When closets are bursting at the seams and garages are overflowing, Extra Space Storage gives its customers room to breathe. One of the largest operators and managers of self-storage properties in the US, the self-administered, self-managed real estate investment trust (REIT) wholly owns, owns in joint-venture partnerships, or operates for third parties more than 900 facilities with some 610,000 units totaling nearly 67 million sq. ft. of rentable space. Active in metropolitan areas in nearly 35 states and Washington, DC, the company also offers business, boat, and RV storage, and leases to nearly 450,000 tenants nationwide.
In late 2012 Extra Space Storage added more extra space to its holdings, with the acquisition of 21 properties in about a dozen states from a joint venture partner.
In 2009 Extra Space Storage announced that it would finish up its existing development projects and wind down those activities due to a lack of reasonably priced development financing during the economic recession. Since then, the REIT has turned to acquisitions in growing markets. It acquired 55 properties in 2011 and has a deal in place to acquire outright 36 properties from a joint venture with Prudential Real Estate Investment. Extra Space is also looking to expand Extra Space Management, its third-party property management subsidiary.
The company reported revenues of nearly $330 million and net income of some $50.5 million in 2011; the latter figure was nearly double that of the prior year. Extra Space Storage's results were boosted by an increase in rental income from its acquisitions, more third-party properties under management, and greater customer participation in tenant insurance. – less