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Extra Space Storage
Extra Space Storage, led by CEO Joe Margolis, is the largest U.S. self-storage REIT by property count, managing over 3,500 locations.
Extra Space Storage
Kenneth M. Woolley founded Extra Space Storage in 1977, pioneering the institutionalization of self-storage real estate from a base in Salt Lake City. The company grew from a regional developer into the largest self-storage operator in the United States by number of properties, a reflection of a deliberate strategy to acquire and rebrand existing facilities while developing new ones in high-density suburban markets. The firm operates as a fully integrated real estate investment trust, managing a portfolio of over 3,500 wholly-owned and third-party managed properties across 41 states and Washington, D.C. (per the firm's official communications). Extra Space's platform extends beyond simple rentable square footage: its proprietary revenue-management system dynamically prices units based on local demand, seasonality, and competitor supply, a technology layer uncommon among real-asset operators. The company executes on a dual strategy of direct property acquisitions and a growing third-party management business, which allows it to collect fee income from properties owned by other investors while funneling acquisition targets into its own pipeline. In July 2023, the firm closed its acquisition of Life Storage, Inc. in a $12.7 billion all-stock transaction, integrating over 1,100 additional locations and further distancing the combined entity from its next largest competitor, Public Storage. The acquisition of Life Storage grew the firm's total self-storage portfolio by over 40% and extended its operational footprint deeper into the Sun Belt and the eastern United States. Joe Margolis, who assumed the CEO role from long-time executive Spencer Kirk in 2019, has overseen the firm's transition into a data-driven operator. Beyond its core real estate holdings, Extra Space provides bridge loans and preferred equity to storage entrepreneurs, a lesser-known credit business that generates origination income and feeds the acquisition pipeline. What structurally differentiates Extra Space is its deeply embedded third-party management arm. It operates more units for unrelated owners than any competitor, which functions as a real-time market intelligence network. The management contracts give Extra Space visibility into local occupancy and rental trends across thousands of stores without owning the underlying real estate, a sourcing advantage that informs tens of billions of dollars in acquisition data each year.
General information
Firm type
Asset Manager
Year founded
1977
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Salt Lake City
Corporate office
Salt Lake City, UT, United States
Principals
Joe Margolis
Chief Executive Officer
Kenneth M. Woolley
Founder
Sector focus
Frequently asked questions
How does Extra Space Storage source its acquisition pipeline?
The firm's proprietary third-party management program serves as its primary sourcing funnel. By operating stores for local and regional owners under the Extra Space brand, management gains detailed operator-level financial data and occupancy visibility, creating a systematic pipeline to purchase high-performing facilities from those clients. This network spans thousands of non-owned stores, giving the firm a sourcing reach that transaction-only acquirers cannot replicate.
What is Extra Space's third-party management business, and how large is it?
The third-party management platform operates self-storage properties on behalf of unrelated owners for a fee, which can include both a base management fee and performance incentives. It is the largest business of its kind in the U.S. storage sector, managing hundreds of stores it does not own. This division is not simply a service offering; it is operationally central to the firm's deal sourcing and revenue management intelligence.
How did the Life Storage acquisition change the firm's competitive position?
The July 2023 all-stock acquisition of Life Storage for $12.7 billion added over 1,100 facilities, vaulting Extra Space past Public Storage in total number of locations. The deal expanded its footprint in the high-growth Sun Belt and deepened its operating density in markets where it could integrate properties onto its centralized revenue management platform.
Does the firm invest only in wholly-owned real estate, or does it use other structures?
Beyond wholly-owned properties and its third-party management program, Extra Space operates a bridge loan and preferred equity investment program for storage entrepreneurs. This credit activity generates interest and fee income in the short term and often converts into a purchase option on the underlying collateral, functioning as a proprietary, income-producing pipeline for future acquisitions.
Who is responsible for the firm's revenue management technology?
Extra Space's algorithmic pricing and revenue management system is an in-house proprietary platform developed and refined over years. While the firm does not publicly disclose the specific engineering leadership for this system, it is embedded within the operations group that Joe Margolis restructured during his tenure as CEO to prioritize data-centric asset management.
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