Extra Space Storage Company Overview
What is the Stock Ticker for Extra Space Storage?
The stock ticker for Extra Space Storage is EXR.
Where is the Extra Space Storage headquarters?
The headquarters of Extra Space Storage is located in Salt Lake City, Utah, United States.
What Does Extra Space Storage Do?
Extra Space Storage is a company that provides self-storage solutions for individuals and businesses. They offer a variety of storage unit sizes and options, as well as moving and packing supplies. Their facilities are secure and accessible, with 24/7 surveillance and convenient access hours.
How Does Extra Space Storage Make Money?
Extra Space Storage is a self-storage real estate investment trust (REIT) that generates revenue by leasing storage units to individuals and businesses. The company owns and operates over 1,900 self-storage properties across the United States, Puerto Rico, and the United Kingdom.
Extra Space Storage generates revenue primarily through rental income from its storage units. The company offers a variety of unit sizes and types, including climate-controlled units, drive-up units, and outdoor parking spaces. Customers can rent units on a month-to-month basis or sign longer-term leases.
In addition to rental income, Extra Space Storage also generates revenue through ancillary services such as insurance, moving supplies, and truck rentals. The company partners with third-party providers to offer these services to its customers, earning a commission on each sale.
Extra Space Storage also generates revenue through property management fees. The company manages properties owned by third-party investors, earning a fee for its services.
Finally, Extra Space Storage generates revenue through property acquisitions and development. The company acquires existing self-storage properties and develops new properties to expand its portfolio and increase its revenue streams.
Overall, Extra Space Storage generates revenue through a combination of rental income, ancillary services, property management fees, and property acquisitions and development.
Who Founded Extra Space Storage?
Extra Space Storage was founded by Kenneth Woolley and Spencer Kirk in 1977.
What is the History of Extra Space Storage?
Extra Space Storage is a publicly traded self-storage company that was founded in 1977. The company was originally called Extra Space, but it changed its name to Extra Space Storage in 1998. The company is headquartered in Salt Lake City, Utah, and it has over 1,800 self-storage facilities in 40 states, Washington D.C., and Puerto Rico.
Extra Space Storage has grown significantly over the years through a combination of acquisitions and new development. In 2004, the company acquired Storage USA, which was one of the largest self-storage companies in the United States at the time. This acquisition helped Extra Space Storage become one of the largest self-storage companies in the country.
In addition to its growth through acquisitions, Extra Space Storage has also focused on developing new facilities. The company has a team of experienced developers who identify and acquire land for new facilities, and then oversee the construction process.
Today, Extra Space Storage is one of the largest self-storage companies in the world, with a market capitalization of over $16 billion. The company is known for its high-quality facilities, excellent customer service, and commitment to sustainability.
What Industry is Extra Space Storage In?
Extra Space Storage is in the self-storage industry.
What Are Extra Space Storage's Competitive Advantages?
1. Wide Geographic Presence: Extra Space Storage has a wide geographic presence with over 1,900 self-storage facilities across 40 states in the US, making it one of the largest self-storage companies in the country. This allows the company to cater to a large customer base and generate higher revenue.
2. Strong Brand Image: Extra Space Storage has a strong brand image and reputation in the self-storage industry. The company has won several awards for its customer service, technology, and sustainability initiatives, which helps it to attract and retain customers.
3. Advanced Technology: Extra Space Storage has invested heavily in technology to enhance its operations and customer experience. The company's online platform allows customers to reserve and manage their storage units, pay bills, and access their belongings remotely. This technology-driven approach gives the company a competitive edge over its peers.
4. Diverse Product Offering: Extra Space Storage offers a diverse range of storage solutions, including climate-controlled units, vehicle storage, and business storage. This allows the company to cater to a wide range of customers, including individuals, businesses, and organizations.
5. Experienced Management Team: Extra Space Storage has a highly experienced management team with a proven track record of success in the self-storage industry. The team's expertise and strategic vision have helped the company to grow and expand its operations over the years.
What Are Extra Space Storage's Competitive Threats?
Some competitive threats to Extra Space Storage include:
1. Other self-storage companies: There are many other self-storage companies in the market that offer similar services and amenities. These companies may offer lower prices or better locations, which could attract customers away from Extra Space Storage.
2. Online storage marketplaces: Online storage marketplaces like SpareFoot and StorageFront allow customers to compare prices and amenities from multiple storage companies. This could make it harder for Extra Space Storage to attract customers who are looking for the best deal.
3. Disruptive technologies: New technologies like on-demand storage and peer-to-peer storage could disrupt the traditional self-storage market. These technologies could offer customers more flexible and affordable storage options, which could make Extra Space Storage less competitive.
4. Economic downturns: During economic downturns, people may be less likely to use self-storage services. This could lead to decreased demand for Extra Space Storage's services and lower revenue.
5. Changes in consumer behavior: Changes in consumer behavior, such as a trend towards minimalism or a preference for experiences over possessions, could reduce the demand for self-storage services. This could make it harder for Extra Space Storage to attract new customers.
Who Are Some of the Competitors of Extra Space Storage?
Some of the competitors of Extra Space Storage include Public Storage, CubeSmart, Life Storage, and U-Haul.
What Are Some of Extra Space Storage's Products and Services?
Some notable products and services from Extra Space Storage include self-storage units, climate-controlled storage units, vehicle storage, and business storage solutions. They also offer online rental and payment options, as well as 24/7 access to their facilities. Additionally, they provide packing and moving supplies, as well as insurance options for their customers.
Has Extra Space Storage Acquired any Companies?
Yes, Extra Space Storage has made several notable acquisitions over the years. Some of the most significant include the acquisition of Storage USA in 2005, the acquisition of Storage Deluxe in 2011, and the acquisition of SmartStop Self Storage in 2015. These acquisitions have helped Extra Space Storage to expand its presence in key markets and strengthen its position as a leading provider of self-storage solutions.