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Extra Space Storage

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Extra Space Storage Inc.
Company typePublic company
NYSE: EXR
S&P 500 Index component
IndustryReal Estate Investment Trust
Founded1977; 47 years ago (1977)
FounderKenneth Woolley
HeadquartersCottonwood Heights, Utah
Key people
Kenneth Woolley, Chairman
Joseph D. Margolis, CEO
ProductsSelf storage
RevenueIncrease $1.308 billion (2019)
Increase $634 million (2019)
Total assetsIncrease $8.532 billion (2019)
Total equityIncrease $2.539 billion (2019)
Number of employees
4,048 (2019)
Websitewww.extraspace.com
Footnotes / references
[1]
Extra Space Storage facility in Charleston, South Carolina
Extra Space Storage office in Kingstowne, Virginia

Extra Space Storage is a real estate investment trust headquartered in Cottonwood Heights, Utah that invests in self storage units. As of December 31, 2019, the company owned and/or operated 1,817 locations in 40 states, Washington, D.C. and Puerto Rico, comprising approximately 140 million square feet of net rentable space in 1.3 million storage units.[1] It is the 2nd largest owner of self storage units in the United States[2] and the largest self storage property manager.[3]

The company has solar installations at many of its properties and was listed on the "Top 25 Corporate Users by Number of Solar Installations" by the Solar Energy Industries Association.[4]

History

In 1975, Kenneth Woolley built his first self-storage facility under the name Secure-It Mini Storage in Billings, Montana with Bill Nielson.

In 1977, Woolley, Nielson, and Richard S. Tanner formed Extra Space Development Co.

In 1998, after 21 years of developing and selling storage properties across the U.S., Woolley partnered with Spencer F. Kirk – who previously retired after co-founding Megahertz, which was bought out by USRobotics and later 3Com.

Through the new partnership formed between Woolley and Kirk, Extra Space Storage went on to create several joint ventures partnerships including with Prudential Real Estate.

In August 2004, the company became a public company via an initial public offering, raising $252 million.[5][6] Woolley was named CEO and Chairman of the Board.

In July 2005, in a joint venture with PGIM, Extra Space acquired Storage USA from GE Commercial Finance for $2.3 billion. The purchase added more than 400 additional properties and expanded Extra Space Storage's portfolio into 34 states. At the time of the purchase, it was the largest transaction made within the self-storage industry.[7]

In 2009, Kenneth Woolley stepped down as CEO and succeeded by Kirk, who had previously served as the Company's President and had been a Director on the Extra Space Storage board of directors since 2004.[8]

In September 2013, the company acquired a 19-building portfolio in California for $195.1 million.[9]

In September 2014, the company sold a facility in Waterloo, Iowa to U-Haul.[10]

In February 2015, the company acquired properties in Austin, Texas.[11]

In October 2015, the company acquired SmartStop Self Storage for $1.4 billion.[12]

In March 2016, the company opened its first facility in Minnesota.[13]

In May 2016, the company acquired a property near the Daniel K. Inouye International Airport in Honolulu for $29 million.[14] The company also opened a facility in Newark, New Jersey.[15]

In December 2016, the company acquired 2 buildings in Hawaii.[16]

In January 2016, the company was added to the S&P 500 Index.[17]

On December 31, 2016, Kirk announced his retirement. Effective on January 1, 2017, Joseph D. Margolis succeeded Kirk as the company's third CEO.[18]

In June 2018, the company acquired 3 buildings in Broward County, Florida for $11.8 million.[19]

In August 2018, the company acquired a building in Fort Lauderdale, Florida for $24.7 million.[20]

In June 2019, the company leased 36 properties from W. P. Carey.[21] The company also acquired a 15-property portfolio in Broward County, Florida for $104 million.[22]

In March 2020, Executive Vice President and CMO James Overturf announced his retirement. Effective June 30, 2020, Former COO Samrat Sondhi succeed Overturf as the new CMO, and Matthew Herrington succeed Sondhi as the new COO. [23]

References

  1. ^ a b "Extra Space Storage Inc. 2019 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Facility Owners". Inside Self-Storage.
  3. ^ "Facility-Management Companies". Inside Self-Storage.
  4. ^ "Extra Space Storage Leads Self Storage Sustainability with 400+ Solar Installations". November 22, 2019.
  5. ^ "Extra Space Storage went public". TechCrunch.
  6. ^ "Extra Space Storage IPO". Nasdaq.
  7. ^ "Extra Space Storage Inc. and Prudential Real Estate Investors Announce Closing of Acquisition of Storage USA From GE Commercial Finance" (Press release). Extra Space Storage. July 14, 2005.
  8. ^ "Kirk Takes the Reins at Extra Space Storage Inc". Inside Self-Storage. February 3, 2009.
  9. ^ "Local Company Sells Self-Storage Portfolio for $195.1 Million". American City Business Journals. September 13, 2013.
  10. ^ "U-Haul Buys Waterloo, IA, Self-Storage Facility From Extra Space". Inside Self-Storage. September 24, 2014.
  11. ^ Black, Sam (March 31, 2016). "National self-storage brand enters Minnesota". American City Business Journals.
  12. ^ "Extra Space Storage Inc. Closes Acquisition of SmartStop Self Storage, Inc" (Press release). PR Newswire. October 1, 2015.
  13. ^ Black, Sam (March 31, 2016). "National self-storage brand enters Minnesota". American City Business Journals.
  14. ^ Shimogawa, Duane (May 24, 2016). "Utah's Extra Space Storage buys Honolulu storage property for $29M". American City Business Journals.
  15. ^ "Extra Space Opens New Self-Storage Facility in Newark, NJ". Inside Self-Storage. May 31, 2016.
  16. ^ Shimogawa, Duane (December 14, 2016). "Utah self-storage giant expands its Hawaii presence". American City Business Journals.
  17. ^ "Extra Space Storage Set to Join the S&P 500; EPR Properties to Join S&P MidCap 400; U.S. Concrete, World Wrestling Entertainment to Join S&P SmallCap 600" (Press release). PR Newswire. January 13, 2016.
  18. ^ "Extra Space Storage Announces Executive Leadership Transition" (Press release). PR Newswire. September 12, 2016.
  19. ^ Bandell, Brian (June 22, 2018). "Public company buys 3-story building in Broward for $12M". American City Business Journals.
  20. ^ Bandell, Brian (August 1, 2018). "Public company pays $25M for Fort Lauderdale building". American City Business Journals.
  21. ^ "W. P. Carey Inc. and Extra Space Storage Inc. Announce Self-Storage Net Lease Transaction" (Press release). PR Newswire. June 3, 2019.
  22. ^ Bandell, Brian (June 4, 2019). "Public company buys 15 Broward properties for $104M". American City Business Journals.
  23. ^ "Extra Space Storage Announces Executive Leadership Transition". PR Newswire. CISION. Retrieved 13 July 2020.
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