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. It is the 2nd largest owner of self storage units in the United States and the largest self storage property manager. 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.
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. 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. 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. In September 2013, the company acquired a 19-building portfolio in California for $195.1 million. In September 2014, the company sold a facility in Waterloo, Iowa to U-Haul. In February 2015, the company acquired properties in Austin, Texas. In October 2015, the company acquired SmartStop Self Storage for $1.4 billion. In March 2016, the company opened its first facility in Minnesota. In May 2016, the company acquired a property near the Daniel K. Inouye International Airport in Honolulu for $29 million. The company also opened a facility in Newark, New Jersey. In December 2016, the company acquired 2 buildings in Hawaii. In January 2016, the company was added to the S&P 500 Index. On December 31, 2016, Kirk announced his retirement. Effective on January 1, 2017, Joseph D. Margolis succeeded Kirk as the company's third CEO. In June 2018, the company acquired 3 buildings in Broward County, Florida for $11.8 million. In August 2018, the company acquired a building in Fort Lauderdale, Florida for $24.7 million. In June 2019, the company leased 36 properties from W. P. Carey. The company also acquired a 15-property portfolio in Broward County, Florida for $104 million. 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.
