Overview
Extra Space Storage Inc. is a U.S. real estate investment trust focused on self-storage. It owns, operates, manages, acquires and develops storage properties, and lends to other storage-property owners. Its principal businesses are self-storage operations and tenant reinsurance; storage rental income comes primarily from tenants on generally month-to-month leases.[1][2][3]
The company states that its mission is to “help people build a better tomorrow.” [4] At the end of 2025, its portfolio included 4,281 owned, joint-venture and managed properties across the United States. It had 8,393 employees and reported approximately $3.38 billion in consolidated revenue for 2025.[5][6][7] [1][2][3][6][5][7][4]
Products & services
Extra Space Storage rents enclosed self-storage units for personal and business use, generally on a month-to-month basis. Units typically range from 5-by-5 feet to 20-by-20 feet, with interior heights of 8 to 12 feet; customers move their belongings into and out of the units themselves. Depending on the facility, offerings also include climate-controlled units, vehicle, RV and boat storage, and moving and packing supplies.[8][9]
Customers can purchase coverage for stored goods through the company’s tenant reinsurance program, selecting coverage of up to $10,000 in exchange for a monthly fee. Extra Space also manages storage facilities for third-party owners and joint ventures in return for management fees. In 2025, property rental accounted for approximately 85.7% of total revenue, tenant reinsurance for 10.4%, and management fees and other income for 3.8%.[10][11][7] [8][9][10][11][7][7][7][7]
Geographic presence
Extra Space Storage operates across the United States. As of December 31, 2025, it owned and/or operated 4,281 self-storage stores in 43 states and Washington, D.C.[12] Its largest state footprints by store count were Texas (549), Florida (541) and California (426), followed by Georgia (214), New Jersey (212) and New York (209).[5]
The company’s principal offices are in Salt Lake City, Utah.[13] [12][5][5][5][5][5][5][13]
Business segments
Extra Space Storage Inc. reports two business segments: **Self-Storage Operations** and **Tenant Reinsurance**. Self-Storage Operations primarily earns rent from stores the company wholly owns or holds through consolidated joint ventures. It generated approximately $2.90 billion, or 89% of reported segment revenue, in 2025.[14][2][15]
Tenant Reinsurance reinsures coverage for customers’ goods stored at company-owned and managed properties. It generated approximately $353 million, or 11% of reported segment revenue, in 2025. Fees from managing third-party stores and other income are reported separately rather than as a third segment.[10][16][15][11] [14][2][15][15][15][10][16][11]
Company history
Extra Space Storage traces its business to May 1977, when founder Ken Woolley built his first self-storage facility in Billings, Montana. The business was recapitalized through a joint venture with Prudential Real Estate Investors in 1998. Extra Space Storage Inc. was formed in 2004 to continue the predecessor business and completed its initial public offering that August. In 2005, Extra Space and Prudential acquired Storage USA, substantially expanding the company’s portfolio.[17][18][19][20]
Extra Space began its third-party property-management program in 2008. Spencer Kirk succeeded Woolley as chief executive in 2009, and Joseph Margolis succeeded Kirk in 2017. The company expanded through its 2015 acquisition of SmartStop, which added 122 owned stores and 43 managed stores. It completed a merger with Life Storage in July 2023.[18][21][22][23][24] [19][17][18][20][21][22][23][24]
Sources
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