Extra Space Storage

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Extra Space Storage Inc.
Public
Traded asNYSEEXR
S&P 500 Component
IndustryReal Estate Investment Trust, self storage
Founded1977; 42 years ago (1977)
FounderKenneth Woolley
HeadquartersSalt Lake City, Utah,
Number of locations
1,647[1]
Area served
United States
Key people
ProductsClimate controlled and non-climate controlled storage units
RevenueIncreaseUS$1.196 billion[1] (2018)
DecreaseUS$619.7 million[1] (2018)
DecreaseUS$447.0 million[1] (2018)
Total assetsIncreaseUS$7.847 billion[1] (2018)
Number of employees
Over 3,650 [2]
Websitewww.extraspace.com
Extra Space Storage facility in Charleston, South Carolina

Extra Space Storage is a US provider of self-storage units, with 1,647 facilities across 39 states plus Washington, D.C. and Puerto Rico.[1] Headquartered in Cottonwood Heights, Utah, Extra Space Storage is the second largest owner and/or operator of self-storage properties in the United States,[3] as well as the largest self-storage management company.[4]

Extra Space Storage is a self-administered and self-managed real estate investment trust (REIT). As of December 2018, the company owned or operated a total of 1,647 self-storage stores across 39 states, Washington D.C., and Puerto Rico.[5]

Extra Space Storage has been publicly traded since 2004, and is traded on the New York Stock Exchange with the ticker symbol EXR.[6] The company was founded in 1977 by Kenneth Woolley, who remains the chairman. Since 2017, Joseph D. Margolis has served as the company's CEO.[7]

History[edit]

Extra Space Storage office in Kingstowne, Virginia

Extra Space Storage is the successor to Extra Space Development Co., a limited partnership that was founded in 1979, two years after Kenneth Woolley built his first self-storage facility, under the name Secure-It Mini Storage, in Billings, Montana with Bill Nielson of Nielson Enterprises. Woolley served as a general partner, Neilson Enterprises as limited partner, and Richard S. Tanner, who previously worked with Woolley on a real estate venture in 1975, joined as an additional general partner shortly after its creation.

Between 1979 and 2004, Woolley and Tanner developed self-storage properties in 11 U.S. states. During that time, Tanner served as President of the affiliated Extra Space Management Co. for 15 years, which managed third-party self-storage properties. He later served alongside Woolley as the Senior Vice President of Development and Construction. During that time both Woolley and Tanner served as licensed Real Estate Brokers in multiple states which facilitated third party management and several acquisitions of existing storage properties.

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, Extra Space Storage completed its initial public offering on the New York Stock Exchange using the symbol "EXR". Shares opened at $12.50 per share.[8] With the announcement, Woolley was named CEO and Chairman of the Board.

In 2005, as part of a joint venture with PGIM, Extra Space acquired Storage USA for $2.3 Billion.[9] 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.[10] Following the deal to acquire Storage USA, Extra Space Storage continued to grow through developments exceeding $100 million per year and through additional acquisitions of existing properties and expansion of its 3rd party management contracts.

With the downturn in the economy during 2008, development and construction by Extra Space Storage was wound down by 2010. Extra Space Storage refocused its growth efforts on selective acquisitions and third party management of properties under the Extra Space Storage brand.[11]

In 2009, Kenneth Woolley stepped down as CEO. Woolley was then 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.[12]

By the end of 2013, Extra Space Storage had expanded their portfolio beyond 1,000 total stores after making large acquisitions in California and Virginia and were now operating in 35 states, Washington D.C., and Puerto Rico.[13][14][15]

In January 2016, after 12 years trading on the NYSE, Extra Space Storage was added to the S&P 500 index.[16]

On December 31, 2016, Kirk announced his retirement. Effective on January 1, 2017, Joseph D. Margolis succeeded Kirk as the company's third CEO.[17] Prior to being named CEO, Margolis served as the CIO for Extra Space Storage and had been a member of the board of directors for over 10 years, serving from February 2005 to July 2015.

See also[edit]

References[edit]

  1. ^ a b c d e f "Q4 2018 Supplemental Tables Draft". Extra Space Storage. Retrieved April 21, 2019.
  2. ^ "Annual Report Press Release". Extra Space Storage. Retrieved April 21, 2019.
  3. ^ "Top-Operators List : Top Operators Directory". insideselfstorage.com. 2017-10-01. Retrieved February 8, 2018.
  4. ^ "Top-Operators List". buyersguide.insideselfstorage.com. Retrieved 2018-02-08.
  5. ^ Inc., Extra Space Storage. "Extra Space Storage Inc. Reports 2018 Fourth Quarter and Year-End Results". www.prnewswire.com. Retrieved 2019-04-21.
  6. ^ "Extra Space Storage IPO". Nasdaq.
  7. ^ "Extra Space Storage CEO to Step Down". www.cpexecutive.com. Retrieved 2018-01-20.
  8. ^ Pritchard, Carolyn. "Extra Space IPO of 20.2M shares price at $12.50 each". MarketWatch. Retrieved 2018-02-08.
  9. ^ Foxwell, Elaine (2006-06-01). "Extra Space Storage Expands, Educates". Inside Self Storage.
  10. ^ "Extra Space Storage Inc. and Prudential Real Estate Investors Announce Closing of Acquisition of Storage USA From GE Commercial Finance | Extra Space Storage Inc". Extra Space Storage Inc. Retrieved 2018-02-08.
  11. ^ "Extra Space seeks to raise $380M for SmartStop deal". The SpareFoot Storage Beat. 2015-06-16. Retrieved 2018-01-20.
  12. ^ "Kirk Takes the Reins at Extra Space Storage Inc". Inside Self-Storage. 2017-11-28. Retrieved 2018-02-08.
  13. ^ "Extra Space Storage Online Annual Report 2013". www.extraspace.com. Retrieved 2018-02-13.
  14. ^ "Local Company Sells Self-Storage Portfolio for $195.1 Million". San Diego Business Journal. Retrieved 2018-02-13.
  15. ^ "Extra Space Storage Buys 17 VA Self-Storage Facilities for $200M, Sells 4.5M Shares of Common Stock". Inside Self-Storage. 2017-11-28. Retrieved 2018-02-13.
  16. ^ Indices, S&P Dow Jones. "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". www.prnewswire.com. Retrieved 2018-02-13.
  17. ^ Inc., Extra Space Storage. "Extra Space Storage Announces Executive Leadership Transition". www.prnewswire.com. Retrieved 2018-02-08.

External links[edit]