed that the company passed the symbolic threshold after onboarding a batch of 50 managed facilities from a number of different clients. The company is the largest self-storage management company in business today.
Extra Space’s property growth comes from multiple sources. Of the 2000 stores, 48 percent are wholly owned properties acquired by the REIT, 12 percent are owned in a joint venture with partners, and 40 percent are managed on behalf of independent owners by Extra Space Storage’s ManagementPlus platform.
Extra Space Storage now operates over 2,000 stores across 40 states and Washington, D.C. These stores provide 1.4 million units, creating 156 million square feet of rentable space. In 2020, Extra Space invested over $900 million in external growth investments.
“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+ employees have put into growing our company,” said CEO Joe Margolis.